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Hawaii’s ultra-luxury real estate is breaking records. Here’s what’s on sale

This $ 23.5 million Kauai mansion was recently sold to guitarist Carlos Santana.

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The high-end real estate market in Hawaii is growing rapidly, fueled by several factors, including constrained demand due to the coronavirus pandemic, record low interest rates and rising stock markets.

In the first three quarters of this year, home sales of $ 3 million or more grew 234.5% over the same period in 2020. Deal volume reached a record $ 3.7 billion, according to data Hawaii Luxury Market Report. But home sales in excess of $ 10 million grew at an even faster pace, breaking state records.

“It looked like a rocket ship,” said Hawaii Real Estate CEO Matt Bill. “Strictly speaking about data, this is just incredible, incredible event for the market.”

Bill, who has been selling real estate in Hawaii since 1998, said he has never seen a more dynamic market as the vast majority of his firm’s high-profile deals are bought with cash.

This Maui mansion has five bedrooms, five and a half bathrooms and ocean views. It recently sold for $ 12.5 million.

Travis Rowan

“There were people who came, they were like: ‘Okay, I [going to] … The offer on this house is an unprecedented sight. … This will be a two-week closure. I am going to go through a 13-day due diligence, I will arrive on the 12th day,… I will meet with all the inspectors… and I will move on the 14th day. “

The pace was “aggressively fast,” Bill said, with $ 20 million in deals closed within 30 days.

“I think that this pace caught not only professionals, but also sellers by surprise. You know, it’s like … it’s not normal, ”he said.

This Maui mansion spans over 5,800 square feet with five bedrooms and four and a half bathrooms. It recently sold for $ 18 million.

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The previous state record was set in 2017, with 317 transactions and total luxury home sales of $ 1.67 billion in the first three quarters of the year. Over the same period in 2021, sales more than doubled sales and doubled the number of transactions, with 634 homes sold for over $ 3 million. That’s an average of about 16 luxury home sales per week, every week for 39 consecutive weeks.

The volume and speed of the Hawaiian real estate market has broken all previously set records and historical norms, ”Bill said in his report.

View from the infinity pool of a Maui mansion that recently sold for $ 18 million.

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Notably, the growth comes at a time when most foreign buyers are unable to visit Hawaii and participate in record buying activity due to Covid-19 restrictions. In 2019, foreign buyers accounted for about 4% of home sales in the state, Bill said.

“It’s very important to me that all of this, or most of it, was done domestically,” he said.

Real estate company Hawaii Life also has a record year, with sales exceeding $ 3 billion in the first three quarters, Bill said. Luxury home sales were $ 1.38 billion of total sales.

This 4,758-square-foot mansion in Kauai recently sold for $ 21 million.

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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, technology and financial sectors buying both high-end and over-the-counter listings and at record prices,” Bill said in a report.

Ultra-luxury sales start

Most dramatic in this fast-growing market has been the staggering growth of the ultra-luxury market, which includes homes worth over $ 10 million. In the first three quarters of 2021, 64 transactions were made in this segment for a total of $ 1.06 billion, a 602.9% change in dollar value in the first three quarters of 2020 and more than six times the number of transactions.

This 8,173 square foot island home in Kauai was recently bought by legendary guitarist Carlos Santana.

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Biggest increase in sales is seen in Big Island

Hale Makana Ola is an oceanfront Maui estate that recently sold for $ 12.5 million.

Travis Rowan

In the state’s eight major islands, most of the growth in ultra-luxury sales came from the Big Island, where sales were up 1,582% from 2020. This growth was followed by Maui, where sales rose 644%. volume and Kauai, which grew 640%.

In the first three quarters of 2021, Big Island sales totaled $ 393 million, or 37% of the state’s total ultra-luxury sales.

This $ 18.5 million complex was recently sold on the Big Island. It consists of seven tropical pavilions that have areas for dining, meeting, sleeping, guests and more.

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Bill’s company represented Capital Group portfolio manager Claudia Huntington, who sold it. 6674 square feet residence on the Big Island… The house consists of seven pavilions overlooking the Kaunaoa Bay. It sold for $ 18.53 million, or about $ 2,776 per square foot.

“I’m actually oddly optimistic about cost … One thing I know about Hawaii compared to, say, Florida or New York … we’re literally like a grain of sand surrounded by 2,000 miles, it’s a tiny, tiny market.” Bill said, adding that the market is shrinking.

Situated above Kaunaoa Bay on the Big Island, this mansion recently sold for $ 18.5 million.

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“If you look at any stock chart, you can see that it’s kind of down and to the right and a straight line. Prices are being pushed up due to lack of supply, ”he said.

Strong sales have also attracted attention and interest in the tropical market. Mark Zuckerberg and Priscilla Chan acquired another 600 acres of land in Kauai in March for $ 53 million, bringing their total ownership of the islands to about 1,300 acres.

Inside Carlos Santana’s new home

Here’s a more in-depth look at Carlos Santana’s new island home in Kauai.

Exterior of a four bedroom, four and a half bathroom Santana residence in Kauai.

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According to the list, the Santana complex consists of three main buildings or capsules, connected by a common outdoor living area.

Views of the bay and mountains from the estate’s infinity pool.

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The house offers panoramic views of the lush green mountains and Hanalei Bay.

A retractable roof and open architecture blur the boundaries between the inside and the outside world.

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The center piece can be used for outdoor dining.

A glass sliding roof opens up to the sky above a glowing onyx bar.

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It features a glowing onyx bar and barbecue that sits under a retractable glass roof.

An open-air living room with a vaulted wood-effect ceiling.

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The lounge has a veranda style with vaulted stained glass ceilings.

Kitchen view.

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The main area is 3,738 square feet, including a kitchen with two Wolf stainless steel ovens, two sinks, custom-made wooden cabinets and a stone-clad island in the center.

Formal dining and living room.

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The largest capsule includes a living room and formal dining area.

View of the veranda dining area.

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Interlocking architecture is designed to frame the island’s breathtaking landscapes.

The second capsule includes the owner’s suite of 1,275 square feet plus an office.

The outdoor shower is surrounded by lush foliage.

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The outdoor shower is hidden behind a stone wall and surrounded by a lush garden.

View from one of the four bedrooms of the house.

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The third building of the estate contains two of the house’s four bedrooms with bathrooms.

The infinity pool and hot tub offer views of Hanalei Bay.

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Rooms are just steps from the seawater infinity pool, hot tub and shallow sun deck with seating for two.

The solarium by the pool has seating for two.

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The house is located on a plot of 0.81 acres. Property tax last year was $ 44,776, according to the listing.


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