$2,410,000
MORTGAGE CALCULATOR
Fee Simple LAND TENURE
2 BEDROOMS
2 BATHROOMS
Condo
CLASS
The Ritz Carlton Residences
COMPLEX
1 Ritz Carlton Dr Unit 1614-1616
PRICE: $2,435,000 Fee Simple
BEDROOMS: 2
BATHROOMS: 2
CLASS: Condo
COMPLEX: The Ritz Carlton Residences
| MORTGAGE AMOUNT | $0 |
| DOWN PAYMENT AMOUNT | $365,250 |
| MONTHLY MORTGAGE PAYMENT | $0 |
| TOTAL MONTHLY PAYMENT | $0 |
Days on Market: 748
Status: SOLD
Closing Date: 12-03-2021
MLS#: 385025
Bedrooms: 2
Bathrooms: 2
Living Area: 1333
Floor Level: 6
Type: Condominium
Complex: The Ritz Carlton Residences
HOA Fees(monthly): 3698.36
Offer Price: $2,435,000
Sold Price: $2,410,000
Address: 1 Ritz Carlton Dr Unit 1614-1616, Lahaina, HI 96761
MLS#: 385025
Vacation Rental: Yes
Bank Owned: No
Posting Date: 11-17-2019 1:41am
Last Update: 12-04-2021 4:59pm
LISTING PROVIDED BY
Tomoko Matsumoto RB-20042
808-557-8689
Tomo@hapunarealty.com
Hapuna Realty
808-657-4072
808-557-8689
Tomo@hapunarealty.com
Hapuna Realty
808-657-4072
PROPERTY DESCRIPTION
INCOME! INCOME! INCOME! 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 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 unitsone is Ocean View and one is Ocean Frontand 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, thats an institutional quality 5.2% CAP rate, including a few weeks of owner useand 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
| Date | Days Ago | Event | Price | Status |
|---|---|---|---|---|
Last update: 4:59pm 12/4/2021
Disclaimer - This information is believed to be accurate. It has been provided by sources other than the Realtors Assoc. of Maui and should not be relied upon without independent verification. You should conduct your own investigation and consult with appropriate professionals to determine the accuracy of the information provided and to answer any questions concerning the property and structures located thereon. Featured properties may or may not be listed by the office/agent presenting this brochure.
