Overview of Wailea Ekolu
Wailea Ekolu Village is a vacation rental condominium located in Wailea, Maui, Hawaii. It is the third village built in Wailea Resort, hence its name, which means “three” in Hawaiian. Wailea Ekolu Village is an excellent choice for home buyers and investors looking for a luxurious and spacious condo in a prime location in Wailea. It is a privately owned 148-unit residential-resort condominium set on 18 landscaped acres next to the Wailea Blue Golf Course at the base of Haleakala. There are several pristine nearby beaches like Wailea Beach, Ulua Beach, and Mokapu Beach, as well as magnificent views of the Pacific Ocean and Kahoolawe Island.
The Wailea area is known for its generally sunny and warm climate, making it an attractive destination for golf enthusiasts, shoppers, and beach lovers year-round.
Unit Configurations
In Wailea Ekolu, there are 40 units with one bedroom and two baths, with a living area of 866 square feet; 88 units with two bedrooms and two baths, ranging from 1,071 to 1,260 square feet; and 20 units with two bedrooms and two and a half baths, at 1,489 square feet.
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
Wailea Ekolu is set away from the hustle and bustle of central Wailea. The grounds are much larger than nearby condominium complexes leaving you with a feeling of space and privacy. Setting up above “downtown” Wailea, you have larger views than other resorts in the area.
What We Could Do Without
Wailea Ekolu is a walk-up community, so making the trek to second-story units with your luggage and provisions may not be ideal. Additionally, the privacy and views of Wailea Ekolu come at a cost, the project is just far enough from the beach and off-site amenities that you would likely need to drive.
Onsite Amenities
- 2 Pools
- BBQ Areas
- Covered Pavilion with Kitchen
- Stocked Library
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).
Wailea Ekolu Sales Statistics
Please feel free to reach out directly for active listings, pending sales, specific sales data, current price opinions, or any other data.
The report below is real-time data sourced from the Realtors Association of Maui. The statistics include Wailea Ekolu’s average sales price and average price per square foot. These graphs will update automatically with the most recent data.
1 Bedroom
2 Bedroom
Association Information
For up-to-date information on Homeowner Association (HOA) fees and related matters, don’t hesitate to reach out via call or email. (This information is prone to regular updates and changes.)
Here are the Association rules and 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 less flexibility for owner stays.
Second Home
If your goal is not to maximize your ROI and 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 Wailea Ekolu Village is A-1. As per Maui County Rules, both long-term and vacation rentals are allowed.
Taxes
Taxes to consider when owning at Wailea Ekolu:
- 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
Leave your opinion here. Please be nice. Your Email address will be kept private, this form is secure and we never spam you.