Kapalua Resort, Maui: Real Estate Update:
The Kapalua Resort real estate market has definitely seen an upswing in activity. Back in July, we were at about 47% of the sales volume of the same time that past year. At the end of November, it was a difference of only 15%. Counter-intuitively, the average sale price was also comparable to the same time in 2008. While sales have been largely at the lower end of each market segment (Golf Villas for condos, Ironwoods for oceanfront, and Pineapple Hill homes), the sales of the Ritz-Carlton Residences and Mahana Estates helped to elevate this average.
Here are some highlights of the MLS activity in the Kapalua Resort looking back from the beginning of December 6:
- Active Listings: There are a total of 137 active listings in the resort, ranging from $499,000 to $19,500,000. This compares with three months ago, with 136 listings at a similar price range.
- Short Sales/REO's: There is only one potential short sales noted in MLS. There are no pending REO (bank owned) and two closed REO year to date.
- New Development Sales: The Ritz-Carlton Residences at Kapalua Bay have closed 4 to private individuals and 15 to exclusive resorts.
- Escrows: There are currently 5 escrows pending: two Golf Villas, a Bay Villas, an Ironwoods, and a home in Pineapple Hill
- Recent Closings: Over the past three months, we have had 9 closings. Of particular note is the sale of Mahana Estates. This 125 acre parcel of land was further subdividable into 52 homesites, and closed at $10,000,000.
- 2009 vs. 2008 YTD: We have had 24 closings year to date in 2009, with an average sale price of $2,069,020, and a range from a low of $425,000 to a high of $10,000,000. By comparison, we had 27 closings as of this date 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.
For more information on the Kapalua Resort and Maui real estate check out the latest edition of my Newsletter or visit www.luxuryrealestatemaui.com
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