*Does not include Napili Kai (Puna) Condos, Pailolo Place Condos, Montage Fractionals, or the Ironwoods fractional sale
Sales were slower in the Kapalua Resort in the latter half of 2023, which is to be expected in the wake of the devastating wildfires in Lahaina town in August. Historically, the resort is largely a second home market and market activity tends to be greatest in the peak travel seasons of winter/spring.
In 2024, sales continued to be slow, with just two recording in the first quarter. That said, the sale at the Ridge Villas set a new a record high, and the sale at the Bay Villas was the second highest in Bay Villa history.
Key Stats by Community
How does the market in Q1 2024 compare to 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.
Similar to Coconut Grove, the Ironwoods is a community of just 40 residences located oceanfront in Kapalua. 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.
In 2024, the recording of Kapalua Bay Villa 15G1-3 at $2,950,000 marks the second highest sale in the complexes history, and the highest sale for a second row residence. The record remains the sale of 30B3-4 an oceanfront residence at $3,200,000 in 2022.
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.
There have been no Golf Villa sales to date in 2024.
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 was the highest sale recorded in MLS for a Ridge Villa until 2024.
In 2024, 1723, which was a fully permitted 3B/3B residence (this was a conversion of a 2B Villa into a 3B) set a new record high sale by more than $500,000, recording at $2,795,000.
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.
In 2024, on April 1st, just after the first quarter ended, two sales at the Montage recorded: 4201 a 3B/3.5B Hotel Residence at $4,200,00 2201 a 4B/4.5B Grand Residence at $12,000,000 which is the high sale for condominiums (YTD as of the date of this post) on Maui.
In 2023, there were 11 home sales. All but two were in Pineapple Hill and Pineapple Hill Estates.
In 2024, the market is slow with no residential sales YTD in the Kapalua Resort. There are currently two pending sales, a home in Pineapple Hill Phase I and a home in Mahana Estates.
KAPALUA HOME SALES BY COMMUNITY: Q1 2024 and a 5 Year Overview
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.
KAPALUA LAND SALES BY COMMUNITY: Q1 2024 and a 5 Year Overview
An aerial view of 322 Cook Pine Drive, which closed at $995,000 in 2023
Land
Q1 2024
2023
2022
2021
2020
2019
Number of Sales
1
4
20
58
8
2
Volume
$1,700,000
$4,970,000
$32,839,500
$65,265,000
$13,925,000
$3,150,000
Low SP
$1,700,000
$995,000
$845,000
$700,000
$850,000
$1,300,000
High SP
$1,700,000
$1,525,000
$3,700,000
$2,600,000
$8,000,000
$1,850,000
Median SP
$1,700,000
$1,225,000
$1,450,000
$982,500
$837,500
$1,575,000
Average SP
$1,700,000
$1,242,500
$1,641,975
$1,135,259
$1,740,625
$1,575,000
Average SP/Sq. Ft.
$19
$33
$38
$17
$32
$23
Average DOM
117
279
202
178
284
60
Average SP/LP
92%
87%
96%
95%
89%
100%
In the first quarter of 2024, there was just one land sale that was part of the resort. A lot in Mahana Estates closed at $1,700,000. It should be noted that there was another parcel to close within the MLS district of Kapalua, a lot that was 4 acres but not buildable, purchased by neighbors for view protection. It closed at $1,425,000.
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: Keller Williams Realty Maui-L Office Contact: Cell: 808-870-7736
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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 in 2023.
