We are so excited to get our clients in at such a fantastic community in Kapalua! Villa 5202 was offered as a resale unit originally built in 2009 and has since been on and off the market over the last few years. The villa was put back on the market in April and priced in the mid $3 million range, it underwent two price reductions which peaked the interest of our clients and excited them enough to write an offer. After some back and forth, we are proud to say we were able to close for over $350k under original asking at $3,125,000. At this price, we were able to secure our clients a great deal as it was the lowest priced unit sold this year and 1 of 2 listings sold in the $3 million price point.
Totaling 3 bedrooms, 3 baths, close to 2800 sqft of interior living, and a 600+ sqft lanai, Villa 5202 is an extremely spacious villa with plenty of room for the entire family. The ability to be rented as a short term rental is another attractive prospect because of the potential cash flow it can generate when not being used. The Montage Kapalua in general is the premier condo complex on the West Side because of the Montage brand name and recognition that comes attached it, the Montage brand guarantees buyers a certain level of luxury that comes with elite perks and unprecedented access.
The Montage underwent a multi-million dollar conversion and revamp of the property with the design now maximizing the property’s lifestyle while placing an emphasis on Hawaiian culture and Aloha aspects. All of the condominiums are offered as Fee Simple which simplifies ownership details to allow for residents to enjoy their time under the West Maui sun. The 24 acre resort is the ideal destination to embrace island hospitality and authentic culture.
Montage Kapalua Market Update 2017
The Montage Kapalua market is a blend of resale units and brand new developer offerings; the new developer offerings have never been lived in before and can be sold furnished if arranged into the purchase contract. The sales data reveals interesting points about the current market and indicates the sweet spot in the community is the $4 million price range with 63% of the villas sold. 2 units were able to close in the $3 million range representing great deals because of their attractive closing prices. Meanwhile, on the upper end of the market, only 1 unit was sold for $6+ million where the next priciest unit sold for just under $5 million.
- Number of Montage Kapalua condos sold: 8
- Average asking price: $4,588,125
- Highest priced condo for sale: $6.5 million-sold as a pocket listing and was never publicly for sale on the open market
- Lowest priced listing: $3.125 million-the unit featured above that we represented the buyers on
- Number of units in escrow: 0
As mentioned before, buyers are able to select from a mix of resale units and developer units. There are trade offs to both depending on a buyer’s buying criteria and motives. The inventory is favoring new construction units that have never been lived in with 63% in its favor, buyers can choose to buy the new construction units unfurnished or furnished.
Buyers have the most options in the $3 million range with 5 units to choose from, however, 1 of which is priced $5k under $4 million; so in reality, it is more like 4 units that are priced in the $3 million price point. The remaining 3 units are equally spread out in the $4, $5, and $7 million ranges.
- Number of Montage Kapalua condos for sale: 8
- Average asking price: $4,465,625
- Highest priced condo for sale: $7.75 million
- Lowest priced listing: $3.25 million
Contact a Maui Real Estate and Lifestyle Specialist
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Aloha,Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com