Kai Malu Bank-Owned Among Wailea's Best Values

**UPDATE: THIS UNIT HAS ALREADY SOLD SINCE PUBLISHING OF THIS POST. CONTACT US TO DISCUSS CURRENT INVENTORY**

For the most part, the Wailea condo market escaped the onslaught of bank-owned properties (REO's, 'foreclosures') that have marred the Kihei real estate market. Since 2009, Wailea has seen 30 REO condominiums sold (4.8% of total sales), compared to 290 in its northern neighbor of Kihei, which saw 290 REO condos absorbed (11.75% of total sales). In 2014, there was only REO condo for sale in Wailea - a 2 bedroom unit at the Grand Champions. 

As such, when a new listing of particular interest hit the market, it is worth strong consideration - and the listing of Kai Malu 13A certainly falls in this category. The gated community of Kai Malu has earned a strong reputation among newer, residential condominiums for its strong lifestyle value proposition and that has been reflected in strong micro-market conditions. Below is a chart detailing the price per square foot of every sale (223 to date).

So how does 13A, currently listed at $1,099,000 fare in the current market? First, let us dwell into relevant factors that directly affect valuation:

*  View Corridors - At Kai Malu, this can vary tremendously, from mountain views to unobstructed ocean view corridors. In this regard, 13A has partial ocean views.

*  Floor Plan - There are two floor plans, the Honua and Leva, with the primary difference being that the Leva floor plan has the master bedroom in the 2nd floor, while the Honua has it on the ground level. This becomes more of a personal preference for a buyer, as the Leva floor plan typically offers better view corridors from the master and more privacy, but the Honua is more 'access' friendly for those who prefer primarily single-level living, up to an extent. Unit 13A is the Leva floor plan, with the master on the upper level - with outstanding ocean views from the master.

*  Plunge pool/spa. At Kai Malu, owners who purchased from the developer had the option to upgrade their property with a pool and/or spa - if that option was not taken, then it is available thereafter to subsequent purchasers. Unit 13A has a plunge pool, perfect for outdoor entertainment.

So with that, let's further expand and take a look at the map below, detailing all sales in the past 12 months - the illustrative format is useful in gaining perspective relevant to location within the complex.

So with that, the best comparisons are 24B which sold for $1.1M - but it does NOT have a pool and has the Honua floor plan with master on the ground level - and 35A which sold for $1.245M - although it does have a pool like 13A, its orientation does not offer any ocean views. The only unit sold in the past 12 months to offer both a pool and ocean views is 52A, which sold for $1.85M, granted its front-row location merits the premium. 

Want to know more about Kai Malu 13A - whether valuation, property details, Kai Malu complex information, etc. - please don't hesitate to contact us. Our team has significant experience in the Wailea real estate market and would be pleased to be of assistance. Call Alex at 808.385.5034 or fill out the form below for a private consultation.

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