Wailea’s wave of new luxuryÂ condos aren’t really condos at allâ€”they’re single family homes, some with garages and yards, with condo-styled amenities and reduced maintenance and upkeep worries.
They’re working as second Maui homes and primary residences for mainland buyers who want the convenience of gated condo ownership and the amenities, feel, and square footage of a home.
Hoolei, completed in 2008 and located across the street from the Grand Wailea and its fabulous beach, offers short term rentals and has a the distinct feel of a resort, with its elaborate pool and water features.
Hoolei is one of Wailea’s new breed of luxury condominiums that have the texture and tone of single family residences.
The spectacular Hoolei property, with its dramatic interior design, use of premium surfaces and materials, and open floor plans (2,400-3,100 sf.), has quickly become a favorite of high-end guests. Hoolei’s units are 3 bed/3.5 bath units with private elevators, attached garages, gourmet kitchens, oversized master suites, and floor to ceiling windows.
Oversized lanais are built for entertaining, with Sub-Zero fridges and oversized grilles.
Its pool area features a sandy beach, adjacent kids pool, waterfall and grotto. A state of the art fitness center includes Mens and Womens saunas and locker rooms. Owners have the option of booking units through the Grand program, and including the famed resort’s privileges. The freshest of the 15 Hoolei listings (MLS# 342245) listed at $2.75M.
Hoolei Recent sales and pendings:
- 3 sales in December ($2.02M, $2.1M, $2.1M)
- 1 sale in February ($1.75M)
- Four pending sales, listed at $2.15M, $2.695M, $2.1M, and $2.495M. The last three pendings went into contract in March.
A recent check on VRBO.com (Vacation Rentals by Owner) and area luxury rental agencies (MauiRentalGroup.com) found nightly rates ranging from $500 to $1,500 at Hoolei, with some units solidly booked. Some offered the coveted Grand Wailea privileges, including access to one of the island’s most spectacular pools.
The other three luxury Wailea residential-styled condo propertiesâ€”Kai Malu, Wailea Kanani, and Papali Waileaâ€”are geared to full and part-time residency, and don’t allow short term stays.
Kai Maluâ€”Wailea living at about $1M
A million dollars won’t open the gates of any of the Wailea single family subdivisions, but it will buy at least one of the 15 listings at Kai Malu (MLS# 340207), listed at $849,000. Others are listed at $1.1M to 1.5M.
Four units are listed at Kanani Wailea at $850K to 969K. The largest is this 2,369 sq. ft. 3 bed/2.5 bath listed in February (MLS# 341491) at $925,000.
Recent sales at Kai Malu:
- REO 3 bed/2.5 bath | 1,796 sf. | closed March 5 | $736,000
- 3 bed /2.5 bath |1,852 sf. | closed March 25 | $1,134,500
- 3 bed/2.5 bath | 1,796 sf. | closed February 12 | $1,390,000
Recent Escrow at Kanani Wailea:
- 3 bed/2.5 bath | 2,369 sf. | on market for over a year, went into escrow March 8 | listed at $939,000
Papali, located at the northern edge of Wailea next to the Wailea Palms and also completed in 2008,Â is a bit smaller (24 units) and more subdued.
Stylish Papaliâ€”one potential short sale, at $2.25M. Most recent sale closed in March, at $2.6M.
This gated Wailea enclave features a terraced site plan that affords ocean views and lush green surroundings to each of the homes, all 3-bedrooms with 2,386 sf. Nine units listed, $2.2M to 3.2M. Unit 6 is a potential short sale (MLS# 338095), reduced $1M from original listing price, to $2.250M.
Papali most recent sale:
- 3 bed | 2,386 sf. | closed March 30 | $2.6M
This article is the latest in a series identifying properties within a specific area and/or price range.Â Click here for my most recent blog in this series.
Kevin Spaise is the author of The Maui Condo Book (www.TheMauiCondoBook.com), the reference directory most often used by Maui Realtors, Brokers, Title and Escrow companies, and other professionals. He is one of Hawaii Life’s property professionals, and is a South Maui condo specialist. Call Kevin at (808) 344-0624 to talk condos, or email him at Kevin@HawaiiLife.com.