Wailea Beachfront Opportunity
Posted by Alex Cortez on Saturday, August 30th, 2014 at 12:04am.
The 1,500 master-planned community of Wailea serves as one of the best examples of a community seamlessly fusing its natural splendor setting with world-class luxury resorts and a culture rich in tradition. Yet for all the different offerings, the Wailea real estate market has very limited options when it comes to true, front-row beachfront options. And now, there is speculation that there will be a handful of more offerings that are sure to be one of the hottest commodities within the Maui luxury market.
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Perennial favorites such as Wailea Point and Wailea Elua Village have historically been very strong performers when it comes to equity growth, perhaps the most pertinent example comes from the newest entry into this exclusive micro-market, the Wailea Beach Villas. And although there are 99 villas in total throughout the property, there are only 8 front-row units, located in buildings A and B.
So with that, let us quickly examine sales of those 8 luxury villas:
| L Price | Sold Price | Closing Date | Bldg Nm | Unit | Bds | Bths | Liv-SF | Price/Liv-SF | |
| DEVELOPER | $6,000,000 | $6,000,000 | 10/25/2005 | Wailea Beach Villas | B-202 | 3 | 3.5 | 2,919 | $2,055.50 |
| DEVELOPER | $5,439,500 | $5,439,500 | 10/25/2005 | Wailea Beach Villas | B-102 | 3 | 3.5 | 2,931 | $1,855.85 |
| DEVELOPER | $4,960,000 | $4,960,000 | 11/15/2005 | Wailea Beach Villas | A-202 | 3 | 3.5 | 2,919 | $1,699.21 |
| DEVELOPER | $5,692,500 | $5,692,500 | 11/16/2005 | Wailea Beach Villas | A-201 | 3 | 3.5 | 2,863 | $1,988.30 |
| DEVELOPER | $4,980,000 | $4,980,000 | 11/30/2005 | Wailea Beach Villas | A-102 | 3 | 3.5 | 2,931 | $1,699.08 |
| DEVELOPER | $4,970,000 | $4,970,000 | 12/6/2005 | Wailea Beach Villas | A-101 | 3 | 3.5 | 2,879 | $1,726.29 |
| DEVELOPER | $7,110,000 | $7,110,000 | 11/3/2006 | Wailea Beach Villas | B201 | 3 | 3.5 | 2,863 | $2,483.41 |
| RESALE | $10,200,000 | $10,200,000 | 1/8/2007 | Wailea Beach Villas | A101 | 3 | 3.5 | 2,879 | $3,542.90 |
| DEVELOPER | $7,130,000 | $7,130,000 | 1/25/2007 | Wailea Beach Villas | B101 | 3 | 3.5 | 2,879 | $2,476.55 |
| RESALE | $10,900,000 | $7,800,000 | 10/29/2008 | Wailea Beach Villas | A-102 | 3 | 3.5 | 2,931 | $2,661.21 |
| RESALE | $12,500,000 | $12,500,000 | 5/25/2010 | Wailea Beach Villas | A-201 | 3 | 3.5 | 2,863 | $4,366.05 |
With only 3 resales recorded, we can quickly see how they have fared: the sale by the developer of A-101 at $4.98M, to be resold for $10.2M two years later, A-102 with original sales of $4.97M by the developer, which was resold for $7.8M (during arguably THE hardest time to sell in the recession), and A-201 selling for $5.693M by the developer, which as a resale in 2010 sold for $12.5M, setting the record for the most significant sale of a condominium in the history of Maui. Of course, that's not to say that this new property would experience such dramatic increases in valuation (over 100% increase in value for A-101 in a whooping 13 months) but it gives insight as to how buyers have reacted to particularly unique properties, such as being front row on Wailea's beaches.
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The information above is for illustrative purposes and is not meant to be legal, investment, or taxation advice in any way. Please consult with the appropriate professional for information on the subjects at hand.
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.