Overview of Palms at Wailea
Built in 1990, The Palms at Wailea spans nearly 17 acres with 152 units housed in 23 two-story Mediterranean-style buildings. Each building features stucco exteriors and red barrel tile roofs. Surrounded by lush gardens and over 345 palm trees, some units offer ocean views that look over Keawekapu Beach to South Maui sunsets. The Palms at Wailea are a great option for buyers looking to get their feet wet in Wailea condominium real estate.
Unit Configurations
The Palms at Wailea has 152 units ranging from 1 bed and two baths to two beds and two baths, with units ranging from 1,022 to 1,299 square feet. Most units include roomy lanais, which residents and guests use as usable outside areas with barbecues. Residents of this complex get exclusive access to the pool, fitness space, and many other facilities.
The floor plan below is not to scale or guaranteed. Individual owner modifications may result in differences. For unit-specific confirmation, please feel free to reach out.
What We Love
The Palms have a spacious and resort-style feel. The large pool and open green space make it a great home base while on the island. The location between South Kihei and Wailea is invaluable; you’re within a one-minute car ride to both Kihei and Wailea amenities.
What We Could Do Without
The units at The Palms can be a little diced up. Most units have sunken living rooms and can feel a little closed off.
Onsite Amenities
- BBQ Area
- Swimming Pool
- Spa
- Recreation Area
- Club House
- Onsite Security
Nearby Amenities
Some of the most well-known Maui golf courses are only around the corner. If shopping is your favorite pastime, The Shops at Wailea offers extensive options. Not to mention the proximity to some of the world’s most magnificent beaches (Big Beach, Little Beach, and Keawakapu Beach).
Palms at Wailea Sales Statistics
Please feel free to reach out directly for active listings, pending sales, or any other data.
The report below is real-time data sourced from the Realtors Association of Maui. The statistics include Palms at Wailea’s average sales price and average price per square foot. These graphs will update automatically with the most recent data. Feel free to reach out for specific sales data or current price opinions.
1 Bedroom
2 Bedroom
Association Information
For the latest HOA fees (maintenance fees) and information, please call or email me.
Click here for the Association information.
Primary Uses
Short-Term Vacation Rental
Maui vacation rental demand has consistently performed well throughout the years due to the desirability of being in a tropical setting yet still within the United States. During the peak winter season, Maui’s population can shift from the baseline resident population of 165K or so to over 300K people.
Historically, the typical vacation rental condo averages 75-80% occupancy; we have some clients and property managers that consistently keep their units 90%+ booked. High-end units may see lower occupancy than mid to low-end vacation rental units.
As a guide for our clients, we apply the 10% rule to help them identify properties with a gross annual income of 10%+ than their acquisition cost. An example would be a $1M property grossing $100k or more yearly. The net income to the seller would be based on how they operate the unit and the work they’re willing to do. Self-managed units net the highest income but also require the most work. Front desk management usually has the lowest income but less involvement and flexibility. Independent property managers are often the happy medium between excellent service and solid revenue. Please reach out if you’d like a proforma or rental projection for a particular unit. We’d love to help.
Long-Term Rental
Long-term rentals are considered six months or longer here in Maui. You avoid some operations costs such as cleaning, higher management fees, and higher tax rates; however, you are likely to get more income running your unit as a short-term vacation rental. Long-term rentals also offer you less flexibility for owner stays.
Second Home
If your goal is not to maximize your ROI but to simply use the unit as you please, you can do so. You would pay the highest and best use for real property tax, but you would not be subject to the TAT and GET taxes (see below) associated with income-producing short-term units.
Owner Occupant
If Maui is where you want to call home, the owner-occupant is the one for you. If you spend 270 days out of the year on Maui and your unit is your primary residence, then you can apply for the Owner Occupant exemption (frequently asked questions)
South Maui Map
Zoning
The zoning for Palms at Wailea is A-1. As per Maui County Rules, long-term and vacation rentals are allowed.
Taxes
Taxes to consider when owning at the Palms at Wailea:
- Transient Accommodations Tax
- General Excise Tax
- Real Property Tax This rate will change depending on your use. You may fall under short-term vacation rental, long-term rental, or the base zoning if your unit is an empty second home or owner-occupied. Resident owner occupants that spend 270 days or more here a year also receives the home exemption tax break.
Weather
Helpful Weather Resources:
Why Tim Stice?
I love what I do and I’m here to offer my clients outstanding service. My team and I have seen almost every scenario imaginable (at least, we’d like to think). Through solution-based problem-solving, transparent communication, and unrivaled market knowledge, we have successfully navigated over a half billion in closed transactions. We care about our clients and are eager to earn the title of your real estate representative.
Give me a call or shoot me an email.
Tim Stice | 808.268.8511 | timstice@hawaiilife.com
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