Wailea Elua Sales Activity
It is testament to the value of this amazing complex that Unit 201, a nicely appointed ground floor unit with distant ocean views, became the fourth-highest selling 2-bedroom in the history of the property and the highest-priced ever in a unit of its size (1269 sf), when it sold March 1 at full asking price of $3,999,000.
It took less than three weeks from list date for Unit 201 to go under contract. It was the furthest unit from the ocean ever to hit the $4M milestone.
Three 3-bedrooms have eclipsed $4M, including two last year (905, $4.9M, and 502, $4.3M).
There is a critical shortage of inventory at the Elua, with buyers waiting. Five of the seven units throughout the complex sold in 2023 closed at or within $100K of full asking price.
If you’re considering selling, I have two existing management clients who would like to expand their portfolio and are looking for Elua specifically.
My clients bought Unit 1201, a 1/1 with stunning views, located second row from the ocean, for $2.8M in June of 2023, and they’re phenomenally happy. “Wish we could buy another one,” was the sentiment of an email I recently received. We manage the unit and it’s been phenomenally successful. From January 1 through mid-May, the unit has booked at 92% occupancy. High season rate is around $1,000 per night, while low season (April until December 15) has booked in the $750 per night range. The eight reviews we’ve earned so far include seven 5-star and one 4-star. See the unit, calendar, reviews and rates here:
https://www.vacation-maui.net/wailea-elua-village-1201/
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!