As 2012 winds down to a close, it becomes an opportune time to compare 2012 to the previous year in order to determine market trends, particularly in micro-niches. With that, let us examine the state of the market in Wailea Beach Villas and draw reasonable conclusions thereof. First, let's take a look at inventory and how it is being absorbed by measuring new listings coming on the market and the number sales transpiring within the allotted time period.
The most glaring fact is that 2011 absorbed WBV units at a much faster pace, with 15 new listings coming on the market in 2011, resulting in 6 sales. Compared to 16 new listings in 2012, which only led to 3 sales. But beyond inventory absorption, let's look at values - which arguably can best me measured by price per square foot.
At first glance, it looks as though listing prices decreased slightly while there was a very marked increase in price per square foot. But of course, for those knowledgeable of the Wailea Beach Villas, the sale of a REO (foreclosure) in unit PH-208 skews the numbers significantly, as it sold for $916 per square foot and thereby puts unnecessary downwards pressure on overall values. As distressed sales in Wailea Beach Villas have been an anomaly (that was the only REO ever listed and 1 short sale was listed for 10 days prior to being cancelled), by examining the data excluding that REO, the sales price in 2011 was $1,766 per square foot. But as in every niche of real estate, location is a key factor in comparing valuation, so examine the Wailea Beach Villas map below and note the locations within the complex in which sales are taking place.
Good comparables abound, so let's take a look at C-301 which sold for $4.5M and D-301 in 04/2012 and D-301, which sold for $5M in 09/2011. Both units have very similar floor plans, were both fully furnished upon sale, enjoy premium locations within the complex, near the highly sought-after A and B buildings, and are very close in size, with D-301 being slightly larger. This comparison reveals very slight market fluctuations in pricing and could be credited to individual circumstances (negotiation, motivation of principals involved, etc). Overall, the Wailea Beach Villas market has leveled off and absorption is the lowest since inception - it could be argued that WBV potential buyers are waiting to see what happens with the upcoming sales in Andaz Maui at Wailea - but with increased interest during high season, 2013 will prove to be a very interesting time in the ongoing story of Wailea Beach Villas. For more information about current listings available, including one of the best values in E-202, the state of the market, or to list your Wailea condominium for sale, contact the Island Sotheby's International Realty team of professionals.
* Disclaimer: The information above is reflective of available data as of 12/20/2012. Should additional sales take place in Wailea Beach Villas, information will be amended*