Wailea Condo Sales Double from 2009 Levels

I did a blog a while back about the 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.  Wailea Beach Villas

Who knew that the strip of land between the beach and the Shops at Wailea would be worth so much!

• A-201  List price $12,500,000  Sold price  $12,500,000  3 br 3.5 ba  2863 sqft
• D-302  List price $7,000,000  Sold price  $6,800,000  3 br 3.5 ba  2916 sqft
• PH-401  List price  $4,000,000  Sold price  $4,000,000  3 br 3.5 ba  2180 sqft
• C-201  List price  4,200,000  Sold price  $3,725,000  3 br 3.5 ba  2879 sqft

2.  Wailea Point I II III

The Wailea Point complex has always been a solid investment.

• #402  List price  $9,999,999  Sold price  $9,999,999  2 br 4.5 ba  3812 sqft
• #2601  List price  $5,500,000  Sold price  $3,700,000  3 br 4 ba  2917 sqft
• #2702  List price  $3,750,000  Sold price  $2,900,000  3 br 3 ba  2394 sqft

Here is the breakdown of sales price in both years.

2009           2010

10 units            37 units        Sales price up to $1 mil

10 units            10 units        Sales price from $1 mil to $2 mil

5 units               11 units        Sales price from $2 mil to $3 mil

4 units               6 units         ’09 sales price from $3 mil to 3.3 mil  “10 sales price from $3 mil to $12.5 mil

So what does this data tell me?  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.

Aloha.