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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

PBN confirms amount billionaire Larry Ellison paid for Hawaiian Island of Lanai

March 3, 2016 By Mark G. Howard Leave a Comment

Billionaire Larry Ellison paid $300M for the Hawaiian island of Lanai,

Billionaire Larry Ellison paid $300M for the Hawaiian island of Lanai,

One of the most widely-publicized real estate sales in recent memory in Hawaii, which involved Oracle Corp. co-founder Larry Ellison’s purchase of nearly the entire island of Lanai, hasn’t had a clear price attached to it — up until now.

It has been speculated by many that the price Ellison paid was somewhere in the range of hundreds of millions of dollars, even up to $500 million.

The third-richest person in the United States — Forbes puts his current net worth at $44.2 billion— has told Julian Guthrie, author of the 2013 book “The Billionaire and The Mechanic: How Larry Ellison and a Car Mechanic Teamed Up to Win Sailing’s Greatest Race, the America’s Cup,” that he paid $300 million for 98 percent of Lanai in 2012.

PBN has now confirmed, through public documents, that Ellison did indeed pay $300 million for the 141-square-mile Pineapple Island.

The sale included the two resort hotels — the Four Seasons Resorts Lanai at Manele Bay and the Four Seasons Resorts Lanai, Lodge at Koele — two championship golf courses and club houses, the Manele Golf Course and the Koele Golf Course, and more than 88,000 acres of land.

The seller, Los Angeles billionaire businessman David Murdock, took control of Lanai, the sixth-largest island in Hawaii by acreage, in 1985 as a result of his purchase of Castle & Cooke. The state and others own 2 percent of the island.

Meanwhile, Ellison is selling his controlling interest in his Hawaii interisland airline, Island Air, to a couple of Honolulu investment funds.

His Four Seasons Resort Lanai at Manele Bay, which closed this past summer for extensive renovations, is scheduled to reopen as the Four Seasons Resort Lanai and will begin taking reservations and opening on Feb 1. Koele, which has been closed to the public to house construction workers, will open in late 2016.

Duane Shimogawa
Reporter
Pacific Business News

 

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Filed Under: Blog, Featured Blog, General Real Estate Tagged With: Celebrity home, Celebrity Homes, Larry Ellison, 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, Oracle Corp, Penthouse

$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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Filed Under: Blog, Featured Blog, Luxury real estate, luxury real estate Oahu Tagged With: Celebrity home, Celebrity Homes, Dmitry Rybolovlev, Donald Trump, Ekaterina Rybolovlev, Elena Rybolovlev, Kauai's North Shore, 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, Will Smith

TripAdvisor names Lanikai best beach in the U.S.

July 16, 2014 By idx guys Leave a Comment

Lanikai Beach is the best beach in the United States and the eighth best in the world, according to a new ranking by TripAdvisor.

The website just released its 2014 Travelers’ Choice rankings for top beaches.

Ten of TripAdvisor’s top 25 beaches in the U.S. are located in Hawaii, with Kaanapali, Hanalei, Waianapanapa State Park, Wailea, Maniniowali and Hanauma Bay joining Lanikai in the top 10.

Lanikai was the only U.S. beach to make TripAdvisor’s top 25 world ranking.

http://khon2.com/2014/03/18/tripadvisor-names-lanikai-best-beach-in-the-u-s/

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Mega yachts owned by Paul Allen and Britain’s richest woman docked in Honolulu

February 6, 2014 By idx guys Leave a Comment

Feb 4, 2014, 2:39pm HST UPDATED: Feb 5, 2014, 3:23pm HST
Bill Cresenzo Reporter – Pacific Business News

Paul Allen's yacht, Meduce, is seen in port at Honolulu Harbor.

Paul Allen’s yacht, Meduce, is seen in port at Honolulu Harbor.

A pair of mega-yachts owned by two of the world’s richest people, Microsoft co-founder and Super Bowl champion Seattle Seahawks owner Paul Allen and former Miss UK Kirsty Bertarelli, are in port at Honolulu Harbor.

The Vava II, a 314-foot yacht that cost a reported $60 million to build and was commissioned by billionaire Ernesto Bertarelli for his wife, Kirsty — who’s known as “Britain’s richest woman” — was in port Tuesday, along with the Meduse, which was built for Allen in 1996.

No word on whether Kirsty Bertarelli or Allen, whose Seahawks will be feted at a parade on Wednesday, are also in Hawaii.

The Vava II has a helicopter pad, six decks and a beach club.

The 199-foot Meduse, which is listed for sale with Fraser Yachts for $34 million, can hold 12 overnight guests and has a movie theater, a gym, two staterooms on deck, four guest suites and a nanny cabin.

When reached by phone, Stuart Larson, a Fraser Yacht agent listed as representing the seller of Meduse, said his company “does not make any comments to the press whatsoever” regarding the company’s listings.

About a year ago, another yacht owned by another billionaire, Lanai owner Larry Ellison’s 288-foot Musashi, also spent some time in port in Honolulu.

Also on Tuesday, Microsoft Corp. (NYSE: MSFT) named a new CEO, Satya Nadella, for the company that Allen cofounded with Bill Gates.

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

Luxury homes on Oahu priced between $1M and $3M see strong Q3 sales

January 8, 2014 By idx guys Leave a Comment

Luxury homes on Oahu priced between $1M and $3M see strong Q3 sales
Oahu’s luxury home market experienced strong sales of single-family homes priced between $1 million and $3 million.

Sales of homes priced $1 million to $2 million increased nearly 50 percent from July through September, compared to the third quarter of 2012. Year-to-date, 330 homes were sold in this price range through the end of September, which was nearly double the number sold in all of 2012, the report said.

Additionally, the number of homes priced between $2 million and $3 million sold during the quarter rose 33 percent compared to the same time period last year. Year-to-date sales in this price range were about 70 percent of 2012 sales.

Even some higher price ranges performed well, according to the report, which pointed out that the $5 million-and-above range saw sales rise 10 percent above 2012 levels.

Meantime, sales of condominiums in the $800,000 to $1 million range were 78 percent higher in the third quarter than during the same time period last year, and have already exceeded the number of sales in 2012 by 12 percent.

The number of condos sold for more than $1 million was 62 percent higher when comparing year-over-year totals, surpassing overall 2012 sales by 4 percent.

In terms of foreign real estate investment on Oahu so far this year, Japan remained in the top spot for both the $1 million to $2 million segment, and the $2 million-and-above price range with triple the number of homes sold as well as triple the dollar value of sales of other countries on the top four list combined, the report said.

Brazil made the list for the first time in the $1 million to $2 million category. In the $2 million-and-above segment, Hong Kong came in second with two homes sold and China joined the list for the first time since 2010.

“The second-home market on Oahu has returned, as evidenced by increased sales activity, particularly among single-family homes priced between $2 million and $3 million as well as the many new luxury condo units that are sold out,” Kahala Associates Broker-Owner Myra Brandt said in a statement. “We have seen stable demand and a declining inventory for single-family homes and condos, resulting in stiff competition and sometimes multiple offers. This puts pressure on home values, and it has been forecast that the median single-family home price is heading toward the $1 million range.”

But not all luxury market price ranges fared well in the third quarter, the number of sales in the $3 million to $5 million range declined by 10 percent, when comparing year-over-year numbers.

 

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Alexander & Baldwin removing, selling Kawamoto’s Kahala Avenue statues

October 9, 2013 By idx guys Leave a Comment

Sep 30, 2013, 2:54pm HST Updated: Sep 30, 2013, 3:26pm HST

Duane Shimogawa  |  Reporter- Pacific Business News

The dozens of statues that once covered Japanese billionaire Genshiro Kawamoto’s Kahala Avenue properties in East Honolulu are being removed and will be sold, according to a source close to the situation.

Statues are seen at a Kahala Avenue property formerly owned by Japanese billionaire Genshiro Kawamoto, who sold all 27 of his Kahala properties to Alexander & Baldwin Inc. for $98 million. A&B is in the process of removing the statues, which will be sold.

Statues are seen at a Kahala Avenue property formerly owned by Japanese billionaire Genshiro Kawamoto, who sold all 27 of his Kahala properties to Alexander & Baldwin Inc. for $98 million. A&B is in the process of removing the statues, which will be sold.

Alexander & Baldwin Inc., which is buying Kawamoto’s Hawaii properties for $98 million — including 27 along Kahala Avenue, known by some as the Beverly Hills of Hawaii — said that it is proceeding with the cleanup of the properties, but has no further comment at this time on the progress of those activities.

The source also told PBN that the Honolulu-based high-end landscaping company called Performance Landscapes has been contracted by A&B to do the clean-up work, which includes dropping trees, clearing rubbish as well as removing those highly visible statues.

“They sold some statues and they donated some of the money,” the source said. “Right now, they’re being moved to another property.”

The source also pointed out that some people have shown interest in purchasing the statues, mainly wanting a piece of Kawamoto history to add to their collections.

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Hawaii mansion once owned by TV producer Al Masini sells for $10M

October 5, 2013 By idx guys Leave a Comment

Sep 30, 2013, 10:24am HST

Duane Shimogawa  |  Reporter- Pacific Business News

A Honolulu mansion once owned by the late television producer Al Masini has been sold for about $10 million to a Japanese business owner, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

A mansion that once belonged to the TV producer Al Masini sold for $10 million to a Japanese buyer, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

A mansion that once belonged to the TV producer Al Masini sold for $10 million to a Japanese buyer, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

Known as “Hiilani,” which means “in the arms of heaven” in Hawaiian, the property, built in 1996 and located at 1133 Ikena Circle, was listed in 2012 for an asking price of $12.5 million.

It consists of three adjoining parcels of land and encompasses 16,000 square feet of indoor/outdoor living space on a 30,000-square-foot lot that has sweeping views of Kahala and Diamond Head.

Masini, a recipient of an unprecedented 33 Emmy Awards, was responsible for such shows as “Entertainment Tonight,” “Lifestyles of the Rich and Famous” and “Star Search.”

The sale of 1133 Ikena Circle marks the seventh property in two years to sell for more than $10 million on Oahu.

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

Kahala home featured on ‘Hawaii Five-0’ sells for $4.8M

September 18, 2013 By idx guys Leave a Comment

Sep 18, 2013, 6:59am HST

Duane Shimogawa  |  Reporter- Pacific Business News

A luxury home on Kahala Avenue in East Honolulu that has been featured on the CBS television crime drama “Hawaii Five-0” was recently sold to a New Jersey couple for $4.8 million, according to public records.

The couple recently closed on the purchase of the property, which sits on one of the most prestigious stretches of real estate in Hawaii.

The 7,000-square-foot four-bedroom, eight-bathroom home, which was built in 2009 and sits on about a third of an acre, is located at 4292 Kahala Ave.

The total assessed value of the property is $3.9 million, according to city tax records.

Kahala Avenue was in the news recently after Japanese billionaire Genshiro Kawamoto sold his 27 Kahala properties or 90 percent of current inventory in that area, to A&B Properties Inc., a subsidiary of Alexander & Baldwin Inc. (NYSE: ALEX) for $98 million. A&B said it plans to sell the properties, which could fetch the Honolulu-based real estate company at least $200 million.

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

A&B buys Kawamoto’s Kahala properties for $98M, putting them on the market immediately

September 12, 2013 By idx guys Leave a Comment

Sep 10, 2013, 10:56am HST Updated: Sep 10, 2013, 11:36am HST

Janis L. Magin  |  Managing Editor- Pacific Business News

Alexander & Baldwin’s property arm said Tuesday that it has acquired 27 residential properties in Honolulu’s oceanfront Kahala neighborhood, along with properties in Windward Oahu and on Maui, from Japanese billionaire Genshiro Kawamoto for $98 million.

Alexander & Baldwin’s property arm said Tuesday that it is acquiring 31 residential properties in Honolulu’s Kalaha neighborhood from Japanese billionaire Genshiro Kawamoto for $98 million. Seen here is one of the properties along Kahala Avenue.

Alexander & Baldwin’s property arm said Tuesday that it is acquiring 31 residential properties in Honolulu’s Kalaha neighborhood from Japanese billionaire Genshiro Kawamoto for $98 million. Seen here is one of the properties along Kahala Avenue.

A&B Properties said 27 of the homes are located along Kahala Avenue between Diamond Head and the Waialae Country Club, half of which have ocean frontage or beach access.

A&B (NYSE: ALEX) plans to fix up the homes, which have fallen into disrepair under Kawamoto’s ownership, and reposition the properties to take advantage of the current real estate market.

“The opportunistic acquisition of this highly coveted residential land portfolio in Hawaii represents a significant investment in a key Oahu market and reflects A&B’s confidence in Hawaii’s economy and real estate markets,” Chris Benjamin, A&B’s president & chief operating officer, said in a statement. “From a strategic perspective, the transaction highlights our competitive strengths in Hawaii.”

Benjamin said Honolulu-based A&B was able to “leverage our local market knowledge and relationships to complete an off-market transaction at attractive pricing.”

The assessed values for the land only on the Kahala properties totals $117.6 million, according to city tax records, A&B said.

Rumors of a bulk sale surfaced last week, but the rumored buyer was said to be in Japan. The A&B acquisition fits with the kamaaina company’s strategy of reinvesting in the Hawaii market.

“Our experience and balance sheet strength allowed us to negotiate and close the all-cash deal in less than 90 days, once the seller indicated a willingness to sell, and we anticipate achieving investment returns consistent with our past Hawaii investments,” Benjamin said.

A&B Properties Executive Vice President Michael G. Wright noted that A&B has now acquired nearly 90 percent of the current inventory in Kahala, one of Honolulu’s oldest, priciest and most prestigious neighborhoods that attracts local executives as well as well as international buyers.

“We will be focused on cleaning up these properties, and anticipate a full recovery in property values,” Wright said in a statement. “This acquisition is truly a once-in-a-lifetime opportunity, and we are gratified to see our efforts come to fruition.”

Sales of the properties will start immediately, and A&B expects them to sell over a three- to five-year period.

The portfolio includes the 27 Kahala Avenue properties, which encompass 13.7 acres; two residential lots and a preservation-zoned parcel in Windward Oahu and a 146-acre agricultural-zoned parcel in Kihei, Maui.

The 27 Kahala Avenue properties include eight oceanfront lots, one oceanfront home, five nonoceanfront lots and one home located on the makai, or oceanside, side of Kahala Avenue, amd six homes on the mauka, or mountain, side of the street.

Benjamin also has said A&B is interested in acquiring another large Hawaii real estate portfolio — the Kaneohe Ranch properties, which include most of Kailua town.

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

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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