Luxury Real Estate Maui.com

February 2010

Aloha from Maui!

It's been a beautiful and sunny start to the new year here in Kapalua.  2009 brought many exciting changes to the resort.  We welcomed Outrigger as the new management company for the Kapalua Villas rental program.  Perhaps the most exciting change was the opening of the Beach Club, the Kapalua Spa, and the Ritz-Carlton Club and Residences.  Seoul Broadcasting Systems took over the first championship event of the PGA Tour, with Geoff Ogilvy winning for the second year in a row.  And, my personal favorite, the enhanced walking trails and the new beach boardwalk at Oneloa Bay. 

With increased optimism about the direction of the resort's new partnerships and historically low prices, the resort real estate activity has continued to improve.  Surprisingly, activity in the resort real estate market was on par with 2008 in terms of the number of sales.  Average listing prices and sales prices are comparable in the overall market, though it should be noted that the high end closings of the Ritz-Carlton Residences and the Mahana Estates would affect those averages. Inventory at the lower end of the condominium markets and residential markets is moving, whereas land sales are slow island wide. View the 2009/2008 Comparisons Statistics for the Kapalua Resort

Here are some highlights of the MLS activity in the Kapalua Resort looking back from the beginning of January 2010:

• Active Listings: There are a total of 144 active listings in the resort, ranging from $499,000 to $19,500,000. This compares with December 2009, with 137 listings at a similar price range.
• Short Sales/REO's: There is only two potential short sale listings noted in MLS, a Ridge Villa and a Bay Villa. There are no active REO (bank owned) listings.
• New Development Sales: There was one closing of a Ritz-Carlton Residence #2602 at $3,600,000.
• Escrows: There are no sales pending as of 2/9/10 in the Kapalua Resort.
• Recent Closings: Since January 1, 2010, we have had 5 closings which were all condominiums.

  MLS #	Status	Bldg Nm	Unit	Original Price	List Price	Sold Price	Closing Date	Bds	Bths	Liv-SF	Days On Market
  331610	SLD	Kapalua Golf Villas	16V1	$749,000	$529,000	$457,500	1/12/2010	1	1.50	899	600
  324755	SLD	Kapalua Golf Villas	14P5,6	$1,100,000	$650,000	$600,000	1/22/2010	2	2.00	1344	966
  335127	SLD	Kapalua Golf Villas	14P7,8	$1,245,000	$935,000	$840,000	1/29/2010	2	2.00	1344	408
  334037	SLD	Kapalua Ironwoods	53	$3,549,000	$2,490,000	$1,950,000	1/7/2010	2	3.00	1998	447
  341361	SLD	Residences on Kapalua Bay	2602	$3,600,000	$3,600,000	$3,600,000	1/28/2010	3	3.50	2904	24

• 2009 vs. 2008 YTD: We have had 27 closings in 2009, with an average sale price of $2,130,610, and a range from a low of $425,000 to a high of $10,000,000. By comparison, we had 27 closings in 2008, with an average sale price of $2,081,551 and a range from a low of $625,000 to a high of $6,100,000.

Market updates for the Kapalua Resort, Napili, Kaanapali, and Maui Oceanfront Homes & Land follow below. I specialize in the Kapalua Resort, but also work across the island. Please don't hesitate to contact me with any questions or for additional information on the Maui real estate market. Even if you are not ready to buy or sell a property right now, I would be happy to keep you up to date.

In Resort News, there are several pending changes reportedly in the works for the Kapalua Resort operations. As details are confirmed, I will post information on my blog.

Thank you for making this your resource for news in Kapalua and on Maui. Please forward the link www.luxuryrealestatemaui.com/newsletter.asp to a friend or associate that might appreciate this information.

Each month, along with local event updates, you will find sales statistics for the entire island posted to Courtney's Blog, as prepared by the Realtor's Association of Maui. Annual and Monthly Statistics can be found on the Market Reports section. Lahaina Grill is the current contributor to Local Flavors with a sampling of their best recipes. Enjoy!

Aloha,

KAPALUA HOMES AND VACANT LAND

 

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Condominiums

Residential