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Luxury home sales increased by 7 percent during 2015, according to a recent market report

April 4, 2016 By Mark G. Howard Leave a Comment

The East Oahu continues to be the most popular for luxury home sales

The East Oahu continues to be the most popular for luxury home sales

The East Oahu continues to be the most popular region for luxury home sales, with more than half of all transactions in 2015 occurring in Diamond Head, Kahala, Hawaii Loa Ridge, and Waialae Iki.

The four neighborhoods accounted for nearly half of all luxury home transactions in East Oahu, mostly in the $2-million-and-under range last year.

Why $2 million?

“$1 million can be very valid in most U.S. cities, but here on Oahu in some neighborhoods it could be considered [not luxury],” Locations Executive Vice President Scott Higashi told PBN, on why Locations chose $2 million as the benchmark defining a luxury home. The firm’s research also took a neighborhood-driven approach to identify the luxury market, examining neighborhoods that were developed as luxury housing from the outset, as opposed to more modest neighborhoods which have seen home prices pass the $1-million mark due to Hawaii’s housing shortage.

Median sale prices rose 9 percent in Diamond Head, 6 percent in Waialae Iki, and 4 percent in Kahala, compared to 2014 sale prices.

Active listings are also up in East Oahu, up 14 percent from 2014, with an average list price of $4,217,500.

Local residents made up 66 percent of luxury home sales in East Oahu last year. The remaining group of buyers hail from the U.S. Mainland and Asia. The majority of buyers are from Japan, representing 54 percent of transactions. China’s buyer market has grown consistently and now accounts for 27 percent of transactions, not including 10 percent of transactions coming from Hong Kong buyers. Singapore, Korea, and Malaysia make up the remainder of luxury buyers in East Oahu.

“Asia accounts for 12 percent of our business,” Higashi said. “It’s not as big as people think. It is largely Japanese buyers still — there are Chinese buyers but not on the scale as everyone hoped. We were hoping for a lot of sales [in 2015].”

Approximately 14 percent of Locations’ sales are launched online, Higashi added.

Properties sold in the $3 million to $4.9 million range took the longest to sell, however, sales in the mega-luxury price range rose the fastest in 2015, based on days on the market.

Eighty-four of the luxury homes sold last year were below the $2 million range, compared to 48 properties between $2 million to $2.9 million range, and 31 homes sold between the $3 million to $4.9 million range. Only nine $5 million-and-above luxury homes were sold last year.

Lorin Eleni Gill
Reporter
Pacific Business News

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Filed Under: Blog, Featured Blog, Luxury real estate, luxury real estate Oahu Tagged With: Celebrity home, Celebrity Homes, luxury, Luxury Estate, Luxury Experiences, Luxury Home, Luxury Homes, Luxury Living, Luxury Mansion, luxury real estate, Luxury Villa, LuxuryHomes, LuxuryHomes.com, Mansion, Million Dollar Estates, Million Dollar Home, Most expensive, Ocean View, Penthouse

Ousted Men’s Wearhouse Founder Is Downsizing in Hawaii — to Neil Young’s $20M Pad

March 29, 2016 By Mark G. Howard Leave a Comment

Ousted Men’s Wearhouse Founder Is Downsizing in Hawaii -- to Neil Young’s $20M Pad

Ousted Men’s Wearhouse Founder Is Downsizing in Hawaii — to Neil Young’s $20M Pad

Michelle Huffman
December 9, 2015
You’re gonna like the way you look here. We guarantee it.

Who wouldn’t look good in a 10,000-square-foot mansion right on the Hawaiian coast?

Former Men’s Wearhouse CEO George Zimmer—popularly known for promising in TV spots “You’re gonna like the way you look; I guarantee it”—has listed the property at $35 million, the Los Angeles Times reports. The 7.5 acres comprise 10 parcels on the northwestern edge of the Big Island.

The men’s clothing magnate is downsizing as only the wealthy can: He’s moving to the 2-plus-acre, 3,000-square-foot home that Neil Young just sold him for $20 million. It’s just seven miles up the beach.

Zimmer’s property, which neighbors the Mauna Lani Resort, is one of the largest privately owned oceanfront properties on the Kohala Coast, according to the listing.

The mansion was built in 1995 by Hawaiian architect Lucky Bennett, who basically established the “Kona Coast” style: open rooms connected to extensive lanais (the Hawaiian word for porches), maximizing ocean views, plus native woods integrated throughout. It’s sort of midcentury modern with a tropical flair.

The house has seven bedrooms, nine bathrooms, a media room, and a billiard room with wet bar. Outside there’s a pool and spa, plus 1,000 feet of ocean frontage.

Zimmer has been through a rough patch the past couple of years. The Men’s Wearhouse board unceremoniously dumped him as executive chairman in 2013 amid complaints that he “wouldn’t accept anything other than full control” of the company he’d founded in 1973 but taken public in the 1990s.

The ouster of Zimmer, who has amassed quite the fan base over the decades because of his catchphrase, set off a firestorm on social media.

He hasn’t stayed down long, though. He has a new venture called zTailors, a website and app to connect the frumpy with the fixers-of-frump – tailors who make house calls.

And Zimmer’s new home ain’t too shabby, even if it is downsized. It has four bedrooms and six bathrooms, and it sits on a craggy beach with just a little less ocean frontage – about 800 feet.

Maybe that’s just as well. It’s not like salt water is great for suits.

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Filed Under: Blog, Celebrity Properties, Celebrity real estate, Luxury real estate Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Ocean View Honolulu, Penthouse Honolulu

CheapTickets.com founders buy oceanfront Kahala estate for $11M cash

March 9, 2016 By Mark G. Howard Leave a Comment

A Hawaii couple who founded CheapTickets.com have purchased a beachfront estate in Honolulu’s posh Kahala neighborhood for $11.5 million in cash, one of the highest recorded sales of a single-family home on Oahu so far this year, according to public records.

Designed by Hawaii architect John Hara in 2002, the 5,838-square-foot five-bedroom, six-bathroom home sits on a nearly 0.8-acre parcel at 4711 Kahala Ave.

It was previously owned by Karl Essig, a former Morgan Stanley executive, and Megumi Essig.

Michael and Sandra Hartley, who both founded CheapTickets.com in Honolulu in 1986, are the new owners of the property, which includes a chef’s kitchen and guest apartment.

The estate, which was on the market for just 79 days, has a total assessed value of about $9.7 million.

The Essigs purchased the property for $4.5 million in 1999.

CheapTickets.com is now owned by Orbitz Worldwide Inc. The travel discounter closed its Honolulu call center in 2003, leaving about 200 people without a job.

The Hartleys founded the company at a kiosk location in Honolulu and built it into one of the nation’s larger travel discounters, with five call centers across the country. More than 400 people worked for the company in Honolulu by 2000.

In 2001, Cendant Corp., a conglomerate that already had its own travel discount service, acquired Cheap Tickets Inc. for $280 million. Then in 2006, it was included in a sale to Orbitz.

Duane Shimogawa
Reporter
Pacific Business News

Filed Under: Blog, Featured Blog, Kahala, KAHALA AREA, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, CheapTickets.com, Karl Essig, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Michael and Sandra Hartley, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Ocean View Honolulu, Penthouse Honolulu

Kailua estate near President Obama’s vacation home is on the market for $28M

February 14, 2016 By Mark G. Howard Leave a Comment

51A sprawling 2.5-acre Hawaii oceanfront estate located near President Barack Obama’s vacation home is on the market for $28 million.

Located at 51 Kaikea Place in Kailua in Windward Oahu, the estate includes three homes, including a main residence, a guest home and a caretaker home, designed by Hawaii architect Fritz Johnson.

The homes were renovated in 2008, containing a total of 7,851 square feet of living area, 4,466 square feet of open lanai area, 1,121 square feet of storage space and 870 square feet of garage/carport areas. All fixtures, furniture and equipment are included in the sale, excluding the paintings.

Scott Eden of Newmark Grubb CBI is representing the owner in the sale. Property records show that “51 Kaikea LLC,” is the owner of the property, with Keiichi Kojima as its manager.

The property, which includes a total of four parcels, has a total assessed value of about $24.3 million, according to tax records. In 2008, the main parcel was purchased by 51 Kaikea LLC for $22 million, with two adjacent parcels purchased for $4 million.

“[The owner] spent $7 million to remodel the property, and to build a caretaker’s house on one of the front parcels,” Eden told PBN in an email, noting that the property was previously listed in January for $38 million.
The sale also includes the two adjacent 10,000-square-foot parcels in front of the main gate that may be used for additional residences.

“Land of this sheer size is becoming increasingly hard to find on Oahu, particularly in such a desirable location,” Eden said.

President Obama and his family arrived in Hawaii this past weekend for their annual family vacation, and the 51 Kaikea Place estate is located less than five minutes away from their vacation compound in Kailua.

Duane Shimogawa
Reporter
Pacific Business News

51a

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Filed Under: Blog, Celebrity Properties, Celebrity real estate, Featured Blog, General Real Estate, Kailua, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Ocean View Honolulu, Penthouse Honolulu, President Barack Obama

Sylvester Stallone’s former Hawaii estate sold to GoPro’s first hire for $5.4M

February 10, 2016 By Mark G. Howard Leave a Comment

Sylvester Stallone's former Hawaii estate sold to GoPro's first hire for $5.4M

Sylvester Stallone’s former Hawaii estate sold to GoPro’s first hire for $5.4M

A Hawaii estate once owned by actor Sylvester Stallone, who is currently starring in the latest “Rocky” series film “Creed,” has been sold to camera maker GoPro Inc.’s first employee, according to public records.

Stallone purchased the four-bedroom, four-bathroom home on the island of Kauai’s North Shore back in 1984 for $1.75 million, and sold it in 1999.

The 3,212-square-foot ” Banana Beach House,” which is located on a 13,801-square-foot parcel in Hanalei, was purchased by Banana House LLC for $5.45 million in a deal that closed in late October. The estate has a total assessed value of about $3.5 million, according to tax records.

Banana House was formed by Neil Dana, a college roommate of GoPro founderNick Woodman, who became the first hire for the publicly-traded company that is based in California.

Banana House’s tax bill address lists an address in Half Moon Bay, California, the initial headquarters of GoPro.

Dana made headlines earlier this year after Woodman stuck to his promise to give him a portion of shares of the company, which is valued at nearly $230 million, according to Bloomberg.

Dana is currently the music director for GoPro.

Woodman himself recently purchased property in Hawaii on the North Shore of the island of Oahu.

Duane Shimogawa
Reporter
Pacific Business News

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Filed Under: Blog, Celebrity Properties, Celebrity real estate, Featured Blog, General Real Estate, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, GoPro founder Nick Woodman, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Neil Dana, Ocean View Honolulu, Penthouse Honolulu, Sylvester Stallone

A and B subsidiary looking to develop vacant Kahala Avenue oceanfront parcel

January 26, 2016 By Mark G. Howard Leave a Comment

kahala_luxuryA subsidiary of Alexander & Baldwin Inc. has transferred the ownership of one of its vacant oceanfront Kahala Avenue properties it purchased in 2013 from Japanese businessman Genshiro Kawamoto to itself, a company spokeswoman confirmed to PBN.

A&B Properties Inc. said it is exploring potential residential construction on the vacant parcel.

The Honolulu-based real estate arm of A&B acquired about 30 of Kawamoto’s Kahala properties for close to $100 million, including the little more than one-acre vacant parcel at 4607 Kahala Ave.

In May, A&B Properties, which formed 4607 Kahala LLC, transferred the property over to itself for $17.7 million, according to public records.

The property had been on the market for $18.5 million, according to a listing from Honolulu-based List Sotheby’s International Realty.

Kawamoto purchased the property for $11 million in 2006 from Alteka Co. Ltd.

The property has a total assessed value of $8.3 million, according to tax records.

In 2009, Kawamoto was issued a building permit by the City and County of Honolulu’s Department of Planning and Permitting to demolish the one-story home at the rear of the property.

No building permits have been filed since that time.

Duane Shimogawa
Reporter
Pacific Business News

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Filed Under: Featured Blog, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Ocean View Honolulu, Penthouse Honolulu

Former home of legendary surfer Duke Kahanamoku for sale

December 8, 2015 By Mark G. Howard Leave a Comment

royal01From the moment you step in the door you’re captivated. With a bird’s eye view of the break, it’s obvious what drew the father of surfing, Duke Kahanamoku, to this property well over a half century ago.

The history of this four-bedroom, four-and-a-half-bath luxury home dates back to 1937. Although it’s been updated, it was important to the current owner that spirit of the famed surfer not be lost.

“He wanted to respect what was here,”

Before Gordon Thompson did any construction, the executive vice president of Nike had a Hawaiian minister come in and bless the lot.

“The minister said do not take any of the rocks away from the property and they didn’t. Every single rock is still here in the walls,” said Chang.

The original foundation of the home is still intact along with Duke’s and his wife Nadine’s hand prints fixed in stone near the infinity pool in the backyard. A tree in the oceanside garden was given to Kahanamoku by the former emperor of Japan.

“These are black lacquered floors that were here when Duke had the house. Your staircase that you have here and the wall are all part of the original house,” said Chang.

Among the home’s many features are a spacious lanai, an open concept kitchen with a bar, dining room and three guest suites. The master features a sitting room, soaking tub, and outdoor shower.

The home can be yours for an asking price of $8,875,000.

https://shopoahuproperties.idxbroker.com/idx/details/listing/b119/201521126/114-Royal-Circle-Honolulu-Hawaii-96816-201521126

http://www.hawaiinewsnow.com/story/30655635/former-home-of-legendary-surfer-duke-kahanamoku-for-sale

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Filed Under: Blog, Celebrity Properties, Featured Blog, Luxury real estate, luxury real estate Oahu Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Ocean View Honolulu, Penthouse Honolulu

Chinese investor to build home on Oahu North Shore property by Waimea Bay

October 15, 2015 By Mark G. Howard Leave a Comment

A Chinese investor who purchased nearly half of the lots in a 25-lot residential subdivision on Oahu’s North Shore overlooking famed Waimea Bay now has plans to build a new home on one of those properties, according to public records.

The 11 lots, on a little more than two acres, at The Bluffs at Waimea were sold to Dhara LLC by the Burger family for $6 million last year, as first reported by PBN.

Dhara was formed a little more than a year ago, and lists Shaoxiong Huang as its manager.

The company was recently issued a $515,000 building permit for a new single-family home with a retaining wall at the rear of the property, according to the City and County of Honolulu’s Department of Planning and Permitting.

Lancor Architects Inc. and Kingdom Builders are listed as the architect and general contractor, respectively, for the project.

The Bluffs at Waimea Bay is located on a hillside between Waimea Bay and Haleiwa town. The 23 lots being sold range from 7,500 square feet to 15,630 square feet, and homes have already been built on five of the lots.

Chinese investors are expected to spend more than $175 billion during the next few years acquiring real estate around the world, including Hawaii.

Duane Shimogawa
Reporter
Pacific Business News

 

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Filed Under: Blog, Featured Blog, Luxury real estate, luxury real estate Oahu, Oahu real estate, Oahu real estate sales Tagged With: Celebrity home Honolulu, Celebrity Homes Honolulu, Luxury Estate Honolulu, Luxury Experiences Honolulu, Luxury Home Honolulu, Luxury Homes Honolulu, Luxury Honolulu, Luxury Living Honolulu, Luxury Mansion Honolulu, luxury real estate Honolulu, Luxury Villa Honolulu, LuxuryHomes Honolulu, LuxuryHomes.com Honolulu, Mansion Honolulu, Million Dollar Estates Honolulu, Million Dollar Home Honolulu, Most expensive Honolulu, Ocean View Honolulu, Penthouse Honolulu

Honolulu condo project on YMCA site near Ala Moana Center to start construction in early 2016

August 27, 2015 By Mark G. Howard Leave a Comment

A rendering for the Aloha Kai condominium across from Honolulu's Ala Moana Center

A rendering for the Aloha Kai condominium across from Honolulu’s Ala Moana Center

The 117-unit, 37-story “Aloha Kai” condominium project planned for the site of the YMCA of Honolulu Central branch on Atkinson Drive across from Ala Moana Center is expected to start construction by early 2016, the developer of the project confirmed to PBN Tuesday.

California-based MB Property Acquisitions LLC has partnered with the Japanese firm Tama Home on the development.

Michael Blumenthal, president of MB Property Acquisitions, told PBN that the project, which will include a new 30,000-square-foot YMCA Central branch with no residential units, a swimming pool and a sophisticated aqua facility that will cater to seniors, will have five levels of parking, with units being built atop those levels of parking.

Aloha Kai encountered a delay after the developer asked for a zoning change that included increasing the its height limit to 350 feet from 150 feet.

“It has taken a while, but we are moving forward,” Blumenthal said, noting that the demolition of the YMCA Central branch should begin in about five months. “It took a little more than a year to get the zone change, but that enhanced the economics of the deal.”

He also pointed out that the focus of the entire project has been on dealing with the YMCA Central branch at first, which will be redeveloped into a three-story, 30,000-square-foot facility.

“The plans for the YMCA [are] 95 percent complete, in terms of the working drawings,” Blumenthal said. “We really focused on designing the YMCA before jumping into the condo tower.”

The conceptual drawings for the condo tower are nearly complete, with Architects Hawaii Ltd., Swinerton Builders and Locations LLC working on the project.

The project, which will encompass about 150,000-square-feet of net saleable square footage, will have four units per floor, with a boutique-like, very private type of feel, according to Blumenthal.

The pricing of the project is still being determined, although he said it is probably going to be around $1,400 per square foot, meaning that a one-bedroom unit of roughly 600 square feet unit would be priced around $840,000.

Aloha Kai also will have a rooftop pool and all units will include lanais that overlook the ocean. There will be no commercial units in the project.

Blumenthal said he was one of the few bidders of the YMCA site to have given the nonprofit organization a portion of the site to build a new branch.

A little more than three years ago, MB Property Acquisitions announced its purchase of about 1.5 acres of the YMCA’s 1.77-acre lot for an undisclosed amount. Blumenthal said he expects to close on the purchase in about three months.

“We have substantial approvals,” he said. “We worked hard to provide a nice facility for the Y.”

The condo part of the project is expected to be completed in about two years.

Duane Shimogawa
Reporter
Pacific Business News

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Filed Under: Blog, Featured Blog, Luxury real estate, luxury real estate Oahu, New Condo Construction, New Condos for sale Tagged With: Aloha Kai, MB Property Acquisitions, YMCA

$29.5M Hawaiian Secret Beach Home, Formerly Will Smith’s Pad, Hits the Market

July 23, 2015 By Mark G. Howard Leave a Comment

While this 28-acre beauty on a bluff overlooking Kauai’s North Store has the attributes you’d expect out of any multi-million dollar tropical escape—pool house, swimming pool, screened-in veranda—it’s ownership history also gets pretty interesting, connecting this Hawaiian escape to some of the richest people in the world. Will Smith picked up the 28-acre property for $13.5 million in 2009, it’s original claim to fame, but then sold it for $20 million in an off-market deal to the heiress of Russian oligarch, Dmitry Rybolovlev, a billionaire fertilizer king who would later be hit with one of the world’s largest divorce settlements ($4 billion). For his daughter, Ekaterina, this property was just part of an eye-popping real estate trust set up in her name, which includes an $88 million Central Park West penthouse and a $95 million Palm Beach home purchased from Donald Trump. A few years ago, Rybolovlev’s estranged wife Elena sued, claiming the trust was a means of protecting these properties from the settlement, but now that the suit has been dismissed, the property is back on the market for $29.5 million.

 

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© 2014 - Hawaii Americana Realty. All Rights Reserved. Hawaii Americana Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Subject to change without notice. While the information on this site is deemed to be accurate, Hawaii Americana Realty. does not guarantee its accuracy, and provides this information without warranties of any kind, either expressed or implied. Hawaiian Americana Realty, Inc. 134 Kapahulu Ave., CUB, Honolulu, HI 96815 * by appointment only * RB20383 / RB20384