When I saw the $25 million list price, I rubbed my eyes to make sure I was correctly seeing an 8 figure price tag, and indeed this one of a kind unit is promised for a quarter of $100 million. The property was last sold in 2011 and has undergone a significant remodel. The dramatic Pacific Ocean views, renowned villa location, ease of lock and go access, potential rental income, and community prestige all factor into the steep list price. However, it is primarily its location on Wailea Beach that values the unit so highly. The villa combines two units so Wailea Point Villa 102 is on the hook for each maintenance fee associated with the original two units.
With it’s high asking price, it’s clear that this unit is meant only for top 1% of the 1%. Here’s what the listing agent wrote about the property in their public remarks…
There has never been another property like Wailea Point residence 102 – and never will be. One is immediately struck by its world renowned location, which is matched by the exquisite interior that employs the most elegant materials.
Two original 2 story units were combined to create a grand Wailea Point “double” unit. The property comprises 2 residential units physically combined into 1 and 2 separate garage apartments accompany. The floor areas shown are after the enlargement of the main and oceanside lanai. This particular unit is spectacular in its own right as it totals 4700 square feet of interior living space with 6 bedrooms and 7 baths. The standout feature of the villa is its outdoor living area which has been upgraded to maximize the beachfront Wailea lifestyle.
Listed at $9,500,000
Enormous luxury condo at water’s edge with smartly remodeled interior. 5 sumptuous en-suite bedrooms – each with its own bath; a large family / TV room with bath; two den / office spaces; 2 large, 1 car-garages. Approximately 115 sq. ft. of interior space was converted to lanai space to create a magnificent 500+ sq. ft. lanai 62 feet above the ocean – fully covered and fully enclosable with electric roll-down blinds. Recently remodeled, this unique “double” unit is replete with new interior finishes, lighting, countertops, fixtures, flooring, appliances and more. The perfect Wailea residence for extended families, allowing each occupant to enjoy the highest quality housing experience.
Wailea Point Market Update
This year to date, there have been 5 Wailea Point condos sold representing a running sales volume of $15,490,000. A key statistic this year has been that a villa in the Wailea Point complex has sold for well under $2 million, which is absolutely unheard of; the last time a unit sold for under $2 million was more than 2.5 years ago. There are deals out there, but buyers must be patient and have excellent negotiators working on their behalf. The average sold price for a unit in the complex is $3,098,000. The Wailea Point complex already has a high barrier to entry in terms of selling prices, but they also have steep monthly maintenance fees that factor in as well.
Great aerial shot of Wailea Point
The amount inventory available in Wailea Point is spectacular! At this moment in time is a great time for buyers looking in Wailea Point; with supply being so high, buyers can have their pick of the units. Also, with a $25M listing on the market, the current for sale data can be skewed, so the list price without the $25M listing is a more accurate reprsentation of the average list price.
- Number of units for sale:13
- Average list price: $6,104,615
- Without outlier $25M listing: $4,530,000
- Lowest Priced unit: $2,250,000
- Highest Priced unit: $25,000,000
Contact a South Maui Real Estate Specialist
Ho’olei just before sunset
We’d like to extend an invitation to you to stop by our on-site Ho’olei real estate information office, which is open daily, before the reservation desk, from 9:00AM–5:00PM.
Our team has been blessed with the opportunity to have been part of this luxurious community since its infancy stages back in 2005. We’ve been in the in house sales team for the past few years. It truly brings a smile to my face when I see first time guests, return visitors, and full-time residences who embrace and wholeheartedly love their Maui lifestyle.