The Masters at Kaanapali Hillside: Market Update
The Masters is one of my favorite condominium communities, having gotten my start in real estate working on the developer's sales team (far too long ago). The property overlooks the Royal Kaanapali golf course, with sweeping views of the ocean and outer islands. The low-rise, low-density development, lends a feeling of privacy and space, with 200 units on approximately 38 acres. Amenities in this gated community include two pools, two spas, and four tennis courts, and the ability to have BBQ's. It's a popular choice for both primary residents and second homeowners alike seeking to live in the Kaanapali Resort.
As we navigate an unusual time, many buyers and sellers are wondering how to value properties that are currently on the market. Questions like "How much has the market changed in the last real estate cycle?" "When was the peak?", and "When was the low?" are common.
To answer these questions and others, it is helpful to have context as to where the market has been over the last twelve years.
A Historical Overview of the Condo Sales Masters at Kaanapali Hillside
| Year | Sales | Low SP | AVG SP | High SP | AVG $/sq ft | AVG DOM | AVG SP/LP | Volume |
| 2007 | 14 | $700,000 | $1,148,143 | $1,500,000 | $773 | 165 | 87% | $16,074,000 |
| 2008 | 5 | $825,000 | $1,103,000 | $1,300,000 | $773 | 261 | 83% | $5,150,000 |
| 2009 | 5 | $560,500 | $1,022,100 | $1,300,000 | $732 | 283 | 92% | $5,110,500 |
| 2010 | 6 | $571,500 | $685,833 | $915,000 | $478 | 228 | 91% | $4,115,000 |
| 2011 | 11 | $410,000 | $731,536 | $1,560,000 | $513 | 155 | 94% | $8,046,900 |
| 2012 | 13 | $470,000 | $726,385 | $930,000 | $531 | 271 | 92% | $9,443,000 |
| 2013 | 20 | $497,000 | $863,525 | $1,540,000 | $580 | 241 | 92% | $17,270,500 |
| 2014 | 7 | $515,000 | $756,857 | $1,200,000 | $618 | 170 | 94% | $5,298,000 |
| 2015 | 17 | $630,000 | $966,006 | $1,600,000 | $662 | 179 | 92% | $16,422,100 |
| 2016 | 17 | $510,000 | $937,647 | $1,650,000 | $638 | 178 | 96% | $15,940,000 |
| 2017 | 6 | $535,000 | $684,500 | $860,000 | $582 | 229 | 95% | $4,107,500 |
| 2018 | 16 | $540,000 | $1,081,875 | $1,500,000 | $690 | 164 | 93% | $17,310,000 |
| 2019 | 18 | $550,000 | $861,028 | $1,400,000 | $660 | 226 | 95% | $15,498,500 |
| 3.31.2020 | 7 | $575,000 | $813,142 | $1,100,000 | $625 | 120 | 95% | $5,692,000 |
In general, we saw the market peak in 2007/2008 for most of Maui's resort communities, with the bottom following fairly shortly after the peak.
If we look at the average sales prices, the last cycle peaks at the Masters were in 2007/2008 and in 2018, with market lows in 2010 and again in 2017. So how does the market compare now? The average sales price for closings year to date is down -29% from the market high in 2007. It is up +19% from the market lows of 2010/2017.
It is important to note a few key points: the Masters has three different sizes of residences from 1B-3B, with the majority of the units being 2B floor plans. As a result, if there are no 1B or 3B sales in a calendar year, average sales prices can be affected. Built in 1989, many of the residences have been renovated, which will also impact final sales prices and averages. And while it can be hard to quantify, the view/location also has a huge impact on the value of a property.
For more information on the Masters condos for sale and the real estate market, please contact our team.
The Masters at Kaanapali Hillside | Condos for Sale
Posted by Courtney M. Brown on
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