Brought to market late last week, Wailea Palms 3101 is a stunning ground floor unit that is perched on a slight hill with views that look out to the ocean. The 300+ sqft of covered lanai space is an awesome focal point for relaxing and entertaining guests, it functions as a 2nd living room that perfect compliments the interior of the unit. Units at Wailea Palms cannot be rented out on a short term basis, so this complex is far more quiet than its other counterpart, Palms at Wailea.
Both bedrooms and living room share an awesome view with an open concept layout to maximize space and the views from the interior. As a bonus, the unit has a custom built in office that converts to a bedroom via a queen size pull down bed. The corner bedroom offers privacy and security with a tall, flowering Bougainvillea hedge. While monthly maintenance fees are quite steep at $1100+, the community offers access to an onsite upscale gym equipment, one of the most beautiful, heated pools in Wailea, and exclusive access to Wailea Golf membership.
Listed at $1,350,000
Looking for a great value buy? Then look no further than Wailea Palms 2603. This unit is also a ground floor unit that is tucked away in the community, yet offers a nice ocean view from the outdoor lanai. While slightly smaller than the unit above, this unit provides a nice contrast to what the range of units are like at Wailea Palms.
More or less in original condition, this 2 bedroom, 2 bathroom, and 1194 sqft is a blank canvas and is just begging to be upgraded with modern finishes. This unit features a sunken living room which adds depth to the unit and allows it feel larger than the square footage suggests. With a wrap around lanai around the corner of the living the room, it can act as an extension and accommodate large parties.
Priced at $940,000
Wailea Palms 2017 Market Update
2018 has been an okay year for the Wailea Palms complex; it produced 33% less homes sold than it did last year and saw close to a $5 million decrease in sales volume. The low activity is good for owners as there is less turn over in the community and keeps its low density feel. Interestingly, sales piled up in the first 2 quarters of the year and there has been 0 sales since the middle of June. However, with 2 units in escrow, we can potentially see more deals within the next week. Only 1 of the 6 units sold needed more than 6 months to find a buyer.
The lack of sales in the Wailea Palms community can be attributed to its next door neighbor, the Palms at Wailea which offers its owners the capability of renting out their unit on a short term basis. While Wailea Palms do not permit short term rentals, that should not sway or hold back your interest. It is actually a benefit because the community does not have plenty of people coming and going, the community club house is hardly ever crowded, and you begin to get to know your fellow residents. Only 1 unit was sold for $1 million, while the rest were sold in a $75k range from $725k-$800k.
- Number of Wailea Palms condos sold: 6
- Average sold price: $810,000
- Highest priced unit sold: $1,050,000
- Lowest priced condo sold: $725,000
- Number of units in escrow: 2
At the moment, there are only a handful of condos available in the Wailea Palms. The market is top heavy with 75% of the listings priced in excess of $1 million. The lowest priced listing is not far off the $1 million barrier at $940,000. In terms of price/sqft, buyers should expect to pay anywhere from $800-$1000.
Considering how productive the mark was in 2017 and the strong interest in 2018, it wouldn’t be a bad idea to stay up to date with our Wailea Palms new listings alerts.
- Number of Wailea Palms condos sold: 4
- Average sold price: $1,135,000
- Highest priced unit for sale: $1,350,000
- Lowest priced condo for sale: $940,000
Contact a South Maui Real Estate Specialist
Enjoy amazing Wailea nights amongst flickering of tiki torches and soothing waterfalls
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.