Wailea represents value to the core, and the Elua Village is one of its landmark properties. A beachfront 2-bedroom was just listed at $3,850,000
Wailea is largely immune to the ills that have befallen much of the resort real estate market throughout the world. Sure, prices have fallen, like everywhere, but consider thisâ€”of 139 condos currently listed in this incredible South Maui beach resort area, only two are foreclosures. There are a handful of short sale possibilities, but take away those listed at Kai Malu, and the number dwindles to five.
Compare this to neighboring Kihei, where nearly all of my business lately has been in short sales or bank-owned propertyâ€”or at least the hunt has started that way. Of 308 condo listings in Kihei, 40 are potential short sales, and 13 bank-owned foreclosures.
Resilience to market trends is a benchmark of quality real estate. Despite the absence of foreclosure opportunities here, the lone listing that I feel warrants attention is a residential-styled 4-bed/3-bath condo at gated Wailea Kanani, listed at $616,900, or $250K less than the next lowest priced unit there (MLS# 344108). Inventory is turning because sellers are pricing their listings properly.
We have had five new escrows open in the last three weeksâ€”two at Kai Malu (inventory is starting to filter out there), listed at $799,000 and $1,025,000; two at the Palms at Wailea (both 2-bedrooms, listed at $668,000 and $735,000); and a 2-bedroom at the oceanfront Elua, listed at $1,599,000.
Ho’olei features three floor plans between 2,400 and 3,100 square feet, all 3/3.5’s with private elevators, garages, and massive ocean views. They’re priced between $1.875 and $3.1M
We’ve also seen 12 new listings come on in the last three weeks. I’m most excited about Ho’oleiÂ Unit 17-1 (MLS# 345964), a 3/3.5 with 3,076 square feet under roof (it’s a Hibiscus, the largest floor plan). Listed at $2,649,000, it’s the lowest priced Hibiscus view unit on the south end of the property.
Like most of the offerings here, this unit includes owner privileges at The Grand Wailea resort, including use of their spectacular array of pools. Every Ho’olei unit has its own garage and private elevator. This one also features an incredible ocean view.
Another notable new listing is Elua 1904 (MLS# 345946), a 2-bedroom that is nearly close enough to the sand of Elua Beach to feel the spray, listed at $3.85 Million. It’s one of three listings at this fabulous beachfront property, oceanfront neighbor to the Four Seasons. The others are also 2-bedrooms, listed at $1,640,000 and $1,788,000. The pricing reflects the relative views.
Note: For more insight on Wailea condos and homes, visit Kevin Spaise at his Real Estate desk at The Grand Wailea, or call him at (808) 344-0624. Kevin is the author of The Maui Condo Book (www.TheMauiCondoBook.com), the reference directory used by most Maui Realtors, Brokers, Title/Escrow officers, and real estate investors.