by Island Sotheby's International Realty
on Sunday, February 9th, 2014 at 4:04pm.
As 2013 came to a close, it proved to be another marked step in the Maui real estate recovery's cycle. And as metrics across every micro-market reflected a positive trend, it is worth noting that affluent buyers are coming back to the Valley Isle with increased confidence. In 2012, there were 7 sales of Single-Family Residences above $5M, which increased by 57% in 2013 to the 11 sales.
With continued interest on Maui by well-heeled buyers, let us look at the Top 5 sales for residential-use properties on Maui - to include both Single-Family Residences and Condominiums.
1 - 3116 South Kihei Road
Sales Price: $11.9M
Located on one of the most famed beaches in the world, Keawakapu Beach, 3116 S. Kihei Road is one of the most sought-after properties on Maui due to its idyllic location. The 3 bedroom / 2 bathroom home offering 2,792 square feet was built in 1970 and for most, the value of this property is in the land - with over 3/4 of an acre, it's easy to see why. Arguably the best parcel, on the best beach, on the best island - selling for $11.9M, it could be viewed to be well worth the price due to its rarity.
2 & 3 - Andaz Residences
Sales Prices (respectively): $11.395M & $10.73M
Since its introduction, the Andaz Maui at Wailea has attracted affluent visitors looking for a different luxury experience in the Wailea resort. And the announcement that 12 Villas would be available for sale was well received as its value proposition is so unique - the convenience and comfort of a 5-star resort, with one of the best beaches in South Maui as the backyard, combined with the exclusivity of ownership in one of the most sought-after properties in the world. As such, it came as no surprise that the two most premium units, Villas D-1 and D-2, sold for $11.395M and $10.73M respectively, setting a high mark in the Wailea real estate market.
4 - 6501 Lower Honoapiilani Road
Sales Price: $9.7M
Affectionately known as 'The Cliff House', this Kalaepiha Point estate set atop 6.5 acres of the most highly desirable Kapalua real estate features over 4,000 square feet of immaculately crafted living space, sure to please the most discerning individuals looking for perfection in the Pacific. According to public records, the sale of this unlisted property recorded at $9.7M
5 - 4950 Makena Road
Sales Price: $9.2M
Makena Place has been a favorite among the discerning Makena home buyer looking for the privacy of a single-family residence with the conveniences of condominium ownership. Offering over 4,300 square feet of interior living space, sweeping views of the Pacific, and superb craftsmanship, Unit 2 at Makena Place sold for $9.2M and the new owner may very say it is worth every penny.
With combined decades of experience in the high-end sector of Maui real estate, the team of experts at Island Sotheby's International Realty can expertly represent clients in the purchase or sale of properties island-wide. Contact us for a private consultation or stop by one of our convenient locations to speak to one of our Realtors.