Makena Significant Sales: Paapanui at Makena

Posted by Alex Cortez on Thursday, April 10th, 2014 at 11:37pm.

With a deep emphasis on the luxury sector of Makena real estate, we remain diligent of all activity within the district as it may affect micro-market conditions. And the sale of two properties in the same boutique subdivision within a week of each other certainly raised some eyebrows.

Papa'anui at Makena is a small enclave of seven luxury properties with breathtaking, unobstructed ocean view corridors overlooking Makena Landing - an institution in it of itself. Prior to this week, the last sale was of 26 Uweloa in December 2012 for $8.28M and with rising market conditions across virtually every micro-market in South Maui, expectations were buoyant. 

makena home for sale

So with 38 Uweloa initially being listed for $7.4M, some argued that it would be absorbed but it would be a matter of the right buyer coming along. Offering 4,700 square feet of incredibly well-designed interior living space, it certainly offered value for a potential buyer looking for sweeping views and large square footage. It sold on April 4th for $5.9M

And listed 10 days after 38 Uweloa and with an asking price of $8.2M, it could be argued that 50 Uweloa was offered for a reasonable price, but it would also have to wait for a buyer to come along who would see its inherent value and complete the sale. And with 4,700 square feet of interior space coupled with 1,300 square feet of covered outdoor entertaintment space, it also offered a strong value proposition for the type of buyer looking for Makena-style privacy, BIG ocean views, and superb quality craftmanship. Its sale recorded on April 10th for $6.85M.

Are these two sales reflective of a decling market in the Makena residential market? Hardly. There are underlying factors that prompted these at their fair market value, but it certainly is not indicative of a downward market - Makena has (and most likely will always) benefited from some of the most significant sales in the  history of Maui and its resilience is evident in rising values elsewhere within the district. For those interested in purchasing or selling a Makena property for sale, contact us below for a confidential consultation or call 808.385.5034 any time.

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Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.

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