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Market Update
There is Legal Trouble for the ultra-luxury Ritz-Carlton Club and Residences at Kapalua Bay that opened in 2009.
10 of the owners of the multimillion dollar condominiums filed a lawsuit in June about a month before The Ritz Carlton announced it would no longer manage the property next Monday due to insufficient funding of the ongoing operating costs.
The lawsuit alleges that the developer stopped paying its share of the maintenance fees earlier this year. This leaves all of the maintenance costs and responsibilities to the homeowners which could add up to millions of dollars per year.
Only one third of the 84 residences had been sold since 2009. The original prices for the full ownership residences ranged from $3.9 million to $9.8 million. There are also 62 fractional ownership or timeshare units in the club portion.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - Visitor Spending is up 15% in July at $314.4 million. Also, the number of arrivals to Maui from U.S. West has increased by 3.1% and Japan up to 12.7%. There has been a decrease in arrivals from U.S. East to -3.4% and Canada to -3.8%.
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for September 3rd, 2012
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Active |
Pending |
Sold |
Change |
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Homes |
496 (230) |
273 (23) |
888 (122) |
-10 |
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Condos |
814 (159) |
205 (9) |
1159 (68) |
-7 |
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Land |
409 (95) |
27 (4) |
141 (16) |
-3 |
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Total |
1719 (484) |
505 (36) |
2188 (206) |
-20 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
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3351 W Lani Ikena Way
Wailea
$1.295M (FS)
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Single-level home with many "green" features including the new Solar Powered electric system( photo voltaic system). Electric bills now range from $20-$40 a month. Remodeled bath rooms, lush landscaping for privacy on the lanai. Surround sound speakers in living room and lanai. Solar attic fans and new hot water re-circulator. Bamboo floors throughout. Garden and mountain views very private at the end of cul-de-sac. Backs onto the green belt.
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2773 Kolepa Place
Ka'anapali
$2.495M (FS)
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Beautiful 4 bedroom home overlooking the 11th fairway of the Kaanapali Royal Golf Course with gorgeous ocean views. Wonderful home for entertaining with expansive lanais. Totally remodeled, fully furnished home is located in a very private location at the end of a cul-de-sac. Kaanapali Royal Estates has no HOA association or fees.
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124 Pulelehua Place
Kapalua
$3.1M (FS)
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This spectacular residence designed by Kollin / Altomare architects is nestled along the 13th fairway of the Kapalua Bay Course. Water features and a serene landscape greet you as you enter, with the home opening up to take in the stunning ocean views and tropical gardens.
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Homes Under $1M
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15 Leioni Place
Kahului
$310.5K (FS)
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Bank Owned. Prime Kahului location. Just blocks to Maui's newer shopping malls, Costco, Wal-mart, Home Depot and easy access to highways.
Customer Listing Synopsis
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283 Kaipii Place
Kihei
$347K (FS)
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Bank Owned. Property is in need of updating and lots of repairs and new appliances.
Customer Listing Synopsis
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1382 Hiahia Street
Wailuku
$505.9K (FS)
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Bank Owned. This corner lot property is literally your home away from home. Just gorgeous wall to wall dark laminate floors; Beautiful Granite kitchen counter tops. You can't compare to this wrap around deck of nothing but spectacular ocean views that are just across the street.
Customer Listing Synopsis
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99 Kamaiki Circle
Kahului
$645K (FS) |
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Short Sale. Golf course home that's almost like new in the Bluffs. Walk through the double, etched glass front doors to the great room past the separate living room. There are two bedrooms with their own bathrooms. Check out the wood floors. travertine, granite, vaulted ceilings, solar water, and unwind in the pool with hot tub overlooking 7th hole of Maui Lani golf course.
Customer Listing Synopsis
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679 Kaapuni Place
Kihei
$845K (FS) |
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This well cared single-level home with 3 inch thick exterior cedar walls is nestled at the top of Maui Meadows and commands stunning Ocean and Mountain views. The yard boasts a Sustainable Urban Farm on this half acre property including 24 mature fruit trees, vegetable and herb gardens, and egg-laying hens in their own coop and run area. There are 3 bedrooms /2.5 baths with 1 bed/1bath detached cottage and extra living space in carport/garage.
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117 Ala'apapa Place
Pukalani
$865K (FS)
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Elegant home w/side entry garage designed by Fred Loesberg with no detail left unfinished. From the moment you enter the Asian inspired courtyard entry designed by Chris Curtis leading up to the wood/glass door you feel the peaceful/tranquil setting welcoming you. High ceilings in the open plan step down great room featuring outstanding Brazilian hardwood floors make this space very inviting. The kitchen is chef's dream with granite counters, custom cabinetry, pantry, and bar counter perfect for entertaining.
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Vacation Condo Over $1M
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Ka'anapali Alii 1-803
Ka'anapali
$2.145M (FS)
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Residence 1-803 offers the preferred North West exposure providing ocean and black rock views out to the island of Molokai. This exquisite condominium residence has the large two bedroom/den floor plan. The den doubles as an additional sleeping area for guests, as well as an office with a built in desk.
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Vacation Condos Under $1M
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Kauhale Makai #109
Kihei
$350K (FS)
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The best buy at Kauhale Makai is unit 109 with an ocean view and just steps from the pool on the ground floor. This is a well maintained two bedroom two bath condo.
Customer Listing Synopsis
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Napili Point A9
Napili
$575K (LH)
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Napili Point A-9 is an oceanfront 1-berdoom/1-bathroom unit that has newly refurbished with all new appliances, new cabinets and granite cabinets. Take pleasure from the tropical and peaceful surroundings of Napili as you relax on your lanai. This is a ground floor unit with no units directly above. The southern exposure help in minimizing trade winds while providing panoramic views.
Customer Listing Synopsis
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Kapalua Ridge #411
Kapalua
$645K (FS)
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This one bedroom, 2 bath, loft style unit is on the quiet corner of the 4th building at The Ridge Villas.
Customer Listing Synopsis
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Residential Condos
Puuone Tower #412
Wailuku
$132.5K (FS) |
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Beautiful Apartment at the Puuone Towers and Plaza, Apt. #412 has 2 bedrooms & 1.5 baths & has been lovingly cared for. It's spacious, fresh, clean, & has new kitchen cabinets, carpet, paint, & jalousies. Covered lanai has new floor covering & is a great place to sit and enjoy the fabulous Ocean and Waihee Valley Mountain views.
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Pohailani #145
Kahana
$193K (FS) |
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Short Sale. Sweet 2 bedroom in a spacious, tropical setting next to a beautiful sandy beach, great for a home in paradise or as a vacation rental. Perfectly located between the world class resorts & golf courses at Kapalua & Kaanapali, a short walk through Pohailani's private gardens with mango, banana, papaya fruit trees and flowering plumeria and ginger.
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Villas at Kahana Ridge #125
Kahana
$329K (FS) |
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A beautiful, move in ready 3 bedroom, 2 bath condo, with partial ocean view, located on the Kahana Ridge hillside. This is a highly desirable end unit, in which all the extra side windows face the North, capitalizing on Maui's tropical tradewinds.
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Vacant Land
1367 Kakae Place
Wailuku
$191K (FS) |
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Bank Owned. Priced to sell. Don't let this opportunity slip away. Great lot with ocean views. Drive by and imagine living in your own custom home on this 7,479 sq. ft. lot, located almost at the end of a cul de sac on Kakae Place. Good neighborhood, close to all the amenities. Seller motivated.
Customer Listing Synopsis
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0 Laumaina Road
Keokea
$525K (FS) |
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New Subdivision. Choose a lot from Keokea Kai subdivision which is a 12 lots agricultural project with a minimum size of 2 acres each. Located in Keokea, Kula off of Cross Road, Maui. Its soothing climate, spectacular views of Haleakala and bicoastal ocean views makes this area a desirable place to live. Water meters have been assigned to each lot and paid for. The subdivision is pending Final Approval. Prices start from $525,000 and includes a 5/8 in. water meter.
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