Wailea Condominium Short Sales & REOs

Maui’s luxury community of Wailea has been resilient, but not immune to the REO and short sale market.

South Maui’s luxury community of Wailea, which currently has the distinction of the highest priced condo listing on the island (MLS# 339893), has proven resilient in challenging times, but it’s not immune to the occasional distress sale. You won’t find any REO (bank owned) or short sale movement at Wailea Point (although the highest priced condo listing was recently reduced $700K), but there are a few buying opportunities at these blue chip condominium properties.

There is currently one REO, a 2 bed/2 bath at the Wailea Ekolu listed at $525K (MLS# 339878). The Ekolu is located just up the hill from the spectacular Wailea beaches, and wraps the Wailea Blue golf course. This unit  is in good original condition, and is a great candidate for a full-blown renovation. The three most recent 2 bedroom sales at the property: $695K (Jan. ’10), $715K (Dec. ’09), $738K (July ’09).

There are 11 2-bedrooms currently listed in the complex between $695K to 1.1M. Location is everything at this property—contact me and I’ll send you a site map.

There is also a potential short sale at the same property, a 1-bedroom unit listed  at $629K (MLS #337451), that’s been on the market for 316 days.

One high-profile potential short sale, a 3 bed/2.5 bath unit at gated Papali.

The gem of the short sale candidates is unquestionably Unit 6 at Papali Wailea, the gated luxury residential development built at the end of 2008. Listed at $2,395,000, this 2,386 sf, 3 bed/3.5 bath (MLS# 338095) has never been occupied, and offers expansive views from nearly every room. It was originally sold at $3.24M, in April ’08.

There are eight additional units listed at Papali, from $2.6M to $3.3M.

Kanani Wailea potential short sale.

Another of Wailea’s newly-built condominium properties tailored to single family residential lifestyle, Kanani Wailea also has one potential short sale listing. Once untouchable at under a million, this development features detached two-story residences with garages, and premium level surfaces and amenities. Unit 4 (MLS# 324957), a 4 bed/2.5 bath with 2,369 sf, is now listed at $799K,  just over half its original list price of $1.5M. Three additional listings range from $850K to 969K. The last sale was a 4 bed/4.5 bath at $850K, in September 2009.

Wailea Fairway Villas, a nicely secluded property in upper Wailea that overlooks Wailea’s Gold course and features ocean views, has a 2 bed/2 bath short sale listed at $555K (MLS# 337570). Fifteen units are listed here, from $390K to $1.175M.

There are 21 active listings at the Wailea Ekahi, located ocean front on one of Maui’s best beaches (Keawakapu Beach), with one short sale (MLS# 341252) at $499K. Additional 1-bedroom listings there range from $550K to $1.3M. One-bedroom sales over the past year range from $575K to $1.03M.

Wailea’s entry-level Grand Champions, which boasts the Wailea Tennis Club as a neighbor, has one short sale in its five 1-bedroom listings (MLS# 341309), a 1 bed/2 bath at $499,000. Additional listings range from $530K to 650K, with recent distress sales recorded at $380K to 475K.

Kevin Spaise is one of Hawaii Life’s property specialists, and the Author/Publisher of The Maui Condo Book (www.TheMauiCondoBook.com). The Maui Condo Book is the reference directory used by most Maui real estate brokers, agents, and title/escrow professionals. Talk Maui real estate with Kevin via phone (808.344-0624) or email (Kevin@HawaiiLife.com).