Window on Wailea

The Bad News is Good!!

Tony Rees (ePRO) (Carol Ball & Associates) — Fri, 30 Jan 2009 19:44:14 -0600

2008 proved to be an interesting year for Real Estate in Maui. On a top line view - a challenging year:
Total Condos sold : 788 units (33% down from 2007);
Total Condo $ value sold: $724 million (25% down from 2007);

Total Single Family Homes sold: 905 units (15% down from 2007);
Total Single Family $ value sold: $752 million (15% down from 2007).

Looks bad? Actually, there is good news.....

Wailea /Makena Condos sold: 178 units (24% down from 2007);
Condo value sold: $387 million (3% down from 2007)

Buyers have a great selection of properties to choose from - at prices in many cases not seen for 4 or more years. And Sellers who are pricing well are getting their properties sold....
The good news is that there are Great Deals to be had. And mortgage rates remain attractively low. For Buyers who have good Credit ratings and a decent deposit - Maui is your oyster! Get out there, shop around, and buy!

Here are some examples of deals to be had (call your Realtor today)......

Maui Kamaole across the street from Kamaole III Beach Park, this popular condo complex offers 1 and 2 bedroom units. How about a 1 bed/2 bath unit for $474,777 - a price not seen since 2004! Or a 2 bed/2 bath unit for listed at $575,000 - a price not seen since 2005!

Grand Champions on the Blue Course in Wailea. A 2 bed/2 bath condo listed at $498,000. This price has not been seen since 2003!!

Wailea Kai (gated community) easy walk to spectacular Keawakapu Beach. A 3bed/3bath home. Ideal for someone looking for bargain price entry to Wailea. Or someone looking to renovate and still come out well... Listed at $895,000, this is the lowest price Wailea home - a price not seen since 2005. (By way of disclosure, this is my listing...).

Wailea Golf Estates (gated community). Two listings for homes at under $2 million each. One is over 3,300sf of home (4 bed / 3.5 bath) on almost 15,000sf of land! This price has not been seen in this sub-division since 2005!

There is good news out there! Great bargains are to be had ... call your Realtor today!

Wailea Condos - Dollar Sales Up In A Tough Market!

Tony Rees (ePRO) (Carol Ball & Associates) — Fri, 03 Oct 2008 21:25:57 -0500

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.

Il Teatro - Outstandingly Good Food in Wailea

Tony Rees (ePRO) (Carol Ball & Associates) — Thu, 31 Jan 2008 23:15:04 -0600

Il Teatro - the theater - is exactly that. An outstanding production of food. Entertaining, elegant, simple and sumptuous. This restaurant, located below Capische in the Diamond Resort, represents the best in good dining. This Chef's Table with refined wine/food pairings is open Thursdays through Saturdays with advance booking. Or, with 6 or or more in your party, is open any day you choose!
Last night with a group of 16 friends and acquaintances we were treated to one of the best meals I have experienced in a long while - and for over thirty years I have traveled and eaten in dozens of coutries across five continents.
Chefs Brain Etheredge and Chris Kulis performed together in synchronised harmony to turn out course after mouth-watering course.
The evening began with a toast of Prosecco. A first course of Ono Gravlox, Proscuitto (di Parma of course..) and Asparagus paired with Roero Arnels from Vietti in the Piedmont region tickled the palate. A choice of Warm Duck Confit (with Barbera D'Alba) or Scallops (with A Terlano "Kreuth" Chardonnay) presented the first agonising choice for the second course. My wife and I sensibly took one each - and we shared our dishes. Perfect!
And so the evening progressed with dishes varying from Short Ribs and Saffron Risotto through Poached Lobster to Lamb Rack with Pumpkin Gnocchi and Polenta Onaga. Wines selected for each dish were matched to perfection.
A final dessert of Wam Chocolate Cake with Chambord Strawbewrry Sorbet sealed our fate - we'll be back in February to experience a new menu revelation as the monthly change of menu takes place!
Treat yourself, your spouse and your friends - you won't regret it.

2007 - A Great year For Wailea Condos!

Tony Rees (ePRO) (Carol Ball & Associates) — Sun, 06 Jan 2008 19:13:31 -0600

2007 proved to be a great year for condo sales in Wailea/Makena. Sales rose from 189 units in 2006 to 233 units in 2007 - a 23% increase! And this was accompanied by less than 5% decline in the median price. Indeed, total sales volume was over $400 million in 2007! This compares with less than $345 million in 2006.
This great strength in the face of challenges nationwide to the real estate industry attest to the popularity of Maui as a destination for home owners.

Sales in the Wailea/Makena area were aided by a number of new projects that came on stream over the last couple of years. These included Kanani Wailea, Wailea Beach Villas, Kai Malu, Ho'olei and Wailea Town Center.

In spite of the new projects coming on stream, the older established condo complexes still proved popular. These condos included Grand Champions, Makena Surf, Na Hale O Makena, Palms at Wailea, Wailea Palms, Polo Beach Club, Wailea Fairway Villas, and the evergreen Wailea Ekahi, Wailea Elua and Wailea Ekolu.
Unit sales in these complexes were down 13% from 87 (2006) to 76 units (2007) though the median price declined less than 3%.

In the new projects, sales rose from 102 units in 2006 to 157 units in 2007 - a gain of over 50%!

Perhaps we can look to continuing strength in Wailea/Makena during 2007 as resales in the new projects increase and new units continue to roll out from high end projects like Ho'olei.

2007 Wailea Homes - Sales up; Prices up!

Tony Rees (ePRO) (Carol Ball & Associates) — Thu, 03 Jan 2008 20:00:36 -0600

Sales of Wailea/Makena single family homes were up from 29 in 2006 to 35 sales in 2007. And the median price on completed sales was up 2.5% from $2,060,000 to $2,112,000. Not bad given all the negative publicity and stats around national sales during 2007! It is also interesting to note that the gap between List and Sold price narrowed from an average of -8.5% in 2006 to -6.4% in 2007. Are owners pricing more realistically?!!

FYI here are selective stats. I will shortly be providing more insights into Wailea condo sales and the trend in withdrawals and cancellations.

Wailea/Makena Single Family Homes 2007 vs 2006
	Sold	List Price	Sold Price	Sold:List	DOM	Living SF
Total 2006 Median	29	$2,495,000	$2,060,000	-17.4%	183	2851
Total 2007 Median	35	$2,125,000	$2,112,000	-0.6%	191	3006
Versus 2006	20.7%	-14.8%	2.5%		4.4%	5.4%

Total 2006 Average		$3,900,724	$3,584,190	-8.1%	208	3291
Total 2007 Average		$3,634,271	$3,364,921	-7.4%	210	3119
Versus 2006		-6.8%	-6.1%		1.4%	-5.2%

Data taken from RAM MLS - presumed to be accurate.

Wailea Condos - Prices Up For The Year? Or Down??

Tony Rees (ePRO) (Carol Ball & Associates) — Wed, 10 Oct 2007 21:16:50 -0500

What's in the statistics - those numbers that we rely on - or often hide behind? For the year through end September 2007 the raw statistics show an interesting movement over the last three years.
Year       Average Sale Price     % Change vs prior Year    Units Sold     % Change vs Prior Year      Av. DOM
2005            $1,305,033                                                      118                                                         141
2006            $1,859,059                   up 42.5%                    143                 up 17.5%                       553
2007            $1,591,306                down 14.4%                  176                  up 23.1%                       334
On the surface - several interesting things...
1) Number of units sold has increased sharply over the last couple of years;
2) Average prices seem to have declined this year vs 2006.
3) Average days on market for 2006 and 2007 seem extraordinarily long!

Well it's those statistics!! 2006 and 2007 are affected significantly by the completion of several new condo developments. In 2006, Wailea Beach Villas (immediately oceanside of the Shops at Wailea) sold 67 units at an average price of $2,279,765. And because construction took a long time, the Average Days on Market (DOM) was 635! Wailea Beach Villas data significantly impacted the 2006 analysis.

So what about 2007? There were several more new developments. Kai Malu, Kanani Wailea, Ho'olei (coming on stream), Wailea Town Center, and more Wailea Beach Villas sales accounted for 113 sales units. At an average price of $1,712,667 and 433 average days on market, the new developments materially affected the 2007 gross figures.

If we remove the new developments from the analysis and look only at sales in the established condo complexes we see the following...
Year       Average Sale Price     % Change vs prior Year    Units Sold     % Change vs Prior Year      Av. DOM
2005            $1,305,033                                                       118                                                     141
2006            $1,489,847                   up 14.2%                    76              down 35.6%                       160
2007            $1,373,627                down 7.8%                  63                down 17.1%                       155
1) Sales are declining steadily - probably in part due to the introduction of new complexes offering greater choice to buyers;
2) Average prices are down over 7% in 2007;
3) Average days on market are little changed over the years.
By the way... the number of withdrawn listings has risen steadily over the last three years - even for the established condos. And, as you might expect, those at higher average prices are being withdrawn this year as the prospect of a sale recedes! Good news is that there is a great selection of condos available for purchase and those that are priced well are selling.

Interesting what happens with statistics in a relatively small market like Wailea! If you want more information about specific condos - or up-coming developments - give me a call or email me. Check out information yourself with a search at www.HomeBuyersMaui.com

* Statistics taken from an analysis of the MLS for Jan-Sep of 2005, 2006 and 2007.

Wailea Restaurants - Here's a Different Approach....

Tony Rees (ePRO) (Carol Ball & Associates) — Wed, 03 Oct 2007 20:58:01 -0500

Wailea has some really outstanding restaurants - great food, great ambience. However, many of these restaurants are found in the premier resorts - five star food; reservations required ..... and five star prices!! Well here's a variation.

Whether you are a visitor or a resident you might want to consider Bar and Pupu! My wife and I will often simply turn up at one of these restaurants and seat ourselves at the bar (that takes care of the booking!). We then get to enjoy drinks, the opportunity to converse with strangers (always fun), and choose anything from the menu. Pick an hors d'oeuvre (pupu) or share an entree. It's easy on the wallet and the bar staff are efficient.

Try Tommy Bahamas in the Shops at Wailea. Try the wonderful Cooper Island Crab Bisque - it is outstanding and a meal in itself. And the hot bread that you get goes well with a glass of wine.

The Four Seasons Resort Maui has three great restaurants - Ferraro's (Italian), Duo (Steak & Seafood), and, of course, Spago's. If you're a Kama'aina try Spagos - there's usually an offer on entrees. And whether you're a visitor or local take time out to eat lunch at Ferraro's. The lunch menu is perfect, portions are great, and the view spectacular. Try the salmon burger or one of the salads - wonderful!

Enjoy five star food, five star service - and still have something in your wallet when you leave!

Of course, if you'd like to make Maui a regular destination, or you just want to talk story about real estate, contact me or visit www.HomeBuyersMaui.com

Wailea Condos ... Are They Priced Right?

Tony Rees (ePRO) (Carol Ball & Associates) — Mon, 10 Sep 2007 19:44:16 -0500

Condos in paradise! The inevitable question about one of Maui's premier condominium areas is whether sellers are asking too much. Whilst there are always justifications about pricing individual units, here are some interesting insights. Whether you're a Seller or prospective Buyer of a condo in Wailea read this and then draw your own conclusions.

There are currently 15 Wailea Ekahi active or pending properties; and there have been 13 closings since the begining of 2007. The average listing price on actives/pending stands at $1,378,133. For closings this year the average sale price was $1,091,179 - almost 21% below the current asking prices! What's more, the sold properties averaged 148 days on market compared with 169 days on market for active/pending. That's already 14% longer and we still have to get to closing!
By the way, the final price on sold properties was almost 11% below listing price.

How about another complex? Let's take a look at the Palms at Wailea. Currently there are 12 active/pending condos. And there have been 15 sales closed this year. The average price on active properties is $970,392 - actually almost 4% below the $1,008,000 average of closed sales!
Actives currently are at an average 138 days on market. This compares with 172 days on market for closed sales.
Note also that the final price on closed properties was only around 4% below the listing price.

So, does this mean that the Palms are priced well on current listings? Perhaps. What about other condo complexes in Wailea? Does it mean that Ekahi sellers are asking for too much in the currrent market? Perhaps. Anyway, provides food for thought doesn't it!

What do you think? Feel free to add your comments.

Want to know more? Contact me at charlesantonyrees@hotmail.com for personalized service. Or browse for yourself at www.homebuyersmaui.com
I look forward to your insights and views.

The End of an Era … A New Beginning

Tony Rees (ePRO) (Carol Ball & Associates) — Sat, 08 Sep 2007 00:52:19 -0500

Thursday, 6 September 2007, signaled the end of an era as the last guests checked out of the Renaissance Wailea Beach Resort and it closed its doors for the last time. Opened in the late 70's, the 345-room hotel was one of the earliest resort developments along the now famed Wailea stretch of South Maui. Located in a prime position fronting Mokapu Beach the resort lies between the exclusive Maluhia condo complex to the north and the expansive Elua condo complex to the south. At one time (as Stoufers) the hotel enjoyed AAA Five Diamond status.

It was expected that the Renaissance would be demolished and replaced by a St Regis Hotel but that deal fell through. Now, like a phoenix rising, Starwood Capital has announced that a luxury Baccarat resort will be built on the 15.6 acre site as a condotel. The 193-unit development will be constructed as 13 low-rise buildings. With a mix of 1, 2, 3 and 4 bedroom residences, the resort will also boast a lobby area with water feature, Baccarat crystal and sculptures (of course), swimming pools and gourmet restaurants.

Full concierge and private butler services are planned for the resort. And the concierge service will be extended to owners of condos in the adjacent exclusive Maluhia complex.

The Baccarat Wailea Resort & Residences will be the first of a planned worldwide nameplate chain of luxury hotels being launched by Starwood Capital Group. Demolition of the old Renaissance hotel is expected to begin before year end. Watch this space for updates on progress.

The first phase of Baccarat residences are now available for reservation with units varying from around $1.8 million (1 bed unit) up to over $8 million (3 bed unit). Do you want to be a part of this new beginning? Contact me at charlesantonyrees@hotmail.com for further information about availability of units in this planned resort or the adjacent Maluhia and Elua complexes.

Any comments? Feel free to add to this blog.

Wailea GatewayShopping Center site preparation has commenced...

Tony Rees (ePRO) (Carol Ball & Associates) — Sat, 25 Aug 2007 18:17:57 -0500

Site preparation for the new Wailea Gateway Shopping Center has commenced on the corner of Piilani Highway and Wailea Ike Drive. Positioned uphill from the existing Wailea Shopping Center, this new complex with great ocean views will comprise 2 buildings each of 2 floors with adjacent parking. Reservations for commercial space are being taken for units varying mostly in size from 1000 sf to over 1300 sf. Contact me at charleasantonyrees@hotmail.com if you would like more information.

This new development is located immediately below that planned for the controversial Honua'ula development (1400 homes, a golf course and commercial space). In all there will be 4 shopping areas in less than a mile (Shops at Wailea; Wailea Town Center; Wailea Gateway Center; and the anticipated commercial section of Honua'ula).

Got an opinion on these developments? Feel free to add a comment.