Hawaii Real Estate Blog

Since its introduction in the late 1970's, Wailea Elua has been one of the stable micro-markets within the overall Wailea real estate market and South Maui region as a whole. The property consists of 148 units yet in the past 22 years, there have only been 134 sales (some units sold multiple times), with many owners holding on to their properties as a legacy for their family.

With pent up demand and measurably low inventory, there has been upwards pressure on values over the past few years. Let's start by looking at the recent market (trailing 12 months) versus current inventory. As location within the property holds a significant impact on valuation, review the map below so that there can be pertinent context.

Wailea Elua 2020 Sales

The first thing that becomes apparent is that…

Since its introduction, Hoolei has held a very strong presence in the Wailea real estate market due to its unique value proposition: two-level large floor plans (2,500+ approx. square feet), luxurious finishes, big ocean view corridors (unit dependent), superb-craftsmanship, attached garages, private elevator inside each unit, central location in the heart of Wailea, a resort-style pool and entertainment area, to name but a few features. 

With expertise in the Maui luxury condo market, our team keeps a watchful eye on Hoolei. So let's start by taking a bird's eye view of how values at Hoolei have fared since the first sale to the most recent (203 total sales to date, as of the date of this post being published).

Hoolei Sales Chart 2020

The first few sales that took place in 2007…

Today's question comes from one of our new Honua Kai clients. Have questions? Contact Us.



Question: I have been following the Honua Kai market for a while now, I see that the two-bedroom condos at Honua Kai are not coming on the market as often as they used to, why is that? How has their appreciation been over the past years? I see some statistics but they are about the last 2 years, I want to see some historical context. Thanks in advance. 

In the past year, there has been an influx of interest in Honua Kai condominiums, with a particular spike in the 2 bedroom niche which could be attributed to lack of inventory. This is arguably THE most diverse micro-market at Honua Kai as units can vary from mountain-view lower-floor units with limited views facing…

Hawaii Luxury Home

It's time for our monthly breakdown of how the Hawaii Real Estate market is performing, with the understanding that in such a diverse State, micro-market conditions can differ significantly even within the same district.  Now let's take a look.

SINGLE FAMILY RESIDENCES

Maui - The month of September saw a significant increase in the Single Family market, with an increase of 47% from 80 sold in September last year to 118 this year, while the median sales price saw a very moderate decrease of 4.6% to $719,718. Year to date sales are relatively stable at 844, compared to 880 a year ago but it's important to note that current inventory is down 13% over a year ago - 441 vs. 507.

Oahu - July saw the record for Oahu single-family homes at $835K median sales…

Hawaii Luxury Home

Hawaii has always been a haven for the world's most affluent, with year-round picture perfect weather, some of the most acclaimed amenities anywhere, an inviting culture of Aloha, and a natural environment as diverse as its people - from top-rated beaches, to tropical mountains and everything in between. As such, it's no surprise that luminaries from technology, finance, business, entertainment and more call Hawaii their second home. 

Although the 2019 Hawaii luxury market ($10M+) is on a slow down, Hawaii offers among the most luxurious and unique properties anywhere. It is important to note that each island offers something incredibly different - from Oahu's urban oasis in the Pacific, to Kauai's quiet, undeveloped tropical heaven, to Big Island's stark…

4508 makena
Our featured listing, 4508 Makena Road on Maui.

The Hawaii Luxury Real Estate market has had a bit of an 'off' year thus far in 2019 when compared to the previous year, which included the record-breaking $46M+ sale on the North Shore of Kauai and several over $20M on each island. 

UPDATE:  Our post was originally posted on 09/28. Updating on 09/30 to reflect the sale of a 10K square foot home in Kukio for $15.99M, which closed earlier last week.

Correction:  The record sale year to date in the State is the Kaupulehu 7-bedroom estate in Kukuio for $15.99M. Previously, the high mark belonged to the sale of 766 Mokulua Drive in Kailua which closed for $14.8M, slightly edging the sale of the a home in Hualalai Resort for $14.75M and a Makena home, 7555 Makena…

Kihei luxury home 1104 Kahaapo

Question: I hear the high-end sector is not doing very well in Hawaii. I have a home in Kihei and I fear that now would be terrible time to sell. Is that true?

Answer: Much is being said that the real estate market nationwide is on a downturn and lack of inventory continues to frustrate prospective Buyers. However, local real estate trends can be significantly different than general trends, hence it's always best to look at a granular level to see how the micro-market is acting. So with that, let's discuss:

Single-Family Homes - The term 'high-end' can have various definitions, particularly in a market like Maui where homes can go north of $20M but which are few and far between. As such, for the sake of this analysis, we are looking at $1M as the marker for…

Question: We own a condo in Kakaako and we're interested in selling. We've been told that when we sell, we'll have to disclose everything we know about the property, even if it might kill the deal. Why do we have to 'disclose' if it's not in my best interest?


Hawaii Real Estate Disclosure by Seller
Disclosure Statement image above by Nick Youngson CC BY-SA 3.0 Alpha Stock Images

Great question, Mark, thank you for asking. To start, please keep in mind that this is not legal advice, this is for informational purposes only and you are highly encouraged to speak to an attorney well-versed with Hawaii real estate. In Hawaii, Hawaii Revised Statute Chapter 508D details the legal responsibility of a Seller to disclosure 'material facts' to the Buyer during the course of due diligence, as agreed upon in…

Makena Luxury Home

With multiple islands, each diverse in micro-markets acting independently of each other yet with in some ways in harmony, the Hawaii Real Estate market is among the most simple yet complex in the country. 

So with that, let's take a look at the market is doing across the four major markets, broken down by category. 

SINGLE FAMILY RESIDENCES

Maui - Single-Family Residences on Maui saw marked improvements, broken down by type - Single Family: median $837,500 (+20%), based on 78 sales (-20%) ;   Single Family with Attached Ohana: median $927,500 (+18%), based on 2 closed sales ; Single Family with Detached Ohana: $837,500 (-11%), with 18 sales closed (+125%).
Oahu - The record set last month for Oahu with the $835K median sales price remains safe, as the…

Wailea Kialoa Home

As 2019 quickly moves through the calendar and over half the year is in the books, we think it's a pertinent time to take a look at the Wailea real estate market for a recap of the current position of the market relative to the rest of the Maui market and in a more micro-market level as to how it is performing relative to previous years.

Let's start by looking at how the Wailea market is performing in comparison to all of Maui - keep in mind, we compile our data based on the resort of Wailea only, whereas most others combine Wailea/Makena into one 'area' which skews statistics. Please note that the chart below details year-to-date information. For single-family homes, we can see that there was big increase in median sales price from 2017 to 2018 and that…