Is Buying Real Estate in Wailea Becoming Affordable?

When was the last time that you saw Wailea and affordable in the same sentence? It also depends on what your definition of affordable is.

I say it’s affordable based on this recent closing on December 1, 2010. Located at the Wailea Ekahi III, Unit 43C was originally listed in February of 2010 at $550,000, then reduced to $450,000, and just closed escrow at $300,000. Someone got an amazing deal! What’s more peculiar is that it wasn’t a REO or a short sale. The unit is a 1 bedroom, 1 bathroom at 792 square feet.

With a comp like that, why not take a stab at either of these 2 listings in the same complex?

Wailea Ekahi III (MLS# 344324), Unit 52D is the same square footage (792 square feet, 1 bed/1 bath), and is a bank owned property. It was originally listed in July at $404,900 and has been reduced to $374,500.

Wailea Ekahi III (MLS# 344580), Unit 52A is slightly larger at 796 square feet and is also a bank owned property. This unit was originally listed for $449,500 in August and has been reduced to $419,500.

In a neighboring complex, Grand Champions, prices have been coming down as well. This complex sits amidst the Wailea Old Blue Golf Course, and is minutes from the beach.

A 908 square foot 1 bed/2 bath unit, #86, just closed escrow last week at $405,000. It was a short sale and originally listed in September for $469,000. This short sale actually closed in 77 days!

The only other unit in the complex, in that price range, is currently in escrow. It appears to be an even better deal. (MLS# 345497) Grand Champions #139 is a 2 bedroom, 2 bathroom unit at 1,056 square feet…and sold fully furnished. That is one complex to keep your eye on!

There is another complex of interest, Wailea Fairway Villas. This complex is also located amongst the Wailea Old Blue Golf Course with wonderful green and ocean views.

Wailea Fairway Villas (MLS# 337570), Unit X-202 is a 2 bedroom, 2 bathroom unit within 949 square feet. This is a short sale listing and was originally listed in May of 2009 at $625,000, and is currently listed at $464,900.

These current prices are very comparable to South Kihei prices so if you’ve ever dreamed about owning a property in Wailea, but thought you never could, well think again! You just need to follow the market closely, be persistent, and have a good agent…oh yeah, that would be me!

Contact me for all your real estate needs.

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