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The Maui News has printed an article regarding Maui real estate and Wailea real estate that has so much information in it that it must be called hoohey. Unfortunately, much of it comes from our own Realtors Association. The following statements from the article are not true reflections of what is happening in the market:
MSN.com had an interesting article on the value of a view. We wondered how it compared to Maui real estate. According to work done on the mainland, and particularly in California. Here are some calculations by Earnest Siracusa regarding new subdivisions:
The Bluffs at Wailea is Maui real estate's newest vacant land offering. Situated just makai of the new Wailea Gateway, the Bluffs at Wailea consists of twelve luxury homesites. Most of the lots are very large by Wailea real estate standards at 1/2 acre, and one of the lots is over one acre. Prices begin at $1.35 million and range up to approximately $2.5 million for the half-acre parcels.
As our research has shown, the nature of a given property's ocean view has a significant impact on the price of Maui real estate. While of course a real oceanfront location can create an extraordinary view and a relationship with the ocean that involves sound and smell as well as sight, for most properties the higher the elevation, the more dramatic the view. Even in an oceanfront complex like Wailea Point, that promontory itself sits forty feet above the Pacific Ocean which creates a different kind of view that one finds at Wailea Elua which is much closer to sea level. To provide some sense of how elevations work in the Wailea/Makena areas, Wailea Alanui sits at approximately 100-120 feet above sea level around the Four Seasons Hotel. Here are some other Maui real estate locations and approximate elevations and corresponding views:
In this market, buyers for Maui real estate generally, and Wailea real estate in particular come in several categories; the current Maui owner looking to upgrade, the committed buyer seeking the dream property and the opportunistic buyer who is only in the market for a "deal." The current Maui real estate owner usually has the best understanding of this market and understands that with regard to Wailea real estate in particular property must really be "bought." What we mean by that is that the ordinary Wailea seller is under no financial stress to sell. They'd obviously like to, but they are not under pressure. The committed buyer is usually buying for emotional reasons, like us, Maui's beauty, climate and spirit has captivated them. They generally will pay what it takes to purchase their dream. They will negotiate hard, but nonetheless will purchase what they love. The last group, the opportunistic buyer, is very difficult. They want to buy Wailea real estate and are surprised that the mainland downturn has had so little effect here.
While the Maui real estate market, particularly the Maui oceanfront market and the Wailea real estate market, have largely escaped the mortgage crunch hitting the mainland, the ongoing banking crisis has nonetheless dominated the financial news. What may be less clear is just how successfully those institutions are replenishing their coffers. Many major institutions have shown the ability to raise capital quickly, if not cheaply. Already over 130 billion has been raised. The latest? WaMu who will shortly be raising $5 billion from Texas Pacific Group and other investors.
April 15 is just around the corner and for those owners of Maui real estate still getting our tax affairs in order here are some tax tips from the IRS:
Maluaka is a new, under construction, condominium development located just south of the Maui Prince Hotel. It will consist of 69 condominiums and an amazing 30,000+ square foot clubhouse. This development will set a new standard for Maui real estate due to its luxury, ecologically sensitive development and unmatched amenities. The location is a private eleven acre parcel with captivating Pacific views running from Pu'u Olai to West Maui. Units are all extremely large and well appointed with garages, elevators and enormous lanais. Wailea real estate enthusiasts have been seeking the next generation in comfort, prestige, privacy, convenience and beauty. Maluaka will provide it all. Maui real estate has moved to a new standard with Maluaka. Prices begin at $4 million.
For details, contact us!
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It has been a long time coming but the planning department has finally delivered the new Maui Island Plan regarding future Maui real estate development. Here are some key features:
We try not to use this space for just advertising our listings but to be more educational in nature, however we'd like to review our current listings. Each link takes you to a dedicated website for that property:
2010 Grand Champions Real Estate Report Now Available!
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