This $23.5 million mansion in Kauai was recently sold to guitarist Carlos Santana.
PanaViz
Hawaii’s luxury property market is soaring to all-time highs fueled by a number of factors including pent-up demand from the coronavirus pandemic, record low interest rates and a rising stock market. .
In the first three quarters of this year, homes valued at $3 million or more saw sales increase 234.5 percent year-on-year in 2020. Transaction volumes hit a record 3. $7.7 billion, according to Hawaii Life’s Luxury Market Report. But sales of homes priced above $10 million rose at an even stronger rate — breaking state records.
“It’s like a rocket ship,” Hawaii Life Real Estate CEO Matt Beall. “Strictly referring to the data, it’s just an amazing, incredible event for the market.”
Beall, who has sold properties in Hawaii since 1998, said he has never seen the market move faster, as the vast majority of the high-end deals his firm has brokered are bought with deals. Full cash translation.
This Maui villa has 5 bedrooms, 5 and a half bathrooms and offers ocean views. It was recently sold for $12.5 million.
Travis Rowan
“There are people that show up, they’re like, ‘Okay, I [going to] … Suggestions on this house can not be seen. … Will end two weeks. I will have 13 days of appraisal, I will fly on the 12th… meet all the inspectors… and move in on the 14th.’”
Beall said the pace has been “rapid” with some $20 million worth of deals closing within 30 days.
“I think that speed caught not only the crafters but also the sales people. You know, it was like… that’s not normal,” he said.
This Maui mansion is more than 5,800 square feet with 5 bedrooms and 4 and a half bathrooms. It was recently sold for $18 million.
WeR3DMaui
The state’s previous record for volume was set in 2017, when the first three quarters of the year saw 317 transactions and $1.67 billion in total luxury home sales. During the same time period, 2021 saw more than double the number of sales and double the number of transactions, with 634 sales of homes priced above $3 million. That’s an average of about 16 luxury homes sold each week, every week for 39 consecutive weeks.
““The volume and pace of growth of the Hawaiian real estate market has broken every historical record and norm ever held,” Beall said in her report.
The view from the infinity pool of a Maui mansion just sold for $18 million.
WeR3DMaui
Notably, the increase is coming at a time when most foreign buyers are unable to visit Hawaii and participate in record purchases due to Covid-19 restrictions. In 2019, foreign buyers accounted for about 4% of home sales in the state, Beall said.
“What’s really important to me is that all of this, or most of it, is done domestically,” he said.
Real estate company Hawaii Life is also having a record year, Beall said, with more than $3 billion in revenue in the first three quarters. Luxury home sales accounted for $1.38 billion of total sales.
This 4,758-square-foot mansion in Kauai recently sold for $21 million.
PanaViz
According to the data, the average luxury home in the state sold for more than $6 million, up 12.4% from the same period last year, with an average price per square foot of $1,795.
“We are seeing buyers from the entertainment, tech and financial sectors buying both high-end and off-market listings, at record-setting prices,” Beall said in the report.
Super luxury sales take off
Most impressive in this high-speed market is the incredible growth of the ultra-luxury market, which includes homes priced over $10 million. In the first three quarters of 2021, there were 64 deals with total sales of $1.06 billion in this segment – a 602.9% change in dollar value in the first three quarters of 2020 and more than six times the number transaction.
This 8,173-square-foot island home on Kauai was recently purchased by legendary guitarist Carlos Santana.
PanaViz
Despite the speed of the market and its stratospheric rise, Beall sees no signs of fading.
“I don’t really feel like it’s super bubbly and it’s all going to fall apart. But I think it’s just my perception of how far, how far-reaching the need is and how small the market is,” Beall said.
Among the 64 deals topping $10 million was one involving legendary guitarist Carlos Santana. He bought a 8,173 square foot mansion on the island of Kauai for $20.5 million. Beall said his company represents both Santana and the seller.
Big Island’s super-luxury sales achieved the biggest increase
Hale Makana Ola is a beachfront property in Maui that just sold for $12.5 million.
Travis Rowan
Across the state’s eight major islands, most of the growth in ultra-luxury sales came from the Big Island, which saw a 1.582% change in sales compared to 2020. This was followed by Maui. , where sales increased 644%. and Kauai, up 640%.
For the first three quarters of 2021, the Big Island accounted for $393 million in sales, representing 37% of the state’s total sales in the ultra-luxury category.
This $18.5 million complex was recently sold on the Big Island. It consists of seven tropical pavilions that feature areas for dining, gathering, sleeping, entertaining and more.
Spaces808.com
Beall’s firm represents the portfolio manager of Capital Group, Claudia Huntington, who sold her 6,674 square foot mansion on the Big Island. The house consists of seven pavilions overlooking Kauna’oa Bay. It sold for $18.53 million, or about $2,776 per square foot.
“I’m really oddly value-optimistic. …One thing I know about Hawaii compared to say, Florida or New York…we’re really like a grain of sand, surrounded by sand. by 2,000 miles, it’s a tiny, tiny market,” Beall said, adding that the market has a dwindling inventory.
This private residence on Kauna’oa Bay on the Big Island was recently sold for $18.5 million
Spaces808.com
“If you look at any inventory chart, it’s like going down and to the right, and the line is flat. Prices are being pushed up due to lack of supply,” he said.
High sales have also attracted attention and interest in the tropical market. Mark Zuckerberg and Priscilla Chan are reported to have purchased an additional 600 acres of land in Kauai for $53 million in March, bringing their total ownership stake in the archipelago to about 1,300 acres.
Inside Carlos Santana’s New Home
Here’s a closer look at Carlos Santana’s new island home on Kauai.
Exterior view of Santana’s four-bedroom, four-and-a-half bathroom mansion in Kauai.
PanaViz
According to the listing, Santana’s complex consists of three main buildings, or shells, connected by an outdoor communal area.
Views of the bay and mountains from the property’s infinity pool.
PanaViz
The house has sweeping views of the lush green mountains and Hanalei Bay.
A retractable terrace and open architecture blur the line between indoor and outdoor.
PanaViz
The central area can be used for outdoor dining.
A glazed retractable roof opens to the sky above the top of a glowing onyx bar.
PanaViz
It features a glowing onyx bar and barbecue that sits beneath a retractable glass roof.
Outdoor living room with wood stained vaulted ceilings.
PanaViz
There is a lanai-style lounge under a vaulted wooden ceiling.
The 3,738 square foot main compartment includes a kitchen with two stainless steel Wolf ovens, two sinks, custom wood cabinets and a stone-clad island in its center.
The formal dining and living area.
PanaViz
The largest compartment includes the living room and formal dining area.
The interconnected architecture is designed to create a spectacular view of the island.
The second compartment includes a 1,275-square-foot owner’s suite, along with a study.
The outdoor shower is hidden behind a stone wall and surrounded by lush gardens.
View from one of the house’s four bedrooms
PanaViz
The estate’s third compartment has two of the house’s four private bedrooms.
The infinity pool and hot tub overlook Hanalei Bay.
PanaViz
Rooms are steps away from the saltwater infinity pool with hot tub and shallow water sundeck that seats 2.
Sit on the sunny ledge of the pool.
PanaViz
The house is located on a 0.81 acre site. The listing says last year’s property tax was $44,776.
