Newest Listings at Wailea Ekolu
Wailea Ekolu 805 is the newest listing to the complex and it easily represents the best money can buy at the Wailea Ekolu community. Boasting an excellent ground floor location, it offers a great outdoor lanai off the living room that extends to a community green area which can function as back yard for entertaining. Remodeled just last year with complete top to bottom upgrades, this 2 bedroom, 2 bathroom, and 1000+ sqft unit was designed to enhance the comfort and quality of the unit. The unit comes with strong rental demand and is an added bonus because it can help generate cashflow to cover monthly expenses, however, it is asked that all future bookings be honored upon completion of a sale.
Listed at $1.1 million
Most Recent Fall Closings at Wailea Ekolu
As the latest closing to the Wailea Ekolu market, Villa 503 is spectacular ground floor unit that has received a recent full renovation to enhance the atmosphere of the unit. Multiple upgrades include stainless steel appliances, quality flooring, granite countertops, cherry cabinets and split system A/C. The unit has never been in a rental program so it is in excellent condition as the owners took great care of it over the years. The covered lanai is the ideal spot to take advantage of the Wailea views and enjoy the South Maui lifestyle. The unit was brought to market in the middle of summer and only need 8 weeks to receive a serious offer; the unit sold for a closing sale price of $905,000, $75k off asking.
Brought to market late last year, Wailea Ekolu villa 806 boasts great views with year round Wailea sunsets, peaceful living, no golf course noise, and close proximity to the lower pool. This is the ideal location in the middle of the complex, so it positioned nicely to take advantage of all of the community’s amenities. The unit has a reputation for being a great rental unit, so it is able to command a high rental premium. After about 4 months on the market, it under went its 1st price reduction, then 6 weeks later it received another price reduction where it was able to attract serious interest. After 9 months on the market, the unit sold for close to $150k under original asking for a final sale price of $990,000.
As an upstairs unit, the lanai offers a view over the Wailea Ekolu unit and beyond towards the little island of Molokini. Compared to the 2 other recent closings, this unit is more or less original so it could use a little TLC and some love. Although the unit is original, it has great bones and is a blank canvas for the buyers to turn into their own. On the smaller side with 1 bedroom, 2 bathrooms, and 866 sqft, it was sold furnished so it was move in ready at the end of closing. The unit came to market in late January of this year and needed a few price reductions before the buyer was willing to write an offer. The unit closed for a great sold price of $665,000, close to $60k under original asking price.
Wailea Ekolu Market Update 2017
The Wailea Ekolu market is experiencing an extremely impressive run this year where it has averaged 2 units sold per month! With 2 months left in the year, the 2017 sales data has already outperformed the 2016 by 100%. In 2016, there were 10 units sold, while from January to October of 2017 there have been 20 units sold. So far there has been at least one Wailea Ekolu unit sold in every month except September. Summer has by far been the most productive time of the year as it accounts for 50% of all units sold in 2017.
Sometimes units have been hit or miss, 11 of the 20 units sold this year were able to find new owners within 6 months of coming to market; others have spent more than a year on the market, but those owners drove a hard bargain based on their initial asking price and final sale price. Surprisingly, 60% of the unit sold for sale prices above $800k which is considered to be on the medium to high end of the Wailea Ekolu market. If we were to round up, 4 units were sold for at least $1 million; while on the other spectrum, 4 units were sold in the $600k price range. Interestingly an overwhelming number of the units sold were the 2 bedroom units, that is great news for the buyers considering the 2 bedrooms can command great rental premiums because its ability to accommodate large vacationing parties.
- Number of Wailea Ekolu condos sold: 20
- Average sold price: $842,802
- Highest priced unit sold: $1,050,000
- Lowest priced listing sold: $612,150
- Number of units in escrow: 1
At this time, the Wailea Ekolu market is experiencing a low amount of inventory in November because of the strong demand the Wailea Ekolu complex seen this year. With only 3 units to choose from, buyers will be looking to act quickly because of the limited supply. One unit in particular is ripe for an offer because of its extended time on the market (over 1 year). Meanwhile, the 2 remaining units have come market in the last 6 weeks and are priced in the upper end of the market.
- Number of Wailea Ekolu condos for sale: 3
- Average asking price: $890,000
- Highest priced listing: $1.1 million
- Lowest priced unit for sale: $730,000
Contact a Maui Real Estate and Lifestyle Specialist
Corner views from a Wailea Ekolu unit we sold this year
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