4690 Makena Road Sells for $8.2M

Offered by Wailea Realty, 4690 S. Makena Road was touted by Wailea real estate experts as one of the best values in Hawaii beachfront properties - and such clamor was well-deserved. Featuring almost 3K feet of square feet of finely-appointed living space on a 0.4 acre beachfront lot located beachfront in one of the most desirable beaches in the world, it was well-priced with an asking price of $8.49M - and the lucky buyer was able to negotiate it to $8.2M. It was originally listed on 10/22/2012, went under contract on 03/30/2013 and sold on 05/15/2013, as a conventional sale.

According to the property's description: "Imagine the possibilities in a luxury beach house featuring sliding glass walls and seamlessly

Sales of Wailea Homes Mark a Shift in the Market

As the Wailea real estate market continues its recovery and absorption increases, we are pleased to announce two more sales this week - reflecting a significantly shifting market:

85 Pukolu Place - A short sale in Wailea Kai, the buyer exercised patience and was rewarded by purchasing this 4,200+ square foot home for $1.06M. It was listed for $1.2M, went under contract on 12/12/2012 and closed escrow 05/01/2013 for $1.06M

370 Pualoa Nani Place - This Wailea Pualani Estates luxury home showed that well-priced homes are being sold quickly. Introduced on 02/05/2013 with an asking price of $995K, it went under contract on 03/01/2013 and closed 04/26/2013 for $945K.

We keep a watchful eye on the

Home to some of the most coveted real estate in the world and appealing to the world's financiers, celebrities, and dignitaries, Makena has the perfect blend of Hawaiiana and new-world luxury. And as the Maui real estate market continues to correct itself, it becomes poignant to look at Makena at a micro-level.

Makena Single Family Homes

First, let's look at active inventory, with 10 Makena homes for sale:

5065 Makena Road, offered for $3.4M ($1,301 per sq. ft.)

18 Ualei Place, offered for $4.9M ($684 per sq. ft.) - Important to note this is an unfinished home and it is a short sale.

176 Makena Rd, offered for $5.95M ($2,479 per sq. ft.) - Lowest priced oceanfront/beachfront in Makena.

22 Ualei Place, offered for $5.998M ($987 per sq.

Single Family Residences - Sales Update

By most metrics and anecdotal evidence by real estate professionals who specialize in the Wailea real estate market, with decreasing inventory and maintained buyer demand, values are on the rise and can presumably remain as such. But just how much have prices increased (if at all) over the previous years?

First, let us take a look at median and average sales prices. Median prices are the more reliable of the two subsets as they are less likely to fluctuate due to comparatively large or small sales.

As one will easily note, both the average and median jumped approximately $1M from 2012's sales to 2013 through 1Q. However, average and median sales prices do not provide the best bird's eye view of the market

Sales Update at Ke Alii Ocean Villas

As the Maui real estate market continues to rebound, it becomes critical for buyers and sellers to have a good understanding of market conditions at the micro level. As such, let us examine sales condition at Ke Alii Ocean Villas - arguably one of the most unique properties on Maui and one of my personal favorites.

First, let us take a look at Average and Median Sales prices since Ke Alii Ocean Villas was built

The first thing that becomes apparent is that the average and median have been fairly close to each other - thereby reflecting even sales that have not been overly influenced by one or two big sales during periods analyzed. But as there are different floor plans with different square footage, it