A new beachfront home in Maui sold for $24.6 million on Friday, the most expensive transaction on the Hawaiian island in five years, Mansion Global has learned.
The sale of the four-bedroom, five-and-a-half bathroom home was about 18% more than the next priciest residence in the same ZIP code, according to listing records on Zillow. The superlative deal reflects late-pandemic appetite among affluent buyers for Hawaiian homes.
Completed as a spec home in 2018, the property has been on and off the market since then, according to listing agent Ryan MacLaughlin of Island Sotheby’s International Realty. He shared the listing with Alex Cortez, also of Sotheby’s.
It was first listed for just under $30 million at the end of 2018, Mansion Global reported. A year later, the price was dropped to $27.5 million, according to listing records. It was removed from the market in August, and relisted in December for $26.9 million, records show.
Part of the reason the home sold now is due to increased interest in Hawaiian homes on the high end, Mr. MacLaughlin said. Inquiries for homes priced at more than $10 million have picked up significantly as buyers from the West Coast look to the islands as a pandemic retreat.
“Because of Covid, buyers are coming to Maui and Hawaii and they are used to these newer homes with bigger square footage,” he explained. “Before the pandemic, these properties were very much the slowest market.”
In fact, the home received two additional offers after the $24.6 million bid was accepted, Mr. MacLaughlin noted. He declined to identify the buyer, but did add that it was an all-cash transaction.
The change in market conditions definitely helped the home find a buyer, but not just any property could have achieved such a price, according to the agent.
“I don’t want to take away from the property itself, which is 100% unique,” he said. “It has direct access to a white sandy beach. We do have oceanfront property here, but rarely can you walk outside and put your toes directly in the water.”
The residence maximizes both views of the water and indoor-outdoor living. Rooms open directly to covered lanais, or patios, with a spa, pool and landscaped grounds beyond. Other amenities include 20-foot ceilings in the great room, white limestone flooring, a chef’s kitchen, a game room and two primary suites, according to the listing.
The home is on Palauea Beach, where guests and residents can swim, snorkel, paddle board or kayak, the listing said. It’s also a nesting beach for the critically endangered Honu’ea, or the hawksbill sea turtle.
Article Source: Mansion Global