Lahaina, HI

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.

The Ritz-Carlton, Kapalua, Maui:

It's whale season here on Maui!

No matter how many times you see them, year after year, it's still exciting to see the whales return to Maui. To me, it marks the beginning of the holidays and the birth of a new year. I walk the Kapalua Coastal trail almost every day, and am always on the look out for the whales that frolic off the coastline.

For those of you that are passionate about whales, Maui's ocean, and/or photography, you must attend Whale Tales. This is a free, public event held February 3-4, 2012 here at the Ritz-Carlton, Kapalua.

World renowned scientists, photographers and filmmakers will be on hand to share their latest research and projects with the public, through educational seminars and programs, activities for children, book signings, benefit whale watches and more. Activities surrounding Whale Tales will kick-off with a Whale Trust charity golf tournament on January 28th at the King Kamehameha Club and conclude on February 10th with Lahaina Restoration Foundation at the Baldwin House in Lahaina.

This annual event (formerly called Whale Quest Kapalua) has raised over $200,000 for whale research on Maui since its inception in 2006. For more information on the Whale Tales events visit the Whale Trust website. Whale Tales is generously sponsored by the Makana Aloha Foundation, an organization which supports organizations that directly improve the Maui community in the areas of education, the arts, health care, animal welfare and environmental conservation.

I wish I had a photo to post for you of a whale breaching, but I've never been able to capture it, so we'll have to make due with a picture of the Ritz-Carlton here in Kapalua instead...

I hope to see you there!

Aloha from your resident experts!

From Jan 1 to December 31, there were 35 listings (3 were short sale and 8 were REO/bank owned). Out of 35 listings, 5 were taken off the market or expired, 17 were sold, and 1 was pending at the end of the year. At year end there were 12 active listings.

2011 has been a year of extremes—from the lowest priced sale for a 2/2 unit at $205,000 in February to the highest closed sale for a 2/2 at $325,000 in November. The reasons for the extremes are differences in seller’s and buyer’s situation/motivation, location and condition of the units, and timing.

The low was bank owned with no furniture and a quit claim deed; the high was nicely furnished and in one of the best locations overlooking the large pool and pavilion and with a mountain view.

This year, 17 units have sold and 1 is in escrow at year end, compared to 14 sales in the year 2010. With 12 active listings we now have a little over 8 months’ inventory.

The number of distressed property listings has dropped. Currently we have one short sale listing (1/1 unit) and one bank owned unit (2/2 unit). We are seeing an improvement in prices since there are fewer distressed property listings, with all 2/2 units but the bank owned unit being priced over $300,000.

Of the 17 units that closed in 2011, nine were listed or sold by Aloha Realty Group; of those, 7 of the 17 sales were bank owned and 1 was a short sale. In Q4, there were 3 closed sales—none were distressed properties, and one was listed by Aloha Realty Group.

Current asking prices for 1 bedroom units range from $210,000 (upstairs) to $359,000 (downstairs). Current asking prices for 2 bedroom units range from $280,000 (for a 2/2 bank owned unit in the I building) to $375,000 (for a 2/2 downstairs unit in the D building).

We wish you all a healthy, happy and prosperous 2012, and we are expecting a great year at Aina Nalu from the sales side!