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Big Island

Concierge Auction at 49 Black Sand Beach

A residence at Mauna Laniʻs gated oceanfront community 49 Black Sand Beach is to be auctioned by luxury real estate auction firm Concierge Auctions on December 20th. If you are spending the holidays on the Big Island, you can preview the property at daily open houses.

49 Black Sand Beach auction

49 Black Sand Beach residence – 5 beds, 5,028 sq ft on 1 acre. Auction with no minimum bid (MLS# 281239)

Why is a Luxury Resort Residence To Be Sold At Auction?

So far in 2016, a total of 40 Big Island residential properties have sold at a price over $3 million. The average time on market for these listings was 173 days…almost six months. The longest was 537 days…and even these statistics are misleading due to the common practice of “resting” a listing for a month or two if it hasnʻt sold in a year, in order to “reset the clock” for the next selling season.

Resort properties are typically a second (third, fourth) home or investment purchase, so the Buyer is not likely to be here the day the listing is released, and Sellers understand they may need to wait. But when a property takes longer to sell than the owner wants, the difficulty is either pricing or exposure.

Auction property Mauna Lani Resort

The 49 Black Sand Beach auction property is located on Mauna Laniʻs south golf course

Turning to a firm like Concierge Auctions solves both those issues at once. Auctions are, by definition, a mechanism for discovering what a willing Buyer will pay. The multiple luxury real estate auctions conducted each year in Hawaii provide reassurance that the results of these auctions do indeed reflect market price.

And with over $1 billion of sales under their belt, Concierge Auctions has a database of over 370,000 potential Buyers around the globe, and a ramped up process for providing exposure to the property. All that advertising comes at a cost, which the Seller pays up front. And you as a Buyer need to remember to add the “auction premium” to the amount of your bid when looking at the comps.

How Much Should a Buyer Bid for the 49 Black Sand Beach Home?

While the Seller is wanting the assurance of a sale on a certain date at a market price, the Buyer is hoping to get a great deal. Sometimes, for whatever reason, few bidders show up at the appointed time, and the property sells at the low end of its expected range.

The most basic answer to “how much should a Buyer bid for the 49 Black Sand Beach home” up for auction is the same as with any real estate offer: look to the sold comps and your alternative purchase options.

No one thinks of prime gated oceanfront communities as a location to look for deals, but the only 49 Black Sand Beach sale in the past 12 months was a bank-owned property that sold for only $2,150,000 in “as is” condition.

In 2015, however, there were three sales in 49 Black Sand Beach:

 

Summary
# Lowest Highest Average Median Mode
Listings 3 $3,550,000 $6,495,000 $4,681,167 $3,998,500 N/A
MLS Sale $ 3 $3,550,000 $5,975,000 $4,366,667 $3,575,000 N/A
DOM to sale 3 0 555 263 235 N/A
SP to LP % 3 89.4% 100.0% 93.8% 92.0% N/A

 

This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.

 

One of these three sales was…the auction property.  So if the home is to your taste, itʻs easy to see what the market thought was the value a year ago.

The Club at 49 Black Sand Beach

The amenities at 49 Black Sand Beach include a pool, tennis courts, workout room, and…the beach

And if itʻs not to your taste, there are four other homes listed at 49 Black Sand Beach, ranging in price from $2,250,000 for a 4-bedroom, 3,000 sq ft home towards the back of the community (MLS# 601101), to $11,700,000 for a 6-bedroom direct oceanfront residence (MLS# 294842) designed by Lucky Bennet, built by Clever Construction, and furnished by Mary Philpotts (and yes, those are names to know in the world of resort real estate in Hawaii).

Oceanfront Mauna Lani home for sale

Over 200ʻ of oceanfront with this premium location 49 Black Sand Beach estate (MLS# 294842)

The Concierge Auction of the Mauna Lani property on December 20th is part of a luxury real estate mega-auction event. Properties to be auctioned that day range from a unit in a palazzo in Venice, Italy, to an 8-bedroom residence on Manhattanʻs Upper West Side.

If you need more information on how to participate in a real estate auction…or more info on Mauna Lani resort properties, Iʻm working through the holidays.

A hui hou,

Beth Thoma Robinson, R(B)
Direct: 808.443.4588
Email: beth@hawaiilife.com

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