I did a blog a while back about theÂ Explosive Sales in the Makena Beach area. After reviewing the sales figures from the first half of 2010, it seems that Wailea is doing equally well. The figures that I will be using are from January 1 – June 30 of both 2009 and 2010. These figures were based on sales reported to our local Multiple Listing Service. With that aside, there were some impressive sales prices.
Sales at the Wailea Beach Vistas prove that stable areas like Makena and Wailea are safe bets for investors.
We saw 29 closed transactions in the first half of ’09, ranging in price from $310,000 to $3,300,000. There were 64 closed transactions in the first half of ’10, ranging in price from $379,000 to $12,500,000. Yes, folks, let me remind you that we are talking condominiums here. Single family homes are king in Makena, but in Wailea….the condo is king!
The buildings that are commanding the highest sales prices are:
1.Â Wailea Beach Villas
Who knew that the strip of land between the beach and the Shops at Wailea would be worth so much!
- A-201Â List price $12,500,000Â Sold priceÂ $12,500,000Â 3 br 3.5 baÂ 2863 sqft
- D-302Â List price $7,000,000Â Sold priceÂ $6,800,000Â 3 br 3.5 baÂ 2916 sqft
- PH-401Â List priceÂ $4,000,000Â Sold priceÂ $4,000,000Â 3 br 3.5 baÂ 2180 sqft
- C-201Â List priceÂ 4,200,000Â Sold priceÂ $3,725,000Â 3 br 3.5 baÂ 2879 sqft
2.Â Wailea Point I II III
The Wailea Point complex has always been a solid investment.
- #402Â List priceÂ $9,999,999Â Sold priceÂ $9,999,999Â 2 br 4.5 baÂ 3812 sqft
- #2601Â List priceÂ $5,500,000Â Sold priceÂ $3,700,000Â 3 br 4 baÂ 2917 sqft
- #2702Â List priceÂ $3,750,000Â Sold priceÂ $2,900,000Â 3 br 3 baÂ 2394 sqft
Here is the breakdown of sales price in both years.
2009 Â Â Â Â Â 2010
10 unitsÂ Â Â Â Â Â Â Â Â Â Â 37 unitsÂ Â Â Â Â Â Â Sales price up to $1 mil
10 unitsÂ Â Â Â Â Â Â Â Â Â Â 10 unitsÂ Â Â Â Â Â Â Sales price from $1 mil to $2 mil
5 unitsÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 11 unitsÂ Â Â Â Â Â Â Sales price from $2 mil to $3 mil
4 unitsÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 6 unitsÂ Â Â Â Â Â Â Â ’09 sales price from $3 mil to 3.3 milÂ “10 sales price from $3 mil to $12.5 mil
So what does this data tell me?Â First, that entry level into Wailea is hot, hot, hot. Second, the luxury end buyers were never really gone, but they are now willing to pay more and they are willing to part with their cash and invest in real estate. So, when you see investors paying top dollar for real estate, you know the market that they are buying in is stable. In conclusion, established areas like Wailea and Makena are sure bets.
If you are interested in learning more about these markets, don’t hesitate to contact me.