Aloha, All,
Starting with this report, we’re expanding the lens a bit. We’ll now be covering both luxury homes and luxury condominiums, using $4 million as the entry point for each.
They’re very different property types, of course. But when you step back and look at how buyers and sellers operate at this level — and how capital moves in this segment of the market — there’s significant overlap. Viewing them together gives us a more complete picture of what’s really happening at the top end.
Luxury Homes
Closed Sales
Olowalu Mauka | Olowalu
320 Luawai St
5 bd | 6 ba | 4,212 sf | ohana: no | 5.53 ac CPR (2.08 ac portion) | ocean view
Sold Price: $5,000,000 | Original: $8,973,000 | DOM: 108
Auction sale. Cash transaction. This property, which is stunning, was previously on the market at $9,995,000. The price was reduced 3 times and listing eventually expired after 372 days on market.
It was relisted with a different broker for $8,793,000. 2 months later, it went to auction with a recalibrated asking price of $5 million.
Pending Sales
The Ridge at Wailea | Wailea/Makena
14 Halapa Pl
4 bd | 4.5 ba | 5,126 sf | ohana: no | 0.51 ac | ocean view
List Price: $11,998,000 | DOM: 255
This is the 3rd time out with the same broker for this home which is technically a condo. In 2023 it was first listed for $15 million as new build. When that listing expired it was relisted at $13.5.
Kula | Lower Kimo Drive
730 Lower Kimo Dr
3 bd | 4 ba | 7,102 sf | ohana: no | 5.28 ac | bi-coastal view
List Price: $9,875,000 | DOM: 332
This is the 2nd time out for this home which was originally listed for $12M in 2023. This time it started at $11M. The price was reduce to the current asking and went under contract after 332 days on market.
New Listings
Lanikeha | Kaanapali
104 Anapuni Loop
3 bd | 4.5 ba | 5,901 sf | 0.94 ac | ocean/golf view
List Price: $7,400,000
Nice front row location.
100 Woodrose Pl.
3 bd | 4.5 ba | 5,901 sf | 0.94 ac | ocean/golf view
List Price: $5,900,000
Very good view over some low rooftops. It was built in 2005, it may have some renovations.
Makena | Poolenalena Beach
4584 Makena Rd
2 bd | 3.5 ba | 2,760 sf | 1.15 ac | beachfront
List Price: $9,000,000
This is technically a beachfront location. However, the beachfront is only a small slice of a point on a wedge-shaped lot. It appears to be quite dated and has been on the market previously.
Peahi | Haiku
400 Mehana Rd
3 bd | 3.5 ba | 5,403 sf + cottage | 20.5 ac | oceanfront
List Price: $11,900,000
Honolua Ridge | Kapalua
222 Ke’oawa St
4 bd | 4.5 ba | 4,574 sf | 6.67 ac | ocean view
List Price: $13,999,000
Ag zoned in Honolua Ridge
Price Reductions
Keawakapu Beach | Kihei
3254 S Kihei Rd
5 bd | 5 ba + 2 half | 7,244 sf | 0.55 ac | beachfront
Current Price: $24,500,000 (from $27,000,000)
Paia Bay | Spreckelsville/Paia
33 Hana Hwy
4 bd | 3 ba + cottage | 0.64 ac | beachfront
Current Price: $7,700,000 (from $8,800,000)
Listing notes say it was appraised at $12.1M. This is its 4th price reduction.
Wailea Golf Estates | Wailea
3977 Wailea Ekolu Pl
4 bd | 6 ba | 4,079 sf | 0.32 ac | ocean/mountain view
Current Price: $6,950,000 (from $7,200,000)
Nicely updated home, great views and an odd layout.
Cancelled / Expired
Papohaku Ranchlands | Molokai
35 Hulimoku Pl
4 bd | 3.5 ba | 5,257 sf | 5.73 ac
Last Price: $4,150,000
This is the 4 time out since 2022. It looks like it’s tough to sell a $4M home on Molokai.
Makila Plantation II | Launiupoko
936 Punakea Loop
3 bd | 3.5 ba | 3,957 sf | 5.41 ac
Last Price: $9,900,000
This was cancelled after 456 days on market with no price changes.
Maalaea Oceanfront
210 Hauoli St
2 bd | 2 ba | 2,154 sf | 0.84 ac | oceanfront
Last Price: $7,900,000
Expired after 366 DOM with 1 price reduction. This is the second time out for this listing.
Luxury Condominiums
Closed Sales
None this period.
Pending Sales
Terraces Manele Bay IV 12D | Lanai
3 bd | 3.5 ba | 3,385 sf | ocean view
List Price: $4,990,000
Makena Surf A103 | Makena
3 bd | 3.5 ba | 3,415 sf | beachfront
List Price: $10,000,000
Short term rental is allowed
New Listings
Ho'olei 21-4 | Wailea
3 bd | 3.5 ba | 2,619 sf | hotel zoned | ocean view
List Price: $4,890,000
Short term rental is allowed
Kapalua Ironwoods 52 | Kapalua
3 bd | 3 ba | 2,336 sf | oceanfront bluff
List Price: $5,950,000
No short term rental allowed
Price Reductions
Montage Residences | Kapalua
Approx. 3 bd | ocean view
Current Price: $5,950,000 (from $6,450,000)
Short term rental allowed
Wailea Beach Villas | Wailea
Approx. 3 bd | ocean view
Current Price: $4,995,000 (from $5,400,000)
Short term rental allowed
Cancelled / Expired
Ho'olei 21-4 | Wailea
3 bd | 3.5 ba | 2,619 sf
Last Price: $4,890,000
Andaz Residences 803(F4) | Wailea
3 bd | 3.5 ba | 2,814 sf | beachfront
Last Price: $12,995,000
Our Take
Luxury inventory continues to build across both homes and condominiums, but the defining theme remains discipline.
Buyers are active but patient. Extended DOM, strategic price adjustments, and selective contract activity suggest normalization rather than contraction.
This market reflects recalibration — not collapse.
