The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Update

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

The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Market Update

Ritz Carlton Residences Kapalua BayThe 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.

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Rainer
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David Farrell
David V. Farrell Co. - Garden City, NY
Licensed NY State Real Estate Broker

When I am ready to buy, I will contact you. What a beautiful post.  I only wish I could swing it!  My wife and three kids would think I was a superhero and I'd be in heaven. 

We've lived, as a family, in Punta Cana in the Dominican Republic on-and-off over the years.  Your photo there makes me sad to be in New York.

Good luck with the sales.

Aug 11, 2011 10:08 AM #1
Rainmaker
155,878
Courtney Brown, Realtor (S) Vice President
Island Sotheby's International Realty - Lahaina, HI
Live a Maui Life!

Hi David!

Mahalo for reading--I really appreciate your comments. 

If it makes you feel better, I went to college on the East Coast, and every year I get a little "homesick" for fall.  :)

I hope you are able to bring your family to Maui for a visit soon.

Aloha,
Courtney

 

Aug 11, 2011 10:28 AM #2
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Rainmaker
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Courtney Brown, Realtor (S) Vice President

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