The Maui Real Estate Blog

Top 5 Wailea and Makena condos in short supply

access_timeFebruary 24, 2012(Updated: Mar 13, 2015)personDano Sayles, REALTOR BrokerhomeBlog Home

If you’re a Wailea condo buyer, understanding availability really matters because scarcity = less selection and frequently more buyer competition. In this article we’re sharing a list of the condos with the lowest ratio of available units along with some useful buying advice.

Right now there are 16 Makena condos for sale and more than 120 condos for sale in Wailea which seems like a lot, so why are we writing an article about scarcity in the Wailea/Makena condo market?

What you may not know is that the supply of condos available for purchase in Wailea and Makena is less than 7% of the units that exist in this very desirable area. In fact, there are select communities that have significantly fewer units available (under 5%).

Understanding scarcity in the Wailea condo market

Scarcity exists when there is a consistent shortage of available condos for sale in comparison to the total units that exist in that particular community. At any given moment that ratio can fluctuate up or down which is why it’s good to look at averages over a longer period of time.

We’ve been collecting information twice a month for the last year on available condos in Wailea and charting the changes in average price and the number of units for sale in each community.

Top 5 Wailea and Makena condos with a shortage of units for sale

These are the condos where the percentage of units for sale is below 5%. Read on after this list for advice on buying in these communities.

#1 Wailea Elua Village

One of the classic communities in Wailea with a great beachfront location.

Total units: 152
Average units for sale: 5
Percentage of units on the market: 3.29%
Average asking price: $2,671,333
Vacation rentals at Wailea Elua are allowed
Jump to list of Wailea Elua condos for sale
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#2 Grand Champions

Surrounded by golf course on three sides and neighboring the Wailea Tennis Club. This community is one of the most affordable condos in Wailea to allow vacation rentals.

Total units: 188
Average units for sale: 7
Percentage of units on the market: 3.72%
Average asking price: $607,042
Vacation rentals at Grand Champions are allowed
Jump to list of Grand Champions condos for sale
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#3 Wailea Ekahi

Beachfront condo fronting Keawakapu beach.

Total units: 296
Average units for sale: 12
Percentage of units on the market: 4.05%
Average asking price: $1,082,990
Vacation rentals at Wailea Ekahi are allowed
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#4 Papali Wailea

This is a very new community of residential condominiums where there is only one unit left from the developer.

Total units: 24
Average units for sale: 1
Percentage of units on the market: 4.17%
Asking price: $2,595,000
Jump to list of Papali Wailea condos for sale
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#5 Polo Beach Club

A cherished Makena condo right next to the Fairmount Kea Lani resort.

Total units: 71
Average units for sale: 3
Percentage of units on the market: 4.23%
Average asking price: $2,537,000
Vacation rentals at Polo Beach Club are allowed
Jump to list of Polo Beach condos for sale
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Advice for buying in a scarce market

If you’ve made your decision and want to own a condo in Wailea Elua (or one of the other condos where supply is limited) here are a few things you can do to get the condo you really want.

1) Learn more about the community. Do your homework and find out what has sold in the past, what variations exist among the units, etc. You can contact us to request a free detailed report for any condo in South Maui.

2) Zero in on what you want. Decide on location, floor plan, and what you want to spend upfront.

3) Subscribe to market alerts. Use our free Property Organizer service to get notified when prices change or new listing come up.

4) Act fast for the right unit. When the perfect unit first comes on the market be the first to write an offer.