Hawaii Luxury Real Estate Update Year to Date 2019
Posted by Alex Cortez on Saturday, September 28th, 2019 at 9:50pm.
Our featured listing, 4508 Makena Road on Maui.
The Hawaii Luxury Real Estate market has had a bit of an 'off' year thus far in 2019 when compared to the previous year, which included the record-breaking $46M+ sale on the North Shore of Kauai and several over $20M on each island.
UPDATE: Our post was originally posted on 09/28. Updating on 09/30 to reflect the sale of a 10K square foot home in Kukio for $15.99M, which closed earlier last week.
Correction: The record sale year to date in the State is the Kaupulehu 7-bedroom estate in Kukuio for $15.99M. Previously, the high mark belonged to the sale of 766 Mokulua Drive in Kailua which closed for $14.8M, slightly edging the sale of the a home in Hualalai Resort for $14.75M and a Makena home, 7555 Makena Rd, for $14M.
In 2019, the $15M threshold had not been broken until the Kukio property sold slightly above, whereas a year ago ten homes had sold Statewide for over $15M by this time of year. Is this reflective of a larger pattern of the highest end sector screeching to a halt or merely a statistical anomaly? With 3 properties currently in escrow over $10M, as reported by the MLS's throughout the State, there is a strong possibility for a late surge prior to the year's end. It is interesting to note that all 3 of those properties are on Maui, 2 in South Maui (Kihei and Makena) and the other Upcountry. It's also worth noting that with projects such as Discovery's Makena Golf and Beach Club and Kukio in Kona, among many luxury projects across the State, some of the big sales are waiting to close upon construction completion or other predetermined date, which may be well into the future.
The top mark Statewide for a condominium year to date continues to be the sale Park Lane 7504 for $10M. So far this year, there have been 11 condominiums sold on Oahu for over $5M - 4 in Ala Moana (Park Lane, specifically), 4 in Kakaako, 2 in Waikiki, and 1 in Diamond Head. Comparatively, there have been 6 condominium sales on Maui over $5M, with 5 at the Montage Residences Kapalua Bay and the remaining other at Wailea Point.
For more information regarding the Hawaii Luxury Real Estate market, contact us. Our team includes the utmost experts who can articulate current market conditions, valuation, unique market intricacies and much more in great detail.
UPDATE: Our post was originally posted on 09/28. Updating on 09/30 to reflect the sale of a 10K square foot home in Kukio for $15.99M, which closed earlier last week.
Correction: The record sale year to date in the State is the Kaupulehu 7-bedroom estate in Kukuio for $15.99M. Previously, the high mark belonged to the sale of 766 Mokulua Drive in Kailua which closed for $14.8M, slightly edging the sale of the a home in Hualalai Resort for $14.75M and a Makena home, 7555 Makena Rd, for $14M.
In 2019, the $15M threshold had not been broken until the Kukio property sold slightly above, whereas a year ago ten homes had sold Statewide for over $15M by this time of year. Is this reflective of a larger pattern of the highest end sector screeching to a halt or merely a statistical anomaly? With 3 properties currently in escrow over $10M, as reported by the MLS's throughout the State, there is a strong possibility for a late surge prior to the year's end. It is interesting to note that all 3 of those properties are on Maui, 2 in South Maui (Kihei and Makena) and the other Upcountry. It's also worth noting that with projects such as Discovery's Makena Golf and Beach Club and Kukio in Kona, among many luxury projects across the State, some of the big sales are waiting to close upon construction completion or other predetermined date, which may be well into the future.
The top mark Statewide for a condominium year to date continues to be the sale Park Lane 7504 for $10M. So far this year, there have been 11 condominiums sold on Oahu for over $5M - 4 in Ala Moana (Park Lane, specifically), 4 in Kakaako, 2 in Waikiki, and 1 in Diamond Head. Comparatively, there have been 6 condominium sales on Maui over $5M, with 5 at the Montage Residences Kapalua Bay and the remaining other at Wailea Point.
For more information regarding the Hawaii Luxury Real Estate market, contact us. Our team includes the utmost experts who can articulate current market conditions, valuation, unique market intricacies and much more in great detail.
Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.