MAY/JUNE, 2009
Aloha from the Kapalua Resort! 

It has been a busy summer, with a series of events, the addition of new resort amenities, and an increase in activity in the real estate market. 

Resort News:  

  • The Ritz-Carlton Club and Residences welcomed its first Ritz-Carlton Club Member Guests at the end of May.  Additionally, the whole ownership Residences model is now complete and available to view. Decorated by Koliana Designs, the model features an elegant tropical decor and artwork from local Maui artists. 
  • The long awaited Kapalua Spa opens its doors on July 3, 2009. 
  • The ever popular Kapalua Wine and Food Festival, celebrated its 28th anniversary, hosting some of the best wineries in the country and showcasing the talents of many talented local chefs.
  • This June, the resort was also home to the 23rd annual Kapalua Clambake, a pro-am golf tournament benefiting local charities.
  • It was also announced that the Kapalua LPGA Classic will not be presented due to lack of sponsorship. This popular event was held for the first time last year in October.

Real Estate News:

  • The Kapalua Resort real estate market continues to see price reductions, and increased inventory, however, for the first time this year, we are also seeing an increase in the number of escrows. 
  • The Auction of Ridge Villas 2512 Update: This villa was listed for auction at an opening bid price of $495,000.  It is my understanding that the reserve was not met.  The listing was canceled and is now entered as a traditional listing at $697,000.   
  • The following is a brief overview of MLS activity in the Kapalua Resort looking back at the months of May and June:
    Active Listings: There are a total of 134 active listings in the resort, ranging from $535,000 to $19,500,000. Of these listings, 20 were new listings, ranging from a low of $697,000 for a one bedroom Ridge Villa to a high of $9,600,000 for a home in Honolua Ridge II.
    Short Sales/REO's: There are three potential short sales
    New Development Sales: There was one new sale at the Ritz-Carlton Club and Residence, #1403.  In addition, there were two sales at the Residential Suites at the Ritz-Carlton, Kapalua: 1504 at $1,365,000 and 1510 at $1,290,000
    Escrows: There are currently 6 escrows
    Closings: There was one closing, Bay Villa 21G5 at $1,065,000
    2009 vs. 2008 YTD: We have had 6 closings year to date in 2009. By comparison, we had  18 closings as of this date in 2008.

Snapshot of MLS Activity By Resort Community (Sales compare 1/1-7/1 2009 with the same period in 2008):

 

Condominiums Active Listings Pending Sales Sold (2009) Sold (2008) 2009 Average Sale Price 2008 Average Sale Price
Golf 23 4 1 6 $ 620,000 $ 726,000
Ridge 22 0 0 3 NA $ 1,045,000
Bay 22 1 2 5 $ 1,285,000 $ 1,435,000
Ironwoods 9 0 0 0 NA NA
Coconut Grove 2 0 0 0 NA NA
The Residences 3 1 0 NA NA NA
Residentail Suites 5 0 0 NA NA NA
Homes
Pineapple Hill I&II 21 0 3 3 $ 2,125,000 $ 4,790,000
Plantation Estates and Honolua Ridge 6 0 0 1 NA $ 5,250,000
Kapalua Place 1 0 0 NA NA NA
Vacant Land
Pineapple Hill I&II 1 0 0 0 NA NA
Plantation Estates and Honolua Ridge 19 0 0 0 NA NA
Kapalua Place 0 0 0 0 NA NA
Totals 134 6 6 18 $ 1,343,333 $ 2,649,200

As this is an archived newsletter, please visit the current Newsletter for the latest information and links to active listings.  Market updates for the Kapalua Resort, Napili, Kaanapali, and Maui Oceanfront Homes & Land are included as well. I specialize in the Kapalua Resort, but also work across the island. Please don't hesitate to contact me with any questions or for additional information on the Maui real estate market.

Each month, along with local event updates, you will find sales statistics for the entire island posted to Courtney's Blog, as prepared by the Realtor's Association of Maui. Annual and Monthly Statistics can be found on the Market Reports section.  This month Local Flavors features a true island favorite: Aloha Mixed Plate's Chow Mein Noodles.
Enjoy!

Aloha,

Courtney
 

Newsletter prepared on 7/1/09.  All information is taken from the Maui Multiple Listing Service, and is deemed accurate, but is subject to change and should not be relied upon without verification. You should conduct your own investigation and consult with appropriate professionals to determine the accuracy of the information provided and to answer any questions concerning the property and structures located thereon. Please note that listings in the MLS represent many different broker's listings and sales, and are not just those of Kapalua Realty. At times, those noted in the pending or sold categories may have never been active in MLS, but rather put immediately in the pending/sold. All listings are fee simple unless designated leasehold. All Summary Charts are © 1995, Realtor's Association of Maui, Inc. All rights reserved.