Aloha!
After some slow years, buyers once again returned to Kaanapali Shores for the value, the true resort atmosphere and the setting. 2012 saw a sharp increase in the number of units sold. After only 12 sales in 2011, there were 32 last year.
There were twice as many studios sold in ‘12 compared to ‘11. The median price however, dropped from $282,000 to $230,000. But the drop in selling price doesn’t really indicate a loss of value. Of the 4 units sold, one was leasehold and 2 were short sales. There are currently only 2 studios listed for sale at K. Shores.
The big jump in overall sales came in the one bedroom category. In 2011 there were just 8 sales with a median price of only $315,000. Sales in 2012 almost tripled. There were 22 sales, and the median selling price rose to a healthy $355,000. There are just 9 one bedroom units on the market. Prices for fee simple units now range from $389,900 for a very nice garden view unit to $599,000 for a C unit on the 9th floor.
In 2011 only two 2 bedroom units were sold in the whole year. One was leasehold and one was in the “short stack.” In 2012 5 units were sold. One was leasehold. The median selling price for the remaining 4 was $647,500. The median asking price for fee simple 2/2’s, other than the Aloha Suites, is $699,900 today. So, maybe we’ll see a few more 2 bedroom sales in 2013..
There are a handful of distressed properties, but for the most part they are gone. With that and increasing demand, we should all see continued appreciation in the coming year.
At the end of 2012, there was only 1 pending sale. During 2012, there were 32 sales (nine of which were distressed properties—4 REO and 5 short sales). Three listings were taken off the market and 4 listings expired without being re-listed. The average number of days on the market for listings during this time was 403 days.
Total number of units for sale at Kaanapali Shores (Year End 2012) : 64
Total number of units sold at Kaanapali Shores (Year End 2012) : 32
Total number of units ACTIVE for sale at end of 2012: 25
Number of studios for sale : 3
Number of 1 bedrooms for sale : 9
Number of 2 bedrooms for sale (incl specials) : 13
Watch for our quarterly Kaanapali Shores Bulletins. You can reach us or comment at info@AlohaPotts.com. To keep track of all the real estate trends on Maui subscribe to the Maui Real Estate Advisor here.
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