*Does not include Napili Kai (Puna) Condos, Pailolo Place Condos, Montage Fractionals, or the Ironwoods fractional sale
Sales have been slower in the Kapalua Resort in the latter half of the year, which is to be expected in the wake of the devastating wildfires in Lahaina town in August. There have been three sales to record since August: two sales at the Kapalua Bay Villas (both one-bedroom residences) and one to record at the Ritz-Carlton Residences, Kapalua. Historically, the resort is largely a second home market and market activity tends to be greatest in the peak travel seasons of winter/spring.
Key Stats by Community
How does the market in 2023 stack up for each community when compared with prior years?
With just 36 condominium residences located on one of Maui's best beaches, it's not surprising that there isn't much activity. In 2022, there were just two sales at Coconut Grove. The low sale was significantly higher than in 2021. The reason for this discrepancy is that all sales in 2022 were oceanfront, while in 2021 there was a second-row, ocean-view sale. Note: in 2021 and 2022 combined there were 8 sales, which represents 22% of the inventory to change to new ownership.
*Note Ironwoods 102 was purchased by Pacaso and has been sold off in 1/4 interests. Those fractional interest sales are not accounted for in the above figures, but are reflected in the graph below. Since 2020 about 30% of the residences at the Ironwoods changed hands.
At the time of this post, there are no listings. Similar to Coconut Grove, the Ironwoods is a community of just 40 residences located oceanfront in Kapalua. There have been no pending sales or sales YTD in 2023. In 2022, the average sales price was buoyed by a record sale of a renovated oceanfront residence. The number of sales matched those in 2020.
In 2023 the Bay Villas saw more condo sales than most complexes in Kapalua. It is noteworthy that it is the only property in the Kapalua Resort with direct oceanfront one-bedroom residences. All six sales in 2023 were one-bedroom condominiums. Of these sales, an oceanfront townhouse floor plan recorded at $1,900,000 which was the record for a one-bedroom residence. In 2022, the Bay Villas also saw a record-high sale of an oceanfront villa which served to increase the average sales price.
Like the Bay Villas, there were six sales at the Golf Villas in 2023. However, unlike the Bay Villas sales, which were all one-bedroom residences and no two-bedroom residences, the Golf Villas had three of each. The highest recorded sale in 2023 was $1,850,000, which is 5% below the record sale of a two-bedroom at $1,949,000 in 2022.
The Ridge Villas is the lowest density of the Kapalua Villas properties (Bay, Golf and Ridge Villas). The condominium residences are here the largest of the three properties and the bulk of the 2023 sales were two-bedroom villas, which ranged from $1,750,000 to $2,250,000, which is the highest sale recorded in MLS for a Ridge Villa.
In 2023, there were four sales at the Residences. While it may appear that the sale in 2023 was a record-breaking price for a three-bedroom residence, it should be noted that there were concessions made by the Seller for an upcoming special assessment for an exterior remediation project which resulted in a lower net price. The record-high sale of $13,295,000 in 2021 was for a four-bedroom residence. With only eight ever built, these seldom come up, but when they do sell, they command a high price that does impact the average sales price and price per sq. ft. as they are directly oceanfront residences that often command a higher price. It also should be noted that the developer ceased sales in 2022, leaving just resales available in 2023.
There have been two sales Year to Date. The sale to record most recently was at 84% of asking, bringing the average sales price to listing price down to 88% for the year.
KAPALUA MARKET UPDATE: Homes and Land Sales through Q3 2023
The view from 310 Cook Pine Drive in Pineapple Hill, Kapalua which sold at $6,150,000
There is just one remaining oceanfront lot in Kapalua, which sold in 2020 for $8,000,000 and $108/sq. ft. It will likely soon be developed. With just eight oceanfront homes that are part of the resort, it's not uncommon to no sales.
If you are thinking of buying or selling in Kapalua, please contact Courtney M. Brown for more detailed information on the market at each of these Kapalua communities,
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-250-1583
301 Plantation Estates Drive Is Located In The Majestic Plantation Estates Of Kapalua, A Prime Gated Community Of 2+-acre Estate Sites. Sitting Adjacent To The Third Hole Of The World-renowned Plantation Golf Course, Home To The Pga’s First Tournament Each ...
Blue Rock Lodge Stands As A Testament To Superior Craftsmanship And Timeless Design. Spanning 4.35 Acres, This Extraordinary Residence Combines Two Adjoining Properties At 215 And 217 Plantation Club Drive In Kapalua’s Prestigious Plantation Estates. This A...
Listed By: Hawaii Life (L) Office Contact: Cell: 808-280-1390
Kapalua Golf Villas 14v2: Welcome To Your Furnished, Updated Villa On The Front Row Of The Kapalua Bay Golf Course, Hole Four. After A Day At The Beach Or Out Golfing, Prepare Dinner In Your Fully Equipped Kitchen And Sip A Spicy Margarita While You Watch T...
Listed By: Coldwell Banker Island Prop(S) Office Contact: Cell: 808-276-7766
Imagine Time Well Spent In This Picturesque Setting In Your 2 Two-bedroom/ 2 Bathroom Villa With A Refined Design. Impressive Furniture And Finishes For Those That Appreciate High End Quality. Enjoy The Kapalua Lifestyle And Experience The Amazing Restauran...
Listed By: Real Broker LLC Office Contact: hawaiisbest1@gmail.com
Seize The Opportunity To Build Your Dream Home In The Prestigious Mahana Estates, Kapalua's Newest Luxury Gated Community. Lot 39, Spanning 1.65 Acres, Offers A Spacious Canvas For You To Create Your Ultimate Maui Sanctuary. Situated In A Prime Location Wit...
Located In A Private And Serene Portion Of The Luxury Resort Known As The Montage Residences Kapalua Bay, Unit 2202 Awaits Your Arrival! Conveniently Located On The Ground Floor, This Grand Residence 3-bedroom, Den, 3.5 Bathroom Property Is Centrally Locate...
Note: care is taken with compiling the data and information, but is subject to change and does not include private transactions not in MLS. Interested parties are advised to do their own due diligence and confirm all figures contained herein.
*Kapalua Resort data contained in the search is pulled from the Maui MLS using a map search which is outlined to include condominiums in the Kapalua Resort. It does not include condominium data for the condominiums at Napili Kai or Pailolo Place which fall within the MLS District of Kapalua but are not part of the Kapalua Resort. Stats on other sites may pull different data if not excluding these areas.
Courtney M. Brown, R(S) & Team Vice President Island Sotheby's International Realty
The view from 310 Cook Pine Drive in Pineapple Hill, Kapalua which sold at $6,150,000
