Wailea Condos - Dollar Sales Up In A Tough Market!

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.