Makena Beach Luxury Property Explodes

Makena Beach high-end homes and condos show explosive sales activity.

400% increase in Single Family Home sales from ’09 to ’10. That’s rather impressive, don’t you think?

I searched back to the first part of 2009 to see how the sales activity in the Makena luxury home and condominium market compared to the same time this year.

2010 Makena Beach Home Sales

I was surprised to find a total of four homes that sold in 2010. Two homes with list prices in excess of $22 million closed in the months of April and May. Two other homes listed in the $8 million range also closed earlier in the year. By comparison to no sales in any range the same time in ’09.

This 5,182 square foot home on 1.65 acres with 440 feet of shore front closed in April for $19,850,000.

• 4557 Keoneoio-Makena Road, Listed at $7,999,000, Sold for $6,500,000
• 5500 Makena Road, Listed at $9,200,000, Sold for $6,186,000
• 4544 Makena Road, Listed at $22,950,000, Sold for $17,500,000
• 4472 Makena Road, Listed at $27,500,000, Sold for $19,850,000

2010 Makena Beach Condos Sales

In the condominium market, there have been 4 sales so far this year as compared to one sale during the same time in ’09. The most expensive listing that sold was originally listed at just under $4.4 mil, reduced to $3.375 mil and sold for that amount.

This 1,640 square foot unit with an additional 720 square feet of patio at the Makena Surf closed in May for $3,375,000

• Na Hale O Makena, E-310, Listed at $1,985,000, Sold for $1,875,000
• Na Hale O Makena, F-301, Listed at $2,299,900, Sold for $2,050,000
• Makena Surf, F-103, Listed at $2,700,000, Sold for $2,475,000
• Makena Surf, E-301 Listed at $3,375,000, Sold for $3,375,000

Note: Homes were on the market for a longer time than condos—445 days on the market for homes and 234 days for condos.

Conclusion

So, what does this recent sales activity in the Maui luxury real estate market tell me?

1. The Makena market is strong and desirable. Desirable areas pull out of sales slumps sooner than not so desirable areas.
2. The economy is perceived by some as being better than it was a year ago.
3. People may be fleeing the tumults of the stock market.
4. Real estate may have its ups and downs, but in the long run the trend has always been on the increase.

So, if you were ever on the fence about that second home, now is the time to buy before all the prime properties are gone.

There are currently 11 homes & 11 condos listed for sale in the Makena area. Please visit my Luxury Home Gallery or Luxury Condominium Home Gallery to see what is available for sale.

For information on these or other resort areas on Maui, don’t hesitate to contact me at ken@hawaiilife.com or 808.344.6421.