Hoolei Condominium Market Update 2020

Posted by Alex Cortez R(B) on Sunday, March 8th, 2020 at 12:47pm.

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 were in the $2-2.5M range, yet that quickly rose in the latter half of the year and heading in the first quarter of 2008, with a handful of sales getting in the high $3M's, with the high mark still held by D-6 selling for $3.9M. The rest of 2008 saw sales prices falling in the $2.5M-$3.5M range with variations based on location and floor plan - but keep in mind that these were developer sales many of which pre-dated the 2007-2008 fall in the economy. The 2009-2010 period was reflective of the Recession, with the average straddling the $2M line pretty consistently. Since 2011, values have increased steadily so the last year in which the $2.5M mark is the minimum threshold with many consistently closing in the $3-$3.5M range. 

With 120 units across atop 30 acres of prime Wailea real estate, we find at Hoolei values are best assessed by location within the property, rather than by floor plan - with price per square foot (based on floor plan) not being as dominant a metric as it is in other properties. Even defining 'location' can be subjective but our team deems that rows are the best definer. For our purposes, the Top Row is the most elevated row with the biggest view corridors (many units enjoy multi-island views which may include a variation of Lanai, Kahoolawe, and Molokini), the 2nd Row and 3rd Row battle back and forth for the 2nd best option: the 2nd row has higher elevation albeit 'better' views BUT some on the 3rd row (namely buildings O and N) can argue for a better atmosphere with more privacy, less rooflines in sight, and more separation to nearest structures.

So let's start by illustrating our definition:

Hoolei Map by Row

So with that established, we broke down all sales by row, by year. We chose to use price per square foot rather than sales price, as that is a metric that will be as easily skewed - whereas by sales price, there would be a bigger effect of Hibiscus sales when compared to Maile's that would not be well accounted for. Take a look at the chart below.

Hoolei Sales Analysis

The first thing that pops out is that on the top row, the 'high' records of the 2007/2008 of $1,200'ish per square foot have been more recently squashed with prices above $1,400 per square foot. As mentioned earlier, there is back-and-forth battle between the 2nd and 3rd row sales, with the leader flip-flopping throughout the years, but most recently being the 2nd row. The value in the Garden-view row continues to increase, as the sub-$600 a square foot of 2014 has climbed to nearly $900 per square foot. 

As always, there are a many more unique intricacies that are to be taken into account, such as the orientation of the individual building, the distance to the neighboring structures, existing/possible view corridors, upgrades to a unit (could furniture, new flooring, redo kitchen, etc.) that materially affect value proposition and how well it is to be received in the open market. As such, we'd be happy to discuss any specific unit in much greater detail.

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Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.

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