Boom in Luxury Home Sales in Hawaii
Hawaii has long been a second-home destination for wealthy West Coasters, in recent years it has seen a particular influx of buyers from Silicon Valley. Boom in Luxury Home Sales in Hawaii. On sparsely populated Kauai, the lush, far-flung island where Facebook
Inc chief executive Mark Zuckerberg bought a 700-acre estate, deals over $5 million tripled to 15 from a year earlier, according to the Multiple Listing Service data provided by the brokerage. This looks like there’s a market for high end homes on Hawaii’s four most populous islands.
Boom in Luxury Home Sales in Hawaii. According to data compiled by Hawaii Life Real Estate Brokers, at least 55 homes sold for $5 million (Dh18.36 million) or more from January through the end of July on Hawaii’s four most populous islands,up 31 percent from the same period last year,
The market for homes above $10 million is especially hot with 23 sales through July, almost double the 12 sold a year earlier. The four islands are the Big Island, Oahu, Maui and Kauai. Matt Beall, principal broker at the firm said that he hadn’t seen so many sales over $10 million in his two decades in Hawaiian real estate.
As likely reasons for the sales surge this year, Beall cited stock market volatility, a healthy market for second homes and implications of the US tax overhaul. He added that he’s seeing an increase in super-high-end “pocket listings,” which don’t appear on the MLS.
According to Winston Chesterfield, a director at research firm Wealth-X, in Honolulul, potential buyers are seen buying vast estates instead of buying penhouses. Read more