If you’re looking for something with a track record of cashflow, then look no further than Palms at Wailea 1707. Managed by Outrigger and turn key ready, the unit has been kept in great condition considering how often it was used. Occupied for most of the year, this unit is an impeccable buy for an investor or even a buyer looking for a 2nd home. The Palms at Wailea is so valuable because of the great amenities within the complex: large swimming pool, jacuzzi, BBQ and recreational area. Not to mention, Keawakapu beach is only a 5 minute walk down the road!
Offering over 1000 sqft of interior space, plus 1 bedroom and 2 bathrooms, the unit’s sunken living and kitchen area add more depth to the unit which ultimately makes it feel bigger than it really is. If you add the 100% of wrap around usable lanai space, your total living is more like just under 1500 sqft. The outdoor lanai is perfect because it can function like a 2nd living room and is ideal for overflow guests while entertaining.
Offered at $750,000
Spring Closings at the Palms at Wailea
Listed a few days into October of last year, it was the unit’s appealing location in the community that was always going to be a driving factor of the sale. Built in the early 90’s, the unit completed some light renovations in 2014 to enhance the unit and give it a fresh new feel. Upgrades included: porcelain tile floors throughout including the large lanai, Stainless appliances, split AC units in living room and bedroom, master bath upgrades include new bathtub and shower walls, new fixtures, new closet doors, new washer/dryer and new water heater.
The benefit of a ground floor corner unit is the lack of stairs and the 473 sqft wrap around lanai that accents the kitchen and living room area. Very similar to the listing above, it is a good comparison of what money can buy in the complex. The unit was listed at $895,000 and took massive price reductions before a buyer was willing to bite. Eventually, the unit closed for $770,00.
Brought to market in early November last year, this ground floor unit offers plenty of room to spread out enjoy the 2 bedroom, 2 bathroom, 1194 sqft layout. Bigger than the 1 bedroom units by almost 200 sqft, you can get a little more room if you’re willing to shell out a bit more money. None the less, some like the extra bedroom for convenience, while other’s prefer not to have it all. The unit has undergone a minor facelift in the kitchen and both bathrooms while the 90’s feel gives the unit a unique touch.
The unit was brought to market at $785,000 and was held firm throughout its time on the market. Eventually the decision by the sellers to be patient worked and were able to secure a $770,000 cash offer.
Palms at Wailea 2018 Market Update
Off to a great start with just over $4.3 million of running sales volume and averaging more than 1 sale/month, the 2018 Palms at Wailea market has already equalled the number of sales in 2017 and surpassed total sales volume by more than $100k. The year can still get better with two units in escrow and hopefully closing before a deal falls through. The year got off to a great start with two closings within the 1st week of the year, then the market cooled off for a month before 1 closing in February, and 2 coming in the middle of March. These units did not last long as 4 of the 5 units sold with 6 months of coming to market, while the remaining sold within 200 days of being listed.
The most telling part of the market is sold prices. On the low end, 2 units sold for $770,00; one unit was a one bedroom and the other a 2 bedroom. In terms of dollar/sqft, the buyer of the 2 bedroom at $770k paid more than $100 less/sqft than the 1 bedroom buyer. Although, that may sound like a better value, it’s always up to the buyer and they may actually have preferred a 1 bedroom. On the upper end of the market, the highest priced unit sold for $1.075 million and was an incredible remodeled unit with sweeping ocean views.
- Number of Palms at Wailea units sold: 5
- Average sold price: $862,000
- Highest priced unit sold: $1,075,000
- Lowest priced unit sold: $770,000
- Number of units in escrow: 2
In general, 5 units for sale at the Palms of Wailea is a decent amount of inventory; over the years, I have certainly seen more in this complex, but I’ve also seen less. Five is a good amount to choose from because when there is more inventory, buyers face the paradox of choice and actually are less content with more options. They get concerned with which one has more value, they 2nd guess the style of the unit, or they see what else is out there and lose sight of why they made a purchase decision in the first place.
1 bedroom units dominate the market with 8% of the listings, where buyers only have one 2 bedroom unit to choose from. Four the listings have come to market in the last 6 months, while another has been listed for close to 1300 days. With the current inventory, buyers will only be able to see what is on the low and what is on the high end, no middle of the road units are listed at this time. The best way to stay up to date is with our Palms at Wailea new listing email alert.
- Number of Palms at Wailea units for sale: 5
- Average asking price: $824,200
- Highest priced unit sold: $1,099,000
- Lowest priced unit sold: $735,000
Contact a Maui Real Estate and Lifestyle Specialist
The view from Hoolei Villa A6, the ultimate privacy and seclusion in the Wailea Resort
Please consider 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