For those who have been watching the evolution of the former Renaissance Hotel into the new luxury Andaz Maui at Wailea, it comes as no surprise that the luxury hotel has been named among the world's best. Travel + Leisure Magazine named the new entry to the Wailea resort to its 2014 'It List', which features the best new hotels in the world - from Lima, Peru, to Iceland, and everything in between.

Since its debut in the fall of 2013, the Andaz Maui at Wailea has been thrilling guests with its ever-so-natural approach to modern luxury resort living while maintaining a symbiotic relationship to the local environment - and let's face it, Maui has one of the world's most amazing settings. With a farm-to-table concept of culinary mastery, guest

As we have been noting on previous market reports, the Maui real estate market is experiencing continuing valuation increases across virtually all micro-markets. And in keeping a diligent eye on the South Maui luxury real estate market, there is a sale that bears closer examination.

Mana Kai 309 sold for $1.2M on February 13 after a comparatively short escrow, indicative of a motivated buyer anxious to close the deal. Although at first glance it may not seem as noteworthy, it is reflective of micro-market that is gaining sustainable momentum. Mana Kai is a beachfront property on the world-famous Keawakapu Beach and is an iconic condominium in its own right. Although values saw a dip during the recession, recent trends point to a healthy niche. In

As 2013 came to an end, one can easily see that not only it was a great year for the Maui real estate market as a whole, but that certain micro-niches such as Honua Kai saw a more activity and higher-than-average increases in values. Let us examine the infograph below to easily assess some of the most significant shifts within the resort.

As can be seen above, sales activity remained strong, but what led to such a drastic change in sales volume (69% increase over the previous year) is the type of units that sold. In 2012, the bulk of all sales were 1 bedroom units, whereas 2013 saw a very balanced absorption of all inventory among the different sizes and value propositions. With more sales of 2 bedroom units in 2013 than of 1 bedroom units, what is

As a whole, 2013 proved to be a marked shift in the Maui real estate market, with some micro-markets such as Honua Kai enjoying particularly strong sales activity and valuation growth. We will be posting an in-depth analysis of 2013 for Honua Kai and its context within the high-end Maui market, but in the meantime, we will post our December update.

New Listings

Four new listings joined the inventory:

Hokulani 518 - Priced at $798K, this 1 bedroom / 1 bathroom will fill a void in the depleting 'entry-level' inventory. 

Hokulani 446 - Large 2 bedroom / 2 bathroom on the northern end of Hokulani, facing Konea. Priced at $1.3M, it is a bit above comparable sales.

Hokulani 111 - Ground-level 2 bedroom / 2 bathroom unit on the inner courtyard of

With one of the most enviable beachfront locations in Hawaii, set amidst tropical garden-like acres of paradise, and luxury amenities to satisfy the most discriminating traveler, the Montage Kapalua Bay Residences is one of the most unique value propositions in West Maui. And since it was announced that Ritz Carlton would no longer be managing the Kapalua Bay Residences and the foreclosure of the previously unsold properties for $100M earlier in 2013, there has been much speculation as to who would be the new partner to bring this property to its proper place as one of the premier properties in the Pacific.

And now, scheduled to be introduced for Fee Simple ownership in early 2014, the Montage Kapalua Bay is poised to raise the standard of luxury

Specializing in the Wailea Beach Villas and understanding its unique value proposition within the overall Wailea condo market, we keep a close ye of WBV activity. Interestingly enough, all of the six sales in 2013 have taken place in the second half. Recent Wailea Beach Villas sales registered a median price of $3.7M and average price of 3,471,250 - with price per square foot remaining a constant $1,630 - we are seeing Penthouse units being absorbed at a rapid pace, while the more costly front-row villas await for the right buyer.

The most recent sale was today, on December 20th, of Penthouse 507 for $3.79M. This sale is well within what has been the range for upper-floor Villas in the Penthouse building - with 405 selling for $3.75M and 505

One of the most unique and breathtaking luxury condos at Honua Kai has been listed: Konea 601. Presented by Maui Westside Properties, the 3 bedroom / 3 bathroom unit boasts 2,365 square feet of astonishing square feet of interior living space, perfectly balanced with 1,375 square feet of outdoor living space seamlessly integrated. 

Take a look at the map below for orientation of unit within the complex. It offers privacy and unparallaled view corridors, guaranteed not to be obstructed due to height and proximity to ocean.

Now let us look at the floor plan, masterfully designed to integrate indoor/outdoor living while maximing views from the living/dining areas, both master suites, all anchored around the expansive lanai.

Being arguably one of

As the year nears its end, we continue to monitor the Honua Kai real estate market for new listings, units going under contract, and closed sales. So let us take a look at the month of November and thereby make reasonable assumptions for the upcoming high season.

New Listings

Konea 837 - A studio in the newer tower with a prime location. It is priced at $769K and it is on the on-site property management program, with a very active occupancy rate.

Pending Listings

The listings below are those that went under contract during the month of November only - there are other units that are still Pending but came under contract outside of November.

Konea 432 - A large 2 bedroom / 2 bathroom unit facing the mountain, on the outside perimeter of

Offering one of the most unique value propositions on Maui, the luxury villas known as Andaz Residences have garnered much interest and speculation as to the sales of the available 12 units. And on November 15th, the first two sales were recorded and they are quite impressive.

Both villas in the most sought-after building, Building D, were sold. Both are 4 bedroom / 5 bathroom luxury residences with over 3,900 square feet of interior living space atop some of the most desirable real estate in Wailea. Unit D-1 sold for $11,395,000 and Unit D-2 sold for $10,730,250. Now with the high mark set, the rest of the units are poised to follow, with each presenting its own unique value proposition. 

Considering the purchase of a luxury Andaz Residence?

The Maui real estate market continues its upwards ascend and enjoys sustainable growth, yet for the savvy investor who is able/willing to act quickly, there are still strong values. Below are a few within different price points:

Hale Pau Hana 15

A short sale in an iconic beachfront property in one of the most sought-after beaches on Maui. This 1 bedroom / 1 bathroom unit offers panoramic views and boasts 702 square feet of interior living space.

Kapalua Bay Villas REO (Foreclosure)

For the buyer who is willing to excercise a high amount of patience and perserence, this unit is a arguably in one of the best locations within the complex. Kapalua waterfront living at its finest.

Residential Condo in the Heart of Kihei

Seeking