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Kapalua's Ridge Villas: Market Snapshot

Last month, a Seller at the Ridge Villas made news in the Kapalua Resort market when their Ridge Villa was listed at $495,000 in MLS. The one-bedroom, fairway view property had previously been listed at $825,000 and $785,000.

On the face of it, it looked like a phenomenal deal--the next lowest priced listing was at $740,000 and the four most recent one bedroom sales averaged $1,040,000. But the listing was actually an auction, and $495,000 was the opening bid only. In speaking with the listing agent, it was explained that the Seller actually had a reserve price, which would not be made public. If it was not met, the Seller would not move forward with the sale.

The auction ended on May 15th and the listing quietly expired. I followed up with the listing agent, who explained that they had several bidders, but the highest bid did not meet the reserve.

The auction format did stimulate interest in the Ridge Villas, but also effectively froze the market for other properties as prospective buyers waited to see if the property sold and at what price. Sales at the Ridge Villas have been slow, with the last sale in July of 2008. There are currently 24 listings at the Ridge Villas, ranging in price from $740,000 to $1,995,000.

A market summary follows below:

MLS # Status Building Name Unit Original Price List Price Sold Price Closing Date Beds Baths Liv A SF Days On Market Price/Liv-SF
336274 ACTIVE Kapalua Ridge 2122 $945,000 $740,000 1 2.00 1150 92 $643.48
336100 ACTIVE Kapalua Ridge 1412 $875,000 $875,000 1 2.00 1125 97 $777.78
335801 ACTIVE Kapalua Ridge 714 $995,000 $925,000 1 2.00 1125 116 $822.22
331689 ACTIVE Kapalua Ridge 2712 $1,050,000 $925,000 1 2.00 1125 355 $822.22
333958 ACTIVE Kapalua Ridge 1914 $1,125,000 $965,000 1 2.00 1125 221 $857.78
333266 ACTIVE Kapalua Ridge 1812 $1,099,000 $975,000 1 2.00 1125 263 $866.67
336371 ACTIVE Kapalua Ridge 411 $985,000 $985,000 1 2.00 1162 87 $847.68
335993 ACTIVE Kapalua Ridge 915 $1,235,000 $995,000 1 2.00 1162 103 $856.28
336915 ACTIVE Kapalua Ridge 2824 $997,000 $997,000 1 2.00 1125 57 $886.22
332594 ACTIVE Kapalua Ridge 1512 $1,149,000 $999,000 1 2.00 1125 307 $888.00
333502 ACTIVE Kapalua Ridge 524 $1,050,000 $1,050,000 1 2.00 1125 246 $933.33
336206 ACTIVE Kapalua Ridge 2011 $1,050,000 $1,050,000 1 2.00 1162 96 $903.61
328143 ACTIVE Kapalua Ridge 2611 $1,525,000 $1,150,000 1 2.00 1162 536 $989.67
332933 ACTIVE Kapalua Ridge 1511 $1,400,000 $1,150,000 1 2.00 1162 288 $989.67
337129 ACTIVE Kapalua Ridge 2915 $1,250,000 $1,250,000 1 2.00 1162 45 $1,075.73
328342 ACTIVE Kapalua Ridge 21 13-15 $1,490,000 $1,300,000 2 3.00 1778 524 $731.16
337117 ACTIVE Kapalua Ridge 711-13 $1,300,000 $1,300,000 2 3.00 1778 47 $731.16
331426 ACTIVE Kapalua Ridge 221-23 $2,190,000 $1,395,000 2 3.00 1906 371 $731.90
336733 ACTIVE Kapalua Ridge 2613-15 $1,450,000 $1,450,000 2 3.00 1778 68 $815.52
331313 ACTIVE Kapalua Ridge 1213-15 $2,500,000 $1,495,000 2 3.00 1778 378 $840.83
332864 ACTIVE Kapalua Ridge 2313-15 $1,845,000 $1,495,000 2 3.00 1778 291 $840.83
334778 ACTIVE Kapalua Ridge 921-23 $1,500,000 $1,500,000 2 3.00 1778 169 $843.64
336917 ACTIVE Kapalua Ridge 1921-22 $1,695,000 $1,535,000 3 3.00 1900 57 $807.89
326459 ACTIVE Kapalua Ridge 623-24 $2,150,000 $1,995,000 3 3.00 1922 624 $1,037.98
325972 SOLD Kapalua Ridge 2311 $995,000 $995,000 $950,000 2/6/2008 1 2.00 1162 185 $817.56
323506 SOLD Kapalua Ridge 1924 $565,000 $1,275,000 $1,250,000 3/7/2008 1 2.00 1125 351 $1,111.11
330805 SOLD Kapalua Ridge 214 $990,000 $990,000 $935,000 6/10/2008 1 2.00 1125 63 $831.11
326474 SOLD Kapalua Ridge 715 $1,195,000 $1,195,000 $1,025,000 7/15/2008 1 2.00 1162 315 $882.10

Posted Tuesday May 19