Luxury Real Estate Maui.com

December, 2009

Aloha from Maui!

It's easy to forget that it's winter when it's 80 degrees and sunny outside. The tree lighting ceremony at the Ritz-Carlton, Kapalua always serves as a reminder, with thousands of white lights decorating all of the swaying palm trees. As we look forward to the new year, we also look forward to a new host for the PGA Season Opening Event: Seoul Broadcasting System will sponsor the SBS Championship from January 4-10, 2010.

Other changes are taking place in the resort as well. Over the past few months, Kapalua Resort's parent company, Maui Land and Pineapple has begun making changes to the resort operations by partnering with world class operators. Outrigger Resorts is reportedly in their due diligence process and expected to take over the Kapalua Villas rental program in 2010. New partners are anticipated for the Kapalua Adventure Centers and other resort operations as well.

With increased optimism about the direction of the resort's new partnerships and historically low prices, the resort real estate activity has continued to improve.  Resort activity continues to pick up over the early part of this year, with an upswing in sales. Overall, comparing November 2008 and 2009, the total number of resales in the resort is now down just 15% from last year, compared with a few months ago, when it was closer to 48%. Average listing prices and sales prices are comparable in the overall market, though it should be noted that the high end closings of the Ritz-Carlton Residences and the Mahana Estates would affect those averages. Inventory at the lower end of the condominium markets and residential markets is moving, whereas land sales have stalled. View the November 2009 Statistics for the Resort

Here are some highlights of the MLS activity in the Kapalua Resort looking back from the beginning of December 6:

• Active Listings: There are a total of 137 active listings in the resort, ranging from $499,000 to $19,500,000. This compares with three months ago, with 136 listings at a similar price range.
• Short Sales/REO's: There is only one potential short sales noted in MLS. There are no pending REO (bank owned) and two closed REO year to date.
• New Development Sales: The Ritz-Carlton Residences at Kapalua Bay have closed 4 to private individuals and 15 to exclusive resorts.
• Escrows: There are currently 5 escrows pending: two Golf Villas, a Bay Villas, an Ironwoods, and a home in Pineapple Hill
• Recent Closings: Over the past three months, we have had 9 closings. Of particular note is the sale of Mahana Estates. This 125 acre parcel of land was further subdividable into 52 homesites, and closed at $10,000,000.
• 2009 vs. 2008 YTD: We have had 24 closings year to date in 2009, with an average sale price of $2,069,020, and a range from a low of $425,000 to a high of $10,000,000. By comparison, we had 27 closings as of this date in 2008, with an average sale price of $2,081,551 and a range from a low of $625,000 to a high of $6,100,000.

Market updates for the Kapalua Resort, Napili, Kaanapali, and Maui Oceanfront Homes & Land follow below. 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. Even if you are not ready to buy or sell a property right now, I would be happy to keep you up to date.

In Resort News, there are several pending changes reportedly in the works for the Kapalua Resort operations. As details are confirmed, I will post information on my blog.

Thank you for making this your resource for news in Kapalua and on Maui. Please forward the link www.luxuryrealestatemaui.com/newsletter.asp to a friend or associate that might appreciate this information.

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, Nick's Fishmarket is the contributor to Local Flavors. Enjoy!

Aloha,