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Maui Development Update: June, 2015

By Courtney Brown, Realtor (S) Vice President

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

June 22, 2015 08:23 AM

Maui is one of the world's most popular vacation destinations and is oft regarded as one of the best islands in the world. As much of the development here occurred in between the 1960's to 1990's, there is little in the way of new development.

For those of you looking to make Maui home, but want something new, there are a few upcoming and recent developments: Discovery Land Company’s Makena Golf and Beach Club in South Maui, Wailele Ridge in Napili, and The Ritz-Carlton Residences, Kapalua, and Montage Kapalua Bay, both in Kapalua.

Located on various parts of the island, each offers a very different living experience, and there are a variety of real estate options and price points:

MAKENA

Discovery Land Company’s latest development, the Makena Golf and Beach Club, is before the appropriate state boards for approval and expected to be through the process in the next month or so. At that point, they will begin their first phases of development and accepting deposits.

Situated on 1,800 acres of Maui's most desirable real estate, just past Wailea, the overall plan calls for a mix of estates, cottages, and multi-family villas. A boutique resort and village with shops, restaurants, and a private, members only golf club will be at the center of this new resort.

Discovery Land Company is known for its incredible experience-oriented luxury developments worldwide, including Kukiu on the Big Island of Hawaii, and their plans for Makena are no exception. Their philosophy is to provide every service and convenience to allow their owners the opportunity to relax and enjoy everything the resort and the island has to offer. Residential services programs offer 24 hour security, on call concierge, neighborhood patrol, and home care and maintenance programs.

The initial phase of development provides the following residential options, all nestled along the coastline:

Maluaka Estates: Comprised of nine custom home sites, all approximately .50 acres, located just above the former South Golf Course 16th hole. Current offering prices range from $8.5M-$13.5M.
Makai Residences: The hotel is being converted from 310 rooms to 50 condominium residences ranging from 2-5 bedrooms, and approximately 2,500 to 5,700 sq. ft. Current offering prices range from $5.75M-$20M.
Beach Cottages: Nine 4B/4.5B condominium cottage-style residences of approximately 3,370 sq. ft. Current offering prices range from $9.5M-12M.
Kula Villas: Twelve condominium residences. There are a variety of 3 and 4 bedroom floor plans, ranging from approximately 3,260 sq. ft. to 4,300 sq. ft.. Current offering prices range from $5.5M-8.25M.
Spa Hales: The entry point to the resort, the Spa Hale will consist of five 2B/2.5B condominium residences of approximately 1900 sq. ft. Current offering prices range from $3.25M-3.75M.

The developers will be accepting deposits very soon and moving forward with contracts. I have brochures and conceptual floor plans that I can send to you*. Contact me for more information on these offerings and the reservation process.

NAPILI

WAILELE RIDGE is West Maui’s newest residential condominium development. Located at Napili, the gateway to Kapalua, this new community is adjacent to Maui Preparatory Academy and just across from the shops and restaurants at Napili Plaza. The property will have 158 units on approximately 10 acres, with a mix of 1, 2, and 3 bedroom floor plans. Planned amenities include a pool, spa, and fitness center.

Visit www.WaileleRidge.com for more information, to view conceptual floor plans, property layout, and sample finishes. The property is zoned for residential use (no vacation rentals) and prices are expected to start in the mid $400,000 range.* Contact me with any questions and to register for the reservation process.

KAPALUA

Kapalua is home to two world class hotel resorts, which both offer a residential component: The Ritz-Carlton Residences, Kapalua and the Montage Residences, Kapalua Bay.

THE RITZ-CARLTON RESIDENCES, KAPALUA underwent an extensive renovation in 2007. The entire north wing was converted to 107 one and two bedroom condominium suites and 34 were sold at the time the renovations were completed in 2008. The property was foreclosed on in 2013 by Lehman, and sold to Honolua Associates LLC, a partnership between Woodridge Capital and Colony Capital. The Ritz-Carlton, Kapalua offers amenities such as a spa, fitness center, tennis, six dining experiences, swimming pools, and much more. Significant renovations to the existing residences and property are planned for the next three years.

The remaining 73 condominiums are offered for sale, with the ownership starting one bedroom residences (872 sq. ft.) at $700,000 and two bedroom residences (1,333-1,646 sq. ft.) priced from $1.5-2.8M. Much of the inventory has been reserved, though there are still opportunities available.

With all of the necessary state approvals in place as of this past Friday, the new ownership is now moving forward with binding contracts. Owners can live on the property fully time or elect to rent out the property when not in residence. Contact me for more information on their sales incentives program, pricing and the purchase process.

THE MONTAGE RESIDENCES, KAPALUA BAY were originally developed as a Ritz-Carlton Club and Residences. After being foreclosed on, the new ownership rebranded the property and placed it under the management of Montage Hotels and Resorts last year.

Since sales began in July, 2014, 13 residences have sold at price points from $3.95M to a record breaking $8.25M, the highest sale for a condominium in West Maui.

The spacious three and four bedroom condominium residences are amongst the largest ever offered in West Maui, ranging from 2,789-4,055 sq. ft. Just 41 residences remain, with pricing starting at $3.4M. There are just a handful of oceanfront residences remaining and only three 4-bedroom residences left.

As always, you can view our spectacular listings on aMauiLife.com, and you’ll find market updates on various communities and neighborhoods at LuxuryRealEstateMaui.com: Kapalua, Napili, Kaanapali, and Oceanfront Homes and Land.

Please get in touch if you have any questions or would like more information on the Maui real estate market and these new developments.

*Please note: with all of the above developer offerings the prices quoted above, floor plans, material selections, and conceptual drawings are subject to change.