In 1978, AFTER EXPLORER AND SCIENTIST JOHN WESLEY POWELL had returned from his expedition on the Colorado River, he reported that the aridity of the region would make westward expansion nearly impossible. Yet Powell’s opinion didn’t stop thousands of settlers from heading west, seeking land by water to provide irrigation for crops and livestock.

While the main reason for owning waterfront property has shifted over the years from survival to recreation, the demand has not decreased—making it increasingly difficult to find a parcel along the West’s varied shorelines. Ron and Cindy McMackin consider themselves fortunate. After living in a number of Southern California beachfront developments, they recently purchased two adjoining lots in Crystal Cove, an oceanside community along the Newport Coast. “You just can’t find properties like this anymore,” says Cindy, referring to the couple’s ability to obtain enough land for their children to have room to roam.

Indeed, many people are finding that they have to stand in line for lots along the region’s choice waters. At Crystal Cove, for example, it’s not uncommon for prospective buyers to submit substantial deposits in order to participate in homesite raffles. And at Intrawest Corporation’s new MonteLago Village Resort on Lake Las Vegas, Nevada, the two lakefront condominium projects proved so popular that they sold out within hours of release. In fact, the majority of condos were purchased even before the start of construction.

While finding the right waterfront parcel can prove the be challenging, the high demand and limited supply are good for property values. “Anything along the water is typically going to appreciate faster than dry land,” says Bill McIlrath of Major Appraisals in Los Angeles. It’s also motivating developers to find creative ways to fill the need-by thoughtfully planning communities around existing shoreline, creating bodies of water that offer new residential opportunities or enhancing the last remaining parcels in ways that benefit both the views and the environment.

Maluhia at Wailea in Wailea, Maui, Hawaii Situated on the southern side of Maui, Wailea Resort is home to the island’s finest beaches, five-diamond destination hotels and a shopping district that rivals Beverly Hills’s Rodeo Drive. It’s also the location of Maluhia at Wailea, one of Hawaii’s most distinctive waterfront developments.

Maluhia, meaning “tranquility, serenity and peace” in Hawaiian, is a fitting name for the area’s only single-family beachfront community. Developed by PRM Realty Group and designed by renowned architect Francis Oda of Group 70 International, the 10.5-acre gated enclave offers 14 terraced homesites with panoramic ocean views, a private beach club and a resident concierge.

But the setting isn’t the only thing that makes the development so special. Taking the idea of turnkey properties to the highest possible level, PRM’s executive vice president Larry Frej has gathered some of the industry’s greatest talents to build and furnish all of Maluhia’s remaining 5,400- to 9,200-square-foot custom residences. Each one is being meticulously designed to provide a one-of-a-kind environment: Group 70 International has chosen the local architectural vernacular, the lush landscape design is by Walters Kimura Motoda, and the water features are by Groark. Interior appointments and museum-quality art collection are being assembled by Frej (a former conservator for New York’s Metropolitan Museum of Art) and Group 70’s Sheryl Seaman, with procurement by Crisscross.

The collective efforts have already garnered Maluhia top awards for landscape and interior design, as well as high buyer interest. The first three completed residences, priced from $8.7 million to $20 million, sold within weeks of listing. Two more, completed last fall, are $8.7 million each, with additional houses (one on the last beachfront site) under construction. For more information: 877.700.5851, www.maluhiaatwailea.com.