Waterfront
Address
1 Ritz Carlton Dr # 1614-1616 Lahaina, HI
Price
$ 2,435,000
Property Attributes
  • MLS#385025
  • TypePending
  • CountyMAUI
  • CityLahaina
  • AreaKapalua
  • NeighborhoodKapalua
  • Zip96761
  • StyleCondo
  • Price$ 2,435,000
  • Bedrooms2
  • Full Bathrooms2
  • Half Bathrooms0
  • Sqr Footage1333
  • Lot Size2.15 Acres
Listing Provided Courtesy Of:
Hapuna Realty - Fee Simple
Data Source:
REALTORS® Association of Maui (RAMAUI) - 264 - HI
Property Description

INCOME! INCOME! INCOME! Although many Ritz Carlton Residences offer identical floor plans and furnishings, the incomes of each unit vary greatly. Here’s the secret code…the 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 categories…Garden 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 1614/1616 has both bedrooms in the Ocean View category. The Ocean View category has provided the highest net income to the owner every year since 2008! This Seller knows, because he owns two units…one is Ocean View and one is Ocean Front…and in 12 out of 12 years, the Ocean View residence has outperformed the Ocean Front category residence in terms of net income. This Seller can provide 12 years of income history on both units! Residence 1614/1616 is perfect for a buyer who wants to spend less than 60-days per year 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. In the 12 months prior to the pandemic (February 2019 - January 2020), this residence produced $126,728 in NET operating income (after paying property taxes!). Based upon the $2,395,000 asking price, that’s an institutional quality 5.2% CAP rate, including a few weeks of owner use…and the Seller never lifted a finger to produce this income! As of December 19, 2020, this residence is the only available Ocean View category residence. Seller paid $2,430,000 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.)

Price History
11/17/2019 Listed $2,395,000

General Features

Bathrooms 2
Beds 2
Building Name The Ritz Carlton Residences
Class Condominium
Complex Name The Ritz Carlton Residences
Cooling Yes
Land Tenure Fee Simple
Listing Agent 9553
Listing Area Kapalua
Maintenance Fee 3698.36
Parcel 021
Plat 004
Pool Y/N Yes
Pool Y/N In-Ground
Section 2
Short Term Rental Allowed Yes
Street Name Ritz Carlton
Subdivision The Ritz Carlton Residenc
Subdivision HI
Unit Number 1614-1616
View Ocean
Waterfront BeachFront
Year Built 1992
Zone 4

Interior Features

Floor Level 6

Exterior Features

Latitude 21.001129
Longitude -156.653646
Photo Count 30
Lot Size Area 2.15

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Pending Average in 96761

Price
AVG $1.4M
$2.44M
Visits
AVG 107
406
Year Built
AVG 1986
1992
Walkscore
AVG 34
25
Data Provided by Walkscore ® not using MLS data

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