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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