Montage Residences Kapalua Bay: Two Record Breaking Sales for West Maui Condominiums
August 22, 2014: two condominium residences recorded today for a record breaking $7,750,000 and $8,250,000 at the Montage Residences Kapalua Bay.
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.
Prior to today’s sales, the highest sale recorded in Maui’s MLS in Kapalua was $5,735,000 in 2010. This was a three bedroom condominium, also at the Residences, when it was branded the Ritz-Carlton Club and Residences, Kapalua Bay.
The original development was offered in 2009, and was comprised of 84 luxury three and four-bedroom condominium residences and 62 smaller fractional two and three-bedroom residences. At the time of the initial offering, 13 were purchased by private individuals and 15 by Exclusive Resorts. The property was foreclosed on in early 2013, and has since been rebranded the Montage Kapalua Bay and sales of the remaining developer inventory began in July of this year.
Pricing of the remaining Montage Residences Kapalua Bay whole ownership inventory begins at $3,400,000. There are also currently nine fractional offerings ranging listed at the time of this post, ranging from $350,000 to $475,000 for a 1/12 ownership.
Since the rebranding, the first sale was a privately owned residence which was originally purchased for $3,600,000 in 2010 and closed at $4,300,000 furnished in July, 2014. In addition to this sale, four Residences have sold ranging from $4,750,000 to today’s high of $8,250,000.
At the time of this post, 9 condominium sales have recorded 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. There have also been four sales to close above $5,000,000 in the Kaanapali Resort, at the Kaanapali Alii and Honua Kai.
By comparison, the Wailea condominium market, which has more inventory than Kapalua, 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. More recently, there were 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, resales and sales history for the Montage Residences Kapalua Bay, please don’t hesitate to contact me.