Market remains strong for high-end Hawaii residential real estate
High-end real estate is one area of the local economy that has been strong during the pandemic. It continues – including sales of some of the most expensive homes in the country.
Two of the most expensive homes sold in the country last year are here in Hawaii.
One is in Kihei, Maui and the other in Kailua on Oʻahu – and each sold for just under $25 million.
That’s according to research by PBN’s parent company, American City Business Journals, which documented the 50 most expensive home sales in the nation.
Hawaiian real estate agents who specialize in such properties tell us that the Hawaiian luxury market in 2021 was unprecedented and demand is still strong.
Luxury, of course, is relative, but roughly speaking, a $2 million price tag here marks a luxury home, while $10 million or more means ultra-luxury.
They tell PBN that when Covid hit they crashed for a tough few months as business came to a halt, then the unexpected happened – demand took off through 2020 and only increased in 2021 – in some cases up to 200%.
Homes that would once have spent two or three years on the market sell out within weeks or even days.
Private sales have become more common, in which houses are never listed.
What are luxury buyers looking for?
In addition to swimming pools and outdoor kitchens, they want features related to our new working-from-home realities, such as dedicated office spaces and home gyms.
And since supply issues complicate the renovation, they are more interested in a turnkey, move-in ready home.
According to real estate company Hawaiʻi Life, through the third quarter of 2021, sales of homes in Hawaiʻi priced at $3 million and above totaled $3.7 billion.