2016 Ho’olei Market Update
Active Ho’olei Listings
The Ho’olei market is regarded as a fantastic choice for a luxurious second home and as a desirable vacation rental destination. The complex has a decent amount of villas for sale that represent good buys. At the moment, five active Ho’olei condos for sale are up for grabs representing an inventory of $13,435,000; the average asking price for a unit is just over $2.6M at $2,687,000, while the median list price is an even $2,850,000.
The complex’s highest priced listing, villa 23-1
The lowest priced villa available (24-3) is one our listings valued at $1,990,000, it is on the lower belt of the community, offered fully furnished, and is a quick stroll to the beach; the great thing about Ho’olei is there is the very strong demand for the community as a short term vacation rental. The highest priced unit available (23-1) is also our listing as well, it is the largest and most highly sought after floor plan in the community; it is situated on the quiet, south end of the last hotel-zoned development in Wailea, and the view is spectacular–180 degrees looking towards the amazing blue water out towards West Maui.
There are also three unit in escrow representing $8,040,000 in inventory. The Ho’olei complex is finally beginning to pick up momentum as 2 closings and three escrows have occurred in the last month.
Sold Ho’olei Listings in 2016
2016 Sales Statistics (January-June)
- Low: $2,775,000
- High: $3,300,000
- Average: $2,975,000
- Avg. Price/Sqft: $1073.52
- Avg. DOM: 190
Sold by the Sayles Team: Ho’olei 52-1
Glamorous properties like Ho’olei 52-1 hardly ever go up for sale in Wailea. And when they do, our Private Collection of luxury home listings crucially facilitates the deal before the property ever gets a chance to hit the public MLS. Many of our clients are extremely private people and do not wish to put their property in the MLS for a variety of reasons.
The goal with marketing our Private Collection of homes is not just to find buyers, but rather to craft a strategic marketing plan catered to our seller client’s individual needs and specific timeframes. We target a much smaller, sophisticated audience of potential purchasers, who are experienced and qualified to make the purchase.
In the case of Ho’olei 52-1, our team made a perfect match between the buyer and seller. The unit sold for $3.3 million, a new high water mark since 2012.
Sold by the Sayles Team: Ho’olei Villa 112-4
Listed last year in early December, the unit was put on the market for $2,950,000 and its list price was held firm throughout the entirety of its listing. In late April, we showed the property and were happy to see our clients show serious interest in writing an offer. At the end of the day, we were able to negotiate $100k off list price and were able to get the property under contract for $2,850,000 and close after a 6 week escrow.
The last time the property was sold was back in 2009 to the unit’s second owners, so our clients will be the third owners since 2008. Considering the property has been through two owners, the villa is in immaculate condition, furnished with a clean design style, and still feels brand new. Villa 112-4 sits tucked away in the upper left hand corner of the Ho’olei complex, which allows the unit to be located in one of the most private buildings of the complex while two sides of the building are bordered by the Wailea Blue Golf Course.
Sold by the Sayles Team: Ho’olei Villa 112-3
Initially brought to market over a year ago in early June of 2015, this Ho’olei villa was valued at $3.1 million; the unit couldn’t conjure up any serious buyers for the first 3 months it was for sale. The sellers then agreed to to reduced their list price by $150k, however, still with a fresh price point of $2,950,000, there were still no bites.
This April, I felt like the unit would be perfect for some clients and believed the unit would be a good buying decision for them. In the end we got an offer accepted at $2,775,000, $325k off the original list price! The unit does carry a $1500 monthly maintenance fee, but it potentially can be offset by short term rental income if the owners choose to rent it out on a vacation rental basis.
Ho’olei Market Through 1st 6 Months of Year From 2014-16
*Sale prices are rounded and not exact
Some other key points:
- The 1st half of 2014 was an extremely productive 1st half of the year, we were involved in 6 of the 7 transaction through those 6 months. We can attribute our success in 2014 to our clients feeling it was the right time to purchase; we were working with a few of them for quite some time and it just so happened they felt ready to purchase in early 2014.
- The sales of $1.7M and $1.8M were absolute steals; rarely ever are sellers willing to let units go at that price point. Keep in mind it was on the lower belt of the community, but both units ability to be rented on a short term basis are huge desirability factors
- The $3.3M sale this year is the highest sold price since 2012 and was sold as a pocket listing
- Ho’olei sales in the first half of the year do not give an indication of what’s to come in the second half of the year.
Ho’olei Condos For Sale
57 MAKAKEHAU ST #J2
69 MAKAKEHAU ST #I4
69 MAKAKEHAU ST #I3
63 HOOLEI CIR #B2
See a complete inventory of Ho’olei Condos For Sale
Contact a Maui Real Estate and Lifestyle Specialist
Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Aloha,
Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com