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An Update on the Maui Luxury Real Estate Market: Kapalua and Makena
When considering areas of Maui, many consider the Wailea/Makena area and Kapalua. Both are luxury resort destinations, though both have different climates and feel. The Wailea/Makena areas are a desert climate, and the development is high end and varied (due to many different developers). Kapalua is a smaller community, with a more temperate climate. With only one developer, the architectural theme of the resort has remained and the development is fairly consistent throughout.
This week, another Residence at the Ritz-Carton Residences, Kapalua Bay has been placed under reservation. 2503, which was personally one of my favorite locations, was offered at $6,860,000. This new reservation joins three others at the property that just completed at the end of May.
The Ritz-Carlton Residences, Kapalua Bay are Maui's newest luxury condominium resort development. With the news that the development at Makena Resort has been stalled by a default on the original loan, the Residences are likely to be the latest luxury development for some time.
The Makena Resort development was proposed by Maui developer, Everett Dowling, who purchased the 1800 acre resort in partnership with Morgan Stanley Real Estate. The initial phase of the new development was known as Maluaka. Originally proposed to be a luxury, low-density, low-rise, residential condomium community, the property was eventually subdivided and marketed as 13 residential lots. The Maui News reports that Maluaka will continue, as it is under a separate LLC with its own financing. While the fate of the Makena Resort development is uncertain, the developer hopes to resurrect the plans to develop the Makena Resort as a high end resort destination.
For those seeking a newly constructed, luxury oceanfront property, the Ritz-Carlton Residences provide branded service and a stunning setting. Current asking prices at the Ritz-Carlton Residences, Kapalua Bay begin at $3,885,000 and range upward of $9,395,000. The Residences are between 3000-4000 square feet, and three and four bedroom floorplans are available.
Please don't hesitate to contact me for additional information on any Maui real estate offering.
Author Bio: Courtney Brown is a Realtor with Island Sotheby's International Realty in Maui, Hawaii. Courtney was born here in Maui and educated at Smith College. She specializes in Maui real estate, with a focus on second homes, oceanfront, and resort properties in Kapalua, Napili, Kaanapali, and West Maui. p>
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.