THE RESIDENCES AT KAPALUA BAY: OVERVIEW AND MARKET UPDATE, NOVEMBER 2013
The Residences in Kapalua Bay opened their doors in 2009 as part of the Ritz-Carlton Club and Residences, replacing the iconic Kapalua Bay Hotel. This stunning resort is situated on over twenty acres overlooking Kapalua Bay, a charming white sandy crescent. The Residences at Kapalua Bay are located on one of my favorite spots on the island of Maui--I have fond memories of coming to Kapalua Bay as a child before the original Kapalua Bay Hotel was even built.
The timing of the release of the Residences at Kapalua Bay coincided with the downturn in the real estate market here in Hawaii. In early 2013, the property was foreclosed on by a lender based joint venture, who appointed Montage Hotels and Resorts as the management company. In 2014, the luxury hotel group will offer both private residences as well as 50 hotel suites for rent. In the meantime, Rentals at the Residences at Kapalua Bay are available for booking.
With 56 unsold condominium Residences, it is anticipated that a new sales program and pricing for the remaining Residences will be announced very shortly, perhaps as early as the end of this year or the beginning of 2014.
Of the 84 wholly owned condominiums offered for sale, 13 were purchased by private individuals and 15 by Exclusive Resorts, a vacation membershipt program. There were 62 fractional or "club" units originally offered as well, which were smaller two and three bedroom condominiums. At this time, the unsold units will be utilized as hotel inventory.
Original developer sales of the Residences at Kapalua Bay ranged from $2,800,000 to $5,735,000. Exclusive Resort's bulk purchase for the 15 condominium residences totaled $56,574,392.
The condominium residences are some of the largest ever offered in the Kapalua Resort and West Maui in general, ranging from approximately 2900 to 4200 square feet. Floor plans of the whole ownership units at the Residences at Kapalua Bay range from 3 to 4 Bedrooms.
Resales have been virtually non-existent, and it is unlikely we will see any resale listings in the MLS prior to the new sales program being launched.
If you'd like to be kept updated on the Residences at Kapalua Bay and be notified when a new sales program and pricing are announced, please contact me at firstname.lastname@example.org