Aloha!

2010 began a turnaround for real estate sales on Maui, and Kaanapali Shores was no exception.  In fact, K. Shores did a little better than the rest of Maui.

Sales on condos on Maui were up from 2009 to 2010 by 39%, while sales at K. Shores increased by 50%.

There were 3 studios that sold, which may be good news for people trying to sell studios, since there were exactly zero studios sold in ’09. Studios offer good value and returns.

There were 6 ocean view one bedroom units sold in ’09 and 7 in ’10.  Now, if you know the building and you look at some of these sales you’ll know some of these are alleged ocean views.  The important thing is that the median selling price in ’09 was $379,500 and increased to $404,000 in 2010.  Very interesting.

The 2 bedroom units didn’t fare as well.  The median price for 2 bedroom ocean view units finished at $559,000.  The highest selling price for a 2 bedroom condo was $594,900, which probably explains why there have been so few sales for 2 bedroom units lately. 

Of the 14 two bedroom units listed today, 5 are Aloha Suites starting at $1.75M.  There are 2 units listed as ocean view, but you might need a periscope and some mirrors to see the ocean from those locations. So, the best priced true ocean view unit is $765K, $170K above the highest sales price for a 2 bedroom in 2010.

Kaanapali Shores Sales Activity -  2010 Summary

1/1/10- 12/3/10	Studio		1 Bedroom		2 Bedroom		Special Ocean View 2/2
Fee Simple	Ocean View	Garden View	Ocean View	Garden View	Ocean View	Garden View
For Sale	9	3	30	10	9	2	10
Sold	3	0	7	2	2	1	1
Asking Price High	$425,000	$349,000	$650,000	$599,000	$798,000	$380,000	$1,950,000
Asking Price Low	$269,900	$275,000	$310,000	$300,000	$415,000	$350,000	$895,000
Median Asking Price	$335,999	$319,000	$448,500	$399,450	$695,000	$365,000	$1,750,000
Median Sold Price	$250,000	n/a	$404,000	$347,500	$559,950	$400,000	$1,250,000
Median For Sale	$350,000	$312,000	$443,500	$399,450	$770,000	n/a	$1,774,500

1/1/10 - 12/31/10	Studio		1 Bedroom		2 Bedroom		Special Ocean View 2/2
Leasehold	Ocean View	Garden View	Ocean View	Garden View	Ocean View	Garden View
For Sale	2	0	7	0	4	0	0
Sold	0	0	0	0	2	0	0
Asking Price High	$259,000	n/a	$440,000	n/a	$809,900	n/a	n/a
Asking Price Low	$255,000	n/a	$249,000	n/a	$299,000	n/a	n/a
Median Asking Price	$257,000	n/a	$289,000	n/a	$514,500	n/a	n/a
Median Sold Price	n/a	n/a	n/a	n/a	$382,500	n/a	n/a
Median For Sale	$255,000	n/a	$273,000	n/a	$679,450	n/a	n/a

Total number of units for sale at Kaanapali Shores (2010):    86
Total number of units sold at Kaanapali Shores (2010):    18
Total number of units ACTIVE for sale at end of 2010:    46
# of Studios for sale: 8
# of 1 Bedrooms for sale: 24
# of 2 Bedrooms for sale (including Special View units): 14

At the end of 2010, there were 4 pending sales. During 2010, 10 listings were canceled and 10 of the listings expired. The average number of days on the market for listings during this time was 234 days.