Kapalua Real Estate Market Update QTR 1 | 2014 by Courtney Brown

KAPALUA RESORT MARKET REPORT r C7K? ?IB7D: B?L?D= QUARTER 1 | 2014

9EBB;9J?ED Prepared by Courtney M. Brown, R(S) Vice President

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MARKET UPDATE: QUARTER 1 | 2014 KAPALUA RESORT, MAUI TABLE OF CONTENTS

KAPALUA RESORT …..…………………………………………………………………………………………….. CONDOMINIUMS …………………………………………………………………………………………………. HOMES AND LAND ………………………………………………………………………………………………. FEATURED LISTINGS ……………………………………………………………………………………………...

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

3-4 5-8 9-12 13

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 Sales for All Property Types: Homes, Condominiums and Land In 2013, the Kapalua Resort Market showed signs of strengthening over that of 2012. • On average, properties spent fewer days on the market: -41% • While there were fewer properties sold (-16%), there were notable gains across the resort: Low Sales Price: +45%, Average Sales Price: +57%, Median Sales Price: + 62%, Sales Volume ($): +32% • It appears that after prices peaked in 2006/7, the bottom of the Kapalua market was in 2012. The challenge in comparing the market in 2014 with that of 2013 is that there are so few data points. • Comparing the First Quarter of 2014 vs. First Quarter of 2013, the market shows continued signs of strength: there were 21% fewer sales, yet the sales volume remained virtually constant at a little over $18 million. Further, gains were seen across the resort when comparing the two quarters: Low Sales Price: +26%, Average Sales Price: +28% Median Sales Price: +55%, Average SP/Sq. Ft.: +37% • Comparing the First Quarter of 2014 vs. All of 2013 yields a slightly different picture: Low Sales Price: +29%, Average Sale Price: -5% Median Sales Price: +10%, Average SP/Sq. Ft.: +10%

As such, while the overall resort market has not returned to the bottom of 2012, the gains in 2014 appear to be largely at the lower end of the market, while Median Sales Price and average SP/Sq. Ft. are up 10%, and the average sales price is down 5%. Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

THE KAPALUA RESORT: Comparing Quarter 1: 2013 with 2014 Our market now: At the end of the first quarter, there were approximately 90 listings in the resort. Calculating the Absorption Rate, that equates to approximately 20 months of inventory available in the resort, down just slightly from 2013 at year end (21 months). While this is considered an overall BUYER’S MARKET, it is important to note that not all properties are created equally: sought after views 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.

KAPALUA RESORT

4.7M Highest Sale

90 %

Sales/List Price

Transactions

$620,000 Low Sales Price Change: 26%

$1,204,000 M edian Sales Price Change: 55%

$4,700,000 High Sales Price Change: 12%

$18,280,499 Sales Volum e Change: 1%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

14 11

$1,298,750 $1,661,863

444 421

$531 $727

-21%

28%

-5%

37%

JAN-MAR | 2013 JAN-MAR | 2014

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

KAPALUA CONDOMINIUMS

$620,000 Low Sales Price Change: 26%

$1,089,000 M edian Sales Price Change: 41%

$3,999,999 High Sales Price Change: -5%

$10,805,499 Sales Volum e Change: -3%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

9 8

$1,234,722 $1,350,687

380 425

$766 $882

-11%

12%

15%

JAN-MAR | 2013 JAN-MAR | 2014

KEY OBSERVATIONS In 2013, there were fewer condominium sales when compared with 2012, but overall prices were higher: Median Sales Price (+39%) and Average Sales Price (+29%). In 2014, we saw very little change in the average sales price, but a much larger increase in the Median Sales Price and the Low Sales Price was up +26%. Sales volume again remained fairly constant, as it did resort wide.

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

KAPALUA CONDOMINIUMS

Condominiums Golf Villas

QTR Q1 13 Q1 14 Ridge Villas Q1 13 Q1 14 Bay Villas Q1 13 Q1 14 Residential Suites Q1 13 Q1 14 The Ironwoods Q1 13 Q1 14 Coconut Grove Q1 13 Q1 14 Montage Residences Q1 13 Q1 14

# Sales 6 2 0 2 1 3 1 0 0 1 1 0 0 0

Low SP $491,000 $645,000 $974,000 $1,175,000 $620,000 $1,850,000 $3,999,999 $4,196,500 -

AVG SP $648,500 $672,500 $1,193,250 $1,175,000 $1,024,666 $1,850,000 $3,999,999 $4,196,500 -

Med SP $662,500 $672,500 $1,193,250 $1,175,000 $1,204,000 $1,850,000 $3,999,999 $4,196,500 -

High SP $780,000 $700,000 $1,412,500 $1,175,000 $1,250,000 $1,850,000 $3,999,999 $4,196,500 -

Volume ($) $3,891,000 $1,345,000 $2,386,500 $1,175,000 $3,074,000 $1,850,000 $3,999,999 $4,196,500 -

Avg DOM 456 329 352 370 462 315 658 0 -

SP/LP 97% 98% 95% 81% 93% 93% 91% 100% -

SP/Sq. Ft. $502 $748 $671 $812 $850 $1,253 $1,667 $1,815 -

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. The following are notes on my personal impressions as well as commentary about some of the properties:

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

THE GO LF VILLAS are the entry point for the Kapalua Resort. In 2011, the Golf Villas were affected as the property began a muchneeded, comprehensive three-year renovation. 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%). • Comparing the First Quarters of 2013 and 2014, the Average and Median Sales Prices remained very much the same. The notable change was in the Low Sales Price, which was +31% and the SP/Sq. Ft., which was up +49% The Ridge Villas • In 2013 sales remained relatively stable over the prior year. However, as prices rose at the Golf Villas, we saw an even more substantial increase at the Ridge 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. • With no sales in the first quarter of 2013, it is not possible to provide a statistical point of comparison with 2014. However, the sales in 2014 are +22% for both the Average and Median Sales Prices for all of 2013. The Bay Villas • In 2013, the Bay Villas also remained relatively stable in terms of number of sales. The high sale saw the highest swing, down -35%. However, this is attributed to the sale of an upgraded, oceanfront two-bedroom villa in 2012 setting a relatively high bar. • Comparing the First Quarters of 2013 and 2014, the Bay Villas saw a decrease in Average Sales Price (-13%) and a relatively flat Median Sales Price (+2%). There was a low sale of $620,000 (-47% over 2013) that affected the average and median. There have been good values at the Bay Villas in the first quarter with this low sale and the sale of a two-bedroom oceanfront REO. The Residential Suites at the Ritz-Carlton Kapalua • The Suites saw just one sale in 2012 and one in 2013. With 107 total condominium units, 34 were sold to private individuals. The hotel was purchased in February, 2014 by a Joint Venture between Colony Capital and Woodridge Capital Partners, who now owns the remaining 73 condominium. At this time, the direction of the property and what will happen with the remaining unsold inventory is an unknown. When looking at 2012 vs. 2013 sales, 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 2012 was a garden view with a kitchenette.

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

The Ironw oods • In 2013, there was only one sale, a two bedroom + den villa at $2,150,000, which did not occur in the first quarter. In the first quarter of 2014, there was a sale of an oceanfront three-bedroom villa at $3,999,999. This is the highest sale since 2006. It’s noteworthy that the 2013 sale was in building 8, and while upgraded, many consider buildings 6 and 8 to be in a different category than the other buildings, due to a greater distance to the water. This contributes to a lower overall sales price. Coconut Grove • In 2013, the high sales in the resort condominium market were at Coconut Grove, which is typical of our market. • There were no sales in the first quarter of 2014, which may have been impacted by the upcoming launch of resales at the neighboring Residences at Kapalua Bay. In my personal experience, some prospective buyers considering these properties were waiting to see where the new owner positions the re-sales of the remaining developer inventory, which should occur in the second quarter of 2014. The Residences at Kapalua Bay There were no sales in 2013 or the first quarter of 2014 of privately owned units or developer held inventory. In early 2014, there is one resale which is now pending. 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, are in the process of completing $15 million+ in capital improvements to the property, including a new restaurant and bar to be open to the public. Once those are finished, the property will operate as the M ontage Residences at Kapalua Bay. A new sales program is in the process of being launched for the remaining unsold Residences. Planned Pricing and Pre-Registration agreements are now available. For more information on planned pricing and the upcoming sales program, please contact me at cb@LuxuryRealEstateMaui.com

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

HOMES AND LAND HOM ES

$1,700,000 Low Sales Price Change: -5%

$3,200,000 M edian Sales Price Change: 78%

$4,700,000 High Sales Price Change: 162%

$6,400,000 Sales Volum e Change: 257%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

1 2

$1,795,000 $3,200,000

332 446

$642 $465

100%

78%

34%

-28%

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

$1,075,000 M edian Sales Price Change: 15%

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

$1,075,000 Sales Volum e Change: -80%

# of Transactions

Average Sales Price

Average Days on Market

Average $/SQ. FT.

4 1

$1,318,750 $1,075,000

616 333

$12 $12

-75%

-18%

-46%

JAN-MAR | 2013 JAN-MAR | 2014

LAND

JAN-MAR | 2013 JAN-MAR | 2014

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

KEY OBSERVATIONS Homes PH and PHE PE and HR Kapalua Place

Land PH and PHE PE and HR

QTR Q1 13 Q1 14 Q1 13 Q1 14 Q1 13 Q1 14

# Sales 1 4 0 1 1 0

Low SP $1,795,000 $650,000 $1,700,000 $6,050,000 -

AVG SP Med SP High SP Volume ($) $1,795,000 $1,795,000 $1,795,000 $1,795,000 $1,318,750 $937,500 $2,750,000 $5,275,000 $1,700,000 $1,700,000 $1,700,000 $1,700,000 $6,050,000 $6,050,000 $6,050,000 $6,050,000 -

Avg DOM 332 616 458 45 -

SP/LP 83% 81% 74% 47% -

SP/Sq. Ft. $642 $12 $319 $596 -

QTR Q1 13 Q1 14 Q1 13 Q1 14

# Sales 1 0 4 1

Low SP AVG SP Med SP High SP Volume ($) $1,075,000 $1,075,000 $1,075,000 $1,075,000 $1,075,000 $650,000 $1,318,750 $937,500 $2,750,000 $5,275,000 $1,075,000 $1,075,000 $1,075,000 $1,075,000 $1,075,000

Avg DOM 650 616 333

SP/LP 93% 81% 80%

SP/Sq. Ft. $104 $12 $12

*KEY: PINEAPPLE HILL (PH), PINEAPPLE HILL ESTATES (PHE), PLANTATION ESTATES (PE), HONOLUA RIDGE (HR)

HOME SALES: • In 2013, home sales increased dramatically in the resort, doubling over 2012. o The biggest increase was in Pineapple Hill, where the Number of Sales increased 500%. o The statistics include a home on an oceanfront point located between Honolua Bay and Slaughterhouse Beach, which 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. o The statistics also include the sale of 8 Kapalua Place. 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 is currently one oceanfront listing at $20.8 million. Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

•

8 Kapalua Place is an ocean-view property that sold at a Luxury Auction (not a distress sale or foreclosure) for $6,050,000. Prior to this, the last sale in this development was an oceanfront home at $13,900,000 in 2007. As such there are no charts comparing 2012 to 2013. o While the number of homes sold soared, the average amount of time (Days on Market) a home spent on the market increased +41%. o It is noteworthy that the market low of $1,350,000, was the short sale of an unfinished home in the Honolua Ridge neighborhood. o Low sale aside, there were increases in every other segment: Sales Volume (+127%), Average Sales Price ($)/Sq. Ft. (+24%), as well as in the Median (9%), Average (+14%) and High Sales Price (+62%), In 2014, there have been just two home sales. One a bank owned, unfinished property, in Honolua Ridge, closed at $1,700,000. This is the second lowest sale in Honolua Ridge. The second, a home on a double lot in Pineapple Hill, closed at $4,700,000, which is the highest sale in Pineapple Hill since 2007.

LAND SALES: • In 2013, the number of Land Sales was relatively stable when compared with 2012. The majority of the sales were in the Honolua Ridge and Plantation Estates developments. o 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. However, in Pineapple Hill, with just a handful of lots remaining, Average Sales have been considerably higher ($111) as purchasers find value in building a new home vs. renovating an older home. o The data includes the sale of 808 Oneloa Place at $2,700,000. This was originally part of Plantation Estates Phase II (known as Pod B comprised of 26 home sites). When purchased, it was sold as one lot of approximately 80 acres, with the condition that it could only be further subdivided into 8 lots. This parcel was raw land, with no infrastructure. o Average Sales prices (+52%) and Sales Volume ($) (+83%) were buoyed by the sale of 808 Oneloa Place at $2,700,000 and 224 Plantation Club Drive, a little over two acres situated along the 18th fairway of the Plantation Course, at $2,750,000. • In the First Quarter of 2014, there was just one lot transaction in Plantation Estates at $1,075,000 for a two-acre parcel off the course.

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

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 lots ranging from .64 to 4.3 acres. The infrastructure is currently being put in place. If you would like more information as it is made available and to be notified when a sales program is announced, please contact me.

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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

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CONDOMI NI UMS

AL AE L OA40.NAPI L I|$699, 000( L ea s ehol d)|ML S #360101 Onc ey ouent ert hi ss ec l udedgat edc ommuni t y , y ouwi l l ex per i enc eanenc l av eof42homesi nani dy l l i coc eanf r onts et t i ng. Thi st wobedr oom, t wobat hr oom homei soneofonl yt wot ownhous euni t sonpr oper t yandhasbeenex t ens i v el yr ef ur bi s hedandbeaut i f ul l yf ur ni s hed. Bot ht hedowns t ai r sandups t ai r sl i v i ng s pac esopenupt ol ar geout doorl i v i ngs pac est hatenhanc et her el ax edi s l andl i f es t y l e.Theenl ar gedk i t c heni sopent ot hegr eatr oom andf eat ur esupgr adedappl i anc es ,s l abgr ani t ec ount ert opsandapr opanec ook t op.Al ael oar es i dent senj oymani c ur edl awnsandmangogr ov es ,as mal lc r es c entbeac h wi t heas yoc eanac c es st oabayf ul l ofl i f e,s ur f i ngat“Li t t l eMak aha”,aswel l asal ar geheat eds al i nepool&pav i l i onwi t hf ul lk i t c hen,r es t r ooms ,&s hower s . 281 . 4024 .Rob@i s l ands i r . com .www. Maui Luxur yPr oper t i es . com ROB SHELTON,R( B) .808. 250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. I s l a n dSo t h e b y ’ sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

AL AE L OA41.NAPI L I|$745, 000( L ea s ehol d)|ML S #359243 Al ael oa#41i sanewl yr ef ur bi s hedt wobedr oom dupl exwhi c hf eat ur esT ommyBahamaf ur ni s hi ngsandnewev er y t hi ng!I ti st as t ef ul l ydonet or ef l ec tar el ax ed,Maui i s l andl i f es t y l e.Manys ay ,“Al ael oai snotj us tapl ac ebutas t at eofmi nd”.Suns etMagaz i ner ef er r edt oAl ael oaas“Pebbl eBeac hoft hePac i f i c ” wheni twasc ompl et edi n1965andc ont i nual l yr emi ndsowner sandgues t soft hequai nt“Ol dHawai i ”nei ghbor hoodsoft hepas t . Per c hedhi ghont hepr oper t y ,t hi st wobedr oom homeenj oy st er r i f i coc ean,s uns et ,andout eri s l andv i ews .Al ael oaameni t i esi nc l udes pac i ousmani c ur edgr ounds ,amangogr ov e, c r es c entbeac handeas yoc eanac c es s ,s ur f i ngatLi t t l eMak aha,l ar geheat eds al i nepool ,pav i l i onwi t hk i t c hen,bat hr oomsands hower s ,k ay akandboar d s t or agear eas . 281 . 4024 .Rob@i s l ands i r . com .www. Maui Luxur yPr oper t i es . com ROB SHELTON,R( B) .808. 250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. I s l a n dSo t h e b y ’ sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

BAYVI L L A17B12.KAP AL UA |$2, 100, 000|ML S #359816 Beaut i f ul l yr enov at ed,t hi ss t unni ngt wos t or yv i l l ai sof f er edt ur nk eyandf ul l yf ur ni s hed.Enj oys weepi ngv i ewsoft heoc eanf r om t hel i v i ngr oom,di ni ng, r oom, bot hbedr ooms . Thel of tar eahasbeenenc l os edt oc r eat eas pac i ousoc eanv i ewmas t ers ui t e. TheBayVi l l asameni t i esi nc l udedi r ec tbeac hac c es st o Onel oaBay , t hr ees wi mmi ngpool s , andt wot enni sc our t s . Cent r al l yl oc at edi nt heKapal uaRes or t , t heBayVi l l asar ec l os et owal k i ngt r ai l s , t heSpaMont age, Gol f ,T enni sandDi ni ng.

250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. 281 . 4024 .Rob@I s l andSot hebys Real t y . com .www. Maui Luxur yPr oper t i es . com ROB SHELTON,R( B) .808. I s l a n dSo t h e b y â&#x20AC;&#x2122; sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

BAYVI L L A17B3.KAP AL UA |$1, 075, 000|ML S #355843 Enj oys t unni ngoc eanv i ewsaswel lasv i ewsoft hePl ant at i onandBayCour s esf r om t hi st ownhous ef l oorpl an.Oneoft hemos tdes i r abl ef l oorpl ans ,t he t ownhous es t y l eonebedr oom of f er sv i ewsf r om t hel i v i ngar eaandk i t c hen,aswel last hebedr oom ups t ai r s .Thel i v i ngr oom hasbeenex t endedashast he l of tups t ai r s , c r eat i ngal ar geri nt er i orandmor epr i v ac y . Renov at edi n2002, t hi spr oper t yhasbeenl ov i ngl yus edandc ar edf orasas ec ondhomeandhasnot beeni nav ac at i onr ent al .Of f er edf ur ni s hedandt ur nk ey .

250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. I s l a n dSo t h e b y â&#x20AC;&#x2122; sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

BAYVI L L A20G1/ 3.KAP AL UA |$1, 900, 000|ML S #352078 Per c hedov er l ook i ngt hewhi t es andybeac hatOnel oaBay ,t hi ss pec t ac ul art wobedr oom v i l l aof f er si nc r edi bl eoc eanv i ewsf r om t hel i v i ngr oom,di ni ng, k i t c hen,andbot hbedr ooms .Beaut i f ul l yr enov at ed,BayVi l l a20G13f eat ur esac hef ’ sk i t c henwi t hc us t om c abi net r yandt opoft hel i neappl i anc es .Wi t h ampl eout doorl anai s pac e,t hel i v i ngr oom andmas t erbat hr oom l anai swer eenc l os edt oc r eat el ar gerl i v i ngs pac est hatc apt ur et hes pec t ac ul aroc eanand mount ai nv i ews . Of f er edf ur ni s hed, t hi si sas pec t ac ul arhomebas et oenj oyal l oft heameni t i esoft heKapal uaRes or t : beac hes , wor l dc l as sgol f , t enni s , hi k i ng andc oas t al t r ai l s ,andf ant as t i cr es t aur ant s . 250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. 281 . 4024 .Rob@I s l andSot hebys Real t y . com .www. Maui Luxur yPr oper t i es . com ROB SHELTON,R( B) .808. I s l a n dSo t h e b y ’ sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

BAYVI L L A23B1.KAP AL UA |$1, 195, 000|ML S #353896 Thi ss t unni ngoc eanf r ontv i l l ahasbeenr enov at edt ot hel ux ur i ouss t andar dsoft heKapal uaVi l l asGol dpr ogr am, 23B1enj oy sauni queanddes i r abl el oc at i on i nt heBayVi l l as , wi t has hel t er edoc eanf r ontl anai or i ent edt ot ak ei nt hes pec t ac ul arMaui s uns et sf r amedbyt henei ghbor i ngi s l andofMol ok ai . Of f er edt ur n k eyandf ul l yf ur ni s hed, t hi spr of es s i onal l ydec or at edv i l l af eat ur esKol i anades i gnedf ur ni s hi ngswi t hat r opi c al t ouc h. Thewor l dc l as sKapal uaRes or tf eat ur es whi t es andbeac hes ,t enni s ,gol f ,hi k i ng,andt henewKapal uaSpa.

RI DGEVI L L A1523/ 24.KAP AL UA |$1, 395, 000|ML S #356188 Ri dge1523i sabeaut i f ul l yr emodel edt ownhous es t y l ev i l l aper c hedov er l ook i ngt heKapal uaRes or t .Thef oc alpoi nti st hepanor ami cv i ew,whi c ht ak esi n Mol ok aiandt hePl ant at i onCour s e.Enj oys weepi ngv i ewsf r om t hel i v i ngr oom,k i t c henanddi ni ngr ooms ,aswel last hes pac i ousl anai .Thel of thasbeen br oughtac r os st oc r eat eapr i v at emas t ers ui t eups t ai r s ,c ompl et ewi t has i t t i ngar eaandi t sownl anai .

250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. 298. 3498 .Ben@i s l ands i r . com. com .www. i s l ands i r . com BEN WI LLI S,R( S) .808. I s l a n dSo t h e b y â&#x20AC;&#x2122; sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

RI DGEVI L L A2122.KAP AL UA |$695, 000|ML S #358046 L oc at edonMaui ’ snor t hwes ts hor e, t hepr i s t i neKapal uaRes or ts t r et c hesf r om emer al dmount ai npeak st ot heedgeoft hegl i s t eni ngPac i f i cOc ean. A23, 000 ac r epar adi s eunf ol ds ,f eat ur i ngawar dwi nni ngac c ommodat i ons ,pr emi erMauir eales t at e,t wowor l dc l as sgol fc our s es ,uns poi l edbeac hes ,mi s t ymount ai ns ,anc i entl av af l owsandf i el dsofl us hgr eener y .Thi st ownhous euni tpar al l el st heni nt hf ai r wayoft heBayCour s e,andt ak esf ul l adv ant ageofgol fc our s e andf ai r wayv i ews , t heWes tMaui Mount ai ns , oc ean, andout eri s l ands . Enhanc ement si nc l udeanupdat edk i t c hen, newf ur ni t ur e, andl anai sonbot ht hel i v i ng andbedr oom l ev el s . 879. 8880 .RSLandonMaui @aol . com .www. Maui Luxur yPr oper t i es . com ROB SHELTON,R( B) .808. 250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. I s l a n dSo t h e b y ’ sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

MAUI E L DORADOA108.KA’ ANAP AL I|$260, 000( L ea s ehol d)|ML S #358462 Beaut i f ul l yr enov at eds t udi oov er l ook i ngt he6t hf ai r wayonTheKaanapal iRoy alCour s e.Enj oys uns et sf r om t hes pac i ousc ov er edl anai .TheMauiEl dor ado owner sandgues t senj oypr i v at eac c es st oaf ant as t i coc eanf r ontbeac hc abanai nt hewhi t es andKek aabeac h.t heMauiEl dor adoi sc ent r al l yl oc at edi nt he hear tofKaanapal i ,c l os et os hopsandr es t aur ant s ,t enni sandgol f .

250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. 879. 8880 .RSLandonMaui @aol . com .www. Maui Luxur yPr oper t i es . com ROB SHELTON,R( B) .808. I s l a n dSo t h e b y ’ sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

NAPI L I S UNS ET203.NAPI L I|$349, 000|ML S #356718 Napi l i Bayi soneofMaui ’ smos tpopul arandl ov edbeac hes —t hi sc r es c ents hapedbaywi t hawhi t es andybeac h, f ac est ot heWes t , t ak i ngi nMaui ’ sbeaut i f ul s uns et s .Thi ss ec ondf l oors t udi ohasoc eanv i ewsf r om t hel anai andi sof f er edf ur ni s hed.Napi l i Suns eti sl oc at edatt hec ent erofNapi l i Bayandwasnamed oneoft he“Bes tBeac hf r ontHot el s ”byFr ommer s .

250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. 345. 7 654 .Ani t a@Avi at or Agent . com .www. Avi at or Agent . com ANI TA WHI TE,R( B) .808. I s l a n dSo t h e b y ’ sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

NAPI L I S UNS ET221.NAPI L I|$849, 500|ML S #355036 Napi l iBayi sone ofMaui ’ smos ts oughtaf t erl oc at i ons —t he magi c alc r es c ents haped beac hi sk nown f orgr eats nor k el i ng and gor geouss uns et s . Fr ommer s . c om l i s t sNapi l iSuns etasoneoft hewor l d’ s10Bes tBeac hf r ontHot el s .Rec ent l yr enov at ed,Napi l iSuns et221of f er ss pec t ac ul arv i ewsf r om i t s oc eanf r ontl anai ,andt hes ec ondf l oorl oc at i onf eat ur esv aul t edc ei l i ngsl endi ngas pac i ousf eel .

250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. 281 . 4024 .Rob@i s l ands i r . com .www. Maui Luxur yPr oper t i es . com ROB SHELTON,R( B) .808. I s l a n dSo t h e b y ’ sI n t e r n a t i o n a l Re a l t y| I s l a n d So t h e b y s Re a l t y . c o m

OCEAN .MOUNTAI N .TROPI CAL

L AND

110KE OAWAS T RE ET.HONOL UARI DGE.PL ANT AT I ONE S T AT E S.KAP AL UA |$975, 000|ML S #351352 Setwi t hi nt hegat esofPl ant at i onEs t at es , Honol uaRi dgeowner senj oyt hel ar ges tpar c el sev erof f er edont heKapal uar es or t . Thes eagr i c ul t ur al l yz onedpar c el sal l owf oramai nr es i denc e,gues thous e,andac c es s or ybui l di ng.Thi ses t at epr oper t yi sov er4ac r eswi t hagent l es l opeandout s t andi ngv i ewst hati nc l udemount ai ns ,oc ean,s uns et s ,andt heout eri s l andofMol ok ai .I tj us tdoes n’ tgetanybet t er .Loc at edonMaui ’ snor t hwes ts hor e,t hepr i s t i neKapal ua Res or ts t r et c hesf r om emer al dmount ai npeak st ot heedgeoft hegl i s t eni ngPac i f i cOc ean.A23, 000ac r epar adi s eunf ol ds ,f eat ur i ngawar dwi nni ngac c om modat i ons ,pr emi erMauir eal es t at e,t wowor l dc l as sgol fc our s es ,uns poi l edbeac hes ,mi s t ymount ai ns ,anc i entl av af l owsandf i el dsofl us hgr eener y . 879. 8880 .RSLandonMaui @aol . com .www. Maui Luxur yPr oper t i es . com ROB SHELTON,R( B) .808. 250. 021 0 .CB@Luxur yReal Es t at eMaui . com .www. Luxur yReal Es t at eMaui . com COURTNEY BROWN,R( S) .808. I s l a n dSo t h e b y ’ sI n t e r n a t i o n a l Re a l t y| i s l a n d SI R. c o m

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

COURTNEY M. BROWN, REALTOR (S) VICE PRESIDENT 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.

Quarter 1 | 2014 www.LuxuryRealEstateMaui.com

KAPALUA RESORT MARKET REPORT

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