$2,895,000

1 Ritz Carlton Dr

Lahaina HI, 96761

Description

OCEANFRONT AND GROUND FLOOR DIRECT BEACH ACCESS! This is the only oceanfront unit providing direct barefoot access to the beachand the closest residence to the beach. One of only eleven total oceanfront residences, and these are the largest units in the project. Although many Ritz Carlton Residences offer identical floor plans and furnishings, the incomes of each unit vary greatly. Heres the secret codethe income is dependent upon the ROOM CATEGORY of each bedroom, as set by Ritz Carlton. It does not matter that the entire project is considered oceanfront; it matters how Ritz Carlton places EACH BEDROOM into their reservation system. There are 5 room categoriesGarden View, Resort View, Partial Ocean View, Ocean View and Ocean Front. The impact of the room categories creates dramatic income differentials, which creates significantly variant real estate values, despite physical similarities. Residence 1127/1129 offers a HUGE bedroom suite in the Ocean Front category (commanding the highest nightly rates of any room category), plus a second bedroom in the Garden View category. With a total of 1646 air-conditioned square feet (plus two lanais totaling 364 square feet), this Ocean Front residence is significantly larger than the non-oceanfront 2-bedroom units (which average 1333 square feet). This residence also offers the ONLY private lawn in front of the residence in the entire Ritz Carlton Resort, with NO RAILINGS to obscure the beachfront views. This is a very unique residence! Ocean Front Residences are rarely offered, and rarely trade hands. The income on this unit has been extremely reliable and extraordinary (2020 excepted!) This Seller can provide 12 years of income history on this residence, and can also share 12 years of income history on his other unit, an Ocean View category residence. In the 12 months prior to the pandemic (February 2019 - January 2020), this residence produced $107,806 in NET operating income (after paying property taxes!). Based upon the $2,895,000 asking price, thats an institutional quality 3.7% CAP rate, including a few weeks of owner useand the Seller never lifted a finger to produce this income! Residence 1127/1129 is perfect for the discriminating buyer who wants to spend less than 60-days per year in the finest residence in one of the finest 5-star beach front resort properties in the world, and receive institutional-quality income during the rest of the year. Owners are treated like royalty when in residence, and receive a long list of special and valuable privileges when they are on property! However, many owners own these units solely for the income. As of December 19, 2020, this residence is the only available Ocean Front category residence in the resort. Seller paid $2,945,000 for this unit in 2008! Income history available upon request. (The above information was provided by the Seller. Past financial performance is no guarantee of future financial performance.)

Details

MLS#385028
Listing TypeFor Sale
StyleCondominium
Building NameThe Ritz Carlton Residences
Sub-TypeFee Simple
StatusPENDING - DO NOT SHOW
Year1992
Days On Site501

Features

Bed(s)2
Bath(s)3
SQ Feet1,646
PoolYes
Acreage2.15
Golf CourseN
Water FrontYes
Property ViewOcean

Market Activity 96761

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Area Information
StateHI
CityLahaina
Zip Code96761
AreaMaui
SubareaKapalua
Community NameKapalua
Listing VS Median (in Kapalua)
Price:
$2,895,000
low | high
Med:
$1,900,000
84.369602763385% of Average
SqFt:
1,646
low | high
Med:
1,722
45.41312272175% of Average
$ / SqFt:
$1,759
low | high
Med:
$1,141
85.121828599413% of Average
On Site:
501
low | high
Med:
263.5
100% of Average
Sourced by Back At You
Listing Updated: May 9, 2021 2:28:20 PM PDT
Tomoko Matsumoto LogoMLS Number: 385028
Listing Provided By:
Tomoko Matsumoto  of  Hapuna Realty

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the Realtors Association of Maui MLS.