The Finest Residence in Hawaii’s Finest Condominium

The ceilings in the vast main living area are 24 feet high. New windows were installed in 2021 as per AOAO mandate, but of course the owners went the extra mile and employed the gorgeous “mitered bay windows” to maximize the already amazing views and aesthetics of this property. The unique, all glass doors surrounding both makai lanais are equally stunning – open them fully to “be” part of the heavenly outdoors.

Wailea Point is the finest residential condominium in Hawaii. It features exceptional quality construction; a very low density (under 5 units per acre) garden environment; low-rise buildings; 24-hour gated & roving security; two elaborate pool pavilions with 4 pools (including a 25-meter lap pool), 2 whirlpool spas & full kitchens; lighted tennis court, 2 pickleball courts (1 lighted); superb fitness gym; barbeque areas; fruit & herb gardens; ample parking; and it’s a golf-cart friendly property. Beautifully landscaped and maintained, many Wailea Point residents declare that “I live in a beautiful garden.” Enjoy the Four Seasons and Fairmont Kea Lani Hotels as immediate neighbors and all the 5-star services they offer. Furnishings included except art pieces. Well-run AOAO.

Wailea Point is the finest residential condominium in Hawaii

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Tax Benefits

$ Millions in Income Tax Savings are Available to a Buyer of Wailea Point Residence 102!

Here’s why …  The sellers intend to make a $10m contribution, out of the proceeds of the sale, to an existing non-profit organization 501c3 (NPO) in order to start an Early Childhood Education program in the City of Whitewater, Wisconsin. The sellers will not be able to use all of the contribution as a tax deduction themselves. So, they will make $5m of the contribution available to the Buyer, for them to use for their own tax benefits.

Here’ how …  The buyer will pay the agreed, negotiated price (ANP) for the property, less $5m. That $5m will instead be paid to the NPO. The seller will still report the sale at the ANP level for payment of tax on the capital gain, so there will be no reason for the IRS to disallow the buyer’s contribution deduction.

The 4 Scenarios below were prepared by the seller’s income tax accountant. They compute tax savings for various possible conditions of the buyer – various levels of taxable income, married or single, etc. The Federal tax savings apply for any US buyer matching those conditions; the State tax savings shown are for a buyer residing in California, but they could be less depending on the income tax rate of the buyer’s state of residence. Of course, state income tax benefits would be zero if there is no state income tax. Please note also that tax benefits not used in the first year can be carried over to future years..

Importantly, we are not qualified to give income tax advice. The buyer is asked to confirm their income tax savings with their own tax professional. We believe you’ll find that Wailea Point Residence 102 is not just Hawaii’s finest condominium; it also offers a unique, lucrative income tax benefit to the buyer, creating a bargain price as well!

Scenario 1 – married couple with $10M ordinary income and $5M charitable contribution:

Income Tax Savings: Federal $1.844m; State up to $585k; Total $1.844m – 2.429m

Married filing joint
$10M ordinary income / adjusted gross income
$5M charitable contribution

Federal tax without charitable contribution = $3.625M
Federal tax with $5M charitable contribution = $1.781M
Tax savings of $5M charitable contribution = $1.844M

CA resident tax savings = $585k

Scenario 2 – married couple who just sold business for $15M long-term capital gain and $5M charitable contribution:       

Income Tax Savings: Federal $1.0m; State up to $545k; Total $1.0m – 1.545m

Married filing joint
Standard deduction
$15M capital gain / adjusted gross income
$5M charitable contribution

Federal tax without charitable contribution = $3.522M
Federal tax with $5M charitable contribution = $2.522M
Tax savings of $5M charitable contribution = $1M

CA resident tax savings = $545k

Scenario 3 – married couple with $3M ordinary income and $5M charitable contribution:

Income Tax Savings: Federal $1.844m; State up to $585k; Total $1.844m – 2.429m

Married filing joint
Standard deduction
$3M ordinary income / adjusted gross income
$5M charitable contribution

Federal tax without charitable contribution = $1.035M
Federal tax with $5M charitable contribution = $375k
Tax savings of $5M charitable contribution = $660k

CA resident tax savings = $180k

Note: charitable contribution is limited to 60% of adjusted gross income, so only $1.8M of charitable contribution can offset $3M of taxable income. The remaining $3.2M charitable contribution is carried forward to offset future taxable income.

In year 2, an additional $1.8M of the charitable contribution would offset $3M of taxable income and the tax savings would be the same as the first year, assuming similar facts as the original scenario.  The remaining $1.4M charitable contribution would roll to year 3.

In year 3, the remaining $1.4M charitable contribution would be utilized, which would save approximately $524k in additional Federal tax, and $168k CA tax, assuming similar facts as the original scenario.

In total:
Federal tax savings = $1.844M
CA tax savings = $528k

Scenario 4 – single taxpayer with $7.5M ordinary income and $5M charitable contribution:

Income Tax Savings: Federal $1.847m; State up to $545k; Total $1.847m – 2.792m

Single
Standard deduction
$7.5M ordinary income / adjusted gross income
$5M charitable contribution

Federal tax without charitable contribution = $2.733M
Federal tax with $5M charitable contribution = $1.069M
Tax savings of $5M charitable contribution = $1.664M

CA resident tax savings = $440k

Note: (total of first and second year savings) charitable contribution is limited to 60% of adjusted gross income, so only $4.5M of charitable contribution can offset $7.5M of taxable income.  Remaining $500k charitable contribution is carried forward to offset future taxable income, which would save approximately $183k in additional Federal tax, and $105k CA tax, assuming similar facts as the original scenario.

In total:
Federal tax savings =$1.847M
CA tax savings = 545k

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SPECIFICATIONS

Main Living Area

• Incomparable, vast, continuous living space with ceilings approx. 24’ high at peak; a structural column was removed at great expense to create this unique degree of openness
• Custom glass panel systems at north and south ends of main living area enable dynamic, unsurpassed views of beach/ocean/islands/sunsets; recessed channels for drainage
• Glass panels meet each other with a thin, nearly invisible monofilament membrane
• New flooring – 36” honed blue limestone
• Electrically operated shades throughout the main living area – north, south and west
• Moveable large 99” screen LED TV is easily rolled from the TV room to the center of the living room and reconnected there for larger gatherings
• Two modern ceiling fans
• Central surround sound speaker system
• Bar with sink and modern cabinetry and countertops that match those in the kitchen; frosted glass facings in upper cabinets
• Bar back splash is Lago interlocking mosaic glass
• Bar refrigerator for drinks
• Built-in waste basket drawer
• Sub Zero refrigerator drawer
• Sub Zero freezer drawer

Master Bedroom

• Back lanai is enclosed and made part of the bedroom’s interior
• Raised cove-type ceiling
• 1 layer of sheer window coverings; 2nd layer for “black out” (Levelor)
• New recessed LED lighting
• New A/C inlet vents in sloped portions of cove ceiling
• Modern ceiling fan
• Tight weave wool carpet floor
• New cedar closet door system
• Emergency exit hallway added between guest bedroom and exterior entry with recessed LED lighting, stone tile floor and an access panel into the crawl space
• Built-in Samsung flat screen LED TV on an adjustable mounting bracket

Master Bath

• New sandstone flooring
• New shower with glass enclosure & modern plumbing fixtures
• Large new mirror behind the double sinks
• New cabinetry
• New Breccia Oniciata countertop
• New modern plumbing fixtures
• New LED Lighting
• Large full-length mirror at south end of the master bath
• Toilet room separate, with solid core Koa door and opaque glass for daylight

Guest Bath off Hallway

• New sandstone flooring
• New shower with glass enclosure and modern fixtures
• Shower changed to a glass enclosed shower with modern fixtures; both directly overhead and hand held on a rail; built in seat; built in space for soaps and shampoo; water control can be reached from both inside and outside the shower; window covered to protect it from moisture – the glass cover hardware matches the glass door hardware
• New towel bars
• New granite counter top
• New modern “shell” sink
• New mirror
• New tile & Venetian plaster on walls
• New cabinetry
• New plumbing fixtures
• New door hardware
• New LED lighting
• New decorative hanging lights over the sink
• A/C brought into the bath
• New ceiling fan

Office/3rd Bedroom

• 4 panels of solid core koa pocket doors – exceptionally smooth operation
• New flooring – 36” honed blue limestone
• New bi-fold closet door system with new matching hardware
• New modern a/c inlet vents
• Built-in speakers for the central sound system
• Built-in TV on an adjustable bracket – flat screen Samsung
• New clear grade cedar “cove” ceilings
• New LED lighting
• New ceiling fan
• New cabinetry and polished Caesarstone countertop on two sides of the room
• 2 new computer desks with knee space
• New built-in bookshelves below the TV
• Entry foyer closet is dedicated to stereo and other electronics systems

Den/TV Room

• Electrically operated blinds
• Large 99” flat screen LED Sharp TV – in custom cabinetry
• Small walk-in closet with closet system of drawers, shelves and hangers
• Modern ceiling fan
• LED recessed lighting
• Modern a/c inlet vents
• Built-in speakers for the central sound system

FLOOR PLANS

3-D

4000 Wailea Alanui Drive APT 102, Kihei 96753
Total Approximate Gross Floor Area 3, 850 Sq. Ft.

Whilst every attempt has been made to ensure the accuracy of the floor plan contained here, measurements of doors, windows, rooms and any other items are approximate and no responsibility is taken for any error, omission, or misstatement. This plan is for illustrative purposes only and should be used as such by any prospective purchaser.