Significant Sales: Keawakapu and Wailea Beach Villas

On April 14th, two significant sales recorded worthy of note for anyone following the Maui luxury real estate market. The first is a beachfront home on Maui's famed Keawakapu Beach. The 2 bedroom / 2 bathroom cottage at 3214 South Kihei Road is in fair condition, but the $7.7M sales price is reflective of the location on one of the most sought-after locations in Hawaii. The last sale in this neighborhood was a month ago for $14.5M at 3070 South Kihei Road and was based on the larger square footage.

The other sale that recorded today that raised some eyebrows is the sale of Wailea Beach Villas G-302. Sales at the Wailea Beach Villas have been stagnant, with only 3 sales recording in the past 15 months - and with 8 units currently on the market, one could argue that the market is saturated with inventory. The sales of G-302 recorded for $6.1M, with a price per square foot of nearly $2,100.

Overall, the high end of the market has been very timid when compared to last year:  2014 YTD had recorded 11 sales over $5M, spread evenly throughout the island (5 in South Maui, 2 on the North Shore, 3 on West Maui, and 1 on Lanai). 2015 YTD merely has 3 sales over $5M, with all of those sales taking place in South Maui.  Although it is widely speculated that the steep drop in high-end absorption is due to the weak Canadian Dollar, further research must be done to conclusively establish that as a theory.

For a deeper interpretation of current market conditions, please contact us below or call 808-385-5034.