|
Category |
This Week |
Price Range |
Market Signal |
|
Sold |
2 |
$5,500,000 – $5,990,000 |
Closings in Kapalua & Wailea |
|
Pending |
3 |
$3,999,999 – $11,998,000 |
Broad activity across price tiers |
|
New Listings |
0 |
--- |
No new inventory this week |
|
Price Reductions |
2 |
$5,900,000 – $11,995,000 |
Both Wailea Beach condo segments repriced |
|
Cancelled / Expired |
1 |
$8,600,000 |
Wailea Beach Villas exits after 545 days |
Market Snapshot
This was a week with more positive activity than recent ones. Two closings, three new pendings, and two meaningful condo price reductions signal that the market is moving, even if selectively. No new listings entered the market — a notable absence that reflects the inventory dynamic we’ve been tracking. Also worth noting: the $13.9M Haiku architectural estate that went under contract April 24 is back on the market after its escrow was cancelled just four days in. See the Failed Escrow section below.
One trend worth noting: the Pineapple Hill closing was financed with owner/seller financing (purchase money mortgage). We’ve been seeing this a little more frequently in the luxury market and the general market. When conventional financing is expensive or unavailable for buyers at this level, seller financing can bridge the gap and get deals done. It’s a signal that some sellers are flexible and motivated enough to help facilitate their own transaction.
Closed Sales
Single-Family Homes
Pineapple Hill | Kapalua | 100 Woodrose Pl
3 bd | 4.5 ba | 3,812 sf | 0.31 ac | ocean view
List Price: $5,900,000 | Sold Price: $5,500,000 | DOM: 77 | Owner Financing (PMM 1st)
Listed February 27, under contract April 9, closed May 15 at $5,500,000 — a $400,000 discount from list. Notably, the deal was structured with owner/seller financing rather than cash or conventional. At 77 days on market, this was a quick run for Pineapple Hill. Single-level, 3,812 sf, Wolf and Fisher & Paykel appliances, heated pool, solar. The seller financing structure is the real story here — a sign that motivated sellers are willing to carry paper to close.
Condominiums
Wailea Elua II | Wailea | 3600 Wailea Alanui Dr, Unit 1603
2 bd | 2 ba | 1,363 sf | beachfront | ocean view | STR eligible
List Price: $5,990,000 | Sold Price: $5,990,000 | DOM: 80 | Cash | Sold prior to listing
This one tells its own story: sold prior to listing. The likely story was that one party was looking for a specific property in a specific complex, but couldn’t find exactly what they were looking for among the active listings. So, they hired a good broker to go find what they wanted — off market. This was a private, off-market deal that was recorded through the MLS after the fact. The buyer paid $5,990,000 for a 1,363 sf beachfront unit at Wailea Elua — the only residential property on Wailea Beach with hotel zoning and STR eligibility. No discount, no open market competition. Someone knew exactly what they wanted.
Pending Sales
Single-Family Homes
The Ridge at Wailea | Wailea/Makena | 14 Halapa Pl
4 bd | 4.5 ba | 5,126 sf | 0.51 ac | ocean view
List Price: $11,998,000 | Original: $11,998,000 | DOM: 317 | Contract: 5/13/2026
Persistence and eventually realism finally helped get this home under contract for the second time in 317 days on market. It went under contract the first time back in February, but that buyer cancelled after about two weeks. Now it’s back in contract, and we’re hoping for a better outcome. But the story of this sale began in 2023 with an asking price of $15M. After 367 days, the listing expired and the same broker brought it back at $13.5M later in 2024. It was relisted in 2025 with the same broker. Third time is the charm. The Ridge at Wailea is one of Maui’s most exclusive gated enclaves. This 2023-built estate was designed by Guy Dreier Designs and built by Trend Builders — 5,126 sf, black magma stone entry courtyard, steel and stone spiral staircase, floor-to-ceiling glass, two master wings. The listing broker holds a recorded interest in the property. We’ll see what the final closed price looks like.
Mahana Estates | Kapalua | 715 Laulama Pl
3 bd | 3.5 ba | 2,867 sf | 2.36 ac | ocean view
List Price: $5,825,000 | Original: $5,825,000 | DOM: 130 | Contract: 5/11/2026
This is the second time on the market for this home, which was previously listed in May 2025 at $6.5M. It came back at $5,825,000 and at 130 days on market it is under contract. A 2022 custom-built modern home in Mahana Estates at Kapalua: dark exterior, expansive glass, soaring wood ceilings, hardwood floors, accordion glass doors opening to pool and valley views toward Molokaʻi. 2.36 acres within Kapalua Resort. Solar. The listing agent is related to the seller, which is disclosed. A clean result for a well-priced new construction in West Maui.
Condominiums
Polo Beach Club | Makena | 4400 Makena Rd, Unit 107
2 bd | 2 ba | 1,186 sf | beachfront | ocean view | hotel zoned | STR eligible
List Price: $3,999,999 | Original: $3,999,999 | DOM: 76 | Contract: 5/12/2026
Under contract in 76 days — likely means it was priced right. Ground-floor walk-out at Polo Beach Club; step directly from the lanai onto an expansive greenbelt leading to Polo Beach. 1981 construction, remodeled 2009. Beachfront, hotel zoned, and STR allowed with active rental history. Polo Beach Club sits at the quieter southern end of Wailea, and units here don’t trade often. At $3,999,999 this was priced to move, and it did.
Failed Escrow — Back on Market
Single-Family Homes
West Kuiaha | Haiku | 1642 W Kuiaha Rd
4 bd | 3.5 ba | 5,493 sf | 18.06 ac | mountain/ocean view | + 2/2 cottage
List Price: $13,900,000 | DOM: 298 (continuing) | Escrow cancelled
This award-winning SEE Architecture estate in Haiku went under contract after 8 months with no price reductions. Four days later, escrow was cancelled. The DOM counter continues running — now at 298 days — without resetting. At $13.9M, a failed escrow at this level is significant. We don’t know whether the breakdown was financing, due diligence, or a buyer who got cold feet, but the result is the same: the seller is back to square one after a three-week deal. Precision steel BONE construction, 18 acres, licensed TVR cottage. The property is genuinely exceptional. The question is whether the next buyer holds.
Price Reductions
Condominiums
Andaz Residences | Wailea | 3550 Wailea Alanui Dr, Unit 801 (F2)
3 bd | 4 ba | 2,814 sf | oceanfront | ocean view | STR eligible
Current Price: $11,995,000 | Original: $12,495,000 | DOM: 40
A $500,000 reduction after 40 days on this private villa at the Andaz Maui Wailea Resort. This is a rare asset: ownership combines the privacy of a beachfront home with full Andaz Hotel amenity access — pools, spa, beach service, concierge, and award-winning dining. 3bd/4ba, 2,814 sf, Miele throughout, butler’s pantry, Sonos, fully furnished turnkey. STR eligible though not previously in a rental program. At $11,995,000 and just 40 days in, the seller is being proactive rather than reactive. Worth watching to see if this early adjustment generates traction.
Wailea Beach Villas | Wailea | 3800 Wailea Alanui Blvd, Unit PH503
3 bd | 3 ba | 1,961 sf | beachfront | ocean view | hotel zoned | STR eligible
Current Price: $5,900,000 | Original: $6,895,000 | DOM: 148
A $995,000 reduction — nearly $1M off — after 148 days on this top-floor penthouse at Wailea Beach Villas. Hotel zoned, STR eligible with an active rental program through CBIV, 2025 remodel, Studio Becker cabinetry, Gaggenau/SubZero/Thermador kitchen. The only residential property on Wailea Beach with hotel zoning. The cancelled PH405 listing at $8,600,000 (545 DOM, see below) provides useful context: the Wailea Beach Villas market has been resistant to high prices. PH503 is now at $5,900,000 — almost $1M lower than where PH405 gave up. Different units, different floors, but the same building and the same buyer pool.
Cancelled / Expired
Condominiums
Wailea Beach Villas | Wailea | 3800 Wailea Alanui Blvd, Unit PH405
3 bd | 3 ba | 1,961 sf | beachfront | ocean view | STR eligible
List Price: $8,600,000 | Original: $8,600,000 | DOM: 545 | Cancelled
545 days on market, zero price reductions, cancelled. A penthouse at Wailea Beach Villas — the only residential property on Wailea Beach — with panoramic views of Wailea Beach, Molokini, Kahoʻolawe, Lanaʻi, West Maui, and Haleakala. Fully upgraded, Studio Becker kitchen with Sub-Zero and Gaggenau, STR eligible with active rentals. The asset is real. But $8,600,000 for 1,961 sf never found a taker in nearly a year and a half. PH503 in the same building is now listed at $5,900,000 ($3,009/sf). That gap tells the story.
Our Take
Inventory is dropping week by week. We now have 93 luxury homes for sale and 70 luxury condos, and there were no new listings this week. Lower inventory seems like good news, but at a pace of 1 sale per week in each category, buyers still have lots to choose from and are solidly in a position of leverage.
May is typically a slow season. Temperatures are warming on the mainland, the school year is wrapping up, graduations and weddings take precedence over travel to amazing locations like Maui. This is a good time for sellers to take stock of their positions. I expect to see both new listings and relistings of properties that failed to sell.
High net worth buyers are likely also taking stock of their positions, the economy and world events. It’s been more than a decade since buyers were in such a strong position. We will see if the summer market can finally bring more of the willing Maui sellers together with buyers who have been biding their time.
