Kapalua Real Estate Market Update: The First Two Months of 2014

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

Ritz-Carlton, Kapalua Maui

Kapalua Real Estate Market Update through February 2014:

The Kapalua Resort continues its transformation for the positive with new ownership groups now in place for the resort's two most prominent properties, the Ritz-Carlton, Kapalua and the Residences at Kapalua Bay.

Over the past few years, the two anchor properties of the resort were foreclosed on by their respective lien holders, the Ritz-Carlton, Kapalua Hotel (Lehman in 2011) and the Ritz-Carlton Club and Residences, Kapalua Bay (Island Acquisitions in 2013).  The following is an update on these properties, as well as a year to date summary of the Kapalua condominium, residential and vacant land resale market:

The Ritz-Carlton, Kapalua and the Residential Suites at the Ritz-Carlton, Kapalua:
On February 27, 2014 the Ritz-Carlton, Kapalua Hotel sold to a partnership between Woodridge Capital Partners, LLC and Colony Capital LLC and its affiliates, both Los Angeles based investment firms.  

Back in 2007, the Ritz-Carlton, Kapalua underwent an extensive and expensive renovation process, during which the North (or Honolua side) wing was converted from hotel rooms to 107 Residential Suites.  In 2008, the Residential Suites at the Ritz-Carlton, Kapalua were offered for sale, with 34 sold prior to the foreclosure in 2011.

As part of this past week's sale, the remaining unsold Residential Suites inventory (73 condominiums) were acquired along with the hotel resort components (retail, spa, hotel rooms, meeting rooms, etc).  At this time, it is unknown what direction the new ownership group will take with regard to the unsold condominium inventory.  If you'd like updates as information is made available, please contact me and I'd be happy to keep you updated.

The Montage Residences, Kapalua Bay:
The Ritz-Carlton Club and Residences, Kapalua Bay was developed on the site of the old Kapalua Bay Hotel, and the original concept was a mix of whole ownership condominium residences (84) and fractional ownership (62).  Since the foreclosure, the new ownership group has appointed Montage Hotels and Resorts as the management company, and the unsold fractional units have been converted to hotel inventory.  Planned pricing and pre-registration for the sales process is available now, and sales of the unsold whole-ownership inventory will commence shortly, contact me for more information.

Montage Hotels and Resorts is a small, but growing luxury hotel group, with hotels and residences in Beverly Hills, Laguna Beach, Deer Valley and Palmetto Bluff.  The hotel group was just named one of Forbes Travel Guide's 55th annual Star Award winners for it's property at the Montage Laguna Beach.  Just a handful of hotels have been awarded the highest distinction which rates 5 stars in every category (hotel, restaurant and spa).

With Montage as the new operator, the property is undergoing capital improvements, which include a new restaurant and bar which will be open to the public.  While they began managing the Kapalua Spa in January 2014, now known as Spa Montage Kapalua Bay, it is expected that the hotel company will officially flag the property sometime this summer.

The condominium and residential markets are off to a fairly slow start for this season.  The following is a summary of active listings, pending sales, and sales by property type and neighborhood:

Kapalua Condominiums:
Kapalua Golf Villas: 10 villas ranging from $699,000 to $995,000.  
Kapalua Ridge Villas: 9 villas ranging from $675,000 to $1,590,000. 
Kapalua Bay Villas: 25 villas ranging from $835,000 to $1,950,000. 
The Ironwoods: 1 villa listed at $3,650,000. 
The Coconut Grove:  1 villa listed at $5,250,000.  
The Residential Suites at the Ritz-Carlton, Kapalua: 3 properties listed from $715,000 to $995,000
The Montage Residences, Kapalua Bay:  no whole ownership resales listed in MLS at this time.  I expect we won't see resales at this property until the sales program for the remaining whole ownership units at the Montage Residences Kapalua Bay is announced.

Kapalua Homes and Land:
Pineapple Hill:
11 homes listed from $2,545,000 to $7,200,000.  
1 lot listed at $1,395,000.  
Pineapple Hill Estates:
8 homes listed from $3,288,888 to $6,150,000.  
1 lot listed at $1,390,000.
Plantation Estates:  
8 homes listed from $5,950,000 to $18,800,000.  
4 lots listed from $1,495,000 to $2,950,000.
Honolua Ridge:  
2 homes listed from $3,895,000 to $6,900,000.  
7 lots listed from $975,000 to $2,980,000.  
Kapalua Place:  1 home listed at $20,880,000.

Kapalua Real Estate Pending Sales:
Kapalua Golf Villas: 3
Kapalua Ridge Villas: 2
Kapalua Bay Villas: 1
Kapalua Ironwoods: 1
Pineapple Hill: 2 homes
Pineapple Hill Estates: 1 home

Kapalua Real Estate Sales (since 1/14):
Kapalua Condominiums:
Ridge Villa 2613-15 at $1,412,500
Bay Villas 25G4 at $620,000
Bay Villas 34B1,2 at $1,250,000

Kapalua Homes and Land:
Honolua Ridge (REO--unfinished home): 200 Kalaunu at $1,700,000

If you have any questions about the Kapalua Resort real estate market, please feel free to contact me at any time.

 

 

 

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