South Maui Homes in Wailea or Makena that are actually selling for below $1,000,000.00, are a rare find. It does not really matter what kind of Maui Real Estate market we have, good or bad, they are hard to come by even in this market, that so many still want to consider a “bad market”. It’s true that the prices are down, but sellers are clearly aware of the Makena and Wailea Real Estate values.

Currently there are 29 Makena Homes and Wailea Homes for sale, listed as “Active” in the Maui MLS. One of the Wailea Homes in Wailea Kai is available for $1,495,000.00. Not exactly affordable housing, but that is the current entry ticket price to buy into the Makena or Wailea Real Estate market place in South Maui.

Out of 11 homes in escrow at the moment, 3 are showing listing prices below the magic $1,000,000.00 mark, roughly between $900,000.00 and $950,000.00. 2 of those are located in Wailea Kai and a third one is part of the Wailea Kialoa community. All that makes Friday’s closing of a Wailea Kai home for $688,000.00 a really attractive purchase.

Over the last five years, since 2005, a total of 8 Wailea Homes sold for the magic Million or less. 6 of these homes are in Wailea Kai and one each in Wailea Pualani Estates and Wailea Kialoa. There have been NO sales recorded in this price range during the years 2005 and 2006. In 2007 there were 2 sales and in 2008 only 1, while all 3 of them are still close to $1,000,000.00. Last year, in 2009, records are showing 4 sales and it seems that we are on track for a similar number in 2010.

(Happy Memorial Day – Makena Keawala’i Congregatinal Chruch)

The two lowest priced Wailea Homes that have sold during the past five years are both located in Wailea Kai. These vintage homes have been built in 1982 and 1981, respectively. At $688,000.00 and $652,000.00 they are bargain prices in this area, but they are also calling for a solid remodel.

Why did I not mention any of the Makena Homes? There are simply not available. None of the Makena Homes sold for less then $1,000,000.00 in the past 10 years, in fact, I don’t even know if a home in Makena ever sold for this kind of money. Makena Homes are currently starting at almost $4,000,000.00 without ocean views for a house across from Big Beach.

No need to be frustrated! Kihei Homes are an excellent alternative, often offering fantastic opportunities in walking distance to some of South Maui’s best beaches and in close proximity to the Wailea and Makena Resort areas. Ocean views are rare in this price range and these locations, but for around $1,000,000.00 or less, some Kihei Homes are a great value!

The trip from South Maui to Wailuku and back, took me much longer then the actual event of the Makena Resort Foreclosure Auction this past Friday morning on the island’s courthouse steps. The bidding process itself was completed in less then 3 minutes. With no surprise for this 1st round, a trustee of the current lien holder, Wells Fargo, submitted the winning bit of $55 Million US dollar.

The court appointed commissioner Christopher Lau conducted the event and read the description of the over 1,800-acre parcel including the Makena Beach and Golf Resort, better known as the Maui Prince Hotel. The oceanfront portion of this New Development is limited to the famous Maluaka Beach Park and stretches far up the hill including the two most southern golf courses in South Maui.

Today’s Maui Photo is a Maui Aerial from my March 2010 collection of Wailea and Makena. The construction to the right of the beach is part of the club house for Maluaka At Makena. Although Maluaka At Makena is not part of the Makena Resort Foreclosure Auction it is linked to the same owners.

The message coming across in the news publications seems to indicate that the Makena Resort really is about to change hands for $55 Million, while it is also public knowledge that the same property sold for a whooping $575 Million back in 2007. The Honolulu Star Bulletin says the “Makena Resort goes for $55M“. The Honolulu Advertiser claims that the “Makena Resort sells at auction for $55M“. The Maui News states that the “Makena Lenders keep property in auction” and the Pacific Business News simply states that “Wells Fargo is the high bidder for the Maui Resort“.

For a complete overview, I recommend reading the articles using all four links above. Commissioner Christopher Lau explained that a confirmation hearing before 2nd Circuit Judge Shackley Raffeto will be announced within the next 30 to 45 days. I believe that this confirmation hearing will be instrumental, since a possible bidding with mandatory 5% increments may lead to a more realistic sales price for this prime property. Christopher Lau has been maintaining a website for certain announcements. It might be worth checking out “Maui Hotel Sale” in the near future, if you are interested.

Technically none of the other well established Makena Condos and Makena Homes or neighborhoods have anything to do with this entire event, nevertheless, it is to be expected that the development of the Makena Resort will greatly impact the Makena Real Estate market here in the South Maui resort area.

Did you really believe that it would be this easy? You take your jet, visiting the “Best Island in The World”, simply buying it’s best resort property at the Makena Resort Foreclosure Auction?! You must be kidding! It goes to show that Makena Real Estate is something different at all times. And I somehow believe that the Makena Resort might just never be offered on the door steps in Wailuku town.

The original date for the Makena Resort Foreclosure Sale and auction was scheduled for April 29, 2010. A day prior to this event, the Pacific Business News announced that the Makena Beach and Golf Resort Auction has been postponed until Friday, May 28, 2010. No reason was mentioned for the delay.

A day after the original auction sale, on April 30th, this past Friday, the Maui News finally also announced that the Makena Resort Foreclosure Auction has been postponed. In the notice of less then a dozen lines, the explanation seems a little far flung in my opinion: “The commissioner now has new background information and needs to update the property fact sheet for potential bidders.” Very interesting!

The above is the “Amended Notice of Foreclosure Sale” for the Makena Beach & Golf Resort in Makena, Maui, Hawaii, as it has been published in the proper section of the Maui News on Thursday, April 29, 2010. The same day of the original auction date. (A right click lets you download the file displayed.)

So, if you are planning to visiting Maui for the next scheduled Makena Resort Foreclosure Auction at the end of May, I suggest you consider buying one of the existing Makena Condos or Makena Homes. At least you will be making sure that you are able to enjoy the Makena Resort, as is, for the rest of your life. It would be my great pleasure to helping you finding the right South Maui property. You may contact me at your convenience.