Today we sold Ho’olei Villa 75-5 (aka C5) today for $2,625,000 which officially makes Villa 87-5 the absolute last original Hoolei condo for sale! Please pardon our use of such excessive superlatives, but we do want to emphasize the news – if you’ve been waiting and watching the Hoolei condo market this is the time to make an offer.

Villa 87-5 is the last developer offering at Ho’olei

Ho’olei Villa 87-5 (aka Unit D5) has a prime ocean view location on the top row of the community and is sold fully furnished and vacation rental ready with all housewares and electronics included. This Villa has 2,426 square feet of living area, 3 bedroom suites (1 upstairs and 2 downstairs) and a half bath upstairs.

At the moment, our complete list of Hoolei condos for sale shows there are 3 other Maile Villas for sale, these are all resales which have been occupied and have changed hands. It’s worth remembering that only Original Developer Villas come with the Kulana Club membership included in the purchase price with dues prepaid for a year.

Panoramic ocean views that include dramatic vistas of the West Maui Mountains.

One of many great benefits of the Maile floor plan: The upstairs guest suite is large enough for two queen sized beds.

Great ocean views from the downstairs lanai which is connected to the Master suite and the downstairs guest suite.

The large Master suite is decorated in rich warm tones with tropical plantation accents.

An unforgettable view from a wonderful Wailea condo. You can see more photos at http://www.emauirealestate.com/property/hoolei-87-5 and view our list of best buy properties on Maui.

The first quarter of 2012 was fairly quiet for condo sales activity at Wailea Beach Villas, in fact there were zero sales recorded and only 1 unit went under contract in the first three months of the year.

April is the month for increased activity and we’ve got it all reported in this condo market update for Wailea Beach Villas. Read below for details, you can also see our updated market glance on the Wailea Beach Villas condo page.

Recent condo sale at Wailea Beach Villas

Villa C301 (MLS #351039) sold on 04/18/2012 for $4,500,000. This unit had been listed at $5,900,000 and sold after 79 days on market. This Villa had 2,863 square feet of living area so the recorded price per square foot was $1,571.77.

Wailea Beach Villas Pending sales

Unit PH411 (MLS #348915) went under contract on 04/20/2012, the asking price was $3,250,000. This unit is a 2 bed, 2 bath with a living area of 1978 square feet.

Price reductions at Wailea Beach Villas

Penthouse building Unit 410 (MLS #345083) had a $54K price reduction and is now offered at $3,395,000. This unit is a 2 bed, 2 bath with a living area of 1978 square feet.

Back on the Market

Oceanfront Villa A202 (MLS #352045) is back on the market after a month hiatus, it’s now priced at $11,900,000. Interestingly, the asking price has increased by $600,000 – it was previously offered at $11.3 Million.

This upstairs Villa in the prized A building has 3 bedrooms, 3.5 bathrooms and 2,919 square feet of living area. It’s certainly the highest priced in the active Wailea Beach Villas market, remember that the Villa next door (A201) sold for $12.5 Million back in May 2010.

Unit PH209 (MLS #351907) is active again and still priced at $2,895,000. This condo has 3 bedrooms, 3 bathrooms and 2,521 square feet of living area.

List of recently updated Wailea Beach Villas condos for sale

Below is a recap of Wailea Beach Villas condos which have been updated recently. What’s the best way to follow the WBV condo market? You can get listing alerts delivered right to your inbox when you save the Wailea Beach Villas search and create your free Property Organizer account!

Privacy, elevation, enchanting ocean views and luxurious interiors – there are very few Wailea condos for sale that can match the perfect combination of these attributes found in Ho’olei Villa 63-1. We just brought this Villa on the market, it’s priced at $3,195,000 and represents a great opportunity to own of the finest properties in all of Ho’olei!

Nicely upgraded furniture on the wrap around lanai - the ideal place relax and take in the breathtaking ocean views.

Ho’olei Villa 63-1 is a Hibiscus floor plan with 3 bedrooms, 3.5 baths and 3,076 square feet of living area. This is the largest villa in the Hoolei community and the offers the highest elevation of the 14 Hoolei condos currently for sale.

Master suite

Cherry finish cabinets in the kitchen

Living room

List of recently updated Hoolei condos for sale

Below is a recap of Ho’olei condos which have been updated recently. What’s the best way to follow the Hoolei market? You can get listing alerts delivered right to your inbox when you save the Hoolei search and create your free Property Organizer account!

Just last week we sold Villa 52-6 (A6) for over $3 Million and now we’re pleased to bring one of the finest Hibiscus Villas to the market.

We just listed Ho’olei Villa 75-1 (MLS #351865) which is a North facing Hibiscus Villa in the extremely popular “C” building.

Offered at $3,295,000 this is the highest priced Villa in the Hoolei community and the price reflects the supreme quality of the views and location.

The spacious, wrap-around lanai is the perfect place to gather with family and savor breathtaking ocean vistas.

When the corner pocket doors are retracted all barriers disappear and nature becomes an extension of your living room.

The decor is light and bright with with warm natural tones that harmonize with the vibrant surroundings outside.

The master suite has windows on two sides to welcome in the daylight, yet feels completely private and secluded.

The ground-floor private lanai off of the master suite has dramatic ocean views as well.

Schedule a showing

Villa 75-1 performs well in the Hoolei at Grand Wailea rental program and is regularly occupied. Please contact us to see when it is available for a private showing.

It’s a busy day for sales of Ho’olei condos. We just reported on the sale of Villa 52-6 and can now bring you news about another sale in our community on the same day. Read below for details.

We sold Ho’olei Villa 23-5 (also known as L5) today for $2,325,000. This Maile floor plan was an original Developer Villa which went under contract before it was brought on the market.

Only 2 original Villas left at Ho’olei

With the sale of both 52-6 and 23-5 we’re down to our absolute last two original developer Villas.

Villa 87-5 is priced at $2.65M

Ho'olei Villa 75-5 is listed at $2.75M

Momentum for the Ho’olei market is at a high point and showings for both of these Villas have steadily increased. If you’ve been waiting for the right time to make an offer on a new Villa, this may be your last chance.

List of recently updated Hoolei condos for sale

Below is a recap of Ho’olei condos which have been updated recently. What’s the best way to follow the Hoolei market? You can get listing alerts delivered right to your inbox when you save the Hoolei search and create your free Property Organizer account!

2012 continues to be a great year for the Ho’olei community! We’re pleased to announce the sale of Ho’olei Villa 52-6 which was listed with us, read below for details.

Ho’olei Villa 52-6 (also known at A6) sold on 04/04/2012 for $3,025,000 after 447 days on the market. This is a Southern view Hibiscus floor plan which is perfectly positioned in the top row corner for ultimate privacy.

Positive sign for luxury condo sales at Hoolei

This is the first Ho’olei sale over $3 Million in 2012, it’s also the second sale in this price class for the last 2 years (we sold Villa 75-4 in April 2011 for $3,125,000). There were no $3M+ sales in 2009 and 2010 so we see these recent sales as a healthy sign that buyers are confidently investing in Villas on the Top row at Hoolei!

Top pick for available Hibiscus Villas

Ho’olei Villa 112-6 (also known as F6) is a great value on the Top Row offered at  $2,695,000 fully furnished.

The interior of Villa 112-6 is bright and colorful with modern furnishings. There is a large yard area in front which adds to the feeling of space and privacy. This Villa is in the Ho’olei at Grand Wailea rental program which means it is frequently occupied, if you would like a private showing please contact us to check for availability.

A settlement has been reached that will limit the Grand Wailea expansion plan to only four stories and limit the height to 80 feet above sea level!

The original expansion plans for the "Molokini Wing" called for 6 stories and 310 rooms. The settlement reduces the expansion to 4 stories and 300 rooms.

Many owners of Hoolei condos are likely to be happy with today’s news that their views will not be obstructed by the Molokini Wing expansion at The Grand Wailea Resort. The newly announced settlement resolves a legal dispute that began in 2009 when the proposed expansion raised concerns about building height.

Speaking about the settlement to Pacific Business News, Isaac Hall (attorney for a group of Ho’olei owners) said…

“Placing a limit that nothing could be higher in that particular wing than 80 feet, that removed the view obstructions that we had been concerned about all along so we’re happy about that.”

Source: Pacific Business News article.

The Maui Planing Commission will be reviewing the settlement documents on April 10th. Grand Wailea plans to move forward with their expansion which will involve renewing it application for permits and a Special Management Area permit. You can read the Maui News article for more information.

We recently wrote an interesting article about scarcity in the Wailea condo market and now we’d like to cover the opposite side of spectrum with information on Wailea communities where condos are plentiful.

When it comes to buying a condo in Wailea, you could generally say that abundance = more choice and often greater opportunity.

Wailea aerial map: Red shows where condos are scarce, green shows where condos are plentiful.

Understanding abundance in the Wailea condo market

Remember that measuring abundance or scarcity is more than just counting the number of units for sale – it’s all about the consistent percentage of units available in each Wailea community.

When there’s more than an ample supply of units for sale in a given Wailea condo it can empower you as a buyer with a better selection of units and, frequently, a wider price range to work with.

The question is: what percentage would be considered abundant?

Over the past year we’ve regularly recorded changes in the number of units available for each condo community in Wailea and Makena and have a good picture of the conditions in a scarce market, an adequate market and an abundant market. We’ve found that when 6% or more of the existing units are for sale it’s a good indicator of an abundant supply.

Plentiful = Popular

Interestingly, the communities with the greatest supply of units for sale all happen to be some of the most popular and best selling Wailea condos in 2011. The top 3 communities (Ho’olei, Wailea Beach Villas and Kai Malu) are some of the newer developments in Wailea yet they represent almost a third of the total units sold in Wailea/Makena in 2011 and over 38% of the total sales volume.

Wailea Point is an excellent example: There were 11 sales in 2011 with a high average sales price of $3,097,681 and one of the lowest average days on market with 156.

Top 5 Wailea condos with the most units for sale

Here are the communities in Wailea the supply of units for sale is greater than 6%. Be sure to read on after this list for our buyer advice for opportunities in abundant condo markets.

#1 Ho’olei

This vacation condo community continues to be one of the brightest stars in Wailea. In 2011 there were 10 sales and the average sales price was $2,610,650.

• Total units: 120
• Average units for sale: 15
• Percentage of units on the market: 12.50%
• Average asking price: $2,669,564
• Vacation rentals at Ho’olei are allowed
• Jump to list of Hoolei condos for sale
• Get Hoolei market alerts

#2 Wailea Beach Villas

Great beachfront location next to the Grand Wailea Resort and in front of The Shops at Wailea.

• Total units: 98
• Average units for sale: 10
• Percentage of units on the market: 10.20%
• Average asking price: $3,913,000
• Vacation rentals at Wailea Beach Villas are allowed
• Jump to list of Wailea Beach Villas for sale
• Get Wailea Beach Villas market alerts

#3 Kai Malu

Residential condominium community surrounded by the Wailea Blue golf course.

• Total units: 150
• Average units for sale: 15
• Percentage of units on the market: 10.00%
• Average asking price: $1,329,555
• Vacation rentals at Kai Malu are NOT allowed
• Jump to list of Kai Malu homes for sale
• Get Kai Malu market alerts

#4 Wailea Point

A cherished classic oceanfront condo community nestled between the Four Seasons resort and the Fairmount Kea Lani resort. It’s an easy walk to either Wailea beach to the North or Polo Beach to the South.

• Total units: 129
• Average units for sale: 9
• Percentage of units on the market: 6.98%
• Average asking price: $3,749,285
• Vacation rentals at Wailea Point are allowed
• Jump to list of Wailea Point condos for sale
• Get Wailea Point market alerts

#5 The Palms at Wailea

The Palms has unique modern Mediterranean architecture and is only a quick walk away from Keawakapu Beach.

• Total units: 150
• Average units for sale: 9
• Percentage of units on the market: 6.00%
• Average asking price: $708,857
• Vacation rentals at The Palms at Wailea are allowed
• Jump to list of Palms at Wailea condos for sale
• Get Palms at Wailea market alerts

Advice for buying a Wailea condo

One of the great opportunities in abundant markets like Wailea Point and Kai Malu is your negotiating power. In 2011 the sales price for some of these communities averaged 10% to 14% below the original asking price.

Ho’olei is an exception where prices have been holding very well. Last year the sales prices averaged only 6.8% under original asking price.

It’s only been a few days since our last Hoolei market update and we already have some great news to report.

We’re pleased to announce that Ho’olei Villa 52-6 (A6) is now under contract. As we reported back in November, this is the last Hibiscus floor plan to be offered from the developer.

Only 2 Hoolei Developer Villas left

With 52-6 now pending, there are only two Developer Villas available on the market.

Villa 87-5 is priced at $2.65M

Ho'olei Villa 75-5 is listed at $2.75M

Pending luxury condo sales in Wailea and West Maui

Hoolei 52-6 is one of only 3 pending condo sales in Wailea over $3 Million. There are two pending condo sales in West Maui over $2 Million. Below is a list of the top 5 highest priced pending condo sales…

1. Kaanapali Alii – Unit 2-203 – listed at $2,100,000
2. Kapalua Bay Villas – Unit 26B2-4 – listed at $2,490,000
3. Ho’olei – Villa 52-6 – listed at $3,195,000
4. Wailea Point- Unit 1802 – listed at $3,850,000
5. Wailea Beach Villas – Villa C-301 – listed at $5,900,000

Updates on Luxury vacation rental condos

Below is a list of recently updates Maui vacation rental condos priced over $3M. What’s the best way to follow the luxury condo market? Get listing alerts delivered right to your inbox when you save the vacation rental condo search and create your free Property Organizer account!

Since the sale of Hoolei condo 55-4 in January 2012 there has been no other significant news to report about the Hoolei real estate market – till now. This week there’s been a price reduction on a Hoolei condo for sale.

Price reduced on Hoolei condo 69-3

The asking price for Ho’olei Villa 69-3 (also known as Villa I3) has just been reduced a third time – the latest reduction of $131,000 brings the current asking price down to $2,565,000!

This Villa is a Plumeria Floor Plan which has 3 bedrooms, 3.5 bathrooms, 2,619 square feet of living area and wide spacious lanais on both floors.

Here is the listing history for Hoolei condo 69-3:

1. Debuted on the market 03/27/2011 listed at $2,895,000
2. 04/14/2011 price reduced to $2,799,000 ($96,000 reduction)
3. 07/27/2011 price reduced to $2,696,000 ($103,000 reduction)
4. 03/08/2012 price reduced to $2,565,000 ($131,000 reduction)

Average asking price for Hoolei condos

Factoring in the latest price reduction of Villa 69-3, the average asking price for Ho’olei condos is now $2,674,921. The median asking price is $2,699,950.

How many Hoolei condos are for sale?

Right now there are 14 Hoolei condos that are listed for sale. Prices range from the most affordable at $1,990,000 to the highest priced at $3,195,000.

Villa 24-4 is priced at $1,990,000

Villa 52-6 is priced at $3,195,000

Plumeria floor plan Villas are in short supply, there are only 3 available at the moment.

List of recently updated Hoolei condos for sale

Below is a recap of Ho’olei condos which have been updated recently. What’s the best way to follow the Hoolei market? You can get listing alerts delivered right to your inbox when you save the Hoolei search and create your free Property Organizer account!