Palms Real Estate Market Overview
The market at the Palms is extremely quiet, and word of the impending effort to end short term rentals at the complex – along with about 100 other properties in Kihei and Wailea – has prompted three new listings since the mayor’s announcement in early May (see a comprehensive overview of the effort below).
Two of the new listings (units 203 and 604) are 2-bedroom units, and unit 207 (1/2, 1022 sf) is the fifth 1-bedroom to come to market. It has been awhile since we’ve seen so much inventory at the Palms. Pricing on the 1-bedroom units ranges from $1,150,000 (unit 2102) to $1,525,000.
Two-bedroom Palms condos are listed between $1,749,000 and $1,999,000.
We’re likely to see price reductions in the near future as inventory continues to flow. This is an excellent opportunity for investor clients to make aggressive offers.
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!