Kapalua, Maui Real Estate: Today's Market Compared with the Peak

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Real Estate Agent with Island Sotheby's International Realty R(S): 56519

Kapalua Bay Maui

Kapalua, Maui: Real Estate Update

One of the questions I'm most often asked is how today's market relates to the peak.  Rather than just guess, I decided to really find out, and prepared a Market Report, with annual comparison's for the past ten years for each neighborhood in the Kapalua Resort. 

In reviewing market conditions from 2000-2010, for the most part, we see a 30-60% decline in average sale price (SP) over the market peak, with the majority of condominiums down about 30-40%.  Land values were hit the hardest, particularly in Honolua Ridge which was introduced as a new development at the height of the market.

Market Peaks varied by neighborhood, with the majority seeing their peak in 2006/2007.  However, it is noteworthy that two neighborhoods, Coconut Grove on Kapalua Bay and the Plantation Estates, saw record high sales in 2010 and 2011.  The Ritz-Carlton Residences and the Residential Suites are so new (2009), that we have limited information on their market trends, so it is not included in the above analysis.

The following is a brief overview of the average sale price at the peak, 2010 and the first quarter of 2011:

  AVG SP AVG SP % Change AVG SP % Change
Condominiums Market Peak 2010 From Peak  2011 1st Qtr From Peak
Golf Villas $936,900 $542,444 -42% ----- -----
Ridge Villas $1,130,600 $687,600 -39% ----- -----
Residential Suites $700,000 $700,000 0% ----- -----
Bay Villas $1,493,888 $1,033,000 -31% $851,766 -43%
Ironwoods $4,000,000 $2,800,000 -30% ----- -----
Ritz-Carlton Residences $4,326,498 $4,137,000 -4% ----- -----
Coconut Grove $5,200,000 $5,200,000 0% ----- -----
           
  AVG SP AVG SP % Change AVG SP % Change
Homes Market Peak 2010 From Peak  2011 1st Qtr From Peak
Pineapple Hill $4,201,992 $2,308,333 -45% $2,200,000 -48%
Pineapple Hill Estates $4,900,000 $2,991,666 -39% $3,250,000 -34%
Honolua Ridge ----- ----- ----- ----- -----
Plantation Estates $7,960,000 $5,512,500 -31% $14,000,000 76%
Kapalua Place ---- ----- ----- ----- -----
           
  AVG SP AVG SP % Change AVG SP % Change
Lots Market Peak 2010 From Peak  2011 2st Qtr From Peak
Pineapple Hill $1,310,000 $725,000 -45% ----- -----
Pineapple Hill Estates $1,449,500 ----- ----- ----- -----
Honolua Ridge $2,140,500 $825,000 -61% $1,050,000 -51%
Plantation Estates $2,650,000 ----- ----- $1,000,000 -62%
Kapalua Place ---- ----- ----- ----- -----

In reviewing the Average Sale Price per Sq. Ft. (SP/SQ. FT.), we see similar effect, with a slightly broader swing of approximately 20-70%, with the Golf Villas, Bay Villas, and Ridge Villas all down 40%.

  SP/SQ. FT. SP/SQ. FT. % Change SP/SQ.FT. % Change
Condominiums Market Peak 2010 From Peak  2011 1st Qtr From Peak
Golf Villas $810 $486 -40% ----- -----
Ridge Villas $910 $543 -40% ----- -----
Residential Suites $797 $797 0% ----- -----
Bay Villas $1,246 $752 -40% $718 -42%
Ironwoods $1,327 $1,309 -1% ----- -----
Ritz-Carlton Residences $1,406 $1,361 -3% ----- -----
Coconut Grove $1,971 $1,971 0% ----- -----
           
  SP/SQ. FT. SP/SQ. FT. % Change SP/SQ. FT. % Change
Homes Market Peak 2010 From Peak  2011 1st Qtr From Peak
Pineapple Hill $986 $654 -34% $498 -49%
Pineapple Hill Estates $1,180 $678 -43% $750 -36%
Honolua Ridge ----- ----- ----- ----- -----
Plantation Estates $1,245 $962 -23% $1,228 -1%
Kapalua Place ----- ----- ----- ----- -----
           
  SP/SQ. FT. SP/SQ. FT. % Change

SP/SQ. FT.

% Change
Lots Market Peak 2010 From Peak  2011 1st Qtr From Peak
Pineapple Hill $93 $72 -23% ----- -----
Pineapple Hill Estates $68 ----- ----- ----- -----
Honolua Ridge $9 $3 -67% $3 -67%
Plantation Estates $28 ----- ----- $11 -61%
Kapalua Place ----- ----- ----- ----- -----

For more information on the Kapalua Resort Real Estate Market, please don't hesitate to contact me.

Aloha!

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Rainmaker
110,794
Greg Saffell
Tucson, AZ
Real Estate Professional Tucson, Oro Valley AZ

I appreciate you taking the time to do the research and then post these interesting figures, thanks Courtney.

Jun 29, 2011 01:54 AM #1
Rainmaker
156,008
Courtney Brown, Realtor (S) Vice President
Island Sotheby's International Realty - Lahaina, HI
Live a Maui Life!

Thanks Greg!  I appreciate your taking the time to read my blog and comment.

Aloha,

Courtney

Jun 29, 2011 08:41 AM #2
Rainmaker
1,041,881
Charles McDonald
Charlottesville Real Estate Solutions - Charlottesville, VA
REALTOR®, Blogger, Principal Broker®, Owner

Looks like a nice report. Hope you are doing well

your friend in Charlottesville

Jun 30, 2011 06:55 AM #3
Rainmaker
156,008
Courtney Brown, Realtor (S) Vice President
Island Sotheby's International Realty - Lahaina, HI
Live a Maui Life!

Aloha Charles,

I appreciate your comments and subscribing to the blog!  If you are ever in Maui, let me know!

Best,

Courtney

Jun 30, 2011 10:29 AM #4
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Rainmaker
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Courtney Brown, Realtor (S) Vice President

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