Ho’olei Condo Price Reduction ($200K) Brings Pool View Unit Into Sharper Focus

Ho’olei features a resort atmosphere, with a grotto-styled pool and 19-foot waterfall, with floor plans ranging from 2400-3100 feet. An affiliation with The Grand Wailea adds even more value.

Because I represent Ho’olei at our satellite office at The Grand Wailea, across the street from the new gated luxury resort property,  I’m often asked my opinion on the best deals at the property.

Seventeen properties are currently listed.  Until last week, the first unit I usually mentioned was 112-6 (MLS# 343298). It has everything that hits my personal hot button: a top row location (of four that climb the hillside); a dramatic ocean view from its second story main living area, kitchen, and lanai; and my preferred floor plan—the largest, Hibiscus, at 3076 square feet.

The unit’s decor is tasteful and fits its space nicely. The lanai is totally set up with Wolf Grille and fridge, and aside from neighboring Wailea Beach Villas ($3.5-5.4M) and Wailea Point ($3.8-4.1), nothing in Ho’olei’s square foot range delivers a more impressive view plane.

The value is kicked into another gear with the Kulana Club Membership (free for a year with the five Developer Units listed, and often negotiated into the deal with resale units, 11 of which are listed.) Privileges include use of the whole of the Grand Wailea’s water works and pool area, as well as access to Wailea Beach. It also includes limited Spa privileges, discounts on property, and other perks.

Essentially, the association with The Grand delivers the ultimate resort experience, combined with ownership of what feel very much like single family homes with their individual garages and square footage.

The affiliation with The Grand also simplifies the matter of offsetting the cost of the unit with rental income. An owner can become as involved or non-involved in the rentals as he likes, and The Grand Program is an all-encompassing option that quells the hassles and concerns normally associated with vacation rentals. The exceptional standards set by this program, the most comprehensive I’ve ever seen, creates a true “lock-and-go” experience for its owners.

But back to the issue at hand—my response to that inevitable question at my showings, which I arrange from my desk at The Grand: what’s the best deal at Ho’olei?

With its $200,000 price reduction, unit 93-6 (MLS# 344592) offering a view of the resort’s pool has moved right into the radar. It’s in the third row, just below 116-6. At $2,295,000, it’s now the lowest priced Hibiscus on property, developer units and otherwise. Everything else in its row is $2.7 to $3.1. I still prefer the view from 112-6, and still like the unit. I just don’t like it $450,000 more.

With a fresh $200,000 price reduction, Ho’olei 93-6, an end unit with the largest floor plan, is now a front-runner among the best-priced units at the property, at $2,295,000.

Just a little perspective: a very comparable unit, in the same row and just next door, also with primarily a pool view, sold at $3,125,000 two years ago this month.

The least expensive Ho’olei unit is a third-row unit (2426 sf) at $1.875M.

2010 Ho’olei sales snapshot: 8 closed sales, $1,750,000 to $2,500,000.

To view: Call or see Kevin Spaise at The Grand Wailea next to the front desk, Tuesday through Thursday, 10 AM to 4 PM. Call to arrange private showing at one of four furnished Developer Units, and resale units that strike your interest.