Palms at Wailea Real Estate Market Overview
The Palms market has been quiet through the winter, with four 1-bedroom units listed between December and March (2102, 405, 901, and 902). Palms 2102 ($1,225,000), 405 ($1,325,000), 901 ($1,498,000), and 902 ($1,525,000) have drawn plenty of showings, but buyers have not yet pulled the trigger. Time on market ranges from 145 days (2102) to 55 days (405).
There is a screaming demand for Wailea 2-bedroom vacation rentals, and limited inventory to fill that void. Among our management clients (73 units), we have several owners who would like to expand their portfolios and have short-listed the Palms, but only in a 2-bedroom.
Interestingly, between April and August of 2023, eight 2-bedroom units sold. Selling prices ranged from $1,381,000 to $1,950,000, with a median of $1,695,000. Unit 1406 became the highest-priced sale in the history of the property at $1,950,000. With prices soaring at other complexes, the $2M mark would not be out of range for the right 2-bedroom unit.
There are no pending escrows at the property.
Kevin Spaise is a Maui Realtor specializing in Maui vacation rental investment real estate. Kevin is an expert in Kihei and Wailea real estate and has been a full time Realtor for 20 years, with more than $120M transacted. He owns Vacation Maui, a property management company with 70+ investment condos under management, and delights in providing real-time performance data to future investors. See KevinSpaise.com, or call him directly at (808) 344-0624.
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Whether you're just starting to explore the options and want a quick overview of the areas and pricing, or specific properties have caught your attention, I would so appreciate the opportunity to share my knowledge and insight with you. Warm Aloha!