by Island Sotheby's International Realty
on Thursday, April 4th, 2013 at 1:36pm.
With its tropical setting, picture-perfect weather, top-rated beaches, and world-class amenities, Wailea is a much sough after destination. And for those considering a purchase of a Wailea property, it becomes incumbent on potential buyers to be well acquainted with real estate trends and available inventory. The Wailea Single Family Residence (SFR) market has been somewhat stagnant in the past three years, arguably due to the downwards pressure on values by REO's (bank-owned/foreclosures) and Short Sales - although not a great amount (7 REO's and 5 Short Sales), still significant enough to have an impact on values in Wailea. And as the market continues its shift from a clear buyer's market to a more balanced market, let us take a look at relevant data.
As noted, although values in the previous 36 months had hovered in the high $500's to low $600's per square foot, 2013 has thus far proven to be a significant shift in valuation, with 6 sales concluded at an average price per square foot of over $739. And with 7 other sales pending, it is clear that the Wailea real estate market is in moving forth with continued momentum and can prove to the district with the biggest improvement year over year. As always, valuation is best measured at a micro-market, hyper-local level - so please contact us for more information about a specific property. Specializing in the Wailea and Makena markets, our agents are poised to represent clients diligently and ethically while providing expert-level information.