Wailea Elua Market Update

Posted by Alex Cortez on Monday, March 16th, 2020 at 6:00pm.

Since its introduction in the late 1970's, Wailea Elua has been one of the stable micro-markets within the overall Wailea real estate market and South Maui region as a whole. The property consists of 148 units yet in the past 22 years, there have only been 134 sales (some units sold multiple times), with many owners holding on to their properties as a legacy for their family.

With pent up demand and measurably low inventory, there has been upwards pressure on values over the past few years. Let's start by looking at the recent market (trailing 12 months) versus current inventory. As location within the property holds a significant impact on valuation, review the map below so that there can be pertinent context.

Wailea Elua 2020 Sales

The first thing that becomes apparent is that in the last year, the sales that have taken place at Wailea Elua have been on the eastern side of the property, closest to Wailea Alanui. Historically, those units generally sell for less than the rest due to exposure to the road, lessened ocean view corridors, and furthest distance to the ocean, to name but the most significant factors. As will be noted, current inventory includes 1002 which is a front-row spectacular 2 bedroom unit next to the beachfront pool and pavilion and unit 702, which is on the second row. Demand for other well-priced premium units in the middle section is arguably at an all-time high and owners would be well-guided to put on the market, if selling serves their overall real estate objectives.

And now, let's take a look at a broader, bird's eye view of the Elua market over the past 20+ years.

Wailea Elua Sales Chart

Note: Generally we prefer to look at price per square foot rather than sales price, as that best takes into account the different sizes of units.

As evidenced by the chart above, the early 2000's were relatively stable with the bulk of absorption averaging in the $750-$1,000 per square foot. However, beginning in 2005, those numbers quickly climbed well above the $1,500 per square foot mark, before dipping into the $1,200 range bottoming out at about $1,000 a square foot until its recent trend is again pushing the $1,500 mark.

As an economic aphorism notes, 'a rising tide lifts all boats', which wisely summarizes current market conditions at Wailea Elua. For those considering the sale or purchasing a condominium at Wailea Elua, contact us below for a confidential consultation.

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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.

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