As always, the Wailea Real Estate market showed more activity during October 2009 then the Makena Real Estate market. The Maui MLS listed a total of 8 closed transactions for the famous South Maui Resort. Five of them are Wailea Condos, one is an oceanfront Makena Home and another one is a Wailea Home in Pualani Estates. One Palauea Bay in Makena accounts for the only Vacant Land sale during this month.

The future of the Makena Resort remains uncertain and so does the expansion of the Grand Wailea Resort Hotel & Spa. Rumors of a Renaissance Hotel revival have yet to be confirmed by the Maui Planning Department. That makes “Maui Is The Best * Maui No Ka Oi” truly the biggest event of October 2009. Once again, Maui has been voted the best island in the world by the readers of the Conde Nast Traveler magazine.

If you are tracking the South Maui Real Estate area more frequently, I am recommending to make use of my weekly updated Sales Reports. You can also sign up for specific listing notifications. It is a free service that I am providing to my clients and to those who will eventually become clients. Below today’s Maui Photo are the details for October 2009.

None of the Makena Condos sold and there are also no new Escrows for this category. Hoolei At Wailea leads the Wailea Condos with 2 sales. K1 was the highest condo sale with $2,266,668.00 for the month. Unit S1 sold for $1,700,000.00 even. The only non-vacation rental unit that sold in October was Wailea Palms #3705, a 2 bedroom / 2 bathroom unit for $659,000.00. An excellent deal at that price!

Wailea Ekahi recorded a 1 bedroom / 1 bathroom sale for $800,000.00. Unit #45F is on the 2nd level, completely renovated and nicely appointed. Grand Champions Villas sold a 2 / 2 floor plan for $535,000.00.

Kanani Wailea closed on unit #35, one of those cute single level residential condos with a detached guest cottage. At $850,000.00, this was a steal for less then 50% of it’s original sales price roughly 2.5 years ago. Records show that this was a private sale of an unlisted property, that already recorded in September and was added this month for comparison.

The oceanfront Makena Home that finally sold for $4,300,000.00, has an incredible listing history. The home in Wailea Pualani Estates is bordering Okolani Drive and sold for $1,025,000.00. Lot #14 was the only Vacant Land sale and this lot in One Palauea Bay recorded for $1,835,000.00. There are no new Escrows / accepted offers to mention in the categories for Wailea Homes, Makena Homes and Vacant Land in these areas.

Hoolei At Wailea unit #F4 is a short sale listing that received a seller’s accepted offer. Wailea Beach Villas has 2 new Escrows, PH-301 at $3,825,000.00 and another unit that is not listed in the Maui MLS. Palms at Wailea unit #406 also opened Escrow in October. Grand Champions Villas #51 and Wailea Ekahi #19C each opened Escrow with accepted offers after being on the marked for less then 3 weeks. A new Escrow is also reported for Grand Champions #12.

Hoolei At Wailea has only 8 original listings left in this New Development. All 3 new listings reported in October are resales. Wailea Ekolu also has 3 new listings. All of them are 2 / 2 floor plans and my favorite is Wailea Ekolu #1405. Kai Malu At Wailea offers 2 new listings, bringing the total number of available units back up to 25 listings, wow! Palms At Wailea, Wailea Ekahi and Wailea Elua are each listing a 1 bedroom / 2 bathroom unit each, and as to be expected, with big differences in the prices.

New listings are also a double unit on the 2nd floor in building #1 in Wailea Point for $11,200,000.00 as well as a Makena Home just south of Palauea Bay for $27,500,000.00. An ocean view home in Wailea Kialoa got re-listed for just below $2,000,000.00. Wailea Pualani has 2 new listings to offer at $1,399,000.00 and a second one for 1,995,000.00. With one new listings, Wailea Kai now has 3 Wailea Homes available for below the magic $1,000,000.00.

Wailea Highlands re-listed lot #1, this time for $1,670,000.00. This is the largest single lot in the neighborhood with over 30,000 square feet and nice north western views. Wailea Pualani listed a vacant lot for $699,000.00. This will be a tough sale: I sold the single level home across the street earlier this year for $1,250,000.00.

Maluaka At Makena prepares for the coming winter season. There are now a total of 7 lots listed but 4 of them have been available previously. These vacant parcels are offering roughly half an acre each, while they are part of a residential condo similar to the setup of Makena Place. 4 listings are available from $4 to $5,000,000.00, 2 are over $5,000,000.00 and 1 is listed for $6,250,000.00.

Please be sure to use the Sales Reports to track your favorite Wailea Condos, Makena Condos or Wailea Homes and Makena Homes. The public Maui MLS is only tracking active listings. As soon as an accepted offer has all contingencies removed during an Escrow, it will no longer be available for viewing in the public Maui MLS. Don’t loose track, but keep abreast with my Sales Reports for the South Maui Real Estate market.

It’s been two years now that the good old Wailea Renaissance Resort Hotel closed the doors for good. This South Maui Oceanfront property certainly turned into a sad landmark when the Baccarat Wailea Beach Resort and Residences became a victim of the worldwide economic downturn. After a meeting at the Maui Planning Commission this week, The Maui News published an article geared towards the old Renaissance name: “Recession could help Hotel live up to it’s Name“. It briefly explains the current ideas for this piece of prime Maui Real Estate.

This oceanfront parcel in South Maui has a fantastic location, right between Maluhia At Wailea in the north and Wailea Elua in the south, directly on the white sands of Mokapu Beach.

If this idea becomes reality, we might truly not need the Grand Wailea Resort expansion as reported. But what do I know! I am just a Maui Real Estate Agent, making a living with what others have to decide here for South Maui.

My brother-in-law worked almost 20 years in the Renaissance Resort under it’s different owners and management companies. We often visited the bar at the popular Maui Onion. During the sale of the Renaissance inventory, we had the chance to purchase these beautiful snow white 800 threat hotel linen for pennies on the dollar. I am sure there are many South Maui residents remembering the Maui Onion when going to bed at night.  

Beside the oceanfront homes of Halama Street and Uluniu Road, there are a handful of South Kihei Homes that really strike the eye before heading towards the Beachfront Estate Homes of Keawakapu Beach or Makena. Pretty much across from the Maui Coast Hotel on South Kihei Road is a simple gate, shielding two Kihei Homes, each of them on almost a half acre lot. These luxury homes are virtually located on Kamaole Beach One.

The sale recorded today is the modern 2-story structure of the northern home. It has 3 bedrooms and 3.5 bathrooms with a total of more then 3,600 square feet of living space. The timeless and comfortable floor plan in combination with an array of high-end building materials does not show the true age of 10 years. This Kihei home is in fantastic condition and offers a central location. Upstairs and downstairs living areas are oriented towards the infinity edge pool and the Pacific Ocean. Today’s photo shows only part of this view!

If this home would be one of the Makena Homes or even just located down the road on Keawakapu Beach, it could have easily sold for close to double the amount. I believe that the price of $7,000,000.00 is rectified by the unique opportunity to own a South Maui Oceanfront Home right on the beach. There are only a few. Let me know if you would like a tour of just these properties. I would be glad to be your guide. Aloha, VW.