Wailea and Makena are neighboring communities in South Maui, on the leeward side of the island. Just 35 minutes from Kahului Airport, South Maui is the newer of the island’s two predominantly resort markets.
"The majority of West Maui is slightly older," said Alex Iskenderian, owner and realtor at Berkshire Hathaway HomeServices Maui Properties. "Makena and Wailea in [the region of] south Kihei is where the newest, most expensive real estate [on the island] is located."
"Wailea benefits from the fact that it’s a manicured resort community in the midst of one of the most picture-perfect environments in the world," said Alex Cortez, vice president and realtor for Island Sotheby’s International Realty in Kihei.
Wailea’s five, crescent-shaped beaches, stellar resort communities, and exceptional golfing have won it worldwide appeal. While Makena’s quieter, grand estates and immaculate beaches command some of the highest selling prices on the island.
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Boundaries
Wailea and Makena are two distinct census-designated places in South Maui. The communities’ natural western boundary is the coastline, and the Piilani Highway and Kumulani Drive form their eastern boundary. Kilohana Road roughly defines the northern boundary of Wailea, the Wailea Gold and Emerald golf courses sit at the southern end of the community, and Makena stretches further south, including Makena State Park and the Ahihi-Kinau Natural Area Reserve.
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Price Range
Homes in Wailea can start at just under $1.25 million, while homes in Makena can start around $6.95 million but can be as high as $42 million. Current average prices in Wailea and Makena are $3.1 million and $15.68 million, respectively, according to Mr. Iskenderian, who added that at that price point, buyers can expect move-in condition, ocean views, and pool and spa areas. Mr. Cortez said that average-priced homes in Wailea-Makena are relatively new, feature more modern finishes, high-end appliances and well designed indoor-outdoor spaces.
Condos currently on the market in Wailea and Makena average $2.254 million, according to the Multiple Listing Service. Mr. Iskenderian noted that average prices for condos in Wailea are comparable to prices for detached homes but are far below prices in Makena. Condo buildings regularly offer ocean views, and amenities such as gym and pool access.
A property in Wailea-Makena sold in February for $22.8 million, which was one of only four residential sales over $20 million ever on Maui. Mr. Iskenderian noted that homes in Makena command the highest prices per square foot in all of Maui County.
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Housing Stock
"Most homes are open floor plan," Mr. Iskenderian said, adding that many feature modern architecture and design similar to that of beachfront homes in California.
Homes in Wailea and Makena are typically built to fuse indoor and outdoor living. Many homes in Wailea are located in gated communities with close proximity to the many resorts in the area, Mr. Cortez said, while homes in Makena are "not encumbered, are more expansive, and offer more privacy."
What Makes it Unique
The communities of Wailea and Makena on the "Valley Isle" of Maui enjoy nearly unfailingly dry, sunny weather, views of the nearby islands of Lanai, Molokini and Kahoolawe, and some of the island’s best beaches.
With its abundance of resorts and their accompanying amenities, as well as the many hidden, secluded beaches, "you’re close to everything, yet in 15 minutes you can be by yourself," said Mr. Iskenderian, who was born and raised in Maui.
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Luxury Amenities
"Wailea and Makena have some of the best, longest, softest sand beaches in Hawaii," Mr. Iskenderian noted.
Golfing on Maui attracts golfers from all over the world because of the islands sunny weather, gentle breezes. Both the island’s natural landscape and beautiful views make for a highly sought-after golf destination. The Wailea Golf Club offers three courses: Wailea Gold, Wailea Emerald, and Wailea Blue.
The Shops at Wailea offer upscale shopping, including the likes of Gucci, Louis Vuitton and Prada, as well as art galleries and fine restaurants.
"Wailea offers the best culinary experiences in Hawaii," Mr. Cortez said. In addition to the fine dining options at resorts such as Wolfgang Puck’s Spago at the Four Seasons Resort Maui and Ka’ana Kitchen at the Andaz Maui, Wailea boasts the likes of Morimoto Maui and Fleetwood’s on Front Street, owned by Mick Fleetwood, who also lives on Maui.
Maui Preparatory Academy, serving students of all grades, and the Saint Anthony School, serving grades 7–12, are private schools on the north side of the island, in Lahaina and Wailuku, respectively.
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Who Lives There
Buyers are drawn to Maui mainly from elsewhere in the United States, and especially from the West Coast. The island is prized as much for its accessibility as for its natural beauty and seclusion.
"Some of the wealthiest people in the world chose to live in and around Maui," Mr. Iskenderian said. Buyers tend to look for their second, third, fourth, or even fifth home. He and Mr. Cortez said that most international buyers are Canadian, but Mr. Iskenderian notes that given the current exchange rates between the Canadian and U.S. dollars, interest from Canadian buyers has cooled somewhat in recent months.
Notable Residents
Oprah Winfrey, Clint Eastwood, Jennifer Aniston, Jim Carrey, and Aerosmith singer Steven Tyler all own properties in Wailea-Makena.
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Outlook
"Over the past few years, inventory has decreased by almost 20%," Mr. Cortez said. "The deficit between the number of homes for sale and demand from buyers has made it a seller’s market."
Mr. Iskenderian agreed that it’s currently a seller’s market, and noted that some of the largest landowners on Maui are GGP Inc. and the Blackstone Group, "who are both investing hundreds of millions into hospitality-based commercial assets, which shows a serious growth pattern."
"For well-priced properties, things sell in reasonable time," Mr. Iskenderian said.
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