Market Spotlight: Kapalua's Oceanfront Luxury Condominium Communities
Posted by Courtney M. Brown on Saturday, November 20th, 2021 at 6:06pm.
Kapalua's Oceanfront Condominiums: the Coconut Grove Kapalua Bay, Kapalua Bay Villas, Kapalua Ironwoods, Montage Residences Kapalua Bay, and the Ritz-Carlton Residences, Kapalua
For prospective buyers of luxury oceanfront condominium residences in the Kapalua Resort there are several options that are directly oceanfront: the Coconut Grove on Kapalua Bay, Kapalua Bay Villas, The Ironwoods, the Montage Residences Kapalua Bay, and the Ritz-Carlton, Kapalua . There are some very important differences:
| Coconut Grove | Kapalua Bay Villas | Kapalua Ironwoods | Montage Residences Kapalua Bay | The Ritz-Carlton Kapalua | |
| Number of Private Residences | 36 | 141 | 39* | 112 | 107 |
| Buildlings | 9 | 27 | 10 | 6 | 1 |
| Acres | 11.13 | 16.45 | 9.19 | 21 | 25.89 |
| Stories | Low Rise (2-story) | Low Rise (2-story) | Low Rise (2-story) | High Rise (4 to 6-stories) | High Rise (4 to 6-stories) |
| Floor Plans | 3B and 3B+den | 1B and 2B | 2B, 2B+Den, 3B, 4B | 2B,3B, 3B+den, 4B | 1B and 2B |
| Vacation Rentals Allowed/Zoning | No | Yes (Minatoya)/A-2 | Yes (Minatoya)/A-2** | Yes/Hotel | Yes/Hotel |
| Pets Allowed | No | No | No | Yes | No |
| Covered Parking | Attached Garage (1 stall) | None | Detached Garage (1 stall) | Valet and Underground*** | Valet |
| Elevator | Optional Upgrade at time of Purchase | None | None | Yes | Yes/Hotel |
| Pool/Spa/Fitness/Tennis**** | Pool, Spa, Fitness | Pool, Tennis | Pool, Spa, Fitness | Pool, Spa, Fitness | Pool, Spa, Fitness, Tennis |
| Built | 2000 | 1977 | 1979 | 2009 | 1992 |
Notes:
*There were originally 40 units at the Ironwoods. However, at the time of development, the developer combined two units in building 9 for an owner, creating one large 4B residence.
**The property currently falls under the Minatoya Opinion. However, it should be noted that the AOAO restricts rentals to a 30 day minimum and all rentals must have board approval.
****Montage Residences Owners may opt into a Spa/Beach Club membership which provides them with access to Spa Montage and the Beach Club. For owners of other properties in the resort, these amenities can be accessed by joining the Kapalua Club, which also provides discounts on golf and tenni and use of the Spa Montage and the Beach Club at the Montage, Kapalua Bay.
The following are detailed sales histories for each of the properties above:
The Coconut Grove on Kapalua Bay
View Current Coconut Grove Kapalua Bay Condos for Sale
| Current Listings | 3 |
| Low LP | $5,100,000 |
| High LP | $5,800,000 |
| Average LP | $5,400,000 |
| Average LP/Sq. Ft. | $2,157 |
| Average DOM | 124 |
Pending Coconut Grove Sales
| Pending Listings | 1 |
| Volume | $3,700,000 |
| Low LP | $3,700,000 |
| High LP | $3,700,000 |
| Average LP | $3,700,000 |
| Average LP/Sq. Ft. | $1,403 |
| Average DOM | 61 |
Coconut Grove Sales: 2012 to Present
| Coconut Grove | 2021 YTD | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Sales Volume | $25,300,000 | 0 | 0 | 0 | $18,950,000 | $5,250,000 | 0 | $5,000,000 | $8,446,500 | 0 |
| Number of Sales | 5 | 0 | 0 | 0 | 4 | 1 | 0 | 1 | 2 | 0 |
| Low Sales Price | $4,550,000 | NA | NA | NA | $4,500,000 | $5,250,000 | NA | $5,000,000 | $4,196,500 | NA |
| High Sales Price | $6,250,000 | NA | NA | NA | $5,000,000 | $5,250,000 | NA | $5,000,000 | $4,250,000 | NA |
| Average Sales Price | $5,060,000 | NA | NA | NA | $4,737,500 | $5,250,000 | NA | $5,000,000 | $4,223,250 | NA |
| Average SP/Sq. Ft. | $1,959 | NA | NA | NA | $1,866 | $2,303 | NA | $2,193 | $1,827 | NA |
| Average DOM | 171 | NA | NA | NA | 64 | 0 | NA | 171 | 270 | NA |
| Average SP/LP | 97% | NA | NA | NA | 95% | 100% | NA | 95% | 95% | NA |
Comments: The original developer sales ranged between $1.3-1.7M for units in the ocean view buildings (units 1-12) and $1.8-2.2M for oceanfront residences (units 13-36), with interiors ranging from 2280 to 2638 sq. ft. The Coconut Grove on Kapalua Bay has been one of Maui's most desirable condominium communities due to its spectacular location and the limited number of residences. There are just 36 three-bedroom condominiums in 9 buildings on 11 acres in this gated community situated directly overlooking Kapalua Bay.
View Recent Coconut Grove Kapalua Condo Sales
Since the beginning of 2012, there have been 9 oceanfront residences to sell at Coconut Grove. No second-row residences have sold, which would affect both sales price and averages for sales prices and SP/Sq. Ft.
This year, Coconut Grove achieved a record high sale of $6,250,000 for an oceanfront residence that had been remodeled. Prior to that, the highest sale on record was $5,250,000 for a private transaction that occurred in July 2016 that was not recorded in the Maui MLS.
The Kapalua Bay Villas
Current Kapalua Bay Villas Condos for Sale
At the time of this post, there are no active listings at the Kapalua Bay Villas
Kapalua Bay Villas Pending Sales
| Pending Listings | 3 |
| Volume | $3,925,000 |
| Low LP | $1,195,000 |
| High LP | $1,480,000 |
| Average LP | $1,308,333 |
| Average LP/Sq. Ft. | $1,132 |
| Average DOM | 60 |
Kapalua Bay Villas Sales: 2012 to Present
| Bay Villas | 2021 YTD | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Sales Volume | $37,214,500 | $7,538,000 | $15,032,500 | $7,621,250 | $11,758,800 | $8,134,384 | $3,155,000 | $6,926,500 | $6,495,000 | $7,903,000 |
| Number of Sales | 27 | 7 | 14 | 7 | 11 | 8 | 3 | 6 | 6 | 7 |
| Low Sales Price | $755,000 | $675,000 | $800,000 | $800,000 | $725,000 | $635,000 | $870,000 | $620,000 | $795,000 | $750,000 |
| High Sales Price | $2,900,000 | $1,900,000 | $1,485,000 | $1,600,000 | $1,725,000 | $1,450,000 | $1,285,000 | $1,725,000 | $1,400,000 | $2,150,000 |
| Average Sales Price | $1,378,315 | $1,076,857 | $1,073,750 | $1,088,750 | $1,068,982 | $1,016,798 | $1,051,667 | $1,154,417 | $1,082,500 | $1,129,000 |
| Average SP/Sq. Ft. | $1,104 | $876 | $287 | $872 | $882 | $834 | $900 | $955 | $870 | $896 |
| Average DOM | 248 | 149 | 287 | 258 | 287 | 323 | 542 | 430 | 360 | 312 |
| Average SP/LP | 97% | 92% | 93% | 95% | 93% | 92% | 91% | 92% | 94% | 94% |
View Recent Kapalua Bay Villas Sales
Comments: The Kapalua Bay Villas are the most affordable entry point to the resort. The Bay Villas offers one and two-bedroom floor plans that are either a single-level or townhouse style. Onsite amenities include three swimming pools and two tennis courts, as well as BBQ facilities. The Bay Villas is a gated community, with direct access to the beach at Oneloa Bay.
The Kapalua Ironwoods
View Current Kapalua Ironwoods Condos for Sale
At the time of this post, there are no active listings at the Kapalua Ironwoods
Kapalua Ironwoods Pending Sales
| Pending Listings | 1 |
| Volume | $2,700,000 |
| Low LP | $2,700,000 |
| High LP | $2,700,000 |
| Average LP | $2,700,000 |
| Average LP/Sq. Ft. | $903 |
| Average DOM | 23 |
Kapalua Ironwoods Sales 2012 to Present
| Kapalua Ironwoods | 2021 YTD | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Sales Volume | $17,020,000 | $12,050,000 | $2,300,000 | $3,000,000 | 0 | $6,225,000 | $6,150,000 | $3,999,999 | $2,150,000 | $3,025,000 |
| Number of Sales | 5 | 4 | 1 | 1 | 0 | 2 | 2 | 1 | 1 | 3 |
| Low Sales Price | $1,500,000 | $1,150,000 | $2,300,000 | $3,000,000 | NA | $2,900,000 | $2,500,000 | $3,999,999 | $2,150,000 | $2,450,000 |
| High Sales Price | $4,150,000 | $4,200,000 | $2,300,000 | $3,000,000 | NA | $3,325,000 | $3,650,000 | $3,999,999 | $2,150,000 | $3,425,000 |
| Average Sales Price | $3,404,000 | $3,012,500 | $2,300,000 | $3,000,000 | NA | $3,112,500 | $3,075,000 | $3,999,999 | $2,150,000 | $3,025,000 |
| Average SP/Sq. Ft. | $1,634 | $1,412 | $1,065 | $1,391 | NA | $1,493 | $1,399 | $1,667 | $1,111 | $1,284 |
| Average DOM | 320 | 124 | 671 | 204 | NA | 289 | 310 | 658 | 259 | 149 |
| Average SP/LP | 92% | 88% | 93% | 92% | NA | 90% | 90% | 91% | 86% | 92% |
View Recent Kapalua Ironwoods Sales
Comments: The Kapalua Ironwoods is comprised of ten buildings, each with four units (note: the top floor in building nine is two units combined into one at the time of development). Situated directly oceanfront with the white sand beach of Oneloa Bay below and to the left and the Kapalua Bay Course to the right, the Ironwoods is a quiet gated community. Buildings 6 and 8 are oriented to the North East overlooking the Bay Course with the ocean in the distance. Units in these buildings have historically commanded lower prices. With so few sales each year, a sale of just one unit in building 6 or 8 can affect averages significantly.
The Montage Residences Kapalua Bay
Current Montage Residences Kapalua Bay Condos for Sale
| Current Listings | 4 |
| Low LP | $3,525,000 |
| High LP | $3,995,000 |
| Average LP | $3,705,000 |
| Average LP/Sq. Ft. | $1,428 |
| Average DOM | 257 |
Montage Kapalua Bay Pending Sales
| Pending Listings | 1 |
| Volume | $13,295,000 |
| Low LP | $13,295,000 |
| High LP | $13,295,000 |
| Average LP | $13,295,000 |
| Average LP/Sq. Ft. | $3,279 |
| Average DOM | 12 |
Montage Kapalua Bay Sales: 2012 to Present*
| Montage Residences Kapalua Bay | 2021 YTD | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Sales Volume | $103,183,533 | $28,939,000 | $86,445,000 | $58,780,074 | $54,388,000 | $41,000,000 | $40,770,000 | $46,785,000 | 0 | 0 |
| Number of Sales | 24 | 9 | 21 | 12 | 12 | 9 | 8 | 8 | 0 | 0 |
| Low Sales Price | $2,695,000 | $2,750,000 | $2,400,000 | $3,495,000 | $3,125,000 | $3,125,000 | $3,950,000 | $4,300,000 | NA | NA |
| High Sales Price | $8,500,000 | $4,159,000 | $7,950,000 | $8,950,000 | $6,475,000 | $8,650,000 | $4,900,000 | $8,250,000 | NA | NA |
| Average Sales Price | $4,299,314 | $3,215,444 | $4,116,429 | $4,898,340 | $4,532,333 | $4,555,556 | $4,530,000 | $5,848,125 | NA | NA |
| Average SP/Sq. Ft. | $1,621 | $1,407 | $1,556 | $1,572 | $1,582 | $1,516 | $1,609 | $1,735 | NA | NA |
| Average DOM | 167 | 170 | 173 | 230 | 100 | 147 | 168 | 68 | NA | NA |
| Average SP/LP | 98% | 99% | 97% | 100% | 99% | 99% | 100% | 99% | NA | NA |
View Recent Montage Residences Kapalua Bay Sales
Comments: *This property started as a Ritz-Carlton Club and Residences in 2009, where there were 84 wholly-owned three-bedroom, three-bedroom plus den and four-bedroom floor plans known as the Grand Residences. Additionally, 1/12th ownership interests in 62 smaller two and three-bedroom fractional units were offered for sale.
It then went through foreclosure and was purchased by Island Acquisitions, which branded it a Montage Residences in 2014. Since then new ownership has made extensive improvements to the property and the resort has been awarded five-stars by Forbes.
After foreclosure, there were no new fractional sales and the developer held 28 unbroken two and three-bedroom residences which became known as the Hotel Residences. These smaller units flank the lobby and are located in buildings 3 and 4. They range from approximately 1774-2065 sq. ft. The Hotel Residences were dedicated hotel inventory until the developer began sales of these units in 2019. 20 of the 28 Hotel Residences have been sold as of this post.
The Montage sales slowed in 2020 when the island was under travel restrictions and then exploded when the island reopend in November. Since then, with the accompanying upswing in the market, we've seen record high condominium sales for West Maui and the Montage in particular. The current pending sale of $13,295,000 for an oceanfront 4 Bedroom residence of 4005 sq. ft. will set a new record high, 56% higher than the earlier high sale of $8,500,000 in June of 2021.
The Ritz-Carlton Residences, Kapalua
Current Ritz-Carlton Residences, Kapalua Condos for Sale
| Current Listings | 1 |
| Low LP | $999,000 |
| High LP | $999,000 |
| Average LP | $999,000 |
| Average LP/Sq. Ft. | $1,146 |
| Average DOM | 276 |
Pending Ritz-Carlton Residences
| Pending Listings | 1 |
| Volume | $2,435,000 |
| Low LP | $2,435,000 |
| High LP | $2,435,000 |
| Average LP | $2,435,000 |
| Average LP/Sq. Ft. | $1,827 |
Ritz-Carlton Residences Sales: 2012 to Present*
| Ritz-Carlton Residences | 2021 YTD | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Sales Volume | $7,245,000 | $3,872,500 | $900,000 | $6,694,888 | $4,701,888 | 0 | $16,252,436 | $925,000 | $1,850,000 | $825,000 |
| Number of Sales | 4 | 3 | 1 | 6 | 3 | 0 | 11 | 1 | 1 | 1 |
| Low Sales Price | $945,000 | $735,000 | $900,000 | $830,000 | $790,000 | NA | $640,000 | $925,000 | $1,850,000 | $825,000 |
| High Sales Price | $2,800,000 | $2,300,000 | $900,000 | $1,400,000 | $2,100,000 | NA | $2,716,888 | $925,000 | $1,850,000 | $825,000 |
| Average Sales Price | $1,811,250 | $1,290,833 | $900,000 | $1,115,815 | $1,567,296 | NA | $1,477,494 | $925,000 | $1,850,000 | $825,000 |
| Average SP/Sq. Ft. | $1,355 | $1,065 | $1,034 | $1,093 | $1,233 | NA | $1,274 | $699 | $1,253 | $624 |
| Average DOM | 373 | 216 | 203 | 207 | 262 | NA | 338 | 274 | 315 | 74 |
| Average SP/LP | 97% | 88% | 92% | 90% | 94% | NA | 99% | 93% | 93% | 84% |
View Recent Ritz-Carlton Residences Sales
Comments: In 2007, the Ritz-Carlton Kapalua underwent an extensive renovation. The North Wing was transformed into 107 luxurious, whole-ownership, one and two-bedroom condominiums originally called the Residential Suites. This was done by combining two hotel rooms to create a one-bedroom residence, and three hotel rooms to create a two-bedroom residence.
The Residential Suites were offered for sale in 2008, and 34 were purchased by private individuals before sales stopped shortly thereafter in 2009.
Since then, they have been rebranded, the Ritz-Carlton Residences, Kapalua. In 2014, the hotel was sold to Honolua Associates, a partnership between two capital companies.
In 2018, Ares and Trinity sold to Blackstone Real Estate Group. With the hotel, the new ownership group acquired 61 unsold Ritz-Carlton Residences. The group also owns the Grand Wailea Hotel. At this time, there are no developer sales, and only resales are in MLS.
For more information on the oceanfront condominiums in Kapalua, or any other Kapalua Condos for Sale, please contact me.
Care was taken when preparing this information, which was taken from the Maui MLS except where noted. The data is deemed reliable but is subject to change, and should be independently verified.
Courtney M. Brown, R(S) & Team
Vice President
Island Sotheby's International Realty