Olson Kundig's Maui Oceanfront Masterpiece Sells For $9.5 Million
Something very exciting happened on August 26 and I’m about to let you in on it. Sometimes you get this feeling in your stomach and a fluttering hint of something wonderful but you’re not quite sure what’s going on. For me, it happened during my annual summer vacation. (It must have been my Realtor’s Oceanfront intuition.) For the lucky buyer of Peter Lik’s Olson Kundig designed Maui oceanfront house, this feeling must have been beyond quantification by any of today’s scientific means.
So what’s all the fuss about?
Deconstructed & Reconstructed Surfing Huts on Prime Kapalua Oceanfront Land
This playful and sensual house started its life as a project initiated by a young tech entrepreneur and executed by Dwell darlings Olson Kundig Architects with Tom Kundig as design principle, along with Kirsten R. Murray, and Steven Rainville.
The project was conceived as an expansion of the traditional surfing hut into three huts arranged in an arc. The house features rammed earth Maui Red Dirt walls (see pictures below) and giant pneumatic butterfly walls of glass and steel that float upwards opening the house to the best air and light the world has to offer.
For a deeper dive into this magnificent world, check out my article at ModernOnMaui.com.
Pricing Maui Oceanfront Properties
It’s always fascinating to me the mystical world of pricing oceanfront property. Whereas most residential real estate conforms to fairly predictable pricing trends, oceanfront property and particularly architectural stand outs such as this are governed by a different set of rules.
Here’s the pricing history of this property:
- First listed at $9,900,000 in April 2013 and very quickly sold for $9,700,000 in May 2013
- Then listed for $28,000,000 in September 2014 and was on the market for 5 months
- Then listed in February 2015 for $19,800,000 and was on the market for 1 year
- Then listed in February 2016 for $17,200,000
- One month later dropped to $15,200,000
- Three months later dropped to $13,200,000
- One month later went into contract
- One month later closed at $9,500,000
The real value in any real estate is what a buyer is willing to pay and this is also true for oceanfront properties. It’s just that the pool of buyers is smaller so they often take more time on the market. Other factors of course are how invested the seller is in “moving on.” Knowing the previous owner invested heavily in altering the property to suit his needs, I would venture to say that the current buyer got great value in the acquisition of this property.
Rammed Earth Walls, Custom Hydraulics & Hardware, Garage Not Included
I’m an architecture snob, so you’ve been warned. And I love this house. And I love that this house has NO garage! Yes, you read that correctly. There is a gravel place to park your car and then you have to walk through a path to enter the world. As it should be. Enjoy the following detail photographs and contact me for oceanfront ownership possibilities.