Montage Residences Kapalua Bay: Record Sales for West Maui
At the Montage Residences Kapalua Bay, two condominium residences recorded today for a record breaking $7,750,000 and $8,250,000. Per the Maui MLS service, prior to this, the highest sale recorded in West Maui was $5,735,000. This was also at the Residences in 2010, when it was branded the Ritz-Carlton Club and Residences, Kapalua Bay.
Originally developed with 84 luxury condominium residences and 62 fractional residences, there were 13 purchased by private individuals and 15 by Exclusive Resorts at the time of the initial offering. The property was foreclosed on in early 2013, and has since been rebranded the Montage Kapalua Bay and sales of the remaining developer inventory have begun. There have been 5 sales ranging from $4,300,000 to $8,250,000 in 2014.
These four bedroom condominium residences are each 4055 sq. ft., placing them amongst the largest condominium offerings in Kapalua and West Maui. The largest condominium in Kapalua is an Ironwoods Villa which was actually two villas combined at the time of development, totaling 4735 sq. ft.
At the time of this post, there have been 13 condominium sales to record in MLS at $5,000,000 or above at the Coconut Grove on Kapalua Bay , the Ironwoods, and Montage Residences Kapalua Bay in the Kapalua Resort, and the Kaanapali Alii and Honua Kai in Kaanapali Resort.
By comparison, the Wailea condominium market has had 29 condominiums close over $5,000,000 with the record being $12,500,000 paid for a three bedroom Wailea Beach Villa in 2010. This is followed by two sales at the Andaz Residences for $11,395,000 and $10,730,250 in 2013. In addition to the Wailea Beach Villas and the Andaz Residences, the highest end sales in the Wailea condominium market have been at Wailea Point and Maluhia at Wailea.
For more information on the new offerings at the Montage Residences Kapalua Bay, please don't hesitate to contact me or visit www.theresidencesonmaui.com