Record-Breaking Sale at Montage Kapalua Residences
A record-breaking $6.475 million sale finalized at The Montage Kapalua Bay Residences on June 7, 2017, which broke numerous records including new record price for a three-bedroom at the resort, highest sales price of any three-bedroom in Kapalua and highest sale price for any sized condo in all of Maui so far in 2017.
“Residence 1505 was a re-sale,” said Tina Necrason, Montage’s Senior Vice President of Residential, “The condo originally sold back in 2015 for $4.6 million, and this condo was on the market for less than 30 days and sold for $6.475 million.”
Residence 1505 sits oceanfront with views of Kapalua Bay and features three bedrooms, three-and-a-half baths, a large lanai with a full summer kitchen, Brazilian teak hardwood floors, granite kitchen countertops, marble bathrooms with the master tub overlooking the ocean, and came fully furnished courtesy of interior designer Kari Damond.
Necrason said that this property was one of the highest sales partially due to it’s location on the resorts property. Located in Building One, the unit overlooks Kapalua Bay and the new owners, from Indiana, have close access to the beach and beach facilities. Kapalua Bay offers snorkeling, stand-up paddle boarding, surfing, swimming, hiking and two golf courses in the area.
Homeowners at Montage Kapalua Bay also have access to all hotel amenities including resort events and activities, priority access to cabanas by the pool, and dining and spa reservations, and discounted golf green fees. Residence owners also have their own private residential staff that plans and arranges everything for you in advance of your trip and while you’re there. The staff also manages the home while you’re away.
“Kapalua is a very special place and what people are attracted to is the exclusivity of the island,” Necrason said. “It’s a large resort with a lot of amenities, we have a lot of families that buy and they can let their children stay by the pool or run around the property and feel safe, it’s a sense of privacy in your own second home.”
Young residents ages 5 to 12 can participate in Paintbox, the resort’s activities-based children’s program. Programming consists of Hawaiian themed activities such as hula dancing and lei making, outdoor excursions, arts-and-crafts, dive-in movie nights and more.
The M-Teens program caters to teens 12 to 17, with hikes to Namalu Bay for swimming, snorkeling and paddle boarding.
“The programs we offer engages a lot with our families,” she said. “‘Ukulele lessons with the children, blessings with the homes, families feel like they’re a part of the community and it’s truly a sense of being a part of something very special, besides the physical beauty and amenities.”
According to Realtors of Maui data, six condos sold in Kapalua in June 2017, resulting in a median price of $2,905,000. The volume from the six purchases equaled $18,794,000. In May 2017, two condos sold in Kapalua for a median price of $902,500 for a total dollar volume of $1,804,999.
From Jan. 1 to June 30, 2017, 22 condos have sold in Kapalua for a current YTD average of $1,715,832 for a total YTD dollar volume of $37,748,299. According to RAM data, 33 condos sold in Kapalua in 2016 for a YTD average of $2,053,012 and a YTD median of $965,000. The volume of sales in 2016 in Kapalua was $67,749,384.
In 2016, the median condo price ending the month of June around Maui was $384,000, as of June 30, 2017, the median condo price on Maui has risen to $435,000.
When asked if Montage has noticed a decline in sales due to condo and home prices going up across Maui from last year, Necrason said “no.”
In fact, Montage has been increasing their sales price since there are few condos left. “Back in July 2014, there were 54 condos originally released for sale, and now there are less than 20 remaining,” she said. “We’ve been raising prices slightly based on how many we have left in a building with a specific view (ocean), we’re seeing more and more coming through from six months ago and we aren’t seeing any slow down based on the increase in pricing,” Necrason added.
Montage currently has three-bedroom, three-bedroom plus a den, and four-bedroom floor plans available. The residences range in size from 2,700 to 4,055 square feet and start at $3,495,000.
The Montage Kapalua Bay was also ranked in the top two Best Hotels in Hawaiʻi and among the top four best hotels in the US in the new 2017 ranking released by U.S. News and World Report.
For more information on The Residences at Montage Kapalua Bay, click here.