Of course it was a slow November in Wailea and Makena. Nobody expected anything different during the election month and with the current worldwide fiasco in the economy. Though prices for prime properties and locations are holding strong, we have seen almost two dozen price reductions for Wailea and Makena Real Estate during this past month.
No home sale has been posted and there are still the same two Escrows: the big beachfront home on Keawakapu Beach and the oceanfront home in Makena next to Secret Beach. There are now 48 homes listed versa 45 by the end of October. Seven of these listings are new for November.
Like the begining of the month, there are just over 50 Vacant Land listings in the area. The one-acre lot in Maluhia at Wailea has been cancelled this month. Lot #24 in Wailea Golf Vistas got relisted with another company. The price is now $1,895M. There is no Escrow and no closing has been posted in November.
Three Wailea Condos sold this month. Hoolei at Wailea posted an original sale with the developer. Wailea Elua finally closed on unit #2201. As reported here earlier, Wailea Beach Villas Penthouse #204 sold for $2M even. Combining cancellations and new listings, there are about two dozen more listings on the market then at the end of last month. With a total of 181 Wailea and Makena Condos listed, we are at the number that is usual for the beginning of the season.
The above photo of Wailea Point was taken from the south just a few days ago. The complex added three new listings, but unit #604 simply changed listing agents. Opportunity is knocking in Hoolei at Wailea: Currently there are 27 listings, almost 25% out of the total 120 units in the complex. Some of those are still posted with the developer. Similar ‘deals’ can be made in Kai Malu at Wailea. There are 22 listings available with 150 units in the complex.
It has been years since Wailea and Makena had so much valuable Real Estate to choose from. There are amazing opportunities at almost every price point. If you are not contacting me directly, do yourself a favor and at least contact your Maui Real Estate Agent. It’s a great time to buy and you can thank me later.