Posted by Courtney M. Brown on Sunday, September 22nd, 2019 at 1:14pm.
When originally developed as a Ritz-Carlton Club and Residences in 2008, the property was comprised of 84 wholly-owned three and four-bedroom residences, some of the largest condominiums available in West Maui. These residences are located in buildings 1, 2, 5 and 6 and ranged from 2,789 to 4,055 sq. ft.
The development also included 62 smaller two and three-bedroom residences that were offered as 1/12 ownership located in buildings 3 and 4. Since then, the property was re-branded in 2014 and all developer fractional sales were halted.
Since being rebranded the Montage Residence Kapalua Bay in 2014, sales at the property have soared. As an overview, when sales at the property first launched in 2009, the market was at a downturn after it's 2007/2008 peak. The low for the Kapalua Resort real estate market took place after in 2012.
To give you a better sense of how significantly the market has changed, between 2009-2011 there were 14 sales averaging approximately $3.83M, with a total sales volume of $53,747,552. The foreclosure took place in 2011, and sales ceased while improvements were made property-wide. When sales began again, the building 1 which is oceanfront, saw the bulk of the activity, followed by buildings 5 (particularly upper floors) and 2. This summer, the developer began sales of 15 of the smaller three-bedroom residences (approximately 2,000 +/- sq. ft.) in buildings 3 and 4, as well as the remaining inventory of larger residences in building 6.
As of the date of this post, there have been 16 Residences to sell at the Montage Kapalua Bay, averaging $4.53M and a Year to Date volume of $69,855,000 with another $9,240,000 in pending sales in MLS. This represents a dramatic 19% increase over 2018's total sales volume and a 49% increase over the sales volume when the project relaunched in 2014. It is noteworthy that 2019 also marks a year of remarkable resale activity, with prime locations with outstanding furnishings, such as Residence 1405, commanding the highest resale of a 3 Bedroom Residence in the project's history:
| Residence Resales 2019 | Sold | Prior Sale |
| Montage Residences 2206 | $2,400,000 | $1,214,600 (2014) |
| Montage Residences 2204 | $2,800,000 | $1,333,000 (2014) |
| Montage Residences 2103 | $4,950,000 | $2,800,000 (2011) |
| Montage Residences 1404 | $5,275,000 | $4,350,000 (2016) |
| Montage Residences 5501 | $5,535,000 | $4,500,000 (2017) |
| Montage Residences 1102 | $5,800,000 | $4,785,000 (2014) |
| Montage Residences 1405 | $7,250,000 | $4,625,000 (2015) |
View Current Listings of Montage Residences Kapalua Bay Condominiums
| Current Listings | 7 |
| Low LP | $2,850,000 |
| High LP | $6,650,00 |
| Average LP | $4,147,142 |
| Average LP/Sq. Ft. | $1674 |
| Average DOM | 129 |
| Current Listings | 3 |
| Volume | $9,240,000 |
| Low LP | $2,850,000 |
| High LP | $3,080,000 |
| Average LP | $5,141,250 |
| Average LP/Sq. Ft. | $1233 |
| Average DOM | 95 |
View Montage Residences Kapalua Bay Recent Sales
| Montage Residences | 2019 YTD | 2018 | 2017 | 2016 | 2015 | 2014 |
| Sales | 16 | 12 | 12 | 9 | 9 | 8 |
| Volume | $69,855,000 | $58,780,074 | $54,388,000 | $41,000,000 | $40,770,000 | $46,785,000 |
| Low SP | $2,400,000 | $3,495,000 | $3,125,000 | $3,125,000 | $3,950,000 | $4,300,000 |
| High SP | $7,950,000 | $8,950,000 | $6,475,000 | $8,650,000 | $4,900,000 | $8,250,000 |
| Average SP | $4,365,937 | $4,898,339 | $4,532,333 | $4,555,556 | $4,530,000 | $5,848,125 |
| Average SP/Sq. Ft | $1626 | $1572 | $1582 | $1516 | $1609 | $1735 |
| Average DOM | 177 | 229 | 100 | 147 | 168 | 67 |
It is to expected that the days on market would increase, as we start to see more re-sales introduced to the market in 2019. Additionally, the low sales price would have been at it's peak in 2014, when buyers were focused on the two oceanfront buildings (buildings 1 and 2) and at its lowest in 2019 with the introduction of the 15 smaller residences in buildings 3 and 4.
You'll also note a variation in the high sales--there are only 8 four-bedroom residences, which are located at the center of the two oceanfront buildings. These command the highest sales prices for both their size and location. There were three four-bedroom sales in 2014, which served to also increase the average SP/Sq. Ft., one in 2016, two in 2018, and one in 2019. This is why you see lower High Sales Prices in 2015 and 2017.
Residential
1 Bay Dr, Unit 6302, Kapalua, HI
MLS® #403635
Listed By: Compass
Office Contact: Cell: 808-385-0882
This Is A Turnkey Opportunity At The Magnificent Montage Residences At Kapalua Bay. Secluded And Tranquil, Stand Alone Building 6, The Molokai Wing, Sits Conveniently Positioned With Its Own Separate Driveway To This Coastal Resort. Unit 6302, With Private ...
Residential
1 Bay Dr, Unit 4505, Kapalua, HI
MLS® #403602
Listed By: Compass
Office Contact: Cell: 808-283-3436
Rare, Turnkey 5th Floor Elevation Hotel Residence At Montage Kapalua Bay- One Of The Highest Locations On The Property, Offering A "premier Oceanview Residence" Category. This Home Is Hotel-zoned For Nightly Rentals In A 5-star Resort Allowing Access To Mon...
Residential
1 Bay Dr, Unit 2202, Kapalua, HI
MLS® #402167
Listed By: West Maui Land Company Inc
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...
Residential
1 Bay Dr, Unit 1502, Kapalua, HI
MLS® #400821
Listed By: Compass
Office Contact: Cell: 808-283-3436
This Oceanfront Penthouse Occupies A Prime Location At Montage Kapalua Bay, Offering Breathtaking, Unobstructed Views Of The Sparkling, Sapphire Blue Waters Of The Pacific Ocean, And The Islands Of Lana'i And Moloka'i. Enjoy Kapalua’s Best With Picturesque ...
Residential
1 Bay Dr, Unit 1204, Kapalua, HI
MLS® #400442
Listed By: Compass
Office Contact: Cell: 808-283-3436
This Exquisitely Furnished Residence Offers Luxury Resort-style Living, Elevating The Experience Of Coastal Elegance To New Heights. With Direct Oceanfront Access And A Walkout To A Tropical, Grassy Lawn Area, This Second-floor Elevation Home Presents An In...
*Statistics above are at the time of this post per MLS. Any interested party should do their own due diligence as the information is subject to change.
Courtney M. Brown, R(S) & Team
Vice President
Island Sotheby's International Realty