The Residences at Kapalua Bay: An Overview and Update

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

THE RESIDENCES AT KAPALUA BAY: OVERVIEW AND MARKET UPDATE, NOVEMBER 2013

Residences at Kapalua Bay

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.

RESIDENCES AT KAPALUA BAY: SALES HISTORY

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 cb@luxuryrealestatemaui.com 

 

 

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Rainer
324,487
Scott Larson
BHHS/Utah Properties - Park City, UT
Park City, Utah Real Estate News

I love Kapalua and the Ritz Carlton Hotel was always one of my favorite places to stay anywhere in the world, now that we have kids we have to stay at a few more kid friendly locations when we go to Hawaii, but I will always have some very fond memories of that area, I hope the residences take off when they are reintroduced, what a beautiful area.

Nov 17, 2013 07:07 AM #1
Rainmaker
156,008
Courtney Brown, Realtor (S) Vice President
Island Sotheby's International Realty - Lahaina, HI
Live a Maui Life!

Thanks for reading Scott.  I'm hopeful the Residences market will do well.  Hope you make it back to Maui soon!  

Nov 17, 2013 07:30 AM #2
Rainer
405,683
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

Fantastic. Looks like quite the opportunity over the next few years. Best of luck with these.

Nov 17, 2013 09:55 AM #3
Rainmaker
156,008
Courtney Brown, Realtor (S) Vice President
Island Sotheby's International Realty - Lahaina, HI
Live a Maui Life!
Thank you, Brad. Should be a great opportunity...it's such a special place!
Nov 17, 2013 10:21 AM #4
Rainer
83,281
Amy Gutschow
RE/MAX - Sheboygan, WI
Professional Real Estate

Good luck with these! How absolutely stunning!

Nov 18, 2013 06:41 AM #5
Rainmaker
156,008
Courtney Brown, Realtor (S) Vice President
Island Sotheby's International Realty - Lahaina, HI
Live a Maui Life!

Thank you Amy--it's a really beautiful spot--one of my favorites on the island!

Nov 25, 2013 09:35 AM #6
Rainmaker
5,611,921
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

We have very cold weather in Maryland. Some of the retirees must be thinking about moving your way.

Have a most productive year.

Jan 07, 2014 05:58 AM #7
Rainmaker
156,008
Courtney Brown, Realtor (S) Vice President
Island Sotheby's International Realty - Lahaina, HI
Live a Maui Life!

Thank you Roy! I'm sorry to hear it's so cold there--it is lovely here (though we consider it chilly at 75 degrees).  

Best wishes to you as well.

Jan 07, 2014 07:31 AM #8
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Rainmaker
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Courtney Brown, Realtor (S) Vice President

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