By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
The Ritz-Carlton Club and Residences, Kapalua Bay: Foreclosure Update The court confirmation for the foreclosure sale of the Kapalua Bay Condominium and Kapalua Bay Vacation Ownership Project (also known the Ritz-Carlton Club and Residences, Kapalua Bay) has been scheduled for Thursday, January 17, 2013 at 9:00 a.m. The Honorable Bert I. Ayabe, will preside. The confirmation will be held at First Circuit Court, 777 Punchbowl Street, Honolulu, Hawaii 96813.The highest bid at the auction on December 3, 2012 was $55,000,000.00. Interested bidders will need to bid a minimum of 5% above that, or $57,500,000. When bidding is completed, the court will then confirm the sale.The property is going through a transition, with Timbers Resorts taking over the management of the Residences as of Janua...
By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
I attended the foreclosure for the Ritz-Carlton Residences, Kapalua Bay today, which took place today on the courthouse steps in Honolulu. With just two bidders, the opening bid was Ritz Carlton Development, with an opening bid of $52 million. The second and highest bid was Island Acquisitions, with a bid of $55 million. This is for the bulk purchase with no separate or individual sales of 56 residential and 5 commercial fee simple apartments in the “Kapalua Bay Condominium” 567 club interests in the Kapalua Bay Vacation Ownership, Project consisting of undivided 1/12 interests in various condominium units (which specific units are available upon request) Leasehold interest for the parcel known as “The Shops at Kapalua Parcel” Certain contract rights known as the ML&P Agreements dated...
By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
The Ritz-Carlton Club and Residences®, Kapalua Bay will be going to foreclosure auction on Monday, December 3, 2012. On June 13, 2012 a notice of foreclosure was filed by the lien holders, and all sales of both fractional and whole ownership units were suspended. I plan on attending the auction in Honolulu and will post an update afterward to my blog. According to the Commissioner’s website, the auction details are as follows:DATE: December 3, 2012 at 12:00 noon.LOCATION: Ewa end of the First Circuit Building (Ka’ahumanu Hale), 777 Punchbowl Street, Honolulu, HITERMS OF SALE: The auction will be held for a bulk sale, “As IS’, for one price, with no separate or individual sales and no upset price for the following:1) 56 residential and 5 commercial fee simple apartments in the “Kapalua...
By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
I’m often asked what the status is of the Ritz-Carlton Club and Residences®, Kapalua Bay. Opened on May 31, 2009, the Ritz-Carlton Club and Residences®, Kapalua Bay is Kapalua’s newest residential condominium community. Situated on 21 oceanfront acres, a stone’s throw from Kapalua Bay, the Ritz-Carlton Club and Residences® are comprised of just 84 private ownership Residences, and 62 fractional residences (1/12 ownership) that are managed by the Ritz-Carlton Club®. It is my understanding that the Ritz-Carlton will maintain management of the property until 12/31/2012, though this date is subject to change. There is currently pending litigation between some of the homeowners and the management company. Developed by Kapalua Bay LLC, 15 of the original developer units were purchased in bul...
By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Market Update The Ritz-Carlton Club and Residences®, Kapalua Bay, is Maui’s newest luxury condominium development. First opened in 2009, the property is comprised of 62 fractional residences and 84 wholly-owned residences. The market has picked up at the Residences, as it has across the high end of the Kapalua Resort, with three closings in the past six weeks: 1303 and 1302 both closed at $3,300,000 each. 2103 closed at $2,800,000. There are three different floor plans at the Residences: 3B/3.5B, 3B/3.5B plus den, and 4B/4.5B. Of the recent sales, all three are oceanfront, 3B/3.5B with a den, and sold for approximately $1079/sq. ft. The following is an overview of the whole ownership sales history: Exclusive Resor...
By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Market Update The Ritz-Carlton Club and Residences®, Kapalua Bay, is Maui's newest luxury condominium development. First opened in 2009, the property is comprised of 62 fractional residences and 84 wholly-owned residences. The market has picked up at the Residences, as it has across the high end of the Kapalua Resort, with two closings, each at $3,300,000. Both are 3B/3.5B plus den floorplans, oceanfront, and sold for approximately $1136/sq. ft. The following is an overview of the whole ownership sales history: Exclusive Resorts, as a partner in the development, purchased 15 of 84 the wholly-owned condominium residences for a total of $56,574,390. Since the release a total 11 additional residences have sold to pri...
By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
I’m often asked what the Ritz-Carlton Club® and Residences, Kapalua Bay are like. So on a beautiful day here in Kapalua, I took a walk through the property and photograph the grounds and the model villa. I posted a video tour on YouTube, set to music by a childhood friend, Grammy award winning musician, Jeff Peterson. (I suppose this is as good a time as any to apologize to him for locking him and his brother in a closet when we were three). The Ritz-Carlton Club® and Residences are Kapalua’s newest residential development. Set on 21 oceanfront acres overlooking Kapalua Bay, the property is comprised of 84 wholly owned condominium residences and 62 fractional residences. The whole ownership villas range from 3000-4000 sq. ft., and sales this year have ranged from $3,300,000 to $5,735,0...