by Courtney Brown RS-56519
on Saturday, February 1st, 2014 at 4:52pm.
When examining the state of Kapalua real estate in 2013 as it compares to 2012, it's noteworthy that there were fewer sales, at higher average prices and a significantly higher sales volume.
In reviewing the last decade, the number of sales peaked in 2004, while the peak of the market in terms of average sales prices and volume was in 2006/2007. The question everyone has asked since the peak, is when is the bottom. In reviewing the data it appears that for Kapalua real estate, it was in 2012.
In the Residential Market half of the sales were in Pineapple Hill and Pineapple Hill Estates: with 6 homes sold at an average sales price of $2,646,858. The remainder of the sales were at Kapalua Place, an oceanfront Peninsula that was not part of a subdivision, and in Honolua Ridge and the Plantation Estates.
The number of Kapalua Condominium Sales was down 33%, yet the average sales price was up 29%:
There were no developer or re-sales at the Residences at Kapalua Bay in 2013. Formerly the Ritz-Carlton, Kapalua Bay, the property was foreclosed on in early 2013 and is now under new ownership. Montage Hotels and Resorts has been appointed the management company of the property, which will be known as the Montage Residences Kapalua Bay, and they are in the midst of capital improvements which include a new restaurant and bar that will be open to the public. It is expected sales of the remaining developer inventory to formally launch shortly. In the meantime, planned pricing and pre-registration information is available.
For a private consultation regarding the Kapalua real estate market, stop by our West Maui office or contact Courtney Brown directly.