The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Market Update
The Ritz-Carlton Club and Residences®, Kapalua Bay, is Maui’s newest luxury condominium development. First opened in 2009, the property is comprised of 62 fractional residences and 84 wholly-owned residences.
The market has picked up at the Residences, as it has across the high end of the Kapalua Resort, with three closings in the past six weeks: 1303 and 1302 both closed at $3,300,000 each. 2103 closed at $2,800,000.
There are three different floor plans at the Residences: 3B/3.5B, 3B/3.5B plus den, and 4B/4.5B. Of the recent sales, all three are oceanfront, 3B/3.5B with a den, and sold for approximately $1079/sq. ft.
The following is an overview of the whole ownership sales history: Exclusive Resorts, as a partner in the development, purchased 15 of 84 the wholly-owned condominium residences for a total of $56,574,390. Since the release a total of 12 additional residences have sold to private parties. According to the Maui MLS, the average sale price of these residences, excluding the Exclusive Resorts purchase, is $3,965,040 or $1308/sq. ft, with a low of $2,800,000 and a high of $5,735,000.
At the time of this posting, there is one resale available in MLS in addition to the remaining developer inventory. For more information on the Ritz-Carlton Residences®, Kapalua Bay or any other Kapalua property, please don’t hesitate to contact me.