According to today's Maui News, the average valuation of property across Maui increased almost eleven percent in the past year. In total, all Maui property was valued at over $40 billion. What does that mean? Perhaps this:

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This past week in the Wailea/Makena residential market was very active. A vacant lot in Wailea Highlands listed for $2.15 million closed for $2.075 million. A nearly oceanfront, 1/4 acre vacant parcel south of Big Beach in Makena  sold for $1.75 million. 3145 Waiea Place in Wailea Kai, listed for $1.585 million has gone into escrow. Another Wailea Kai home has reduced its price so that not it is a deal. 367 Kualono in Wailea Pualani, 2900 square feet and recently remodeled, is asking $2.295 million.

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Eleven non-oceanfront homes sold in the first quarter. The median sale price and average per-square-foot values were essentially flat to full-year 2006. Over fifty homes are currently for sale. Wailea Highlands had the two highest priced sales.

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Now this might seem like an odd question to ask, but an article in today's  Wall Street Journal does a fairly good job of raising the issues involved. Here are some key thoughts:

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The renovation of the Ritz-Carlton in Kapalua has been approved by the Maui Planning Commission. The scuttlebutt is that Honua'Ula (formerly Wailea 670) is likely to be approved this year. We are still awaiting word on the Wailea Beach Resort on the site of the Renaissance Hotel which is scheduled to close August 31. . MF9 and 11 in Wailea, a total of 21 half-acre homesites will begin work in May. The Gateway Center at the corner of Wailea Ike and the Piilani Highway should begin construction this summer. Kila O Wailea, 75 condominiums on 12 acres across from Wailea Ekahi has received their SMA approval. Ho'olei has approximately a dozen units left for sale, Maluaka in Makena will be free to conduct sales near the end of this month.

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There is more and more talk on Maui now of "fractional ownership." It is just what it sounds like, six or fewer parties (so as not to create a timeshare) own a given property as Tenants in Common. Each party has their own deed for their fractional share and their own mortgage against that fractional share. This approach has several benefits, it qualifies for 1031 purposes, lower purchase price for a piece of a high quality property and appraisers are using 140% of a traditional sale as the value for a given property if sold in this manner. The Ritz Carlton project in Kapalua is adopting this approach and certain lenders will make these mortgage loans. But there is a lot left unresolved in this form of ownership like liability, taxation as well as zoning restrictions and the actual timing of the fractionalized ownership for a given property.

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There is a bit of a debate over which of two new residential condominium projects is superior. Both have large floorplans, don't allow vacation rentals, have gated entries and garages garages and are brand new. It is appropriate they get compared. Strangely enough, Tom owns in Kai Malu and Sean owns in Kanani. Here is some fodder for the debate with our completely subjective viewpoints.  Kai Malu is 150 units set up as residential duplexes on 25 acres (6 units/acre). Kanani Wailea is 38 detached units on over 8 acres ( 4.5/acre). Advantage-Kanani. Kanani Wailea borders the Piilani Highway with the noise that brings, Kai Malu is isolated from any possible road noise. Big Advantage-Kai Malu .. Kai Malu units share a common wall, Kanani units are detached. Advantage-Kanani. Kanani will have a smaller pool and recreation area as one would expect of a smaller development. Kai Malu's pool area is stunning with extraordinary views. Big Advantage-Kai Malu. Kai Malu units are approximately 1800 square feet of interior living space. Kanani Wailea units are at minimum 2100 sqaure feet and some are over 2300 square feet. Advantage-Kanani. Some Kai Malu units have a small, private pool and spa. Kanani units do not. Advantage-Kai Malu. Some Kanani units have amazing ocean views, so do some Kai Malu units. Advantage-None, it goes unit by unit. Kanani floorplans are twice as wide as Kai Malu. Advantage-Kanani. The quality of materials and finishes vary greatly depending upon upgrades packages chosen. But Kanani units get Wolfe and Sub zero quality appliances, Leicht cabinets etc. Kai Malu units do not. The quality of the Kanani granite, bathroom tiling etc. is also superior. Big Advantage-Kanani. Kanani exterior finishes are battan, Kai Malu are stucco. Advantage Kai Malu.

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The market for Wailea and Makena homes remains highly active. This past week two Kialoa homes have gone into escrow. 3139 Kikihi had been listed for $2.85 million and 152 Heleuma had been listed for $1.595 million. 210 East Ikea Moku closed for $2.3 million or $680 per square foot. Two other properties have reduced their asking prices. Fifty homes are now for sale in Wailea and Makena. Two in particular stand out as values.

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Kanani Wailea, the newest residential condominium project in Wailea now has two striking deals available. The first is unit 20 which we have discussed before. Two stories, totally detached for privacy, three-bedrooms, 2300 square feet , a two car garage and a list of upgrades too long to mention here. A tremendous ocean view comes with the price of $1.599 million. The latest is unit 29 or 96 Poailani. This detached residential condominium has four bedroom, 4.5 bathrooms in 2297 square feet on a single story. The property offers an ocean view. The counters are granite, the appliances top of the line, the bathrooms tiled, the ceilings vaulted and the garage holds two cars and boasts a storage room. Check the pictures below.

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David Lareah, the economist for the National Association of Realtors has update his views and issued a press release today. It is getting a lot of attention. Here it is. Here are his key points:

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