Hoolei Wailea Market Update 2018 Mid Year

With expertise in the Wailea real estate, our team keeps a close eye on the market at the micro granular level, for each condominium and subdivision in the Wailea and Makena area. As such, let's take time to review how the Hoolei condo market is doing through the first half of the year.

Active

To start, let's look at active inventory. 

Hoolei T-2 - Located on the row closest to Wailea Alanui Dr., units in buildings S and T are generally the lowest priced at Hoolei due to being exposed to more road noise and having less elevation (lesser ocean view corridors). This Maile floor plan is spacious, with over 2,400 square feet. Priced at $2.1M, it is slightly above comparable recent sales in building T and S, we'll see if there's enough in the market to bear a higher price closer to the asking price.

Hoolei G-1 - Overlooking the pool area, unit G-1 offers the Hibiscus floor plan (largest available). On the north side, it is bordered by the Wailea Blue Golf Course for more privacy, however it is important to note that as Wailea Alanui Dr snakes through the resort, it is relatively close unit G-1. See map below as a reference.

In Escrow

Hoolei F-5 - We have seen absorption of premium units at Hoolei over the past few years, such is the case with F-5 (addressed as 112-5). Being on the top row, pricing for these units is the highest, with very few other exceptions as applicable. It is not surprising that this Maile is listed for $3.395M and is the one in escrow. Upon closing, we'll update the status here.

Sold

So far the first half of the year has been an active time at Hoolei, with 4 sales recording. 

Hoolei T-3 - As noted in the description of T-2, this building is closest to the road. That this Plumeria sold for $1.75M ($668 per square foot) represents a particularly strong opportunity for the Buyer, as it is below other recent sales in these two buildings.

Hoolei P-5 - Located precisely in the middle of the 3rd row, this Maile sold for $3.15M (price per square foot, $1,298), which is higher than we have seen recently for units on this row. Interesting to see increases, particularly for this floor plan.

Hoolei I-1 - Conveniently located near the main artery within Hoolei, this Hibiscus (largest floor plan) sold for $3.175M ($1,032 per square foot). Views, nice location yet not on top row, which has the highest premium, makes I-1 a good purchase while still being within fair market value.

Hoolei K-4 - The Plumeria floor plan (units 3 and 4 on each building) are arguably the nicest floor plan as it 'feels' wider and is staggered at the front of the building. Located in the middle of the 2nd row, this unit sold for $3,212,500 ($1,226), this unit is in a quiet setting and has big ocean views.

Average sales price of $1,056 per square foot, but keep in mind that the sale of T-3 at under $700 per sq. ft. skews the average downwards.

For reference, please view the map below detailing location of each unit within the Hoolei property.

Conclusion

Since its introduction, Hoolei has been one of the best selling Wailea condos and increases in values have outpaced that of other properties, particularly those that were built much earlier. With spacious (2,500+ square feet) floor plans, ocean view corridors, privacy, proven success/reputation as a top producing vacation rental property, top quality in design and craftsmanship, it is easy to see how/why Hoolei continues to see such demand. For more information regarding Hoolei and its respective place within the overall Wailea real estate market, contact us - with dominant market share in the Wailea and Makena markets, our team is well positioned to assist clients in their purchase or sale of a 

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