Over the past week in Wailea Beach Villas the listing of Villa unit E-102 has been cancelled, PH-409, listed for $4.295 million has gone into escrow and PH 505 has dropped its asking price from $4.5 million to $4.25 million. Given that this will be the first high season in which people will be able to see the Wailea Beach Villas finished product, we anticipate strong demand for the units currently listed for sale.

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We are listing Penthouse Unit 307 in Wailea Beach Villas for sale at $3.45 million. As you all know, Wailea Beach Villas is Wailea’s newest oceanfront condominium complex, just completed this year. Wailea Beach Villas offers two pools, fitness area, concierge services, business center, access to the Grand Wailea Resort and Spa, in short, all the amenities of the twenty first century. Unit 307 is two bedrooms, two baths, 1978 square feet and never been occupied. Travertine flooring, granite countertops, state of the art appliances, a large lanai and panoramic ocean views. The listing price is in line with other recent sales in the complex.

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An important commentary from Freddie Mac's Chief Economist today provides an argument that says yes. His argument is predicated upon recent data that shows retail sales in November were better than expected demonstrating continuing economic strength and that therefore it is less likely that the Federal reserve will cut rates anytime soon

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The crispness of the early mornings, the wonderful breezes off the Pacific and the increase in traffic are all telling us "The Season is here!" The million dollar question (literally) is what is it going to bring South Maui's real estate market. While nobody knows, here are some things to think about. Wailea/Makena condominium inventory remains manageable and prices this year, no matter how you slice them, have increased. Not at the rate of past years certainly, but increased in the low double digits nonetheless. The Kihei market, especially condominiums that offer nothing unique or special, have been flat to down a bit this year and inventory for that product remains uncomfortably high. On the residential side homes are moving more slowly although following the same general price and inventory trends as condominiums. The wild card is what mentality the visitors from the West Coast will bring with them this year. The California markets vary depending on one's zip code and so that influences any particular person's view of the market. We remain upbeat on what this year will bring us given how special we believe Maui is, the relatively strong US economy, the low level of interest rates and the continuing concentration of wealth in the hands of the Baby Boomers.

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At least eight units in Wailea Beach Villas have closed since the complex opened. Five units in the penthouse obtained sale prices averaging 83% higher than the pre-construction levels while the three Villa units averaged 92% appreciation. median sale prices for Wailea beach Villas now rival those of Wailea Point and outstrip all other Wailea/Makena complexes. On a per square foot basis however, resale prices in Wailea Beach Villas remain a bargain, ranking fifth of the sixth oceanfront complexes in the area, ahead of only Wailea Ekahi.

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Sure dealing in Maui real estate is fun. But better yet are the cultural events always going on at the Maui Arts and Cultural Center, one of the island’s treasures. Right now, First Light is showing an array of great first run movies which can be found here. Can Rocky Balboa still fight? Will Helen Mirren recreate Queen Elizabeth’s reaction Diana’s death with her usual style and grace? Dreamgirls features a cast of all-stars, is it as good as the hype? Can Children of Men possibly be as good as the PD James book?

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According to this Maui News article, Maui is enjoying a banner year in Tourism. Some key tidbits:

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Are the numbers in this Honolulu Advertiser story correct?  yes, as far as they go…which for the Wailea market isn’t very far. The median price of a residential home sale in November declined by a whopping 18% over a year ago. Bad news, right? Not necessarily. The mix of sales was very skewed compared to 2005. For example, in November 2005, a $9 million home in Kapalua sold as did three  Wailea homes totalling $10 million and three Maui meadows homes for over $1.2 million apiece. This past November, not a single Wailea or Kapalua home sold and only a single Maui Meadows home changed hands. So the strict comparison the Advertiser touts has limited utility. As a couple of big ticket homes currently in escrow close in December and January watch these numbers correct again. In addition, the trend for condominium prices remains, especially for resort property, upward.

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Not according to this PNC Wealth Management Survey. While almost half of the survey group are pessimistic about real estate prices in 2007, only 15% expressed concern over potential declining home prices. Read More »

Inventory in this market remains nearly constant at eighty five units for sale. That has been the range for about six months now. Good news as the season gets ready to open! Fifteen units have been sold since November and another twenty one are currently in escrow. That absorption rate implies a selling time average of approximately six months IN NON PEAK MONTHS! That is very good news indeed for sellers in this market as it suggests a reasonably strong season is upcoming!