Montage Residences Kapalua Bay Market Update Mid Year 2018
Posted by Alex Cortez on Sunday, July 15th, 2018 at 7:32pm.
Since it's introduction, Montage Residences Kapalua Bay have become one of the most sought-after Hawaii luxury real estate micro-markets in the entire state. With an ideal beachfront location in the heart of the Kapalua resort, world class amenities, on-site dining and activities, it is easy to see how it has become such a dearly valued and in-demand property. Today let's take a look at how the Montage Kapalua market is doing within the overall Kapalua real estate market..
Currently there nine units actively on the market, but the best metric of market activity is recorded sales. In 2017, there were a total of 12 sales recorded, at an average price of $4.532M ($1,582 per square foot). Sales prices are slightly up in first half of 2018, at an average of $4.589M, but the average price square foot is slightly lower at $1,489. What seems interesting is that the rate of absorption is slightly higher with 7 sales in six months, 1.16 per month versus 1 per month.
Let's take a look at Montage Residences Kapalua Bay that sold in the first six months of 2018:
But of course, valuation in a luxury property such as this relies heavily on location within the property. As such, let's take a look at the map below detailing the location of each unit sold.
What then becomes clear is that the bulk of the sales have been on the southern end of the property, on Building 5 which has slanted ocean view corridors - some people prefer that, as it mixes views of Kapalua Beach with the ocean as well to give some 'balance'. However, as can be clearly noted, the premium paid for 2301 is based on its location, prime front row facing directly due west. The '01' stacks in building 1 and building 2 are by far the most sought-after in the entire property and when they come on the market, it's worth the consideration of serious prospective Buyers - such as Montage Kapalua 1201, currently on the market for $8.95M.
The Montage Residences Kapalua Bay has become an iconic property in the West Maui market. For those interested in discussing micro-market conditions, available inventory, projected forecasts and more, contact us.
Currently there nine units actively on the market, but the best metric of market activity is recorded sales. In 2017, there were a total of 12 sales recorded, at an average price of $4.532M ($1,582 per square foot). Sales prices are slightly up in first half of 2018, at an average of $4.589M, but the average price square foot is slightly lower at $1,489. What seems interesting is that the rate of absorption is slightly higher with 7 sales in six months, 1.16 per month versus 1 per month.
Let's take a look at Montage Residences Kapalua Bay that sold in the first six months of 2018:
| UNIT | SOLD PRICE | PRICE PER SQ. FT. |
| 5204 | $3.495M | $1,253.14 |
| 5101 | $3.565M | $1,227.62 |
| 5201 | $3.65M | $1,256.89 |
| 2402 | $4.165M | $1,434.23 |
| 5403 | $4.35M | $1,497.93 |
| 1205 | $5.15M | $1,846.54 |
| 2301 | $7.75M | $1,911.22 |
What then becomes clear is that the bulk of the sales have been on the southern end of the property, on Building 5 which has slanted ocean view corridors - some people prefer that, as it mixes views of Kapalua Beach with the ocean as well to give some 'balance'. However, as can be clearly noted, the premium paid for 2301 is based on its location, prime front row facing directly due west. The '01' stacks in building 1 and building 2 are by far the most sought-after in the entire property and when they come on the market, it's worth the consideration of serious prospective Buyers - such as Montage Kapalua 1201, currently on the market for $8.95M.
The Montage Residences Kapalua Bay has become an iconic property in the West Maui market. For those interested in discussing micro-market conditions, available inventory, projected forecasts and more, contact us.
Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.