Chasing the Maui housing market down from $12.4M to $1.75M

4933 Kahekili Highway has finally sold, after 7 years and 4 broker changes.

All I can say is, WOW, somebody got a really good deal on this 51 acres with a huge 5,000 sf 2BD/2BA house and a detached cottage, pool, horse barn and riding arena.

$12,400,000 was the original asking price back in the summer of 2005.  Not a short sale or bank owned.  No action for years.  Numerous changes of brokers trying to sell this property.  No solid offers until 2010 when it was listed for $2.9M and went under contract only to cancel a few months later.  By 2011 the price had dropped to $1.9M and this brought out the buyers.  Three more consecutive buyers tied up the estate only to cancel after a few months or a few days.  The final lucky buyer was able to get an accepted offer and close the sale in 2 months, and paid only $1,750,000.  It was a cash sale.  What a score!

It's not often you'll see such dramatic price reductions when looking at the sales comps for Maui homes.  This was a rare exception.

If you're searching for a Maui home, farm or ranch, you'll benefit from working with a Maui Realtor who can help you with the process of finding the right property and then walking you through the transaction so that everything goes smoothly.  Somebody who can interpret the data and comps with a critial eye.  Let me be the right agent for you!

view of "the elephant" in Kahakuloa Maui

Buying or selling real estate on Maui?  That's what I do.  Let me help YOU.
Call or text me 808 283-0635 ~ EMAIL 
Aloha from Maui... 

ActiveRain blogfacebook profilemy flickr photosget LinkedIn with meYouTube channel for the MauiHunterTweet with me on TwitterRSS  


View Larger Map

 
This post has been included in Hawaii Real Estate News Maui County, HI Real Estate News Wailuku, HI Real Estate News Kahakuloa (Wailuku, HI) Real Estate News
Post is included in group: "Whacked"!!!
Post is included in group: Posts to Localism
Post is included in group: Million Dollar Homes
Post is included in group: Farm and Ranch Real Estate
Post is included in group: Market Updates

10 Comments on Chasing the Maui housing market down from $12.4M to $1.75M

AUG
25
866,661 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

That is truly amazing.   I am sure that the buyer is very happy with this purchase.  How does this type of price drop compare to other similarly situated properties in Maui?
7:21pm • #1
1,157,726 Points 38 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I had the same question. What lucky break for the buyer!

 

Here's hoping for you have great success tjust like this multiple times. :)
7:44pm • #2
808,818 Points 7 Featured Posts Outside Blog Called Shot Master

Honestly I don't think I have ever seen a price drop this huge.  

thanks for your comments Joan and Laura!
8:40pm • #3
468,109 Points 8 Featured Posts Outside Blog Called Shot Master

WOW! Even I who lives and works in Texas knows that was a Steal! Kudos to the new owner!
10:14pm • #4
474,309 Points 12 Featured Posts Attended Rain Camp Called Shot Master

Georgina, this was quite a buy for someone! Your photo of the property is lovely.
10:19pm • #5
AUG
26
Called Shot Master

Hi Georgina:  ALOHA

***YES, this is an Incredible Price Reduction, on Maui.***  12.4 M down to 1.75 M. From what I see on the map, it is right next to the ocean. Seems like an awesome place, with a 5000 sq. ft. home, too. I imagine some other property owners in Wailuku are worried their property values may drop, too.  However, this was a high priced property, and with money tight right now, that is the reason why the HUGE REDUCTION.

I just moved to another real estate office, here in Fresno. A Wonderful Company. I am very happy to be associated with them. 

MAHALO,  Myrna :) :) :)
2:21am • #6
591,050 Points 58 Featured Posts Outside Blog Called Shot Master

Hello Georgina -- imagine if the previous owners came on the market for sale at a more reasonable price seven years ago....
6:50am • #7
1,347,702 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

That is a pretty amazing price drop on that property! WOW indeed!!!!
7:23am • #8
1,445,250 Points 26 Featured Posts Outside Blog Called Shot Master

Thanks for sharing the story.  That is quite a price reduction.  There are still bargains for patient purchasers.
10:46am • #9
587,013 Points 46 Featured Posts Outside Blog Called Shot Master

Holy Cow that's a smoking pride reduction.  Did I see that correct..... 5000 sq ft and only 2 bedrooms and 2 baths?   I'd certainly like to have been either the listing or buyer agent on this sweet deal :)  I would take a little vacation.... imagine that.
2:17pm • #10

Login or register to leave a comment
 
Georgina_hunter_realtor Rainmaker_large

Georgina M. Hunter R(S) e-Pro Maui Real Estate Sales

Haiku, HI

More about me…

Jim Sanders Realty Inc. - Maui

Address: PO Box 792050, Paia, HI, 96779

Office Phone: (808) 579-8255

Cell Phone: (808) 283-0635

Email Me

Author Bio: Georgina M. Hunter (the Maui Hunter) is a college educated Maui Realtor who networks with professionals on their Google marketing efforts.

QR code contact info for Georgina M. Hunter R(S)

Your Real Estate Agent on Maui, pictures of homes and properties for sale and market information for buyers and sellers. Maui events and lifestyle too. Maui Hawaii local information as seen through the perspective of a long time resident.



Listings

Links

Archives

RSS 2.0 Feed for this blog

Find HI real estate agents and Haiku real estate on ActiveRain.