Kapalua real estate market report 2014 by Courtney Brown

The Kapalua resort Real estate market update 2014 in review

YEAR END MARKET UPDATE | 2014

TABLE OF CONTENTS KAPALUA RESORT: 2014 with 2013 …………………………………………..………..………………….. CONDOMINIUMS …………………………………………………………………………………………… Golf Villas …………………………………………………………………………………………… Ridge Villas …………………………………………………………………………………………… Bay Villas ………………………………………………………………………..…………………. Ironwoods …………………………………………………………………………………………… Coconut Grove …………………………………………………………………………………………… The Ritz-Carlton Residences, Kapalua ..………………………………………………………………….… Montage Residences, Kapalua Bay ……………………………………………………………………… HOMES AND LAND ………………………………………………………………………………………….. Pineapple Hill and Pineapple Hill Estates ………………………………………………………………….. Plantation Estates and Honolua Ridge …………………………………………………………………….. Kapalua Place …………………………………………………………………………………………..

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KAPALUA RESORT MARKET REPORT

3-9 10-11 12-13 14-15 16-17 18-19 20-21 22-23 24-26 27-30 31-33 34-36 37

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

This report is based on information gathered from the Maui MLS system. It is based on third party reporting, and cannot be guaranteed as it may not reflect all activity in the market. No portion of this work may be utilized or reproduced without the author’s permission.

The Kapalua Resort Where We’ve Been Since 2000: MLS Sales for Homes, Condominiums and Land YEAR

NO. SALES

LOW SP

AVG SP

MED SP

HIGH SP

VOLUME ($)

AVG DOM

SP/LP (%)

SP/Sq. Ft.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

112 96 81 79 131 86 47 59 27 27 42 43 63 53

$295,000 $350,000 $369,000 $400,000 $500,000 $650,000 $740,000 $660,000 $625,000 $425,000 $425,000 $425,000 $330,000 $479,000

$943,502 $1,241,072 $841,512 $1,374,142 $1,360,915 $1,848,647 $1,970,234 $2,526,388 $2,081,055 $2,130,610 $2,065,071 $2,013,113 $1,113,104 $1,744,620

$525,000 $847,500 $841,512 $755,000 $885,000 $1,425,000 $1,479,000 $1,600,000 $1,300,000 $1,505,000 $1,487,500 $1,100,000 $676,000 $1,098,000

$14,000,000 $5,200,000 $3,450,000 $8,227,000 $4,470,000 $9,470,000 $6,000,000 $13,940,000 $6,100,000 $10,000,000 $7,125,000 $14,000,000 $5,998,888 $9,700,000

$105,672,250 $119,143,000 $68,162,500 $108,557,250 $178,279,875 $158,983,667 $92,600,999 $149,056,949 $56,188,500 $57,526,490 $85,733,000 $86,563,862 $70,125,531 $92,464,906

206 408 225 267 188 179 243 262 198 421 346 473 379 222

93% 98% 93% 91% 94% 94% 91% 89% 92% 93% 90% 85% 89% 87%

$335 $487 $365 $567 $533 $638 $781 $803 $919 $769 $771 $703 $550 $660

2014 VS. 2013

43 -19%

$620,000 29%

$2,525,558 45%

$1,412,500 29%

$8,250,000 -15%

$108,595,999 17%

398 79%

95% 10%

$943 43%

VS. 2012

-32%

88%

127%

109%

38%

55%

71%

VS. HIGH

-67%

-16%

-12%

-41%

-39%

-16%

-3%

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

THE KAPALUA RESORT

2000-‐2014

Low, Average, Median and High Sales Price

$16,000,000

$14,000,000

$12,000,000

$10,000,000 LOW SP $8,000,000

AVG SP MED SP

$6,000,000

HIGH SP

$4,000,000

$2,000,000

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

KEY OBSERVATIONS 2014 KAPALUA OVERALL: HISTORIC HIGHS AND LOWS The peak in Sales Volume (# of Sales and ($)) was 2004. Prices peaked in 2007 The bottom since the overall Kapalua Resort Peak (2007*) was in 2012 *Note: prices and volume in some neighborhoods peaked in 2006, others in 2007. Overall, the median and average sales prices for Kapalua Resort homes, condominiums and vacant land peaked in 2007. AS COMPARED WITH 2013: The Overall Kapalua Resort market was greatly impacted by the introduction of new and resale inventory at the Montage Residences, Kapalua Bay. These 8 sales ranged from $4.3M-$8.25M and comprised nearly $47M of the $108M sold in the resort. As such, all data is affected by those sales, particularly Average and Median Sales Prices. • While there were fewer properties sold (-19%) and properties spent a longer time on the market (+79%), there were notable gains across the resort: Low Sales Price: +29%, Average Sales Price: +45%, Median Sales Price: + 29%, Sales Volume ($): +17%, Average SP($)/Sq. Ft.: +43% • Sales do not occur in a vacuum, so it’s hard to know if the sales at the Residences took away from sales that might have occurred in other communities within the resort. However, if we removed those sales from the data, the market increases would not be quite as dramatic: There would have been fewer properties sold (-34%) and a lower Sales Volume ($): -33%, However, there still would have been gains: Low Sales Price: +29%, Average Sales Price: +1%, Median Sales Price: +10%, Average SP($)/Sq. Ft.: +15%

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COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

KEY OBSERVATIONS 2014 -The Peaks, Lows and the BottomSINCE THE PEAKS: When examining the peaks, it’s important to again note: the Number of Sales and Sales Volume peaked in 2004. Average and Median Prices peaked in 2007. • In 2014, there were -27% fewer sales than the peak and Total Sales Volume ($) was -27% lower In 2014 • Low Sale Price -6% from the peak • Average Sale Price was relatively flat 0%, and the Median Sales Price was down -12% • If the Residences sales are excluded, the Average Sales price is down -30% and Median Sales Price down -25% suggesting there are still values to be found in the Kapalua Resort.

THE BOTTOM: Now that two years have passed, it appears that after peaking in 2007, the bottom of the Kapalua market was in 2012. Since then, the market has strengthened across the board, even with fewer sales (-32%): • Average Sales Price: +127%, Median Sales Price: +109%, Volume ($): +55%, Sales Price ($)/Sq. Ft.: +71%

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

THE KAPALUA RESORT

AVG DOM 500 450 400 350 300 250 200 150 100 50 0

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VOLUME ($) $200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

8.25

Highest Sale

2013 2014

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Million

List Price

KAPALUA RESORT

Sales Price/

Transactions

$620,000 Low Sales Price Change: 29%

$1,412,500 M edian Sales Price Change: 29%

$8,250,000 High Sales Price Change: -15%

$108,595,999 Sales Volum e Change: 17%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

53 43

$1,744,620 $2,525,558

298 398

$704 $943

-19%

45%

34%

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

THE KAPALUA RESORT Comparing 2014 with 2013 Our market now: In January of 2015, calculating the Absorption Rate, there is currently approximately 32 months of inventory available in the resort—this is a higher figure than we had at the same time last year, with 21 months of inventory. While this is considered an overall BUYER’S MARKET, it is important to note that not all properties are created equally: sought after views, locations, interior conditions, and floorplans tend to move quickly in the marketplace, and buyers have paid a premium for outstanding locations within the resort. Each neighborhood is different, with varying inventories and availability. As previously mentioned, in 2014, the Kapalua market was most significantly impacted by the launch of resales at the Montage Residences, Kapalua Bay (formerly the Ritz-Carlton Club and Residences, Kapalua Bay). Sales this year totaled $46,785,000 and averaged $5,848,125, with only one re-sale. With four bedroom sales ranging from $7.5-8.25M, the property set record high condominium sales not only for the Kapalua Resort, but did for West Maui in general as well. Originally, this development launched in 2009, at the downturn of the market. Prior to the foreclosure in 2013, sales ran through 2011, and topped $53,747,552 (developer and re-sales) and averaged $3,839,111. Without the sales of the Montage Residences, Kapalua Bay, the sales volume in the resort would have been just under $62M instead of $108M; Median Sales up only +10% instead of +29%; and Average Sales up +1% instead of +45%. Overall, in 2014, while the Number of Transactions were down -19%, the Sales Volume ($) was up +17% in the Kapalua Resort.

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

KAPALUA CONDOMINIUMS $620,000 Low Sales Price Change: 29%

$1,204,000 M edian Sales Price Change: 51%

$8,250,000 High Sales Price Change: 97%

$78,176,999 Sales Volum e Change: 102%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

34 33

$1,137,323 $2,368,999

277 248

$743 $1,065

-3%

108%

-10%

43%

2013 2014

OBSERVATIONS • Comparing 2014 with 2013, the number of sales was relatively static in the Kapalua Resort condominium market. Across the board, figures were impressively higher due to the launch of sales at the Montage Residences, Kapalua Bay, which set record highs. • If we had removed the Montage sales data from calculations, we still would have seen increases over 2013, though they would have been no where near as dramatic, but still would have showed a positive trend: Median Sales Price: +13%, Average Sales Price: +10%, Low Sales Price +29%, High Sales Price: +19%, Average SP ($)/SQ. FT.: +15%. There would have been some decreases as well: Sales Volume: -19% and Number of Sales: -26%. increased +11%, which would be a negative trend.

While not technically a decline, days on market would have

• In sum, the release of the Montage Residences, Kapalua Bay, had a very positive effect on the condominium market in the Kapalua Resort. However, even without those record high sales, the market would have followed the YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

trend this year on a lesser scale, with fewer transactions but higher overall low, average, median and high sales prices. • The high sales in the Resort’s condominium market were at the Montage Residences, Kapalua Bay, Coconut Grove and the Ironwoods, which is typical of our market. The purchase of both the Montage Residences Kapalua Bay by Island Acquisition (in partnership with Lantern Asset Management) and The Ritz-Carlton, Kapalua by Honolua Associates (a partnership between Colony Capital and Woodridge Capital) in 2014 brought much needed stability to the Kapalua Resort. The Montage brand seems to be very well received and the prices commanded for these spacious three and four bedroom units have been record breaking.

Notes: The notes above are my personal impressions and interpretation of the market data. They are not predictive of market trends or values and should not be relied upon as such. With such small samples, meaningful statistics can be hard to gather. They are subject to the circumstances at each individual property (renovations, assessments, etc.). Sales prices can vary dramatically based on view, location within the property, age and condition.

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

GOLF VILLAS $645,000 Low Sales Price Change: 35%

$710,000 M edian Sales Price Change: 9%

$900,000 High Sales Price Change: 13%

$5,235,000 Sales Volum e Change: -25%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

11 7

$637,954 $747,857

309 197

$528 $674

-36%

17%

-36%

28%

2013 2014

They Golf Villas are the entry point for the Kapalua Resort. In 2011, property values at the Golf Villas were affected as the property began a much-needed, comprehensive three-year renovation project to the exterior and the grounds. The start of construction and a special assessment were accompanied by more listings at the Golf Villas at lower prices. At the end of 2013, the renovation project was nearly completed and the lower priced inventory at the Golf Villas had evaporated. The result was a dramatic decrease in the number of sales (-56%), accompanied by increases in Low (+45%), Average (+30%), and Median Sales Prices (+35%). In 2014, as the renovations neared completion and the special assessment is scheduled to end in spring of 2015, the trend continued as the low sales price point increased (+35%), and the Average Price per Square Foot was up (+28%), and the Number of Transactions was down (-36%). MLS# 353503 358331 356475 360181 361002 361406 360458 YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

Unit 17V3 19V1 19T6,7 24V1 20V-2 27V1 19P3,4

Original Price $699,000 $698,000 $829,000 $735,000 $995,000 $695,000 $895,000

List Price $719,000 $650,000 $829,000 $735,000 $995,000 $695,000 $895,000

Sold Price $700,000 $645,000 $790,000 $710,000 $900,000 $675,000 $815,000

Date 3/5/2014 3/14/2014 4/7/2014 5/22/2014 8/13/2014 10/1/2014 12/18/2014

KAPALUA RESORT MARKET REPORT

Beds 1 1 2 1 3 1 2

Baths 2 1.5 2 2 2 1.5 2

Sq. Ft. 899 899 1,344 899 1,857 899 1,344

DOM 535 124 310 47 59 78 232

$/Sq. Ft. $779 $717 $588 $790 $485 $751 $606 COURTNEY M. BROWN, R(S) Island Sothebyâ&#x20AC;&#x2122;s International Realty

RIDGE VILLAS $699,000 Low Sales Price Change: 14%

$910,000 M edian Sales Price Change: -7%

$1,465,000 High Sales Price Change: -10%

$9,305,500 Sales Volum e Change: -27%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

2013

$977,692

212

$633

2014

$1,033,944

290

$696

-31%

37%

10%

As prices rose at the Golf Villas in 2013, we saw an even more substantial increase at the Ridge Villas across the board: Low (+38%), Average (+39%), and Median (+35%) Sales Prices. Furthermore, there was an increase in Sales Volume ($) (+29%) as the two-bedroom market gained strength. In 2014, the Ridge villas sales slowed (-31%) and the sales prices remained relatively flat with the Median Sales Price down (-7%) and Average Sales Price up (+6%). MLS# 355997 354570 358176 360127 361099 361479 347091 360948 361923

Unit 2613-15 711-13 821-22 2915 2223 1615 2113-15 1523/24 2824

Original Price $1,375,000 $980,000 $1,590,000 $865,000 $898,000 $699,000 $980,000 $1,450,000 $898,000

List Price $1,475,000 $1,050,000 $1,590,000 $865,000 $898,000 $699,000 $980,000 $1,450,000 $898,000

Sold Price $1,412,500 $974,000 $1,465,000 $832,500 $855,000 $699,000 $910,000 $1,287,500 $870,000

Date 1/3/2014 3/14/2014 4/28/2014 7/8/2014 8/29/2014 9/12/2014 9/16/2014 9/29/2014 12/3/2014

Beds 2 2 2 1 1 1 2 2 1

Baths 3 3 3 2 2 2 3 3 2

Sq. Ft. 1,778 1,778 1,756 1,162 1,150 1,162 1,756 1,756 1,125

DOM 253 451 182 98 67 53 1302 111 93

$/Sq. Ft. $794 $548 $834 $716 $743 $602 $518 $733 $773

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

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COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

BAY VILLAS $620,000 Low Sales Price Change: -22%

$1,227,000 M edian Sales Price Change: 15%

$1,725,000 High Sales Price Change: 23%

$6,926,500 Sales Volum e Change: 7%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

6 6

$1,082,500 $1,154,416

359 429

$890 $955

19%

2013 2014

The Bay Villas remained relatively stable in terms of number of sales. The low sale was an outlier, due to a front row, one-bedroom unit selling at $620,000 in original condition. The Average Sales Price was up (+7%), Median up (+15%), and High up (+23%). MLS# 350857 357967 353895 352078 358704 361220

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Unit 25-G4 34-B1-2 22G4 20-G1-2-3 32-B3 21G4

Original Price $825,000 $1,299,000 $1,269,000 $2,195,000 $935,000 $1,370,000

List Price $725,000 $1,299,000 $1,269,000 $1,900,000 $935,000 $1,370,000

Sold Price $620,000 $1,250,000 $1,204,000 $1,725,000 $850,000 $1,277,500

Date 2/7/2014 2/20/2014 3/12/2014 5/30/2014 10/10/2014 10/24/2014

KAPALUA RESORT MARKET REPORT

Beds 1 2 1 2 1 1

Baths 1 3 1 3 1.5 1

Sq. Ft. 1,006 1,697 1,006 1,529 995 1,066

DOM 751 133 502 771 307 114

$/Sq. Ft. $616 $737 $1,197 $1,128 $854 $1,198

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

IRONWOODS $3,999,999 Low Sales Price Change: 86%

$3,999,999 M edian Sales Price Change: 86%

$3,999,999 High Sales Price Change: 86%

$3,999,999 Sales Volum e Change: 86%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

1 1

$2,150,000 $3,999,999

259 658

$1,111 $1,667

86%

154%

50%

2013 2014

The Ironwoods: saw only one sale in 2014. It is noteworthy in that it was a highly upgraded 3B/3.5B oceanfront unit. This is the second highest sale for a single unit at the Ironwoods in MLS history (there was one sale of a 4B/7B double unit at $5,500,000). MLS# 352260

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Unit 51

Original Price $4,375,000

List Price $4,375,000

Sold Price $3,999,999

Date 3/3/2014

KAPALUA RESORT MARKET REPORT

Beds 3

Baths 3.5

Sq. Ft. 2,400

DOM 658

$/Sq. Ft. $1,667

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

COCONUT GROVE $5,000,000 Low Sales Price Change: 19%

$5,000,000 M edian Sales Price Change: 18%

$5,000,000 High Sales Price Change: 18%

$5,000,000 Sales Volum e Change: -41%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

2 1

$4,223,250 $5,000,000

269 171

$1,815 $2,193

-50%

18%

21%

2013 2014

The Coconut Grove: this year, the AOAO voted to restrict rentals to long term (no vacation rentals). There was just one sale in 2014, a 3B/3.5B oceanfront unit at $5,000,000. This is the third highest sales price in the property’s history, with only two sales higher: $5,100,000 in 2007 and $5,200,000 in 2010. MLS# 358553

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Unit 23

Original Price $5,250,000

List Price $5,250,000

Sold Price $5,000,000

Date 5/15/2014

KAPALUA RESORT MARKET REPORT

Beds 3

Baths 3.5

Sq. Ft. 2,280

DOM 171

$/Sq. Ft. $2,193

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

THE RITZ-CARLTON RESIDENCES ® KAPALUA (formerly the Residential Suites) $925,000 Low Sales Price Change: -50%

$925,000 M edian Sales Price Change: -50%

$925,000 High Sales Price Change: -50%

$925,000 Sales Volum e Change: -50%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

1 1

$1,850,000 $925,000

315 274

$1,253 $699

-50%

-13%

-44%

2013 2014

The Ritz-Carlton Residences, Kapalua (form erly the Residential Suites at the Ritz -Carlton Kapalua): saw just one sale each year in 2012, 2013, and 2014. With 107 total condominium units, the original developer sold only 34 to private individuals and the hotel owner retains ownership of the remaining 73 units. When looking at the sales each year, it’s important to note the differences between the two properties sold. The vast majority of the units do not have full kitchens. Essentially, this is impactful, as the units don’t qualify for conventional lending in this market and the majority of sales have been cash. Only the 11 oceanfront suites have full kitchens. The property to sell in 2013 was an oceanfront suite with a full kitchen, and the sale in 2014 was a garden view with a kitchenette, so the figures reflect the differential not only in location and view, but in floor plan as well. The hotel was purchased in early 2014 and the new ownership has indicated plans to make renovations to the interiors to create kitchens, which should help with their marketability. MLS# 356959

Unit 1321-23

Original Price $995,000

List Price $995,000

Sold Price $925,000

Date 4/14/2014

Beds 2

Baths 2

Sq. Ft. 1,323

DOM 274

$/Sq. Ft. $699

Reservations for the remaining 73 units are scheduled to begin on January 30, 2015, with planned pricing starting just under $800,000. For more information: cb@luxuryrealestatemaui.com

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

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KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

MONTAGE RESIDENCES KAPALUA BAY $4,300,000 Low Sales Price

$4,792,500 M edian Sales Price

$8,250,000 High Sales Price

$46,785,000 Sales Volum e

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

0 8

NA $5,848,125

NA 67

NA $1,735

2013 2014

The M ontage Residences at Kapalua Bay: There were no sales in 2013 of privately owned units or developer held inventory. Formerly the Ritz-Carlton Club and Residences, the property was foreclosed on in early 2013. Of the 84 whole ownership units originally offered for sale, 15 sold to Exclusive Resorts, and 13 to private individuals, leaving 56 unsold Residences. Now under new ownership, the owners along with the new management company, Montage Hotels and Resorts. Many capital improvements were made to the property, including new fine dining restaurant, Cane and Canoe, and other restaurants that are now open to the public. Montage Residences, Kapalua Bay began operations in June and sales began in July. In 2014 there have been just 8 sales, with an Average Sales Price was $5,848,125 and a total Sales Volume of $46,785,000. This is compared with 14 units sold between 2009-2011 with an Average Sales Price of $3,839,110 and a total Sales Volume of $53,747,552. The remaining unsold Residences are now being offered for sale, with prices beginning at $3.4M. information the Residences, please contact me at cb@LuxuryRealEstateMaui.com or visit www.theResidencesOnMaui.com

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KAPALUA RESORT MARKET REPORT

For more

COURTNEY M. BROWN, R(S) Island Sothebyâ&#x20AC;&#x2122;s International Realty

MONTAGE RESIDENCES KAPALUA BAY

MLS# 360169 361307 361308 361311 361310 361312 361396 361305

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Unit 2602 2503 1605 1101 1401 2401 1102 2303

Original Price $4,600,000 $4,800,000 $4,750,000 $7,750,000 $8,250,000 $7,500,000 $4,750,000 $4,650,000

List Price $4,600,000 $4,800,000 $4,750,000 $7,750,000 $8,250,000 $7,500,000 $4,750,000 $4,650,000

Sold Price $4,300,000 $4,800,000 $4,750,000 $7,750,000 $8,250,000 $7,500,000 $4,785,000 $4,650,000

Date 7/9/2014 7/18/2014 8/13/2014 8/22/2014 8/22/2014 8/25/2014 11/6/2014 11/20/2014

KAPALUA RESORT MARKET REPORT

Beds 3 3 3 4 4 4 3 3

Baths 3.5 3 3.5 4.5 4.5 4.5 3.5 3.5

Sq. Ft. 2,904 2,904 2,789 4,055 4,055 4,055 2,904 2,904

DOM 96 11 37 46 46 49 115 140

$/Sq. Ft. $1,481 $1,653 $1,703 $1,911 $2,035 $1,850 $1,648 $1,601

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

HOMES AND LAND HOM ES

2013 2014

$1,700,000 Low Sales Price Change: 26%

$3,250,000 M edian Sales Price Change: 4%

$4,900,000 High Sales Price Change: -49%

$24,197,000 Sales Volum e Change: -45%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

12 7

$3,656,075 $3,456,714

278 384

$793 $765

-42%

-5%

38%

-4%

OBSERVATIONS

HOME SALES: • In 2013, home sales increased dramatically over 2012, virtually doubling. In 2014 compared with 2013, the Number of Sales was down (-42%) and the Sales Volume was down (-45%). However, the Median Sales Price (-5%) and Average Sales Price (+4%) were relatively flat. • The biggest increase was in Pineapple Hill, where the Average Sales Price increased (+33%) and the Median Sales Price increased (+38%). • In 2013, the statistics include a home on an oceanfront point located between Honolua Bay and Slaughterhouse Beach and a home at Kapalua Place. The oceanfront home sold at $9,700,000. Kapalua is fairly unique when compared with Wailea/Makena, as there are just 8 oceanfront Residential Parcels: 5 oceanfront home sites within the gated community of Kapalua Place, and 3 conservation-zoned, oceanfront peninsulas. 8 Kapalua Place, an ocean view home, sold at a Luxury Auction (not a distress sale or foreclosure) for $6,050,000. Some of the highest priced real estate on the island is at Kapalua Place, an oceanfront community perched alongside the white sand beach at Oneloa Bay. With only eight home sites, this is one of the island’s most sought after communities. There are currently two oceanfront listings at Kapalua Place at $20,880,000 and $23,950,000.

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

HOME SALES: • In 2014, there were just 7 sales. The values were impacted by the sale of an REO (bank-owned) home in Honolua Ridge at $1,700,000, which still needed work to be done. It also included the sale of a home on a double lot in Pineapple Hill at $4,700,000. • It is noteworthy that the market low of $1,350,000, was the short sale of an unfinished home in the Honolua Ridge neighborhood. The high sale was in the Plantation Estates, where a home sold at $4,900,000. UPCOMING: Mahana Estates is a new development situated on approximately 124 acres just south of the Plantation Estates. A 51 lot residential subdivision, this is the first phase of Kapalua Mauka. Preliminary plans are for homes to be built on lots ranging from .64 to 4.3 acres. The infrastructure is currently being put in place and construction on the first home package has yet to begin. If you would like more information as it is made available and to be notified when a sales program is announced, please contact me.

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

HOMES AND LAND LAND

$1,075,000 Low Sales Price Change: -61%

$2,550,000 M edian Sales Price Change: 132%

$2,600,000 High Sales Price Change: -5%

$6,225,000 Sales Volum e Change: -37%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

7 3

$1,417,571 $2,075,000

433 850

$24 $11

-57%

46%

96%

-54%

2013 2014

LAND SALES: • • •

•

The number of Land Sales in 2013 was relatively stable when compared with 2012. The majority of the sales were in the Honolua Ridge and Plantation Estates developments. Sales dropped (-57%) in 2014 when compared with 2013. The speculative market at Honolua Ridge coupled with large acreage, has led to low Average Sales Prices/sq. ft. ($10) in the Honolua Ridge development. There were no sales in Pineapple Hill or Pineapple Hill Estates. The data for 2013 includes the sale of 808 Oneloa Place at $2,700,000. This was originally part of Plantation Estates Phase II (known as Pod B comprised of 26 home sites). When purchased, it was sold as one lot of approximately 80 acres, with the condition that it could only be further subdivided into 8 lots. This parcel was raw land, with no infrastructure. With just three sales in 2014, the Average Sales prices (+46%) and Median Sales Prices (+132%) were buoyed by the sales of a 4-acre lot in Plantation Estates II and a 15-acre lot in Honolua Ridge I, when compared with some rather low sales in Honolua Ridge in 2013

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

PINEAPPLE HILL AND PINEAPPLE HILL ESTATES HOM ES

$2,200,000 Low Sales Price Change: 23%

$3,250,000 M edian Sales Price Change: 38%

$17,597,000 High Sales Price Change: 4%

$17,597,000 Sales Volume Change: 11%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

6 5

$2,646,858 $3,519,400

377 414

$602 $779

-17%

33%

10%

29%

NA Low Sales Price Change: NA

NA M edian Sales Price Change: NA

NA High Sales Price Change: NA

NA Sales Volum e Change: NA

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

1 0

$1,098,000 NA

165 NA

$111 NA

-100%

2013 2014

LAND

2013 2014

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

PINEAPPLE HILL AND PINEAPPLE HILL ESTATES HOMES MLS# 354822 347215 358762 356076 362561

Address 314 COOK PINE DR 239 CRESTVIEW RD 210 Crestview Rd 238 Crestview RD 702 Fairway Dr

Original Price $6,795,000 $5,950,000 $3,500,000 $3,750,000 $2,495,000

List Price $4,995,000 $4,475,000 $3,500,000 $3,750,000 $2,495,000

Sold Price $4,700,000 $4,350,000 $3,250,000 $3,097,000 $2,200,000

Date 3/14/2014 4/11/2014 4/7/2014 4/3/2014 12/19/2014

Beds 5 4 3 4 3

Baths 5.5 4 4.5 4.5 3.5

Sq. Ft. 7,687 5,102 3,266 4,121 3,206

Acres 0.4995 0.5643 0.2307 0.4668 0.2646

DOM 434 1136 118 335 50

$/Sq. Ft. $611 $853 $995 $752 $686

LAND NO SALES DATA

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

PLANTATION ESTATES AND HONOLUA RIDGE HOM ES

$2,200,000 Low Sales Price Change: 23%

$3,250,000 M edian Sales Price Change: 38%

$17,597,000 High Sales Price Change: 4%

$17,597,000 Sales Volum e Change: 11%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

6 5

$2,646,858 $3,519,400

377 414

$602 $779

-17%

33%

10%

29%

NA Low Sales Price Change: NA

NA M edian Sales Price Change: NA

NA High Sales Price Change: NA

NA Sales Volum e Change: NA

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

1 0

$1,098,000 NA

165 NA

$111 NA

-100%

2013 2014

LAND

2013 2014

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

PLANTATION ESTATES AND HONOLUA RIDGE HOMES MLS# 360153 354123

Address 225 Plantation Club Dr 200 Kalaunu PL

Original Price $5,200,000 $2,850,000

List Price $5,200,000 $2,300,000

Sold Price $4,900,000 $1,700,000

Date 9/12/2014 2/14/2014

Beds 4 4

Baths Sq. Ft. 4 4,310 4 4,316

Acres 3.98 6.09

DOM 162 458

DOM 2148 70 333

$/Sq. Ft. $13.60 $3.90 $11.66

$/Sq. Ft. $1,137 $319

LAND MLS# 333864 361821 355974

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

Address 710 MOKULEIA PL 133 Pahiki Pl 701 Mokuleia PL

Original Price $3,500,000 $2,550,000 $1,500,000

List Price $2,950,000 $2,550,000 $1,350,000

Sold Price $2,600,000 $2,550,000 $1,075,000

KAPALUA RESORT MARKET REPORT

Date 8/26/2014 8/20/2014 3/21/2014

Acres 4.39 15.010009 2.117011

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

KAPALUA PLACE HOM ES

2013 2014

NA Low Sales Price

NA M edian Sales Price

NA High Sales Price

NA Sales Volum e

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

1 0

$6,050,000 NA

131 NA

$596 NA

-100%

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty

For more information on the Kapalua Resort Including active listings, market summaries, and updates:

COURTNEY M. BROWN, REALTOR (S) VICE PRESIDENT REALTOR OF THE YEAR 2014 | REALTOR’S ASSOCIATION OF MAUI ISLAND SOTHEBY’S INTERNATIONAL REALTY LUXURYREALESTATEMAUI.COM cb@LuxuryRealEstateMaui.com 808.250.0210

© Courtney M. Brown, REALTOR. All Reserved. The material contained in this report is based on information that is considered reliable, however, as it has been supplied by third parties. We cannot represent that it is accurate or complete, and it should not be relied upon as such. MLS data from the Realtor’s Association of Maui has been provided by other sources and should be independently verified. You should conduct your own investigation and consult with appropriate professionals to determine the accuracy of the information. Data used in this report was only for properties within the Kapalua Resort and varies from the MLS district of Kapalua. It does not include the condominiums at Puna Point or homes/land that aren’t part or could not be a part of the Kapalua Resort Association. The report includes data reported to the MLS by members of the Realtor’s Association of Maui and may not detail all property sales, such as those that change hands without the involvement of a Realtor.

YEAR END UPDATE | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

COURTNEY M. BROWN, R(S) Island Sotheby’s International Realty