The first three months of 2012 were very quiet for sales activity in The Palms at Wailea with only 3 sales. Now we have a great surge in activity for Wailea condos and there are already 6 sales at The Palms in the first quarter of 2013 plus 4 pending sales! Let’s take a look at this Wailea community and see why real estate in The Palms has dramatically increased and review all the current Palms at Wailea condos for sale.
Don’t confuse Wailea Palms with The Palms at Wailea
If you’re looking to buy a Wailea condo you might be confused at first about these two sister communities. The Palms at Wailea, commonly just called “The Palms”, was the first phase developed in 1989 and borders Okolani Drive and Wailea Alanui Drive. At The Palms there are 149 condo units, 52 of the units are 1 Bedroom and 97 of the units are 2 Bedroom.
Wailea Palms is the second phase which was developed in 1991. It has a total of 120 condo units, 20 of which are 1 Bedroom units and the other 100 are 2 Bedroom units.
Both communities are conveniently close to Keawakapu beach and are similar in architectural style and overall design, the big difference is vacation rentals. Short term vacation rentals are only permitted at The Palms at Wailea. So, if you want to be able to vacation rent your Wailea condo you really want to focus on The Palms.
What’s driving sales at The Palms?
One important factor is the favorable price to value ratio offered at The Palms. The average sales price in 2012 for The Palms at Wailea was $633,727 making it the second most affordable vacation rentable condo in Wailea (Grand Champions is the most affordable with an average sale price of $492,993). Right now some 1 Bedroom units on the ground floor have been selling for as little as $500,000 and two bedroom units have sold $635,000. 3 of the 6 sales so far this year were to Canadian buyers who are wisely investing in Wailea condos that offer the most opportunity for the price.
Active Palms at Wailea Condos for sale
As of March 22, 2013 there are 6 condos for sale at The Palms at Wailea ranging in price from $646,000 up to $979,000. Below is a quick synopsis of the available condos, be sure to check our latest list of active and pending Palms at Wailea condos for sale.
Please feel free to contact us if you’d like a detailed report on sales history for The Palms at Wailea.