The Masters is one of my favorite condominium communities, having gotten my start in real estate working on the developer's sales team (far too long ago). The property overlooks the Royal Kaanapali golf course, with sweeping views of the ocean and outer islands. The low-rise, low-density development, lends a feeling of privacy and space, with 200 units on approximately 38 acres. Amenities in this gated community include two pools, two spas, and four tennis courts, and the ability to have BBQ's. It's a popular choice for both primary residents and second homeowners alike seeking to live in the Kaanapali Resort.
As we navigate an unusual time, many buyers and sellers are wondering how to value properties that are currently on the market. Questions like "How much has the market changed in the last real estate cycle?" "When was the peak?", and "When was the low?" are common.
To answer these questions and others, it is helpful to have context as to where the market has been over the last twelve years.
A Historical Overview of the Condo Sales Masters at Kaanapali Hillside
Year
Sales
Low SP
AVG SP
High SP
AVG $/sq ft
AVG DOM
AVG SP/LP
Volume
2007
14
$700,000
$1,148,143
$1,500,000
$773
165
87%
$16,074,000
2008
5
$825,000
$1,103,000
$1,300,000
$773
261
83%
$5,150,000
2009
5
$560,500
$1,022,100
$1,300,000
$732
283
92%
$5,110,500
2010
6
$571,500
$685,833
$915,000
$478
228
91%
$4,115,000
2011
11
$410,000
$731,536
$1,560,000
$513
155
94%
$8,046,900
2012
13
$470,000
$726,385
$930,000
$531
271
92%
$9,443,000
2013
20
$497,000
$863,525
$1,540,000
$580
241
92%
$17,270,500
2014
7
$515,000
$756,857
$1,200,000
$618
170
94%
$5,298,000
2015
17
$630,000
$966,006
$1,600,000
$662
179
92%
$16,422,100
2016
17
$510,000
$937,647
$1,650,000
$638
178
96%
$15,940,000
2017
6
$535,000
$684,500
$860,000
$582
229
95%
$4,107,500
2018
16
$540,000
$1,081,875
$1,500,000
$690
164
93%
$17,310,000
2019
18
$550,000
$861,028
$1,400,000
$660
226
95%
$15,498,500
3.31.2020
7
$575,000
$813,142
$1,100,000
$625
120
95%
$5,692,000
In general, we saw the market peak in 2007/2008 for most of Maui's resort communities, with the bottom following fairly shortly after the peak.
If we look at the average sales prices, the last cycle peaks at the Masters were in 2007/2008 and in 2018, with market lows in 2010 and again in 2017. So how does the market compare now? The average sales price for closings year to date is down -29% from the market high in 2007. It is up +19% from the market lows of 2010/2017.
It is important to note a few key points: the Masters has three different sizes of residences from 1B-3B, with the majority of the units being 2B floor plans. As a result, if there are no 1B or 3B sales in a calendar year, average sales prices can be affected. Built in 1989, many of the residences have been renovated, which will also impact final sales prices and averages. And while it can be hard to quantify, the view/location also has a huge impact on the value of a property.
Listed By: Island Sotheby's International Realty(L) Office Contact: Cell: 808-268-0557
Experience The Epitome Of A Maui Beach Lifestyle In This Exquisite Fully Remodeled Ground Floor Corner Condo With A Reconfigured Floor Plan That Allows For An Additional “flexi-room” At The Masters In Ka’anapali. With The Largest Corner Layout, This Spaciou...
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