Wailea Condo Market – Value Drives Maui Condo Sales to Low and High End

In my past few blog posts on Wailea condo properties, I’ve focused on deals in this high-end market. A great Realtor will find those deals for you—whether they’re foreclosure, short sales, or conventional sales with pricing where it needs to be to move the property.

Wailea’s Grand Champion—a rare foreclosure—went into escrow earlier this month, listed at $469,000. A 2-bedroom foreclosure there was recently listed at $439,000.

While Wailea has been mostly immune to foreclosure and short sale properties that are now proliferating the rest of the Maui market, there have been a few—some good deals, some not. In recent blogs, I suggested taking note of Grand Champions #86, a short sale property listed at $469,000—it went into escrow earlier this month.

I also noted Wailea Fairway Villas S-201 a sharp golf course, 2bed/2bath, listed at $499,000 (conventional sale), which went under contract a few weeks ago; Palms at Wailea #905, a bank-owned foreclosure 2bed/2bath with 1,194 sq. ft. of living on a very appealing residential property, also into escrow two weeks ago, listed at $592,900; and Hoolei 55-5, a 3bed/3.5bath with 2,426 square feet of living space at Wailea’s spectacular new villa property, which went into contract,  just days after I announced a price reduction of $200,000, to $2,295,000.

Neither the Ho’olei, nor the Wailea Fairway Villas unit were short sales, or bank owned. That’s why I discourage my prospective buyers from narrowing their scope to “foreclosure fever,” although I certainly look at them as a starting point on the road to purchase. More and more often, however, you can get equal, or better value from a conventional sale, with a lot less stress.

So what do I like right now?

Buying in Wailea at under $500,000 is always going to get my attention. I really like a brand new bank-owned foreclosure at the Grand Champions (MLS# 345497), a 2-bedroom listed at $439,000. In the under $500,000 range, I also like the Wailea Fairway Villas Unit X-202 (MLS# 337570), a short sale that is now down to $464,900.

Ho’olei unit 17-5, spectacular views, 2,400+ square feet, and privileges at The Grand Wailea.

Ho’olei features 3-bedroom, 3.5 bath, Fee Simple condominiums in the heart of Wailea, across from The Grand Wailea. All have expansive lanais.

On the upper end, there are three properties that steal the show in Wailea, in my opinion: Wailea Beach Villas, Ho’olei, and Wailea Point. Ho’olei 17-5, (MLS# 345155), is on the top of my list for value right now. It has size (2,426 sq. ft.), a spectacular ocean view, a gorgeous furnished interior, and intrinsic value with its relationship with The Grand Wailea. Owners get resort privileges at the Grand, even though Ho’olei has its own, very impressive pool area. Don’t bother looking for foreclosures, or short sales on this, or other higher end Wailea properties—the demand is too strong.

Ho’olei’s symbiotic relationship with The Grand Wailea also includes a rental relationship for Ho’olei owners, creating a true “lock and go” experience. The Grand has a great program that is set up to handle every detail for its owners, offsetting the purchase investment with rental income. It’s a great program, combining two superior brands, and creating the ultimate vacation experience for guests, and a sensible ownership program.

Stop by Hawaii Life’s desk at The Grand Wailea to talk real estate, or for a tour of Wailea’s newest luxury resort property, Ho’olei. Kevin Spaise, R(S), is at the desk Monday through Thursday. He is the author of The Maui Condo Book, the reference directory used by Maui’s top Realtors, Brokers, and real estate professionals.