11 brs and 8 ba in 6662 sf? Either the brs aren't very big....or the rest of the rooms are very very small.
$2927.00/ sf....wow. 
Probably not much difference than a conventional home, really. I've got 3 br, 2 1/2 ba in 1900 sq. ft., so putting 8 more average (12 X 15) bedrooms in only results in another 1500 sq ft., give or take. So even another 1000 square feet for 5 more bathrooms and you're still only up to about 4500 square feet.
And as far as price per square foot, we're talking over 2 acres of Maui waterfront--you were expecting 100K for that?
Here's something a little closer to your price range. Water views, not waterfront, but you get the idea. Oh, and it's close to Roy's Kahana (yum...).
LINK I remember when they were building this development. Damn it got expensive all of a sudden.