Tony Rees (ePRO)

2008 proved to be an interesting year for Real Estate in Maui. On a top line view - a challenging year:
Total Condos sold : 788 units (33% down from 2007);
Total Condo $ value sold: $724 million (25% down from 2007);

Total Single Family Homes sold: 905 units (15% down from 2007);
Total Single Family $ value sold: $752 million (15% down from 2007).

Looks bad? Actually, there is good news.....

Wailea /Makena Condos sold: 178 units (24% down from 2007);
Condo value sold: $387 million (3% down from 2007)

Buyers have a great selection of properties to choose from - at prices in many cases not seen for 4 or more years. And Sellers who are pricing well are getting their properties sold....
The good news is that there are Great Deals to be had. And mortgage rates remain attractively low. For Buyers who have good Credit ratings and a decent deposit - Maui is your oyster! Get out there, shop around, and buy!

Here are some examples of deals to be had (call your Realtor today)......

Maui Kamaole across the street from Kamaole III Beach Park, this popular condo complex offers 1 and 2 bedroom units. How about a 1 bed/2 bath unit for $474,777 - a price not seen since 2004! Or a 2 bed/2 bath unit for listed at $575,000 - a price not seen since 2005!

Grand Champions on the Blue Course in Wailea. A 2 bed/2 bath condo listed at $498,000. This price has not been seen since 2003!!

Wailea Kai (gated community) easy walk to spectacular Keawakapu Beach. A 3bed/3bath home. Ideal for someone looking for bargain price entry to Wailea. Or someone looking to renovate and still come out well... Listed at $895,000, this is the lowest price Wailea home - a price not seen since 2005. (By way of disclosure, this is my listing...).

Wailea Golf Estates (gated community). Two listings for homes at under $2 million each. One is over 3,300sf of home (4 bed / 3.5 bath) on almost 15,000sf of land! This price has not been seen in this sub-division since 2005!

There is good news out there! Great bargains are to be had ... call your Realtor today!

Wailea, Maui condos are holding their own in this tough down market. New developments that have come on stream in the last few years have helped bouy 2008 sales through September. Although unit sales are down 10% over the same period 2007, dollar sales are up almost 22% from $265 million to $339 million! The Ho'olei luxury development across the street from the Grand Wailea and Four Seasons Resort is a major contributor to the rise in $ sales.

If we look only at sales of the more established condo complexes in Wailea we find the picture more representative of the national market conditions. Unit sales have declined from 73 (2006) to 58 (2007) to 39 (2008) and the median price has also slipped by more than 3% each year to now stand at $930,000.

With no new condo complexes coming on stream in Wailea over the next couple of years we can expect to see a plateau or decline in $ sales over this next year. Ho'olei and Papali are still under construction and will partly hold off any decline, but we will need to look to resales of Wailea Beach Villas and Kai Malu to bolster sales.

The good news for Buyers is that some great buys are available. Examples are Grand Champions 1 bed / 2 bath units dropping below $500,000, Grand Champions 2 bed / 2 bath units dropping below $600,000; Wailea Ekolu 2 bed / 2 bath unit below $800,000; 2 bed / 2 bath Palms at Wailea units under $850,000.
Buyers looking for a condo in Wailea to hold for a number of years should take advantage of inventory availability now.

Il Teatro - the theater - is exactly that. An outstanding production of food. Entertaining, elegant, simple and sumptuous. This restaurant, located below Capische in the Diamond Resort, represents the best in good dining. This Chef's Table with refined wine/food pairings is open Thursdays through Saturdays with advance booking. Or, with 6 or or more in your party, is open any day you choose!
Last night with a group of 16 friends and acquaintances we were treated to one of the best meals I have experienced in a long while - and for over thirty years I have traveled and eaten in dozens of coutries across five continents.
Chefs Brain Etheredge and Chris Kulis performed together in synchronised harmony to turn out course after mouth-watering course.
The evening began with a toast of Prosecco. A first course of Ono Gravlox, Proscuitto (di Parma of course..) and Asparagus paired with Roero Arnels from Vietti in the Piedmont region tickled the palate. A choice of Warm Duck Confit (with Barbera D'Alba) or Scallops (with A Terlano "Kreuth" Chardonnay) presented the first agonising choice for the second course. My wife and I sensibly took one each - and we shared our dishes. Perfect!
And so the evening progressed with dishes varying from Short Ribs and Saffron Risotto through Poached Lobster to Lamb Rack with Pumpkin Gnocchi and Polenta Onaga. Wines selected for each dish were matched to perfection.
A final dessert of Wam Chocolate Cake with Chambord Strawbewrry Sorbet sealed our fate - we'll be back in February to experience a new menu revelation as the monthly change of menu takes place!
Treat yourself, your spouse and your friends - you won't regret it.

2007 proved to be a great year for condo sales in Wailea/Makena. Sales rose from 189 units in 2006 to 233 units in 2007 - a 23% increase! And this was accompanied by less than 5% decline in the median price. Indeed, total sales volume was over $400 million in 2007! This compares with less than $345 million in 2006.
This great strength in the face of challenges nationwide to the real estate industry attest to the popularity of Maui as a destination for home owners.

Sales in the Wailea/Makena area were aided by a number of new projects that came on stream over the last couple of years. These included Kanani Wailea, Wailea Beach Villas, Kai Malu, Ho'olei and Wailea Town Center.

In spite of the new projects coming on stream, the older established condo complexes still proved popular. These condos included Grand Champions, Makena Surf, Na Hale O Makena, Palms at Wailea, Wailea Palms, Polo Beach Club, Wailea Fairway Villas, and the evergreen Wailea Ekahi, Wailea Elua and Wailea Ekolu.
Unit sales in these complexes were down 13% from 87 (2006) to 76 units (2007) though the median price declined less than 3%.

In the new projects, sales rose from 102 units in 2006 to 157 units in 2007 - a gain of over 50%!

Perhaps we can look to continuing strength in Wailea/Makena during 2007 as resales in the new projects increase and new units continue to roll out from high end projects like Ho'olei.

Sales of Wailea/Makena single family homes were up from 29 in 2006 to 35 sales in 2007. And the median price on completed sales was up 2.5% from $2,060,000 to $2,112,000. Not bad given all the negative publicity and stats around national sales during 2007! It is also interesting to note that the gap between List and Sold price narrowed from an average of -8.5% in 2006 to -6.4% in 2007. Are owners pricing more realistically?!!

FYI here are selective stats. I will shortly be providing more insights into Wailea condo sales and the trend in withdrawals and cancellations.