The results for the month of January 2010 in South Maui is bringing expected activities for Wailea Real Estate and Makena Real Estate. Including the popular Kihei Condos and Kihei Homes, there are currently 195 pending transactions listed in the Maui MLS, just for the South Maui Real Estate market alone. Potential South Maui Short Sales have now reached the still rising number of 76, while the number of South Maui Bank Owned Properties (REOs) for sale now increased to 21. The “true Sellers” how I like to call them, are getting more and more under pressure by this type of listings.

With only 3 Makena Condos, there are no escrows or closed sales to be reported for this month. Out of 17 status changes for January 2010, 6 Wailea Condos have been sold while another 11 Condos received accepted offers and are now in Escrow. The following description is just an overview of the transactions, but you may refer to the individual updated Sales Reports by using the blue property links in this text.

With 4 status changes, Wailea Ekahi shows as “the winner” for the Wailea Condos. Wailea Ekahi 17C is a 1 bedroom 1 bathroom unit and sold for $670,000.00 this month. Wailea Ekahi 52A is a similar plan and was listed as a potential short sale. This unit is now in escrow. Unit 1C is equal to these two units, not a short sale, but the owners also received and accepted an offer.

And what was available for $1,750,000.00? Answer One: Wailea Ekahi 14C, 2 bedrooms 2 bathrooms, 1172 square feet, old school oceanfront condo, listed for 39 days. Answer Two: Hoolei At Wailea T6, 3 bedrooms 3.5 bathrooms, over 3000 square feet, one of the New Developments, listed for 244 days. What else is in common? Both of them are South Maui Vacation Condos. And now both of them are in escrow!

The Palms At Wailea, Grand Champions Villas, Wailea Ekolu and famous Wailea Point each reported the closed sale of a 2 bedroom 2 bathroom unit. With $535,000.00, Grand Champions Villas still constitutes the “entry ticket” to the Wailea Condo market, while Wailea Point 1904 sold as the most expensive unit in the Maui MLS with a sales price of $1,550,000.00. A 1 bedroom 2 bathroom unit, Palms At Wailea 1701, recorded as a recent record low in this complex, making it a deal for $462,000.00 for the new owners.

Grand Champions Villas unit 61 and unit 17 are both 2 bedroom 2 bathroom units, the first one listed as a potential short sale. Both of them were available for just below $400,000.00 and both of them have received offers and are now in escrow. The highest new escrow for any of the Wailea Condos shows for Wailea Beach Villas, penthouse 207, which is listed for $2,296,000.00 at this point. Wailea Elua 2011 is a cute 1 bedroom 2 bathroom unit that is now about to sell the first time since it was built. It shows a list price of $1,400,000.00.

Kai Malu At Wailea 75A is listed for $1,515,000.00 and will soon have new owners. Kai Malu At Wailea 18A is a Bank Owned Property for about 50% of this price. Both of them have received offers to open escrow. Wailea Fairway Villas Y103 is a beautiful 3 bedroom townhouse, also a potential short sale, that reduced the price from $1,225,000.00 to $699,000.00 over time, now finally shows pending in the Maui MLS.

There are some new oceanfront Makena Vacant Land listings available for sale, but no vacant land sale has been reported ‘closed’ in this area since October of last year. Wailea Golf Vistas lot #25 was available for $1,495,000.00. This is a great view lot in this gated community that finally received an offer.

January 2010 shows two very different Makena Oceanfront Homes that sold for two very different prices. I previously reported about 6980 Makena Road and also about lot #7 of Black Sand Beach, 5500 Makena Road. 357 Pualoa Nani Road in Wailea Pualani Estates is the only one of the Wailea Homes that sold this month. The price was $1,350,000.00. New escrows are a short sale on 179 W Ikea Kai Place in Wailea Kialoa and a single level home in Wailea Golf Vistas on 4350 E Waiola Loop. Both of these are listed just below $1,300,000.00.

As far as New Developments, the developers of Papali Wailea accepted on offer on unit #24. This is the unit right next to the recreation area on the lowest terrace, yet, one of my favorite locations in this complex.

Maui Meadows reports the sale of 1127 Kupulau Drive, another Bank Owned Property with a 3 bedroom 3 bathroom home, for $645,000.00.  The cottage on the lot of 3407 Keha Drive sold for $650,000.00. With excellent ocean views from the home and the cottage, 539 Pawali Street in Maui Meadows still belongs to a Maui Real Estate Agent. But she has moved of island and received an offer on her $1,700,000.00 home/listing.

Kihei Homes and Kihei Condos have never been really part of my posts here for the end of each month, but I will make similar details available upon request. Please contact me at your convenience. I’d be glad to help!

On one of the last days in 2009, Papali Wailea unit #6 showed in the Maui MLS with a $300,000.00 price reduction. Not three weeks have past and this unit in Papali Wailea has been announced as one of priciest Maui Short Sales. Unit #6 is brand new and has never been lived in.

Papali Wailea still counts as one of the New Developments within the Wailea Resort area and not all of the original units have yet been sold. This particular Wailea Condo first closed and transferred title in April of 2008 for a whooping $3,240,000.00. Then, in June of 2009, we have seen Papali Wailea unit #6 first back on the market for just below $3,300,000.00. In November of last year the price was reduced to $2,699,000.00.

Today, after 219 days on the market, unit #6 is listed for $2,395,000.00. Well, from my experience I can say that life in the “Short Sale” world is not exactly that easy. Though the Seller may still accept an offer, it is now the lien holder who will make sure that the property gets sold close to market value. Mostly this extra signature translates into extra time and patience necessary to close the sale. Nevertheless, it might be a great deal for the right person.

If you are interested in this or any other of the South Maui Short Sales, please contact me at your convenience. Together with my weekly Sales Reports, I started running lists for Bank Owned South Maui Real Estate and for South Maui Short Sales. They are in PDF format and can easily be emailed.

Today’s Maui Photo was taken from the side of the infinity edge pool of Papali Wailea. In my opinion, this is the single one superior construction from any of the Wailea Condos ever built. There are only 24 units in total, lots of room and open space on over 10 acres of gently sloped land. In fact, these could be considered Wailea Homes much more then Wailea Condos. All of the units are free-standing, only attached to one side through the neighbor’s garage roof line.

The Papali Wailea Plat Map is printable from this website and greatly helps to locate any of the units including Papali Wailea #6. More easy: contact me for a tour    Mahalo, VW

Some things are simply not decided by just rolling the dice! If you have been dreaming about one of those Oceanfront Wailea Homes, here is your chance. All you have to do is to find out if you prefer building your own dream on a $14,5M Vacant Lot or simply purchase a Furnished Home for $7,5M. The choice is yours but since it is more then just a two dollars and fifty cents difference, it helps to understand what is going on here.

Maluhia At Wailea is the only possibility to own one of those prestigious Oceanfront Wailea Homes. Why? All the rest of the Wailea Resort is comprised of South Maui’s Oceanfront Hotels or the famous Wailea Condos. In fact, in my opinion, there are only 4 Wailea Homes on the ocean. Maluhia At Wailea is an oceanfront gated community with a total of 14 lots. That much is true. But as today’s Maui Photo shows, there are only 4 Oceanfront Wailea Homes and … yes… one Vacant Lot where you could build your own dream.

Here is another idea: BB – Buy Both! Supervise the construction or simply visit the site daily on the way to go swimming. Once the market bounced back, your dream on the ocean should be completed and you can sell the home in the back as one of the few Wailea Homes so close the water. The idea is for free, but at least I can help you negotiating the purchase for now. Let me know how I can help. Aloha from VW