Lucky Bennett Designed Kukio Home Set For Auction on July 25, 2013
Once again a Kukio home is going to be sold via luxury property auction. Originally offered for $9.9 million, currently listed for $7.9 million (MLS# 253888), on July 25th this Lucky Bennett-designed 7,520 sq. ft. home will be auctioned to the highest bidder, without reserve. Concierge Auctions confirms that bidders have already registered, excited by the prospect of getting into Kukio at a screaming deal price.
To be auctioned July 25, 2013: Kukio home – no reserve!
The Good, Bad, Beautiful, and Ugly of the Kukio Home Going to Auction
The Kukio home auctioned in 2012 for $5,770,000 was a buy at that price. While much smaller than the home currently up for auction, it had one big difference: ocean view.
The only ocean view from the Kukio home set for auction this month is a peekaboo from the second floor lanai and master bedroom. If big ocean views is a must-have for you, there are other Kukio residences for sale for you to consider…at the lower end of the price range, several options just below $5 million.
The other big difference between these two homes, in my opinion, is that while last year’s Kukio auction option was if anything a bit too bland for my taste – this particular home will be a bit too distinctive for many buyers’ tastes. That may not be a problem for the buyer pool that is looking at this as an opportunity to get into Kukio at a bargain price and doesn’t mind the lack of ocean view…as any buyer at this level is likely to want to put their own stamp on a home. Other than the lack of view, the location is excellent – close to the oceanfront amenities, which is the whole reason to buy at Kukio.
Many of the elements of this home are done just right. The kitchen is functional and has great cabinets. The master is located on the second floor for privacy and views. I love the master bath double sinks, which are back-to-back rather than side-to-side. The three guest suites are arranged along a long hallway on the first floor, with easy access to the fun elements outdoors (pool, hot tub, steam room, game room).
Then there are the interior design features that generate comment. If you are a creative or flamboyant personality – artist or entertainer or athlete perhaps – the house might be just right for you. Here are some of the distinctive interior elements.
#1. Home theater front and center in the great room
Walking into the home, one is confronted directly with the six-seat home theater and big screen (which if you look at carefully at the photo, you will see is actually five separate screens if you want to watch several events at once).
If you have read my previous blog posts about my favorite distinctive Kukio listing, it also is a two-story residence with a home theater, but in a separate room on a lower level than the main living area (MLS# 257923 also listed at just under $8 million).
#2. Wine cellar…I mean wine wall…between dining area and kitchen
Besides the media area, there is a sitting area and a dining area in the great room (and, of course, pocket doors that open to the pool area for indoor-outdoor living and entertaining). Separating the dining area from the kitchen is a curved glass wall wine “cellar.” While keeping wine conveniently at hand, it struck me as a bit more what I would expect in a restaurant than in a private home.
#3. Upstairs bonus room built with materials suited for artistic pursuits – this is the paint-spattered flooring
Besides the master bedroom, the second floor has a small office and a very large art studio. Designed by the seller as a room for painting large enthusiastically colored canvases, the new owner could adapt to many purposes. Home gym? Dance studio? Or make it all zen for a meditation/yoga room?
How Much to Bid in the July 25th Auction if You Want a Screaming Deal at Kukio?
I’ve written before about the basics of buying real estate at luxury auction. Keep in mind that in addition to the price at which the gavel falls, you’ll need to budget for several additional items.
1. The buyer pays a 10% auction premium. This is the opposite of what occurs when you write an offer on a regular listing, where the seller pays commissions and the agent has paid for marketing and advertising costs. However, you can reduce the amount of the premium by committing to an opening bid when you register.
2. The price of a Kukio property, whether purchased at auction or via regular sale, does not include the price of a Kukio membership (Golf and Beach or Beach Club only). Purchase of a property does not guarantee that the new owner will be approved for membership…so if you have skeletons in your closet, we should discuss before you buy.
3. Renovations. Unless you need an art studio in your Hawaii home, that will be the minimum you’ll want to renovate. At the upper end, you might budget $100/sq. ft. for a thorough re-do, furnishings as well as other interior design elements. I’d be happy to introduce you to a designer if you want to tour this week, and figure out what you would want and need to do.
Bottom line: The entry level for Kukio WAS a small home that just went into escrow, offered for $3,950,000. The next least expensive homes are at $4,490,000 and $4,600,000 – but the auction property is a lot more home. A prospective auction buyer should see these to get a feel for value.
My guess is that bidding will begin around $3.5 million and not crack $5 million. If it stays in this range, the deal-seeking winning bidder will be happy. However, if a buyer emerges who really likes and can use the property without much renovation, that buyer would still be getting a deal if the bidding climbs higher.
Registration is due along with your deposit by 5pm on July 22nd, one week from today. Call or email me if you have questions and want representation – the cost is the same to you whether you bid for yourself or use an agent.
A hui hou,
Beth Thoma Robinson R(B)