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!
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