We recently wrote an interesting article about scarcity in the Wailea condo market and now we’d like to cover the opposite side of spectrum with information on Wailea communities where condos are plentiful.
When it comes to buying a condo in Wailea, you could generally say that abundance = more choice and often greater opportunity.
Wailea aerial map: Red shows where condos are scarce, green shows where condos are plentiful.
Understanding abundance in the Wailea condo market
Remember that measuring abundance or scarcity is more than just counting the number of units for sale – it’s all about the consistent percentage of units available in each Wailea community.
When there’s more than an ample supply of units for sale in a given Wailea condo it can empower you as a buyer with a better selection of units and, frequently, a wider price range to work with.
The question is: what percentage would be considered abundant?
Over the past year we’ve regularly recorded changes in the number of units available for each condo community in Wailea and Makena and have a good picture of the conditions in a scarce market, an adequate market and an abundant market. We’ve found that when 6% or more of the existing units are for sale it’s a good indicator of an abundant supply.
Plentiful = Popular
Interestingly, the communities with the greatest supply of units for sale all happen to be some of the most popular and best selling Wailea condos in 2011. The top 3 communities (Ho’olei, Wailea Beach Villas and Kai Malu) are some of the newer developments in Wailea yet they represent almost a third of the total units sold in Wailea/Makena in 2011 and over 38% of the total sales volume.
Wailea Point is an excellent example: There were 11 sales in 2011 with a high average sales price of $3,097,681 and one of the lowest average days on market with 156.
Top 5 Wailea condos with the most units for sale
Here are the communities in Wailea the supply of units for sale is greater than 6%. Be sure to read on after this list for our buyer advice for opportunities in abundant condo markets.
#1 Ho’olei
This vacation condo community continues to be one of the brightest stars in Wailea. In 2011 there were 10 sales and the average sales price was $2,610,650.
- Total units: 120
- Average units for sale: 15
- Percentage of units on the market: 12.50%
- Average asking price: $2,669,564
- Vacation rentals at Ho’olei are allowed
- Jump to list of Hoolei condos for sale
- Get Hoolei market alerts
#2 Wailea Beach Villas
Great beachfront location next to the Grand Wailea Resort and in front of The Shops at Wailea.
- Total units: 98
- Average units for sale: 10
- Percentage of units on the market: 10.20%
- Average asking price: $3,913,000
- Vacation rentals at Wailea Beach Villas are allowed
- Jump to list of Wailea Beach Villas for sale
- Get Wailea Beach Villas market alerts
#3 Kai Malu
Residential condominium community surrounded by the Wailea Blue golf course.
- Total units: 150
- Average units for sale: 15
- Percentage of units on the market: 10.00%
- Average asking price: $1,329,555
- Vacation rentals at Kai Malu are NOT allowed
- Jump to list of Kai Malu homes for sale
- Get Kai Malu market alerts
#4 Wailea Point
A cherished classic oceanfront condo community nestled between the Four Seasons resort and the Fairmount Kea Lani resort. It’s an easy walk to either Wailea beach to the North or Polo Beach to the South.
- Total units: 129
- Average units for sale: 9
- Percentage of units on the market: 6.98%
- Average asking price: $3,749,285
- Vacation rentals at Wailea Point are allowed
- Jump to list of Wailea Point condos for sale
- Get Wailea Point market alerts
#5 The Palms at Wailea
The Palms has unique modern Mediterranean architecture and is only a quick walk away from Keawakapu Beach.
- Total units: 150
- Average units for sale: 9
- Percentage of units on the market: 6.00%
- Average asking price: $708,857
- Vacation rentals at The Palms at Wailea are allowed
- Jump to list of Palms at Wailea condos for sale
- Get Palms at Wailea market alerts
Advice for buying a Wailea condo
One of the great opportunities in abundant markets like Wailea Point and Kai Malu is your negotiating power. In 2011 the sales price for some of these communities averaged 10% to 14% below the original asking price.
Ho’olei is an exception where prices have been holding very well. Last year the sales prices averaged only 6.8% under original asking price.