Ritz-carlton Residences At Kapalua Bay (Lahaina, HI)
Ritz-carlton Residences At Kapalua Bay (Lahaina, HI) Real Estate News
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Foreclosure Update: The Ritz-Carlton Club and Residences, Kapalua Bay
Courtney Brown, Realtor (S) Vice President, Specializing in Kapalua & Maui Resort Real Estate (Island Sotheby's International Realty)

The Ritz-Carlton Club and Residences, Kapalua Bay: Foreclosure Update

Ritz-Carlton Residences Kapalua Bay

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 January 1, 2013.

Courtney Brown, Realtor (S)
Island Sotheby's International Realty, Maui, Hawaii

For more information on Kapalua Real Estate and Maui Real Estate, please visit
www.LuxuryRealEstateMaui.com

Sign up for my Maui Real Estate Newsletter for updates on the Kapalua Resort and Maui Real Estate market.

 Or Connect at  Follow CourtneyMaui on Twitter YouTube Logo Become a Fan on Facebook Linked In

 

© Courtney M. Brown 2008-2013.  All rights reserved.  No part of this publication may be reproduced without the prior written consent or authorization of the author. 

Courtneybrown
Ritz-Carlton Residences, Kapalua Foreclosure Auction December 3, 2012
Courtney Brown, Realtor (S) Vice President, Specializing in Kapalua & Maui Resort Real Estate (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 June 19, 2006.

This is just the first step in the foreclosure process, as it is subject to court confirmation in 4-6 weeks.  At that time, bidding can be reopened at $57.75 million, and it is expected the key players will return at that time. 

While it is open to speculation as to what will happen, and depends largely on the intent of the highest bidder, I believe we will see a restructuring of the properties pricing and potentially a re-launch of sales at that time.

I will continue to post updates to my blog.  In the meantime, please feel free to contact me if you'd like additional updates or more information.  I am gathering an interest list of parties that would like more information as it is made available.

Courtney Brown, Realtor (S)
Island Sotheby's International Realty, Maui, Hawaii

For more information on Kapalua Real Estate and Maui Real Estate, please visit
www.LuxuryRealEstateMaui.com

Sign up for my Maui Real Estate Newsletter for updates on the Kapalua Resort and Maui Real Estate market.

 Or Connect at  Follow CourtneyMaui on Twitter YouTube Logo Become a Fan on Facebook Linked In

 

© Courtney M. Brown 2008-2013.  All rights reserved.  No part of this publication may be reproduced without the prior written consent or authorization of the author. 

Courtneybrown
Foreclosure Update: Ritz-Carlton Club and Residences at Kapalua Bay
Courtney Brown, Realtor (S) Vice President, Specializing in Kapalua & Maui Resort Real Estate (Island Sotheby's International Realty)

Ritz-Carlton Residences, Kapalua Bay

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, HI
TERMS 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 Bay Condominium”
2) 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)
3) leasehold interest for the parcel known as “The Shops at Kapalua Parcel”
4) certain contract rights known as the ML&P Agreements dated June 19, 2006.

At the time of auction, with the exception of the Plaintiff, the successful bidder must make a down payment of no less than ten percent. The sale is then subject to a Court confirmation hearing, and the Court will allow a reopening of the auction in higher bids, beginning at 105% of the highest bid at the public auction.

The debt is in excess of $304 million, with Lehman Brothers and Lantern as the lien holders with the largest stake. While it is open to speculation as to what will happen, and depends largely on the intent of the highest bidder, I believe we will see a restructuring of the properties pricing and a re-launch after the foreclosure. 

At this time, I am compiling an interest list of clients that would like to be kept updated as information is made available. If this is something you would be interested in, please contact me at cb@LuxuryRealEstateMaui.com

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, overlooking

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, and there is talk of an extension until mid-June, 2013. There is currently pending litigation between some of the homeowners and the management company.

Developed by Kapalua Bay LLC, the Ritz-Carlton Residences Kapalua Sales History is as follows:  15 of the original developer units were purchased in bulk for $56,574,392 by Exclusive Resorts for their vacation rental program. An additional 13 sold to private individuals at prices ranging from $2,800,000 to $5,735,000. Total sales were 28, or 33%, leaving 56 units unsold. With regard to the fractional component, information is more limited. Of the 62 fractionals, it is my understanding that approximately 177, or 24%, of the 744 available units were sold.

 

 

Courtney Brown, Realtor (S)
Island Sotheby's International Realty, Maui, Hawaii

For more information on Kapalua Real Estate and Maui Real Estate, please visit
www.LuxuryRealEstateMaui.com

Sign up for my Maui Real Estate Newsletter for updates on the Kapalua Resort and Maui Real Estate market.

 Or Connect at  Follow CourtneyMaui on Twitter YouTube Logo Become a Fan on Facebook Linked In

 

© Courtney M. Brown 2008-2013.  All rights reserved.  No part of this publication may be reproduced without the prior written consent or authorization of the author. 

Courtneybrown
The Ritz-Carlton Residences, Kapalua Bay: Foreclosure Update
Courtney Brown, Realtor (S) Vice President, Specializing in Kapalua & Maui Resort Real Estate (Island Sotheby's International Realty)

View from the Ritz-Carlton Residences, Kapalua Bay

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 bulk for $56,574,392 by Exclusive Resorts for their vacation rental program. An additional 13 sold to private individuals at prices ranging from $2,800,000 to $5,735,000. Total sales were 28, or 33%, leaving 56 units unsold. With regard to the fractional component, information is more limited. Of the 62 fractionals, it is my understanding that approximately 177, or 24%, of the 744 available units were sold.

A notice of foreclosure was filed by the lienholders, and all sales of both fractional and whole ownership units have been put on hold at this time. The debt is in excess of $304 million. While it is open to speculation as to what will happen, and depends largely on the intent of the highest bidder, I believe we will see a restructuring of the properties pricing and a re-launch after the foreclosure.

At this time, I am compiling an interest list of clients that would like to be kept updated as information is made available. If this is something you would be interested in, please contact me at cb@LuxuryRealEstateMaui.com

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, HI
TERMS 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 Bay Condominium”
2) 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)
3) leasehold interest for the parcel known as “The Shops at Kapalua Parcel”
4) certain contract rights known as the ML&P Agreements dated June 19, 2006.

At the time of auction, with the exception of the Plaintiff, the successful bidder must make a down payment to the Commissioner in the amount of no less than ten percent. The sale is then subject to a Court confirmation hearing, and the Court will allow a reopening of the auction in higher bids, beginning at 105% of the highest bid at the public auction.

For additional information on the Terms of Sale, please contact the commissioner, George W. Van Buren, of Van Buren, Campbell, and Shimizu LLC.

Courtney Brown, Realtor (S)
Island Sotheby's International Realty, Maui, Hawaii

For more information on Kapalua Real Estate and Maui Real Estate, please visit
www.LuxuryRealEstateMaui.com

Sign up for my Maui Real Estate Newsletter for updates on the Kapalua Resort and Maui Real Estate market.

 Or Connect at  Follow CourtneyMaui on Twitter YouTube Logo Become a Fan on Facebook Linked In

 

© Courtney M. Brown 2008-2013.  All rights reserved.  No part of this publication may be reproduced without the prior written consent or authorization of the author. 

Courtneybrown
The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Update
Courtney Brown, Realtor (S) Vice President, Specializing in Kapalua & Maui Resort Real Estate (Island Sotheby's International Realty)

The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Market Update

Ritz Carlton Residences Kapalua BayThe 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 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 of 12 additional residences have sold to private parties.  According to the Maui MLS, the average sale price of these residences, excluding the Exclusive Resorts purchase, is $3,965,040 or $1308/sq. ft, with a low of $2,800,000 and a high of $5,735,000.

At the time of this posting, there is one resale available in MLS in addition to the remaining developer inventory.  For more information on the Ritz-Carlton Residences®, Kapalua Bay or any other Kapalua property, please don’t hesitate to contact me.

Courtney Brown, Realtor (S)
Island Sotheby's International Realty, Maui, Hawaii

For more information on Kapalua Real Estate and Maui Real Estate, please visit
www.LuxuryRealEstateMaui.com

Sign up for my Maui Real Estate Newsletter for updates on the Kapalua Resort and Maui Real Estate market.

 Or Connect at  Follow CourtneyMaui on Twitter YouTube Logo Become a Fan on Facebook Linked In

 

© Courtney M. Brown 2008-2013.  All rights reserved.  No part of this publication may be reproduced without the prior written consent or authorization of the author. 

Courtneybrown
The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Market Update
Courtney Brown, Realtor (S) Vice President, Specializing in Kapalua & Maui Resort Real Estate (Island Sotheby's International Realty)

The Ritz-Carlton Club and Residences®, Kapalua Bay: Maui Real Estate Market Update

Ritz-Carlton Club and Residences, Kapalua BayThe 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 private parties.  The average sale price of these residences, excluding the Exclusive Resorts purchase, is $4,070,953 or $1343/sq. ft.

For more information on the Ritz-Carlton Residences®, Kapalua Bay or any other Kapalua property, please don't hesitate to contact me.

Courtney Brown, Realtor (S)
Island Sotheby's International Realty, Maui, Hawaii

For more information on Kapalua Real Estate and Maui Real Estate, please visit
www.LuxuryRealEstateMaui.com

Sign up for my Maui Real Estate Newsletter for updates on the Kapalua Resort and Maui Real Estate market.

 Or Connect at  Follow CourtneyMaui on Twitter YouTube Logo Become a Fan on Facebook Linked In

 

© Courtney M. Brown 2008-2013.  All rights reserved.  No part of this publication may be reproduced without the prior written consent or authorization of the author. 

Courtneybrown
Ritz-Carlton Club® and Residences, Kapalua Bay: A Walking Tour
Courtney Brown, Realtor (S) Vice President, Specializing in Kapalua & Maui Resort Real Estate (Island Sotheby's International Realty)

The Pool at the Ritz-Carlton Residences, Kapalua Bay

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 $5,735,000.

For more information on the Residences or any Maui real estate, please don’t hesitate to contact me.

Courtney Brown, Realtor (S)
Island Sotheby's International Realty, Maui, Hawaii

For more information on Kapalua Real Estate and Maui Real Estate, please visit
www.LuxuryRealEstateMaui.com

Sign up for my Maui Real Estate Newsletter for updates on the Kapalua Resort and Maui Real Estate market.

 Or Connect at  Follow CourtneyMaui on Twitter YouTube Logo Become a Fan on Facebook Linked In

 

© Courtney M. Brown 2008-2013.  All rights reserved.  No part of this publication may be reproduced without the prior written consent or authorization of the author. 

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