Posted by Kevin Spaise, RS on March 17th, 2010 |
Tags: Condos, For Sale, Foreclosures, Hawaii, Luxury, Maui, Sales Stats, Short Sales, South Side, Wailea
Maui’s luxury community of Wailea has been resilient, but not immune to the REO and short sale market.
South Maui’s luxury community of Wailea, which currently has the distinction of the highest priced condo listing on the island (MLS# 339893), has proven resilient in challenging times, but it’s not immune to the occasional distress sale. You won’t find any REO (bank owned) or short sale movement at Wailea Point (although the highest priced condo listing was recently reduced $700K), but there are a few buying opportunities at these blue chip condominium properties.
There is currently one REO, a 2 bed/2 bath at the Wailea Ekolu listed at $525K (MLS# 339878). The Ekolu is located just up the hill from the spectacular Wailea beaches, and wraps the Wailea Blue golf course. This unit is in good original condition, and is a great candidate for a full-blown renovation. The three most recent 2 bedroom sales at the property: $695K (Jan. ‘10), $715K (Dec. ‘09), $738K (July ‘09).
There are 11 2-bedrooms currently listed in the complex between $695K to 1.1M. Location is everything at this property—contact me and I’ll send you a site map.
There is also a potential short sale at the same property, a 1-bedroom unit listed at $629K (MLS #337451), that’s been on the market for 316 days.
One high-profile potential short sale, a 3 bed/2.5 bath unit at gated Papali.
The gem of the short sale candidates is unquestionably Unit 6 at Papali Wailea, the gated luxury residential development built at the end of 2008. Listed at $2,395,000, this 2,386 sf, 3 bed/3.5 bath (MLS# 338095) has never been occupied, and offers expansive views from nearly every room. It was originally sold at $3.24M, in April ‘08. Read entire post →
Posted by Ken Molina, RS on March 17th, 2010 |
Tags: Architecture, Hawaii, Kaanapali, Kahului, Kapalua, Kona, Life, Maui, News, Wailea
I love “Hawaiian Style” architecture so when Tobi & Matt let it be known that our office would be located at the old Maui Land & Pineapple headquarters, I was there…no questions asked.
An old Hawaii real estate legacy, Maui Land & Pineapple C0., makes room for new technology focused brokerage, Hawaii Life.
What an amazing space! The property consists of 4 “pods” with intersecting walkways. There is a conference room located in one of the pods with the largest conference table I’ve ever seen. Floor to ceiling windows and lots of natural light.
This building was a special location to me growing up. I lived about 4 blocks away. I remember that most of my friends in high school worked at the pineapple cannery during the summer.
Recently, I noticed that there was a building that looked very similar in design located in Wailea, where I walk with my dogs. So I picked up one of my favorite books, Under a Maui Roof, and began to do some research. Read entire post →
Posted by Ken Molina, RS on March 12th, 2010 |
Tags: Hawaii, Luxury, Maui, News, Wailea
Wall Street Journal (WSJ) lists Maui as #1 on the list of top 10 locations to purchase a second home.
WSJ singled out the South coast of Maui anchored by the resort area known as Wailea. Wailea, as it turns out, was one of the first master planned resort communities in the nation. WSJ says of Wailea, “(i)t’s a balanced blend of understated gated communities, luxury resort hotels, 3 excellent golf courses, a tennis center and of course, several crescent sandy beaches.”
For such a small island, we are ahead of the curve in so may ways. Read entire post →
Posted by Kevin Spaise, RS on March 5th, 2010 |
Tags: Hawaii, Hoolei, Kihei, Maui, Sales Stats, Short Sales, South Kihei, Wailea, Wailea Point
I always look at market statistics with a skeptical eye, and as a potential buyer so should you.
South Maui’s upper end surged in February. One of the 14 closings was a 3-bedroom at Wailea Point, at $2.9M.
For example, last year about this time, in the depths of our market correction, a front page story on the Maui News trumpeted a blockbuster month of condo sales. Technically, the story was accurate. But buried beneath the headline was the caveat: of the 109 closings in January 2009, 65 of them were new project sales units, Kaanapali’s Honua Kai. The real picture was a bit more bleak, with 44 resales sold for the month.
Fast forward to 2010, and we show a 30% year to date drop in condo sales for January. But the real picture is a 39% increase when you filter out the Honua Kai sales for both years. Read entire post →
OMG!! You would think people never saw food before.
Maui’s “healthiest’” real estate offerings →
Last week the national health food store chain Whole Foods Market opened in Central Maui, luckily right around the corner from our new Hawaii Life Real Estate Maui Office. I had the pleasure of visiting it the second day it opened and had to circle the parking lot 6 times before stalking someone for a space.
I’ve been to a Whole Foods before so I knew what to expect but for some local residents this was their first time experiencing this gourmet shopping venue. The prepared foods section was jammed packed and people were wandering around star struck at the vast selections of everything from organic wines to the Shrimp Thai Basil Noodle Bowl that is prepared fresh and hot before your eyes. It was exciting to see people eating things that were good for them and making a conscious effort to be kind to their bodies. I grabbed a quick Kale salad and tried to bolt but ran into about 15 friends as I was making my way to the door. Not only good food but apparently Maui’s new social gathering place as well. Read entire post →
Two units at the beach front Wailea Elua, listed at $1.4M and $1.59M, have gone into contract since January 1.
Often times a buyer will rely on most recent sales to judge the market, and you’re absolutely right in factoring that data into your timing. But sometimes my most experienced clients will overlook an equally important bit of data, one with more immediacy and possibly even importance — pending sales.
A pending sale is a property that is in contract, also known as in escrow. The buyer has been qualified as a worthy and willing purchaser, and the seller has agreed upon his offer. A lot can happen between beginning of escrow and closing, so pending sales is not the tell-all — but it is telling.
Since the first of the year, 229 Maui condos have gone into escrow — more than half of them vacation rental condos.
The vacation rental condo market drew a massive breath of air in January, which is a great indicator. Judging by what went into contract, we’re seeing increased activity from experienced buyers who have timed the market to buy. Remember, these are not residential condos, but second homes/vacation rentals.
Take South Maui, for example. Kihei and Wailea vacation rental condos sparked strong demand, particularly at quality properties.
Ten Wailea vacation condos went into escrow after January 1, including a 3/3 Hoolei listed at $1.75M and on market 251 days, and two units at the Wailea Elua (listed at $1.4 and $1.59, 241 and 220 DOM, respectively). Both are amazing properties–take a look at Hoolei (MLS 337849). Read entire post →
These are great times to be shopping for deals on full time residential Maui condominium properties, where prices are usually significantly less than comparable projects zoned for short-term (nightly/weekly) rental.
North Kihei’s Kai Makani – no short term rentals, but long on value at $389-500K (MLS# 338483)
Although these properties don’t offer the flexibility or return of condo-tel styled properties, they do permit full-time rental, and often reflect the pride of ownership associated with any high-percentage owner-occupant property.
Buyers working with target prices of as little as $150K now have a surprising array of options. Not all of them are at the larger north Kihei apartment-styled properties like Southpointe (MLS 336060) or Kihei Villages (MLS 341139), where REOs and short sales dominate activity. Read entire post →
Wailea Ekahi Oceanfront Pool Area
Wailea Ekahi on Keawakapu Beach is by far my favorite condominium complex on Maui.
One of the most redeeming qualities is its location on the sunny South Shore of Maui and within walking distance to all of the shopping, dining and entertainment that both Kihei and Wailea have to offer. Keawakapu Beach is my favorite beach with some of Maui’s most stately oceanfront estates located along its palm lined shores. The thing that is unique about Wailea Ekahi is that they thoughtfully placed their amenities right on the beachfront. While you are lounging at the pool or having a BBQ party in the pavilion you can watch the sunset, crashing waves and occasional whale breaching! Most complexes reserve the most obscure place to put their common areas but at Wailea Ekahi they reserved the prime oceanfront for all of its owners and guests to enjoy.
With 1, 2, and 3 bedroom floor plans available there are layouts and locations to fit everyone’s taste and budget. There are even several side by side units that have been remodeled and made into one wonderful space. If you are thinking of Vacation Renting then this is the place as their rental history is superb!
If you are condo hunting on Maui I encourage you to take a look at the gallery that I have created below for a complete list of properties available in Wailea Ekahi
Posted by Tobi Fisher, R(S) on January 11th, 2010 |
Tags: Makena, Maui, Sales Stats, Wailea
We were all relieved to see the Maui Real Estate Market take an upswing towards the later part of 2009. Things are looking promising as the Canadian dollar strengthens and prices adjust. Below are the December 2009 & 2009 Year End Maui Real Estate Statistics. Wailea and Makena Real Estate continue to lead the state in the luxury real estate market.
- December 2009 Sales Volume – Residential Sales posted a 17-month high with 90 sales and Condo Sales rose to 80 units. Land sales dropped to 9 lots.
- December’s Median sales prices – Homes rose to $477,000, Condos remained steady at $401,500. Land declined to $305,000.
- Days on Market for Residential homes = 154 DOM, Condos = 170 DOM, Land = 111 DOM.
2009 Year to Date
- Residential unit sales declined (-24%), average sold price = $713,946 (-14%), median price = $498,106 (-14%) and total dollar volume sold = $494,764,887 (-35%).
- Condo unit sales increased (4%), average sold price = $719,993 (-22%), median price = $450,000 (-18%). Total Condo dollar volume sold = $593,273,850 (-18%).
- Land (NOTE: Land Lot sales were so few that statistics are not necessarily a reliable factor) lot sales declined (-10%), average sold price = $1,111,387 (+12%), median price = $485,000 (-31%), Total dollar volume = $121,141,185 (+23%).
TOTAL SALES FOR 2009
- Residential = 693
- Condo = 824
- Land = 109
December 7, 2010 – Active/Pending/Contingent status inventory
- Homes 996
- Condos 1,495
- Land 522
Current Absorption Rate base on this month’s inventory divided by Dec. Sales is:
Residential = 11 months, Condo = 18.6 months, Land = 58 months.
View the complete list of year-end sales statistics for Maui
Whether you are looking to retire in Maui, buy your first home or pick up another income producing property, now is the time to get a deal!
There are incredible Maui foreclosure properties available right now. Interest rates are still at historical lows and lenders are beginning to loosen up on their qualifying criteria. From vacant land to oceanfront condos there is something for everyone. Take time to peruse our Maui Foreclosure Gallery for a complete list.
