The latest example is the closing of 4305 Melialani Place in Wailea Highlands. This jewel sits on almost an acre of land with expansive ocean views from the entire home. At 5700 square feet and only six years old, and built with exceptional materials, this home is simply as good as it gets while not being oceanfront. The sale price was $9.3 million. While a substantial discount from the last listing price of $11 million, it does represent a per square foot value of over $1600. That is double Wailea's average for 2006.

The trophy market remains in excellent condition.