Spotlight on Kapalua's Pineapple Hill & Pineapple Hill Estates
Posted
by Courtney M. Brown
on Thursday, November 7th, 2019 at 5:09pm.
Pineapple Hill and Pineapple Hill Estates Market Update, Oct 2019
Kapalua's Pineapple Hill and Pineapple Hill Estates is a popular neighborhood in the heart of the Kapalua Resort.
Pineapple Hill is the first phase of the development and was originally designed with 99 homesites, most being a quarter-acre, though many of them were consolidated to make larger lots. Owners must build one of six floor plans (thought modifications are allowed with approval from the Design Review Committee), unless buildling on two or more contiguous lots, in which case a custom home is permitted.
Pineapple Estates was annexed in early in 2001, with 31 homesites being integrated into the community. Lots are larger (approximately a half-acre) and custom homes with a 25-foot roof height are permitted, with the caveat that two-story construction is only allowed on the top row.
With a mix of older and newer construction, we have seen some lower sales in Pineapple Hill in the past few years. However, average sales prices have been increasing as has the volume of sales, particularly when comparing October of this year with October of 2018 and 2017:
Pineapple Hill Real Estate Market Update
Active Listings
10
Price Range
$2,150,000 to $3,750,000
Pending Sales
1
Price Range
$2,695,000
Absorption Rate
8.6 months
2019 YTD Sales
14
Price Range
$1,489,020 to $3,200,000
After a slow 2018, the real estate market for homes for sale in Pineapple and Pineapple Hill Estates has picked up dramatically. At my last Pineapple Hill Market Update in July, the volume was 96% over 2018, and is now up to 249%. Sales volume has surpassed that of 2016, which was the high in terms of volume in the past five years. Available listing inventory of homes for sale in Pineapple Hill & Pineapple Hill Estates is decreasing with the absorption rate dropping from 18.6 months in July to 8.6 months at the time of this post.
Year
Sales
Volume
Avg SP
Avg SP$/sq. ft.
Avg DOM
SP/LP
2014
5
$17,597,000
$3,519,400
$779
414
91%
2015
7 | +40%
$17,380,000 | -1%
$2,482,857 | -29%
$623 | -20%
305 | -26%
91%
2016
9 | +29%
$21,170,000 | +22%
$2,377,430 | -5%
$651 | +4%
219 | -28%
91%
2017
6 | -33%
$15,145,000 | -28%
$2,524,166 | +7%
$680 | +5%
219 | 0%
93%
2018
4 | -33%
$9,550,000 | -37%
$2,387,500 | -5%
$588 | -14%
325 | +48%
92%
2019 YTD
14 | +250%
$33,284,020 | +249%
$2,377,430 | 0%
$685 | +17%
271 | -17%
94%
The Kapalua Residential Market
While the bulk of the sales in Kapalua have been in Pineapple Hill, there have been two homes to sell in Honolua Ridge at $2,850,000 and $3,270,000 and one home to sell in the Plantation Estates Phase II at $6,000,000
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