We are happy to announce the formal closing of Ho’olei villa 24-3! We represented the sellers and were happy to have helped the navigate the selling process. Ho’olei is a unique product that takes a particular set of expertise because of the vacation rental aspect as well as Kulana Club membership.
Sitting on the lower part of the community, this building cluster trades ocean views for utmost privacy and relaxation. While spanning more than 2600 sqft, this unit is actually the smallest of the 3 available. Although the smallest, the unit does not feel like it all because of the clever open layout design and separation of living area and sleeping areas.
Priced under $2 million, we were eager to help our sellers get the best deal possible. With the ability to be rented out as a short term rental unit, its an invaluable feature that so many buyers appreciate. The potential rental income and reduced list price made this unit a very desirable investment opportunity or a chance to get into the Wailea resort for a cut price.
In the end, our sellers agreed to a final sale price of $1,750,000.
Villa 24-3 has a very convenient location on the property, located with a very close proximity to the pool and pavilion area. Interior appointments include a private elevator, a gourmet Studio Snaidero kitchen with Wolf and Sub Zero appliances abundant.
On-site amenities include one of the most impressive pools in the Wailea Resort, 24 hour security, shuttle service to the Grand Wailea Resort, a vast entertainment area, and a state-of-the-art fitness facility. In addition, a special arrangement has been set up for the benefit of the Ho’olei homeowners at all three championship Wailea golf courses.
1st Half 2018 Ho’olei Market Update
Compared to the same time last year, the 2018 Ho’olei sales data is already outpacing the 2017 Ho’olei sold data by 100% in the number of transactions and more than $6 million in sales volume. 75% of the units sold this year were able to find a buyer within 6 months of coming to market. Ho’olei markets can sometimes be on the market a little longer than some others because of the steep purchase price and high monthly maintenance fees. Price/sqft for a Ho’olei villa typically averages at least $1000/sqft, but can go as low as $600-$700/sqft for the lower perimeter units like 24-3 above.
In terms of sale price, the upper end of the market has dominated with sales as 3 of the units sold in 2018 closed for at least $3.15 million. Ho’olei units that sell in excess of $3 million are the best of the best in the community and can command these type of figures because of the stunning ocean views.
For a complete rundown of the market, check out our set of Ho’olei sales date since 2008.
- Number of Ho’olei condos for sale: 4
- Average asking price: $2,821,875
- Highest priced Ho’olei condo sold: $3,212,500 (represented the sellers)
- Lowest priced Ho’olei unit sold $1.75 million (featured above)
- Number of units in escrow: 1
With only 2 units for sale on the lower end of the market, buyers do not have much inventory at all to choose from. For units in the middle to lower end of the spectrum, buyers should expect ti pay around $800-$900/sqft.
When inventory is this low, we always reccomend our clients stay up to date with our Ho’olei new listing email alerts. The alerts can be customized to any criteria including single family homes and condos. If you need assistance in setting up this feature, we would be happy to do so!
- Number of Ho’olei condos for sale: 2
- Average asking price: $2,348,000
- Highest priced Ho’olei condo for sale: $2,596,000 (listed by the Sayles Team)
- Lowest priced Ho’olei unit for sale: $2.1 million
Contact a Maui Real Estate and Lifestyle Specialist
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