Concierge Auctions has just announced an upcoming auction of a home at Hualalai Resort on the Big Island. Although this is not a Hawaii Life listing, we have a long history of collaboration with Concierge, representing both sellers and buyers in successful real estate auctions.
Weʻd be happy to represent a bidder or bidders at this auction. Hereʻs a quick overview of the auction, along with comps and alternatives, since often the disappointed bidders go on to buy another property nearby.
Sunset at Hualai Resort home to be auctioned August 31, 2017. Reserve: $10 million (MLS# 278264)
Hualalai Resort Home – Concierge Auction August 31, 2016
The August 31st Concierge auction is of 6,653 interior sq ft, 4 bed/5 bath home in Hainoa Estates. This neighborhood in the Hualalai Resort is near the entrance to the resort, and as Iʻve written before, contrary to what you might think not all the highest priced homes are the ones nearest the water. The list price is $15.5 million and it is selling with a reserve price of $10 million.
Activity in the above $10 million real estate market on the Big Island has been stronger in 2016 than in 2015. Last year there were only three sales in the 8-figure range, of which two were at Hualalai Resort. One Hualalai sale was right at $10 million and the other was the highest price on Hawaii Island last year, a $25 million sale on a $33 million listing. Outside of the resort, our own Carrie Nicholsonʻs Waiʻalea Bay listing sold for $20 million.
So far in 2016, weʻve already had four Big Island luxury real estate sales over $10 million (more detail in this first quarter luxury report):
- One residence at Kohanaiki, listed for $15 million and sold for $12.5 million.
- One residence at Luahinewai, another unique property, sold for $15.7 million with the buyer represented by Carrie Nicholson/Hawaii Life.
- In escrow, a 8,500 sq ft oceanfront residence at Mauna Kea Resort, listed for $15 million (MLS# 288367)
- In escrow, a 6,333 sq ft residence at Hualalai Resort, listed for $14.5 million (MLS# 290924)
Comparable sale? This home at Hualalai Resort is in escrow, asking price $14,500,000 (MLS# 290924)
With seventeen residential properties listed over $10,000,000 on the Big Islandʻs west side, this seller has decided to use the services of Concierge Auction to be the next of those properties to sell.
Comparable or Alternative Listings to View
If you arenʻt already familiar with the luxury real estate market on the Kona-Kohala Coast (and many potential bidders will be, as it is very typical for a Hualalai Resort buyer to already be a member, trading up or changing neighborhoods), youʻll need to get a sense for how those other sixteen options compare.
Five of those listings are not resort properties. Three are larger acreage properties, mixing agricultural/rural living with a luxury home. These might appeal to a buyer who likes Kauai, a buyer who wants quiet and privacy more than extensive resort amenities. Two listings are in the Puako area, nestled on the oceanfront between, but outside of, Kohala Coast resorts.
This listing at Hualalai Resort is likely to be shown as a comparable, asking $16,500,000 (MLS# 290500)
The typical buyer of property at Hualalai Resort is there because they value the exclusive amenities that membership provides. Rounding out the trio of highly amenitied resorts near Kona are Kukio and Kohanaiki. A potential bidder in this Concierge Auction would likely want to tour at least one residence in each of the three resorts and learn about their similarities and differences to make sure Hualalai Resort is the best fit.
At the over $10,000,000 level, there are currently two homes listed at Hualalai in addition to the one to be auctioned; three residential listings in the top price point at Kukio; and two newly constructed custom homes on front row lots, similar to the one sold earlier this year, at Kohanaiki.
Front row custom residence at the Shores at Kohanaiki, listed for $17,500,000 (MLS# 293038)
The remaining four exclusive listings are split between Mauna Kea Resort and Mauna Lani Resort. The amenity programs at these resorts do not require a buy-in, but are less extensive and less exclusive. If that sounds like a fit for your lifestyle, Iʻd be happy to discuss those, although they are less likely to be comps for the auction.
Two points to note if you are reading this post for clues in figuring out what to bid for the Hualalai home being auctioned on August 31st.
First, remember that whereas in a standard sale the real estate commission is hidden from Buyer as it is paid by Seller, in an auction the Buyer pays an auction premium on top of their winning bid. For this auction, the premium is 10%.
Second, use of Hualalai Resortʻs amenities requires the homeowner to become a member. Membership deposit is currently set at $250,000, which is of course never included in the price of the real estate.
In order to bid, youʻll need to register and post a $250,000 deposit. Feel free to contact me if you want to discuss how the auction process works.
Best of luck!
A hui hou,
Beth Thoma Robinson, R(B)