A new look is in the works for Wailea Community Assocation. Soon new logos and street signs will be seen throughout the sunny, south Maui luxury area. The rebranding effort, reported in the Pacific Business News, costs around $500,000 and includes collaboration with the County of Maui on improved landscaping on main thoroughfares in Wailea. Public restrooms will also be upgraded.
The community, with many luxury homes, townhomes and condomiums, as well as its famous hotels and resorts, shopping and golf courses, aims to create a cohesive brand identity and marketing machine.
It is a positive sign for Maui that Wailea continues to re-invent and improve, even when there are still a lot of signs of difficulty in the economy.
The March 2012 sales statistics by the Realtors Assocation of Maui for real estate sales in Maui County showed steadiness and strength in volume of sales, especially in condo sales. 128 condo units sold, a large increase. 80 homes sold and there were 22 land sales.
There are still lots of REO and short sales taking place. For the past 12 months of sales, 43% of residential home sales were either REO or short sales, and 32% of condos were REO or SS.
Inventory of properties for sale feels tight. It would take almost 10 months for all homes on the market today to be sold, at the rate at which properties were sold in March. For condos, that absorption rate is 9 months. Land sales absorption rate is 24 months.
The median price of a Maui home in March was $432,500. Condo median price rose to $370,000 (versus almost 290 for both the previous month, and also compared March 1 year ago).