Lahaina, HI

March 7, 2012

Spring tends to be the busiest time of year, and we are seeing increased visitors to Maui in general. According to the Hawaii Tourism Authority (www.hawaiitourismauthority.org), Maui began 2012 with visitor spending in January, the highest on record for that month. Total arrivals to Maui rose 8.7 in January 2012, when compared with 2011: primarily due to increases in visitors from Canada (+12.7%), U.S. East (+7.1%), U.S. West (+2%) and Japan (+7.1%). I found it interesting that the number of visitors was up from California but down from the other West Coast states of Washington and Oregon.

With increased visitor arrivals, we have been seeing an increase in the activity in our real estate market. This holds true for the Kapalua real estate market. The following is an overview of recent activity:

NEW LISTINGS:
We saw six new listings come to market over the last two weeks, ranging from $500,000 to $10,900,000:
CONDOMINIUMS:
Kapalua Golf Villas
12T56 1B/1B $500,000

Kapalua Bay Villas
19G5 1B/1.5B $1,150,000
31G3-5 2B/3B $1,539,000

HOMES:
Plantation Estates
704 Mokuleia 7B/5.5B $10,900,000

VACANT LAND:
Honolua Ridge
98 Keoawa 4.28 acres $895,000
110 Keoawa 4.33 acres $1,250,000

PENDING SALES
There are currently 8 properties pending sale: 5 Golf Villas, 2 Ridge Villas, and 1 Bay Villa.

SALES:
As of this posting, there have been 12 sales recorded within the Kapalua Resort:
CONDOMINIUMS:
Kapalua Golf Villas
18P56: 2B/2B Listed at $559,000, sold at $515,000 REO
18V4: 1B/2B Listed at $575,000, sold at $575,000
12T1: 1B/1.5B Listed at $430,000, sold at $410,000
Kapalua Ridge Villas
1721: 1B/2B Listed at $620,000, sold at $566,000
921-23: 2B/3B Listed at $1,100,000, sold at $895,000
2821-23: 2B/3B Listed at $1,100,000, sold at $1,000,000
Kapalua Ironwoods
52: Listed at $2,750,000, sold at $2,450,000
102: Listed at $3,675,000, sold at $3,425,000
Coconut Grove
18: 3B/3.5B Unlisted, private sale not in MLS, sold at $5,000,000

HOMES:
Honolua Ridge
231 Kaupalena Place, Phase II: Listed at $2,69,000, sold at $2,760,000 Short Sale
Plantation Estates
201 Plantation Club Drive: 4B/5.5B Listed at $4,300,000, sold at $3,000,000

VACANT LAND:
Honolua Ridge
Lot 1, Phase II: Listed at $1,890,000, sold at $1,600,000

Number of Sales:
2010: 41
2011: 43
2012: 12 YTD
Average Sale Prices:
2010: $1,944,707
2011: $2,013,133
2012: $1,849,667 YTD
Total Volume:
2010: $79,733,000
2011: $86,563,862
2012: $22,196,000 YTD

For more information on the Kapalua real estate market, please don’t hesitate to contact me.

Join the Kapalua Spa and Spa Finder for a week of wellness right here in beautiful Kapalua, Maui!

From March 19-25, 2012 the Kapalua Spa will be hosting week of exciting events and activities focused on providing customized fitness plans, classes and wellness tips.

From March 20-25th, specials include:
50-minute personal training sessions for $50
Private 50-minute Yoga Sessions for $50
Private 25-minute Reformer Pilates Sessions for $50
50% off fitness classes

I personally love the Kapalua Spa--it is one of my favorite things about living in the Kapalua Resort. I love the yoga and bootcamp classes, and if you have a chance, I'd highly recommend booking a personal training series with Tom Ockerman. He's fantastic! You can meet the Kapalua Spa team at their Wellness Fair and Expo on March 19th from 1-4 pm.

The Kapalua Spa is located adjacent to the Kapalua Bay Villas and the Ritz-Carlton Residences, Kapalua Bay, across the street from Pineapple Grill. You can also visit www.wellnessweek2012.com or www.kapaluaspa.com for more information, or join the conversation on twitter using #wellnessweek

The Kapalua real estate market is moving along with nice momentum considering it is so early in the year. Last year, as of this time, the resort had just two sales for a total dollar volume of $4,583,300. This year, we have had 9 sales, with a total volume of $19,891,000.

So far, the sales in the Kapalua Resort have been concentrated at the low and higher ends of the market, with a low of $515,000 and a high of $5,000,000:

Kapalua Golf Villa 18P56: Listed at $559,000, sold at $515,000
This is a two bedroom, renovated villa on the golf course. REO

Kapalua Ridge Villa 1721: Listed at $62,000, sold at $566,000
This is a one bedroom, ocean view villa in original condition.

Kapalua Golf Villa 18V4: Listed at $575,000, sold at $575,000
This is a renovated, ocean view villa.

Honolua Ridge II, Lot 1: Listed at $1,890,000, sold at $1,600,000
Vacant land. Spectacular views.

Kapalua Ironwoods 52: Listed at $2,750,000, sold at $2,450,000
Oceanfront, two bedroom villa with some renovations.

Honolua Ridge II, 231 Kaupalena Place: Listed at $2,69,000, sold at $2,760,000
This Honolua Ridge home is a 4B/4.5B home located on just under 8 acres with oceanviews. It was a short sale.

Plantation Estates, 201 Plantation Club Drive: Listed at $4,300,000, sold at $3,000,000
This Plantation Estates home is a 4B/5.5B home located on 2.35 acres before the gate, with oceanviews.

Kapalua Ironwoods 102: Listed at $3,675,000, sold at $3,425,000
This is an oceanfront three bedroom villa, renovated.

Coconut Grove 18: Unlisted, private sale not in MLS, sold at $5,000,000
This is an oceanfront three bedroom villa with a den. Located on Kapalua Bay.

The overall resort market in 2010 and 2011 was relatively stable across the board:
Number of Sales:
2010: 41
2011: 43
Average Sale Prices:
2010: $1,944,707
2011: $2,013,133
Total Volume:
2010: $79,733,000
2011: $86,563,862

While the market was relatively stable on the whole, it's noteworthy that two high sales in the Plantation Estates ($14,000,000 and $9,600,000) elevated both the average sale price and the total dollar volume. Also, properties were on the market longer in 2011 (by 119 days) and sold at a lower percentage of list price (85% vs. 91%).

For more information on the Kapalua real estate market, please view the Annual Kapalua Real Estate Market Reports or contact me.

Aloha!

The latest edition of my Kapalua and West Maui Real Estate newsletter is now available online at www.LuxuryRealEstateMaui.com

In this issue, you'll find updates taken from the Kapalua Resort Annual Sales Reports, which illustrate how sales in 2011 compared with prior years for the Resort in general, as well as by property type (Condominiums, Homes, Land), and by each individual neighborhood.

2011 continued the trend of 2010, with a concentration of sales at the low end of each market segment and record high sales. The average sale price for the resort was buoyed by two record high closings at the Plantation Estates at $14,000,000 and $9,600,000, and several closings at the Ritz-Carlton Residences, Kapalua Bay. With these high sales, the average sale prices for condominiums and homes are only down a little over 20% since the peak. Vacant land prices have been hit the hardest, with average sales prices down 57% since the peak. (I'll be posting a more thorough analysis to my blog in the near future.) This trend seems to be continuing in 2012, where we have had seven sales in the Kapalua Resort to date: 3 ranging from $515,000 to $575,000, 3 ranging from $2,450,000 to $3,245,000 and a Coconut Grove sale recording last week at $5,000,000.

Please don't hesitate to contact me with questions or for updates on the Maui Real Estate market.

My listing partner, Rob Shelton, and I are pleased to announce the listing of Bay Villa 31B3,4. This beautifully renovated, ocean view two bedroom villa overlooks the pacific ocean and has views of the neighbor island of Molokai and along the north coast out to Honolua Bay. This property is offered beautifully furnished at $1,495,000.

The Kapalua Bay Villas community overlooks Oneloa Bay and has direct access to the sandy beach and the Kapalua Coastal walking trail. Comprised of 141 villas on approximately 16.5 acres, the Bay Villas amenities include three swimming pools, barbecue facilities, and tennis courts.

At the time of this post, there are 22 active listings: 15 one bedroom villas, ranging from $699,000 to $1,425,000 and 7 two bedroom villas, ranging from $1,495,000 to $1,895,000.

In 2011, there were 8 sales at the Kapalua Bay Villas, with an average list price of $943,100 and an average sale price of $846,787. Prices are reflective of interior condition and location, as there are both ocean view and oceanfront listings at the Bay Villas.

Recent Kapalua Bay Villas Sales Activity (2011 to present):
24B1-2 2B/3B $1,333,300
12G4 1B/1B $625,000
33G1 1B/2B $597,000
20G4 1B/1B $644,000
14G3-5 2B/3B $1,225,000
17B4 1B/1B $600,000
21B4 1B/1B $1,225,000
11G1 1B/1.5B $525,000

For more information on the Bay Villas, the Kapalua Resort or any other West Maui properties, please don't hesitate to contact me.