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.
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