Maui Market Trends

OCTOBER  2006
KAPALUA RESORT UPDATE

ALOHA from your Kapalua Resort real estate team.

We are expecting a record high level of rental occupancy in Kapalua as well as in West Maui and South Maui during our upcoming winter months.   Maui continues to be one of the most popular destinations in the world and has been named Best Island for the 12th Year in a row by Conde Nast Traveler.

Here is the latest news and update on new developments from our wonderful Kapalua Resort.  

The Company’s vision and goal is to create holistic communities that are friendly to the environment and stress quality rather than quantity.  Within Kapalua Resort’s 23,000 acres, 20,000 acres will be preserved as conservation and agricultural use.

The initial units at The Residences at Kapalua Bay were released for sale in July, 2006. This location is the 24 acre oceanfront property known as Kapalua Bay, formerly the site of the Kapalua Bay Hotel.  The Residences include 84 private ownership residences and 62 Ritz-Carlton Club fractional ownership residences.  Owners will receive membership privileges in the new Kapalua Club.  Onsite amenities will include a 6,100 square foot private beach club and a multi-level recreational area including an 8,500 square foot lagoon-style pool, and bar and grill.  Concierge service will be available. 

The Privately Owned  units are three and four bedroom Residences and will span 3,000 to 4,200 square feet of indoor living space.  Initial prices range from $3.8 million to $10 million. 
 
The  1/12th Fractional Units are fully furnished 2 and 3 bedroom residences ranging from 1,912 to 2,257 square feet with prices ranging from $300,000 to $800,000, depending on the unit size, unit location and month desired. 

To date - 36 Wholly Owned Units have been sold, and 60 1/12th Fractional Interests have been sold.  Completed Residences are expected by late 2008. 

Ask us for detailed information on this exciting new project.  Our website www.ResidencesAtKapaluaBay.com  will help you see product information and progress.

A new 25,000 square foot Spa at Kapalua Resort will be constructed on the site of the existing Kapalua Shops and is expected to be completed in late 2008.

Renovations are underway at the Bay Club Restaurant on the south end of Kapalua Bay which will be opening in early 2007.   We are not sure who the new restauranteur will be and will update you as soon as we know.

Our Honolua Ridge development is comprised of the largest lots Kapalua Resort has ever offered for sale (3 acres to 15 acres) and the Phase II Developer Parcels are available for viewing by private appointment.  The views from these lot locations are astounding, and there are only a few of these magnificent parcels left to purchase. 

Honolua Village Phase I is nearing completion.  We moved into our new Kapalua Realty Office  along with Sansei Restaurant, the Kapalua Logo Shop and La Perl in early October..  This location, known as the Central Resort Town Center, is between the Village Course Clubhouse and the Honolua Store.  There is a very comprehensive visual center showcasing the Resort and it’s history, so please stop by and say hello when you are in town. 

Honolua Village Phase II – will take about 3 years from now to build out and will complete the new Central Resort Town Center.  Many small shops are planned and the build out should encompass approximately 50,000 square feet of retail and commercial space. 

Kapalua Mauka, located south of The Plantation Estates on the mauka (mountain side) of Honoapiilani Highway, is a community of about 925 acres to be developed over a period of 15 years. This community would have approximately 690 housing units, comprised of multi family, single family, retail and vacant land for sale.   Kapalua Mauka has just received its final approvals on this project, and presales of the first phase could start later this year.    

Other news and developments at Kapalua Resort include the Village Golf Course which will close for renovation in late 2006.  The new Mauka Course will be designed by Tom Fazio and will be a private course.

Other long term plans include the development of an Adventure Park that would house an Equestrian Center, zip lines and a walking trail system of over 100 miles in total. Some of the trails already exist but need to be cleaned up, and others need to be developed.   These trails will eventually tie in all our Resort developments from oceanfront to the Plantation Estates, Honolua Ridge and Kapalua Mauka neighborhoods.

We have our Resort inventory of real estate from condominiums, single family homes and outstanding land for development and would be pleased to give you more detailed information on any property.. 

Lastly, we are your Kapalua Resort Experts, however, we continue to represent Buyers and Sellers in all areas of Maui.  If you have a specific interest in other areas on Maui, including commercial and investment properties, please contact us at any of the numbers, e mail addresses or through our website listed below.  We are dedicated professionals with many years of experience here in Hawaii. 

Let us know how we can help you -- and we hope to see you in Maui again soon.

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