Hualalai

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I can’t say how many times in a week I am asked this question; too many to remember, but enough to know the answer without a lot of thought.

The resort market here on the Big Island from Hualalai and Kukio up to Mauna Kea and including Waikoloa Resort and the Mauna Lani started showing signs of sales as early as October this year, where the average market can almost be charted; a flurry in December and the bulk of the sales taking place from December 30th thru April 15th.

This year sales have actually been robust and as far as hitting bottom…are we there yet, are we there yet…I for one would have to say WE ARE THERE! Read entire post →

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Celebrity and Wealth find refuge in Kona. Most recently, Cher sold her Hualalai estate for $8,720,000. It was stunningly beautiful with an attention to detail that amazed me. I could see much of the details as I peeked over the neighboring house’s wall I was previewing for some clients. Yep. Peeked over the wall and looked into Cher’s property. It seems that if you spend $8+ million on a property, the last thing you want is a neighbor so close they can peek over their fence to say hello. Maybe Cher felt the same way. But there are, to those in the know, luxurious, private estates on the Kona Coast that are secluded and away from prying eyes.

Self Contained Splendor above a Hidden Cove

A Place to Disappear to

Overlooking a secluded cove midway between Kealakekua Bay and Keauhou sits this app. 3200 sqft self sustaining Plantation-Style home. Priced at $6,000,000 and located at the end of a historic beach trail, this estate has all the luxury of a resort home while feeling far away from it all – yet it is only minutes from Keauhou’s restaurants, shops, and golf course. An added bonus is the home’s total self sufficiency with its own solar electric system and water supply. For those who need it, this is the place to disappear to.

When Hollywood comes to Kona…

Royal Palm Lined Drive

On the hills above Kona is a Hollywood getaway that combines the luxuriousness of Beverly Hills with Hawaiian Style. Lovingly built by a retired film actor, this app. 5,400 sq ft residence priced at $5,550,000 (orig. $6,850,000) has it all: a stately Royal Palm-lined grand entry, separate guest house, tennis court, wine cellar, infinity pool with a panoramic view on 6 park-like acres.  Minutes above the estate is the artist colony of Holualoa with galleries, shops and restaurants.  Minutes below are the golf courses, restaurants and beaches of Kona.  Stars know how to live.

The Perfect ‘Aloha’ Estate

Perfect Aloha

Nothing can prepare you for how absolutely spot on perfect this house is. At $3,998,000 (orig. $4,875,000), its almost 6,000 sq ft has all the bells and whistles: 5 bedrooms, 6 baths, pool, and separate guest house on 17+ acres. Exquisitely sited overlookingly the Dolphin filled Kealakekua Bay, its elevation allows you to view the waves crashing upon the craggy lava rock shore while being high enough to glory in the best sunsets Kona has to offer. Recently named as one of the ‘Top 10 Hawaii Home Deals’ for sale, this is possibly the most ‘Aloha’ home I’ve seen in years.

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Apparently there has been much to-do in the news about all the “celebrity” government dignitaries visiting Hawaii this winter season. Of course, President Obama has been vacationing on Kailua’s gorgeous beaches for the holidays, and Oahu is rejoicing in the “Obama bump” economy. As proof of this phenomenon, I received a President Obama bobble head for my car for Christmas this year. (Yes, he’s wearing an aloha shirt, lei, slippahs and giving the double shaka.)

President Obama bobblehead

President Obama bobblehead

Last week, Nancy Pelosi made a run for the Big Island’s Four Seasons Hualalai Resort. Besides the obvious, “who can blame her, it’s one of the best hotels in the world?” Everyone seems to have forgotten that Nancy Pelosi, Speaker of the House, is originally from the California Bay Area, and during “festivus” the Four Seasons is FULL of people from California. She’s networking with her constituents!! And why not mix business with pleasure? “It’s one of the best hotels in the world!” (Do you think the Speaker knows there’s a no-reserve auction on five luxury homes in Kukio and Hualalai on January 18th?)

No reserve price for this estate, previously asking $8.45M

No reserve price for this estate, previously asking $8.45M

All the fuss over the Speaker’s visit and who is paying for it and how she got here…such obvious political posturing from partisan players (ahhhh… alliteration – thanks, UCLA). What I see is simple local economics: the more high-profile people that visit the Big Island, the more other people are drawn to visit here too. The more people who visit the Big Island, the more who love it and the more who come back to visit every year. (We love our “snowbirds!”) We are an island community, one whose economy depends very heavily on both tourism and government. It’s natural for us to embrace visiting dignitaries, they bring us hope, infuse the economy with money, and make us feel that we’re not quite as separate as 5,000 miles, and a lot of big, beautiful blue ocean might suggest.

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Kukio Ocean Clubhouse

Kukio Ocean Clubhouse

Yesterday was another gorgeous day spent on the West side of the Big Island!  Spending the morning looking at amazing homes, like this stunner listed at $12.5M, morphed into lunch at the Beach Club where we enjoyed the owners’ lifestyle for an hour or two. Mahalo nui loa, Sam and Carrie!

Going on the Auction Block Jan. 18th, 2010

Going on the Auction Block Jan. 18th, 2010

You may recall the auction that happened earlier this year at Hualalai, the Four Seasons luxury resort just north of Kukio. On January 18, 2010, somewhere from two to five properties between Hualalai and Kukio will be auctioned off as well. Read about it in yesterday’s Wall Street Journal: Friday Diversion: The House that Cher Built.

A Property on Ka Neke Place in Kukio, previously listed for $8,450,00 will go up for auction, with no reserve. We will be present to view the auction, and likely will have a client or two bidding this time around.  It is the next wave in the Hawaii Luxury Real Estate market. So grab this chance to bid on a super-luxurious Kukio or Hualalai estate,  and live the Hawaii Life of your future!

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Best Buy at Hualalai Resort

Best Buy at Hualalai Resort

As I mentioned in my last blog Sales at Hualalai Resort, home of the Big Island’s luxurious Four Seasons Resort continue to soar. The sales story this month also include foreclosures and short sales. A few months ago Katie Minkus, Hawaii Life’s Big Island Broker-in-Charge blogged about a foreclosure auction at Hualalai. One of the two homes auctioned just closed. The home’s original asking price was $7,750,000. The price paid at auction was an amazing $4,650,000. I am going to be keeping my eye on the two neighboring homes still priced above $8 million.

As for short sales there is a 3-bedroom villa on the market for $1.6 million. The seller’s paid $2.1 million back in 2006. A neighboring villa priced at $2.25 million just sold for $1.55 million and this wasn’t a short-sale. Another villa is now on the market for $1.66 million. Having previewed both in my opinion this one is the deal, with it’s panoramic ocean views from the great room and master suite, a private outdoor shower and garden off the master bath and beautiful furnishings. The Hainoa Villas sit atop a hill looking out over the resort to the Pacific. The private clubhouse is a short walk away.
With all the sales some owners are choosing to raise their prices. This is an unusual strategy in this market but these may be the last properties we see under $2 million at Hualalai Resort. Here is a gallery of homes and villas at Hualalai.

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After averaging one sale a month for the past year  Hualalai Resort  saw 6 properties sell this past month. Perhaps the luxury buyer is taking its profits from the recent stock market gains and putting them into real estate.

Just two months ago two Hualalai Luxury Homes were forced into foreclosure and sold at auction.  Bad news for the Seller but good news for Buyers.  A new price point has been set and it looks like Buyers like it.  All kinds of properties are selling; two condominium units, a vacant lot and three beautiful homes.

The lowest price paid was $1,550,000 for a three bed/ three bath condo.  It had been priced at $2,250,000.  That’s more than 30% off of the asking price.  The highest was $10,500,000 for a 3 bedroom 3 1/2 bath home.  The asking price was just a bit higher at $10,900,000.

Speaking of change at the Four Season’s Hualalai I had the pleasure of joining friends for dinner at the Four Season’s recently transformed Beach Tree Restaurant.  The location can’t be beat.  Right on the sand at Ka’upulehu.  They have brought in two new chef’s from Italy.  Amazing Gnocchi, friendly servers, and front row seats for sunset.  Buy a home here and this could be your neighborhood place.

I’ve put together a gallery of some of my favorite Luxury Properties at  Hualalai Resort.  Take a look and let me know what you think.

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During the recent Hawaii real estate boom years I worked as a developer sales agent for the oceanfront Kolea and Hali’i Kai communities on the Kohala Coast. That’s why “The Coulda Shoulda Club of 2009“, a blog post title on my ActiveRain network, made me laugh out loud.  How many times did someone come in “just to look” and shake their head at prices, declaring how they had been coming to the Big Island for 30 years, and coulda-shoulda bought a $3 million lot at Puako on the beachfront side for under $100,000 (yes, if you click through to look at the lot, their story is true).

My prediction for who will be in the Coulda Shoulda Club of 2009 include:

  • The people who are convinced that because they can buy a high-rise condo for 30 cents on the dollar in Miami or Las Vegas, every oceanfront condo in Hawaii will be selling for that kind of discount if they just wait.
  • The people who pass on an excellent REO or motivated seller opportunity, convinced that the one meeting every single one of their wish list requirements will also show up at similar pricing if they just wait.

On the other hand, I’m working with two categories of smart “Could and Did Club of 2009″ buyers:

  • The people who are buying for future retirement, even if that date is 10 years out, because they can buy their dream property at today’s prices and the future direction of prices is unknown.
  • The people who realize the luxury property they bought at the peak is down $500,000 in value, but the dream property they’d like to trade up to is down $1,000,000 or more!

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Many of you reading this blog are likely to have visited the Big Island in the past, and perhaps you were one of the lucky ones fortunate enough to spend a night or two – or a week – or a month, visiting the Four Seasons resort at Hualalai. Arguably one of the best resorts in the world, The Four Seasons Hualalai prides itself on its exclusive, yet down-to-earth “vibe” and, of course, it’s world-renown customer service. It’s no wonder that owning a home in this resort has been a dream for many – and reality for some. Today this dream is one step closer for two lucky bidders as for the first time ever, two homes at the Four Seasons Hualalai at Historic Ka’upuhelu Resort went on the auction block with no reserve.

  1. 720151 Laueki St, Big Island
  2. 720155 Laueki St, Big Island

I was fortunate enough to preview these two homes last week with some clients who have decided not to participate in the auction. In an interesting twist of fate, I recall being on this very street previewing lots about four years ago with a Broker colleague, and we stopped to take a good hard look at these houses as they were being framed – we were in sticker shock at the then-asking-price of somewhere around $10-12M for each home. Apparently, as it turns out, no one else felt they were worth paying that price either…the developer was eventually foreclosed upon – and the FDIC recently took over the bank that held title to the house. Hmmmm. Trouble in Paradise??

When asked if the auction today would “re-set” the pricing for homes at Hualalai, the on-property Realtor thought probably not. I understand his point – at the very high end of the market, most owners do not have to sell, and thus can literally afford to sit around and wait to sell their property at a price they dictate. However, this is no ordinary market, in a very non-ordinary economy… we will know for sure in 30 days when the two properties close. What we know now is the auction was “fast and furious” – there were 12 bidders and both properties were under contract in 10 minutes time. Perhaps the face of the luxury property market along the entire Kohala “Gold” Coast is about to get a thorough scrubbing.

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