These are certainly interesting times in the real estate game!
Indeed, it’s been a record-setting season in the marketplace as of late, both here on the Big Island and across the state of Hawai’i—not to mention all across the nation as homes are being scooped up at a furious pace. Nearly all the Hawaiian islands have recently set new benchmarks for median sales price for single-family homes, condos, land, or in all three in just the past twelve-plus months, not to mention many new maximums being set in 2022 thus far alone.
The largest island of Hawai’i is certainly no stranger to some of those eye-popping numbers over the past few years, and we can now count another one amongst the recent achievements: a 3.7 acreage of oceanfront property has recently sold for a new all-time record $33.75 million!
The property, located in the prestigious, gated Ka’upulehu neighborhood, was purchased by a company connected to San Francisco investor John Warren, and is currently slated to be developed into an 18,600-square-foot mansion designed by renowned LA-based designer Paul McClean in the months to come.
The recent purchase bested the previous sales record on the Big Island, a $30 million deal for 130 acres of land back in 2006 in Kailua-Kona.
A true sign of the times
Sales of properties costing $10 million or more have increased sixfold in the last year alone, signifying a major shift in buying power and luxury selling. Wealthy buyers have always been drawn to the natural beauty of the Big Island and our neighbor islands, and with good reason—after all, where else in the world can one find such a beautiful marriage of nature and aesthetics?
As such, Warren finds himself in good company, as the Aloha State is certainly no stranger when it comes to affluent new residents, as Facebook/Meta founder Mark Zuckerburg (Kaua’i), Amazon founder Jeff Bezos (Maui), and eBay creator Pierre Omidyar (O’ahu) have all staked their claim to island living in recent times, in addition to Lana’i owner and resident Larry Ellison.
(In fact, Omidyar and Ellison were recently named in Forbes Magazine’s list of the top 100 billionaires for 2022—quite an achievement if we do say so ourselves!)
There’s little doubt that the Big Island’s sales trends are likely to continue throughout much of the coming year, even in the face of rising mortgage interest rates. Big Island living has always been at a premium, which is why it’s always advisable to make sure you go with a real estate professional with the knowledge and the know-how to guide you through the process.
Thinking it’s time to make the move to this sprawling island paradise? Karen Bail has helped thousands of clients make their real estate dreams come true here on the Big Island, and would love to help you do the same. Give her a call today and let’s get started on making those island fantasies a reality!