Kapalua Real Estate: Market Update

Photo of the Ritz-Carlton, Kapalua, where we have a new listing at the Residential Suites.

Kapalua Real Estate: Market Update
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.

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.