In this issue, you'll find updates taken from the Kapalua Resort Annual Sales Reports, which illustrate how sales in 2011 compared with prior years for the Resort in general, as well as by property type (Condominiums, Homes, Land), and by each individual neighborhood.
2011 continued the trend of 2010, with a concentration of sales at the low end of each market segment and record high sales. The average sale price for the resort was buoyed by two record high closings at the Plantation Estates at $14,000,000 and $9,600,000, and several closings at the Ritz-Carlton Residences, Kapalua Bay. With these high sales, the average sale prices for condominiums and homes are only down a little over 20% since the peak. Vacant land prices have been hit the hardest, with average sales prices down 57% since the peak. (I'll be posting a more thorough analysis to my blog in the near future.) This trend seems to be continuing in 2012, where we have had seven sales in the Kapalua Resort to date: 3 ranging from $515,000 to $575,000, 3 ranging from $2,450,000 to $3,245,000 and a Coconut Grove sale recording last week at $5,000,000.
Please don't hesitate to contact me with questions or for updates on the Maui Real Estate market.