Although inventory on the West Side has decreased, especially in the lower end, due to the increase in foreclosures and REO sales involving the Napili Villas, Villas at Kahana Ridge, and Napilihau Village areas. Overall, the West Side is still alive and well. New projects such as Breaks in Honokowai and Hoonanea in Lahaina are doing very well for the first time home buyer.

The 2011 Xterra World Championship event was recently held at Kapalua, Maui. This premier off-road triathlon, involving 24 countries and over 600 entrants is known to be extremely vigorous. World renowned athlete and former Xterra champ, Lance Armstrong is known to participate and was also in attendance this year. Although he did not win, he still remains to be a crowd favorite. This event was such a success that they plan to host it here for another four years.

A new restaurant, Honu, has opened on Lahaina's oceanfront. Honu restaurant is Mark Ellman's, owner of both high acclaimed Avalon Restaurant and Mala Ocean Tavern, latest culinary creation. Honu, located right next to Mala, is the Hawaiian name for turtle. The restaurant lives up to its name because it is easy to see Hawaii's sea turtle come up out of the water onto the shore. Honu mainly features specialty dishes such as, however are not limited to, seafood and pizza.

A west side landmark, Leoda's Kitchen and Pie Shop in Olowalu, is greatly known for their sandwiches, salads, and homemade sweet and savory pies. Located at the old Chez Paul site, this is a great place to stop while you are on your way from the airport heading into Lahaina, Kaanapali, and/ or Kapalua. Leoda's is a great stop to pick up a few of their sandwiches and pies to eat once you arrive at your destination.
 

Currently, our real estate market has been hovering over a lot of REO sales as well as short sales, both of which take months to close. Since May 1999, we have watched the stock market hit 11,100 and continue to do so off and on into 2011.

As far as one bedroom units are concerned, they widely range from a low end of $425,000 at the Golf Villas to a high end of $14M at the Plantation homes. In between those one bedroom unit polarities, are the Ridge Villas and Bay Villa units.

On the low end for one bedroom unit at the Ridge Villas starts at $550,000, which has not changed since 2010. As for the Bay Villas, a one bedroom sold at a low end of $597,000 due to a bank REO.

The Golf Villas in the 400K range are worth paying attention to for numerous reasons. For one, these villas are located on the bay course. Whether you are playing golf all day or just enjoying the view of our infamous Maui sunset, either way the view is spectacular. Not to mention, the easy walk to the beach, spa, and/ or tennis courts makes it a bonus. Furthermore, not only are these Golf Villas great for rental units, but what better second home to have on Maui.

Additionally, the Golf Villas has recently held their annual meeting. A few renovations are to take effect over an estimated two year period, including redoing all buildings. The color scheme has been decided, which is set to enhance the overall prestigious feel that the Golf Villas has to offer.

An ongoing project involving Building 11, located next to Pineapple Grill, has been finishing up some renovations of their own, such as their new roof top. In addition to the removal of the shutters from their windows, also extracted are the trellises that were once on their lanais. This has opened up their view significantly.

This year has not been a great for the Ridge Villas. Only two one bedroom units have been sold within the $550- 560K range. As for the Ridge Villas two bedroom units, no sales have been recorded in 2011. Although the Ridge Villas have been somewhat neglected by the discerning buyer, they really should not be. Personally, I reside in the Ridge Villas and find it to be the best living. Each unit has a carport, carport storage, and all one bedroom units have two full baths. I am more than happy with my choice and I am certain any potential buyer would be too.

The Ritz-Carlton Residences at Kapalua Bay have had six recorded closing this year. Selling prices have ranged from 2.8 to 3.3M. However with the Lehman bankruptcy still on the table, we are all awaiting the outcome and hoping that the new buyer of the project will soon take over.

The Ritz-Carlton Kapalua Hotel has been Sold. Are the Residential Suites Headed to Market?

In May, on the courthouse steps, lenders auctioned off the Ritz-Carlton Kapalua Hotel after foreclosing on the property to recover the debt defaulted by Gengate Realty. At the time, the hotel was sold for $75 million to Lehman Brothers Holdings Inc.

On Tuesday, July 19th, bidding was reopened during the court confirmation of sale as is required by Hawaii State law. A bid was placed at that time for $78.75 million, at the end of this second round of bidding, Lehman Brothers Holdings Inc. had purchased the hotel for $95 million.

The property is currently and will continue to be managed by Ritz-Carlton so this change in ownership should have no visible impact on the 500 employees or thousands of guests who enjoy the hotel facilities every year. Hopefully this also means that the 73 residential suites built during the 2007 remodel will be placed on the market in the near future.

The next major foreclosure sales in Kapalua will be the Ritz Club and the Residences at Kapalua Bay. Hopefully the sale of the hotel and it's continued profitability will generate interest in these other properties among investors.