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

By
Real Estate Agent with Hawai'i Life Real Estate Brokers HRE# 58089 - RS

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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Aloha from Maui... 

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Comments (11)

Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

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?

Aug 25, 2012 12:21 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

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

 

Here's hoping for you have great success tjust like this multiple times. :)

Aug 25, 2012 12:44 PM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

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

thanks for your comments Joan and Laura!

Aug 25, 2012 01:40 PM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

WOW! Even I who lives and works in Texas knows that was a Steal! Kudos to the new owner!

Aug 25, 2012 03:14 PM
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Georgina, this was quite a buy for someone! Your photo of the property is lovely.

Aug 25, 2012 03:19 PM
Myrna Ziller
Guarantee Flex Office Fig Garden Village - Fresno, CA
National Association Of Realtors ( N.A.R.)

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 :) :) :)


Aug 25, 2012 07:21 PM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Georgina -- imagine if the previous owners came on the market for sale at a more reasonable price seven years ago....

Aug 25, 2012 11:50 PM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

That is a pretty amazing price drop on that property! WOW indeed!!!!

Aug 26, 2012 12:23 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing the story.  That is quite a price reduction.  There are still bargains for patient purchasers.


Aug 26, 2012 03:46 AM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

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.

Aug 26, 2012 07:17 AM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Just came across this post... thanks for all the comments!

Apr 06, 2014 10:50 AM