Residences on Kapalua Bay Update

kapalua bay

The confirmation hearing for the Residences on Kapalua Bay (formerly the Ritz-Carlton Residences, Kapalua Bay) took place this morning at the first circuit court. The judge first heard a motion to intervene on behalf of an original reservation holder in the developer sales. Three parties bid, with a starting bid of $60 million, bid up to $100 million in 22 increments.

We are hopeful that with this confirmation that matters will be resolved and sales will recommence. For more information regarding this Kapalua property, please contact Courtney Brown

Ritz-Carlton Residences Kapalua Bay: Foreclosure Auction

The foreclosure for the Ritz-Carlton Residences, Kapalua Bay took place today on the courthouse steps in Honolulu. With just two bidders, the opening bid was Ritz Carlton Development, with an opening bid of $52 million. The second and highest bid was Island Acquisitions, with a bid of $55 million.

This is for the bulk purchase with no separate or individual sales of

  • 56 residential and 5 commercial fee simple apartments in the “Kapalua Bay Condominium”
  • 567 club interests in the Kapalua Bay Vacation Ownership, Project consisting of undivided 1/12 interests in various condominium units (which specific units are available upon request)
  • Leasehold interest for the parcel known as “The Shops at Kapalua Parcel”
  • Certain contract rights known as the ML&P Agreements dated June 19, 2006.

This is just the first step in the foreclosure process, as it is subject to court confirmation in 4-6 weeks. At that time, bidding can be reopened at $57.75 million, and it is expected the key players will return at that time.

While it is open to speculation as to what will happen, and depends largely on the intent of the highest bidder, I believe we will see a restructuring of the properties pricing and potentially a re-launch of sales at that time.

I will continue to post updates to my blog. In the meantime, please feel free to contact me, Courtney Brown, at cb@LuxuryRealEstateMaui.com if you’d like additional updates or more information. I am gathering an interest list of parties that would like more information as it is made available.

Ritz Carlton Club and Residences – Foreclosure Auction Update

kapalua bay

To follow up on a previous post, The Ritz-Carlton Club and Residences®, Kapalua Bay will be going to foreclosure auction on Monday, December 3, 2012. On June 13, 2012 a notice of foreclosure was filed by the lien holders, and all sales of both fractional and whole ownership units were suspended. I plan on attending the auction in Honolulu and will post an update afterward to my blog.

According to the Commissioner’s website, the auction details are as follows:
DATE: December 3, 2012 at 12:00 noon.
LOCATION: Ewa end of the First Circuit Building (Ka’ahumanu Hale), 777 Punchbowl Street, Honolulu, HI
TERMS OF SALE: The auction will be held for a bulk sale, “As IS’, for one price, with no separate or individual sales and no upset price for the following:
1) 56 residential and 5 commercial fee simple apartments in the “Kapalua Bay Condominium”
2) 567 club interests in the Kapalua Bay Vacation Ownership, Project consisting of undivided 1/12 interests in various condominium units (which specific units are available upon request)
3) leasehold interest for the parcel known as “The Shops at Kapalua Parcel”
4) certain contract rights known as the ML&P Agreements dated June 19, 2006.

At the time of auction, with the exception of the Plaintiff, the successful bidder must make a down payment of no less than ten percent. The sale is then subject to a Court confirmation hearing, and the Court will allow a reopening of the auction in higher bids, beginning at 105% of the highest bid at the public auction.

The debt is in excess of $304 million, with Lehman Brothers and Lantern as the lien holders with the largest stake. While it is open to speculation as to what will happen, and depends largely on the intent of the highest bidder, I believe we will see a restructuring of the properties pricing and a re-launch after the foreclosure.

At this time, I am compiling an interest list of clients that would like to be kept updated as information is made available. If this is something you would be interested in, please contact me, Courtney Brown, at cb@LuxuryRealEstateMaui.com

Opened on May 31, 2009, the Ritz-Carlton Club and Residences®, Kapalua Bay is Kapalua’s newest residential condominium community. Situated on 21 oceanfront acres, overlooking Kapalua Bay, the Ritz-Carlton Club and Residences® are comprised of just 84 private ownership Residences, and 62 fractional residences (1/12 ownership) that are managed by the Ritz-Carlton Club®.

It is my understanding that the Ritz-Carlton will maintain management of the property until 12/31/2012, and there is talk of an extension until mid-June, 2013. There is currently pending litigation between some of the homeowners and the management company.

Developed by Kapalua Bay LLC, the Ritz-Carlton Residences Kapalua Sales History is as follows: 15 of the original developer units were purchased in bulk for $56,574,392 by Exclusive Resorts for their vacation rental program. An additional 13 sold to private individuals at prices ranging from $2,800,000 to $5,735,000. Total sales were 28, or 33%, leaving 56 units unsold. With regard to the fractional component, information is more limited. Of the 62 fractionals, it is my understanding that approximately 177, or 24%, of the 744 available units were sold.

Ritz-Carlton Club and Residences Update – Upcoming Foreclosures

ritz carlton kapalua

I’m often asked what the status is of the Ritz-Carlton Club and Residences®, Kapalua Bay. Opened on May 31, 2009, the Ritz-Carlton Club and Residences®, Kapalua Bay is Kapalua’s newest residential condominium community. Situated on 21 oceanfront acres, a stone’s throw from Kapalua Bay, the Ritz-Carlton Club and Residences® are comprised of just 84 private ownership Residences, and 62 fractional residences (1/12 ownership) that are managed by the Ritz-Carlton Club®.

It is my understanding that the Ritz-Carlton will maintain management of the property until 12/31/2012, though this date is subject to change. There is currently pending litigation between some of the homeowners and the management company.

Developed by Kapalua Bay LLC, 15 of the original developer units were purchased in bulk for $56,574,392 by Exclusive Resorts for their vacation rental program. An additional 13 sold to private individuals at prices ranging from $2,800,000 to $5,735,000. Total sales were 28, or 33%, leaving 56 units unsold. With regard to the fractional component, information is more limited. Of the 62 fractionals, it is my understanding that approximately 177, or 24%, of the 744 available units were sold.

A notice of foreclosure was filed by the lienholders, and all sales of both fractional and whole ownership units have been put on hold at this time. The debt is in excess of $304 million. While it is open to speculation as to what will happen, and depends largely on the intent of the highest bidder, I believe we will see a restructuring of the properties pricing and a re-launch after the foreclosure.

At this time, I am compiling an interest list of clients that would like to be kept updated as information is made available. If this is something you would be interested in, please contact Courtney Brown at cb@LuxuryRealEstateMaui.com

According to the Commissioner’s website, the auction details are as follows:
DATE: December 3, 2012 at 12:00 noon.
LOCATION: Ewa end of the First Circuit Building (Ka’ahumanu Hale), 777 Punchbowl Street, Honolulu, HI
TERMS OF SALE: The auction will be held for a bulk sale, “As IS’, for one price, with no separate or individual sales and no upset price for the following:
1) 56 residential and 5 commercial fee simple apartments in the “Kapalua Bay Condominium”
2) 567 club interests in the Kapalua Bay Vacation Ownership, Project consisting of undivided 1/12 interests in various condominium units (which specific units are available upon request)
3) leasehold interest for the parcel known as “The Shops at Kapalua Parcel”
4) certain contract rights known as the ML&P Agreements dated June 19, 2006.

At the time of auction, with the exception of the Plaintiff, the successful bidder must make a down payment to the Commissioner in the amount of no less than ten percent. The sale is then subject to a Court confirmation hearing, and the Court will allow a reopening of the auction in higher bids, beginning at 105% of the highest bid at the public auction.

For additional information on the Terms of Sale, please contact the commissioner, George W. Van Buren, of Van Buren, Campbell, and Shimizu LLC.

2012 Maui County Property Tax Rates

 

Maui County has announced new property tax rates, beginning on July 1st, 2012:

Classification

Rate/$1000 of Assessed Value

Residential

$5.75

Apartment

$6.20

Commercial

$6.90

Industrial

$7.10

Agricultural

$6.00

Conservation

$6.20

Hotel & Resort

$9.15

Time Share

$15.50

Homeowner

$2.75

Commercialized Residential*

$4.50

Property taxes are based on the usage of the property. For example, if you were to be an owner occupant with the property declared as your primary residence, you would pay the Homeowner tax rate of $2750/million of assessed value. If it were a second home, or one that you rented out to a long term tenant, you would pay $5750/million of assessed value for a home and $6200/million of assessed value for a condominium. If it is a property that you vacation rent (anything less than 180 days), you would be assessed the Hotel & Resort rate of $9150/million of assessed value. Commercialized Residential is a new category that was created to accommodate the new B&B permitted properties, an ordinance which was passed in 2008.

It is anticipated with the recent passing of the Short Term Rental Home Permit Ordinance, whereby homeowners may apply for permits to operate vacation rentals in residential areas, that we may see a new category created for those properties. At this time, the county is allowing a total of 400 short term rental homes, with caps on the total number set by region: West Maui (88), Kihei/Wailea/Makena (100-no more than 5 in Maui Meadows), Upcountry—Makawao/Pukalani/Kula (40), North Shore—Paia/Haiku (88), Hana (48), and Wailuku/Kahului (36). The caps will be reviewed and revisited by the Planning Department in the future.

For more information on the Short-Term Rental Home Permit, including the application and requirements, visit the county of Maui’s website at http://www.co.maui.hi.us and click on “Departments” and then “Planning Department”. For more information on Maui Real Estate and property taxes, click on “Departments”, then “Finance”, followed by “Real Property Tax”.

 

 

 

 

Spotlight on the Kapalua Ridge Villas: Active Listings, Pending Sales, and Sales for 2012

One of Kapalua Resort’s most popular condominium communities, the Kapalua Ridge Villas is perched overlooking Oneloa Bay and is situated on the famed Kapalua Bay Course. Located in the heart of the resort, the Ridge Villas is comprised of 161 buildings in 28 buildings on approximately oceanview 21.5 acres, the Ridge Villas offers one, two and three bedroom villas with ocean and/or golf course views.

The Kapalua Ridge Villas Real Estate Update:

  • Ridge Villas active listings: 8, ranging from $595,000 to $1,395,000
  • Ridge Villas pending sales: 2
  • 2012 Ridge Villas sales: 6
  • 1 Bedroom Ridge Villa Average sales price: $572,750
  • 1 Bedroom Ridge Villa Average list price: $612,500
  • Sales price to list price ratio: 93.5%
  • 2 Bedroom Ridge Villa Average sales price: $947,500
  • 2 Bedroom Ridge Villa Average list price: $1,100,000
  • Sales price as percentage of list price: 86%
  • Ridge Villas Absorption Rate: with 9 sales in the last year, and 8 active listings, there is an 11 month of inventory, which is considered a buyer’s market.

 

Unit L Price Sold Price Close Date Bds Bths
1721 $620,000 $566,000 1/26/2012 1 2
921-23 $1,100,000 $895,000 2/24/2012 2 3
2821-22 $1,100,000 $1,000,000 3/6/2012 2 3
815 $585,000 $560,000 4/5/2012 1 2
1521 $649,000 $600,000 4/11/2012 1 2
1412 $595,000 $565,000 6/15/2012 1 2

 

For more information on the Ridge Villas or any other Kapalua community, please don’t hesitate to contact me.

Kapalua, Maui: Real Estate Market Update

 

One of the questions I’m often asked, is where do you go for vacations when you live in paradise?

This year: Italy! And while, I LOVED Italy (the food,the wine, the art (David!), the countryside of Tuscany, the seaside towns in the Cinque Terre and Capri), there is nothing like returning to Maui. Sometimes it takes seeing a place for the first time again to really appreciate its beauty.

I’ve returned home just in time for one of Kapalua’s biggest events, the 31st annual Wine and Food Festival. It will be held at the Ritz-Carlton, Kapalua June 8-10, 2012. For tickets and information, visit: www.kapaluawineandfoodfestival.com

While I was gone, there were a few new listings, price changes, and sales. The following is an overview of the activity in last month in the Kapalua real estate market:

NEW LISTINGS:
There were twelve new listings in Kapalua, ranging from $750,000 for a two bedroom Golf Villa to $20,880,000 for a beachfront home at Kapalua Place.

NEW CONDOMINIUMS:
Kapalua Bay Villas
Bay Villa 35G1 1B/1.5B at $1,125,000
Bay Villa 12B1,2 2B/3B at $1,550,000

Coconut Grove
Coconut Grove 14 3B/3.5B at $5,300,000

Kapalua Golf Villas
Golf Villa 16P1,2 2B/2B at $750,000
Golf Villa 14P1,2 2B/2B at $945,000

Kapalua Ironwoods
The Ironwoods 51 3B/3.5B at $4,375,000

The Residential Suites at the Ritz-Carlton Kapalua
1526-28 2B/2B at $1,995,000

NEW HOMES:
Pineapple Hill
214 Crestview 3B/3.5B at $2,879,000

Kapalua Place
8 Kapalua Place 4B/7B at $9,950,000
3 Kapalua Place 6B/6.5B at $20,880,000

NEW VACANT LAND:
Honolua Ridge
93 Keoawa 4.52 acres at $885,000
138 Keoawa 15.01 acres at $1,800,000

PENDING SALES
There are currently 11 properties pending sale: 4 Golf Villas,3 Ridge Villas, 1 Bay Villa, 1 Residential Suite at the Ritz-Carlton, Kapalua Hotel, 1 home in Pineapple Hill and 1 home at the Plantation Estates.

SALES:
As of this posting, there have been 24 sales recorded within the Kapalua Resort:
CONDOMINIUMS:
Kapalua Golf Villas
18P56: 2B/2B Listed at $559,000, sold at $515,000 REO
18V4: 1B/2B Listed at $575,000, sold at $575,000
12T1: 1B/1.5B Listed at $430,000, sold at $410,000
24P56: 2B/2B Listed at $568,500, sold at $485,000 REO
14P34: 2B/2B Listed at $839,000, sold at $780,000
23V1: 1B/1.5B Listed at $484,000, sold at $425,000
15P7,8: 2B/2B Listed at $539,000, sold at $485,000
20P5,6: 2B/2B Listed at $474,500, sold at $482,500
24T5,6: 1B/2B Listed at $423,225, sold at $410,000 REO
24T2: 1B/2B Listed at $490,000, sold at $440,000

Kapalua Ridge Villas
1721: 1B/2B Listed at $620,000, sold at $566,000
921-23: 2B/3B Listed at $1,100,000, sold at $895,000
2821-23: 2B/3B Listed at $1,100,000, sold at $1,000,000
815: 1B/2B Listed at $585,000, sold at $560,000
1521: 1B/2B Listed at $649,000, sold at $600,000

Kapalua Bay Villas
26B3-4: 2B/3B listed at $2,490,000, sold at $2,150,000

Kapalua Ironwoods
52: Listed at $2,750,000, sold at $2,450,000
102: Listed at $3,675,000, sold at $3,425,000
11: Listed at $3,450,000, sold at $3,200,000

Coconut Grove
18: 3B/3.5B sold at $5,000,000 *Not in MLS–Private Sale

HOMES:
Honolua Ridge
231 Kaupalena Place, Phase II: Listed at $2,69,000, sold at $2,760,000 Short Sale

Plantation Estates
201 Plantation Club Drive: 4B/5.5B Listed at $4,300,000, sold at $3,000,000

VACANT LAND:
Plantation Estates
610 Honokohau, Phase II: Listed at $920,000, sold at $800,000

Honolua Ridge
Lot 1, Phase II: Listed at $1,890,000, sold at $1,600,000

Number of Sales:
2010: 41
2011: 43
2012: 14 YTD
Average Sale Prices:
2010: $1,944,707
2011: $2,013,133
2012: $1,707,400 YTD
Total Volume:
2010: $79,733,000
2011: $86,563,862
2012: $25,611,000 YTD

For more information on the Kapalua real estate market, please don’t hesitate to contact me.

Aloha,
Courtney

 

The 31st Annual Kapalua Wine and Food Festival, June 8-10, 2012

 

Kapalua Resort, Maui

It’s that magical time of year again, summer–when the sun shines brighter, the tropical flowers bloom and our days last a little bit longer. Summer is also when the Kapalua Resort hosts Maui’s premier epicurean event: the Kapalua Wine and Food Festival.

While the festival is known for its big tastings on Friday and Sunday nights, there are many smaller, more intimate events, including winemaker’s dinners and educational panels that should not be missed. In fact, until I began to write this post (and saw how long it was), I didn’t realize quite how many events were really taking place here in our little seaside resort. The events begin Wednesday, June 6th, with festivities culminating at the famed Seafood Festival on Sunday, June 10th.

Wednesday, June 6th
The Banyan Tree with Fantesca Winery
at the Ritz-Carlton, Kapalua
Fantesca Winery is a boutique winery just outside of St. Helena. This estate vineyard is known for it’s passion for artful winemaking. (Hint: pick up one of Fantesca’s stellar wines and start your own collection of Fortune Corkies)

Sansei Seafood Restaurant & Sushi Bar, Multi-Course Gastro Pub Dinner
For the beer lover, Maui’s most beloved sushi restaurant will pair an inspired menu with hand crafted micro brews from Maui’s own Maui Brewing Company and the mainland for a “gastro-pub” event. I had to look this up–while it’s long been said that pubs aren’t known for their food (I can attest to this having tried more than one ploughman’s sandwich in my college days in London), recently many pubs have upped the ante, and you’ll now find gastronomical delights paired with artisan beers.

Thursday, June 7th
Sansei Seafood Restaurant & Sushi Bar, Chef Masa’s Kaiseki Dinner
This formal, multi-course dinner will showcase the talents of Maui’s master sushi chef, Masamichi Hattori

The Banyan Tree with Plumpjack Winery
at the Ritz-Carlton, Kapalua
The winemakers at Plumpjack believe that wine is one of life’s greatest pleasures, and should be enjoyed often. And there’s no better way to enjoy wine than with great food. The Banyan Tree is one of Kapalua’s finest restaurants, and the pairings look nothing short of delectable.

Friday, June 8th
Pinot Superstars Wine Seminar
The Ritz-Carlton, Kapalua 2-3 pm
Featuring a dazzling selection of Pinots from Williams Selyem, Domaine Carneros, Pisoni Vineyards, Native 9, and Scherrer Vineyards. Hosted by Master Sommelier, Michael Jordan.

The Grand Tasting
The Ritz-Carlton, Kapalua–The Beach House Lawn, 6:30-9:30 pm
Featuring local entertainment, wines from around the world, and pupus from Kapalua’s restaurants: The Banyan Tree, Kai Sushi (my favorite!), Merriman’s, Pineapple Grill, Sansei, and the Plantation House.

Saturday, June 9th
Organic Vines Make Better Wines Seminar
the Ritz-Carlton, Kapalua 11:00 am-12:30 pm
Featuring Bob Cantisano, Organic Agricultural Advisor, along with panelists from Frog’s Leap, Plumpjack, Quintessa, and Master Sommeliers Michael Jordan and Patrick Okubo.

Cooking Demonstration with Celebrity Chef Ron Siegel
The Ritz-Carlton, Kapalua 1:00 pm-3:00 pm
Ron Seigel is the chef of Parallel 37 at the Ritz-Carlton, San Francisco, and will feature wines from Pisoni Vineyards, David Arthur, Illumination and World Wines.

A Tasting of the Wines of Heidi Peterson Barrett
The Ritz-Carlton, Kapalua 3:00 pm-4:30 pm
I’ve heard this is a don’t miss–Heidi Barrett is a superstar of the wine world, who became famous for her wines at Screaming Eagle and other wineries, and will be showcasing her own La Sirena Wines.

Sparklers by the Spa Wine Tour
Kapalua Spa 4:00-5:30 pm
Who doesn’t love sparkling wine and spa treatments? At this special tasting, you can sample a variety of wines from Domaine Carneros as well as enjoy “mini” treatments from the Kapalua Spa, along with chocolates and truffles. Sounds heavenly!

Merriman’s Restaurant Dinner with Gary Pisoni of Pisoni Vineyards
at Merriman’s Kapalua
Merriman’s is a jewel of Kapalua–located on Maui’s famed Kapalua Bay, there isn’t a prettier setting on the island. You’ll enjoy farm to table fare paired with Pisoni Vineyard wines in a spectacular setting. I’ve had the opportunity to attend one of Pisoni’s dinners and seminars before, and Gary is a boisterous and gifted story-teller.

Pineapple Grill–Ramey Wine Cellars with Winemaker, David Ramey
at Pineapple Grill, Kapalua
The Healdsburg Winery of Ramey Wine Cellars boasts rave reviews for its Chardonnay, Syrah, and Cabernet Sauvignon wines. Winemaker David Ramey will be pairing his wines with creations from one of Maui’s most creative and popular chefs. I’ve sneaked a peek at the menu, which includes a Shave Ice tasting of Poisson Cru, Oyster Shooters, and Hamachi Poke to start (you’ll have to check the rest of the dinner out yourself!).

The Banyan Tree with La Sirena Wines
The Ritz-Carlton, Kapalua
Fabulous fare from the Banyan tree paired with Heidi Barrett’s very own La Sirena wines. I’ve had a chance to try one of the featured wines “La Sirena Pirates TreasuRED” in the past. It was fantastic, and I anticipate this will be one of the festival’s most anticipated events.

The Plantation House Restaurant, “Come Join Our Table,” with Fred Scherrer of Scherrer Winery
at The Plantation House, Kapalua
The Plantation House is home to one of Kapalua’s most beautiful views, overlooking the Plantation Course out toward the neighboring islands of Molokai and Lanai. Sunsets here are breathtaking, and their incredible dinner will be thoughtfully paired with wines from Scherrer Winery

And finally, for those of you looking for a night out, Sansei will host an after hours session with blues and folk music from Fred Scherrer, Master Sommelier Michael Jordan, and friends.

Sunday, June 10th
Viva Espana! A tasting of Premium Spanish Wines
The Ritz-Carlton, Kapalua 11:00 am-12:30 pm

Wine Tour
The Ritz-Carlton, Kapalua 1:00 pm-3:00 pm
Sample a variety of wines at various locations around the Ritz-Carlton, Kapalua resort.

Kings of Cabernet Wine Seminar
The Ritz-Carlton, Kapalua 3:00 pm-4:30 pm
Join winemakers from Plumpjack and Cade, Frog’s Leap, Ramey Wine Cellars, David Arthur Vineyards, and Hill Family Estates for a showcase of the Kings of Cab.

Seafood Festival
The Ritz-Carlton, Kapalua–Beach House Lawn, 6:30-9:30 pm
This is the granddaddy of the festival, and will feature a competition between some of Maui’s finest restaurants for the Best of the Fest. The new 100 Wines, will join veterans such as The Banyan Tree, Capische?, Hali’imaile General Store, Honu, Hula Grill, I’o & Pacific’O, Japengo, Kai Sushi, Leoda’s, Makena Resorts, Maui Culinary Academy, Monkeypod Restaurant, and Roy’s.

Times and Events are subject to change, so for event information on seminars, dinners and tickets to the festival visit www.kapaluawineandfoodfestival.com

 

 

Spotlight on the Kapalua Golf Villas

Built in 1979, the Kapalua Golf Villas are situated overlooking the Kapalua Bay course in the heart of the resort. Situated on over 15 acres, the Golf Villas is comprised of 186 villas in 16 buildings.

At the time of this posting, there are 19 active listings (approximately 10%), with 4 pending sales, and 8 sales since January 1, 2012. The sales have ranged from a low of $410,000 for a one bedroom villa in original condition, to $780,000 for a beautifully upgraded two bedroom villa.

Villa List Price Sold Price Close Date
Kapalua Golf Villa 18V4 $575,000 $575,000 1/27/2012
Kapalua Golf Villa 18 P 5 6 $559,900 $515,000 1/30/2012
Kapalua Golf Villa 12T1 $430,000 $410,000 2/28/2012
Kapalua Golf Villa 24P5,6 $568,500 $485,000 3/15/2012
Kapalua Golf Villa 14P3,4 $839,000 $780,000 3/28/2012
Kapalua Golf Villa 23V1 $484,000 $425,000 4/9/2012
Kapalua Golf Villa 15P 7,8 $539,000 $485,000 4/17/2012
Kapalua Golf Villa 20P5-6 $474,500 $482,500 4/23/2012

In 2012, 40% of the sales year to date in the Kapalua Resort have occurred at the Golf Villas. In part, this activity may be attributed to a large scale remediation project and assessment that was just approved by the AOAO.

The scope of the much needed remediation work includes, but is not limited to: new roofs, installation of copper gutters, replacement of wood siding, repainting, drainage and landscaping work, and pool cabana and carport repairs. The work is anticipated to be completed in summer of 2014, and assessments are scheduled through to 2015.

The following is the most recent assessment schedule for fiscal year 2013, which began April 1, 2012*:

Floorplan % Interest Reserve Contribution Monthly Maintenance KRA Dues Remediation Assessment Monthly Total
1B/1.5B (1 Story) 0.46 $222.72 $512.30 $33.13 $659.14 $1,427.29
1B-2B (1 Story) 0.5 $242.08 $556.85 $33.13 $716.45 $1,548.51
1B/1.5B (Loft) 0.5 $242.08 $556.85 $33.13 $716.45 $1,548.51
2B/2B (1 Story) 0.59 $285.66 $657.09 $33.13 $845.41 $1,821.29
2B/2B (Loft) 0.59 $285.66 $657.09 $33.13 $845.41 $1,821.29

* The assessment is set for 2012. Assessments are subject to change depending on the scope of work that is needed as individual buildings are completed. When purchasing a Golf Villa, you would have the opportunity to review the latest information as supplied by the Board of Directors.

Please feel free to contact me with any questions or for information regarding the Golf Villas, or any other property in the Kapalua resort.

Kapalua Real Estate: Market Update

Photo of the Ritz-Carlton, Kapalua, where we have a new listing: Residential Suites 1221 / 23 a two bedroom, two bath lock off for $985,000 REO.

It’s on everyone’s mind: “What’s going on in the market?”  While trends are difficult to predict when data samples are small, I find the quarterly comparison of our market against the prior year to be insightful.  We have definitely seen an increase in both the number of sales and sales volume. The impact of a record sale for $14,000,000 in the Plantation Estates in early 2011 serves to skew the data:  without it, the volume would have been less than 50% of that achieved in the first quarter of 2012 and the average sale price would have been $1,500,833, much closer to this year’s. The greater sales volume is generated by a concentration of sales at the low end of the market segments.

1st Quarter Comparisons 2012 2011 % Change
Number of Sales 15 7 114%
Total Volume ($) $25,611,000 $23,005,300 11%
Low Sales Price $410,000 $597,000 -31%
Average Sales Price $1,707,400 $3,286,471 -48%
High Sales Price $5,000,000* $14,000,000 -64%
Average Days on Market 259 453 -43%

In particular, we are seeing a majority of this year’s sales activity at the Kapalua Golf Villas.  The Golf Villas were built in 1979 and a much needed remediation project (and assessment) has just begun.  The AOAO is renovating the exteriors of the buildings, with changes not limited to, but including, new roofing, siding, and installation of gutters.  With this type of change, it is not uncommon to see prices fall slightly as inventory increases.  Buyers finding value at the lower prices at the Golf Villas have propelled the market forward, with 8 sales year to date as compared with 7 in all of last year.

The following is an overview of the activity in the past two weeks in the Kapalua real estate market:

NEW LISTINGS:
There were three new listings in Kapalua since my last blog update, ranging from 689,000 for two bedroom Golf Villa to $3,500,000 for a home in Pineapple Hill

CONDOMINIUMS:
Residential Suites at the Ritz-Carlton, Kapalua
1221/23 2B/2B $985,000 REO

Kapalua Golf Villas
23P1,2 2B/2B $689,000

HOMES:
Pineapple Hill
508 Pacific  4B/4.5B  $3,500,000

PENDING SALES
There are currently 7 properties pending sale: 4 Golf Villas, 1 lot and 1 home at the Plantation Estate, and an Ironwoods Villa.

SALES:
As of this posting, there have been 19 sales recorded within the Kapalua Resort:
CONDOMINIUMS:
Kapalua Golf Villas
18P56: 2B/2B  Listed at $559,000, sold at $515,000 REO
18V4: 1B/2B Listed at $575,000, sold at $575,000
12T1: 1B/1.5B Listed at $430,000, sold at $410,000
24P56: 2B/2B Listed at $568,500, sold at $485,000 REO
14P34: 2B/2B Listed at $839,000, sold at $780,000
23V1: 1B/1.5B Listed at $485,000, sold at $425,000
15P7,8: 2B/2B Listed at $539,000, sold at $485,000

Kapalua Ridge Villas
1721: 1B/2B Listed at $620,000, sold at $566,000
921-23:  2B/3B  Listed at $1,100,000, sold at $895,000
2821-23: 2B/3B  Listed at $1,100,000, sold at $1,000,000
815: 1B/2B Listed at $585,000, sold at $560,000
1521: 1B/2B Listed at $649,000, sold at $600,000

Kapalua Bay Villas
26B3-4: 2B/3B listed at $2,490,000, sold at $2,150,000

Kapalua Ironwoods
52: Listed at $2,750,000, sold at $2,450,000
102: Listed at $3,675,000, sold at $3,425,000

Coconut Grove
18: 3B/3.5B sold at $5,000,000  *Not in MLS–Private Sale

HOMES:
Honolua Ridge
231 Kaupalena Place, Phase II: Listed at $2,69,000, sold at $2,760,000 Short Sale

Plantation Estates
201 Plantation Club Drive: 4B/5.5B Listed at $4,300,000, sold at $3,000,000

VACANT LAND:
Honolua Ridge
Lot 1, Phase II: Listed at $1,890,000, sold at $1,600,000

Number of Sales:
2010: 41
2011: 43
2012: 19 YTD
Average Sale Prices:
2010: $1,944,707
2011: $2,013,133
2012:  $1,456,895 YTD
Total Volume:
2010: $79,733,000
2011: $86,563,862
2012:  $27,681,000 YTD

For more information on the Kapalua real estate market, please don’t hesitate to contact me.

Aloha,
Courtney