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Market Update
Billionaire and Chief Executive of Oracle Corp., Lawrence Ellison is buying Lana'i. The current owner, David Murdock's Castle & Cooke Inc., signed an agreement with Ellison last week to sell the 98 % of the island that Murdock owns, including two resort hotels, a golf course, water utility, and roughly 88 acres.
According to the Honolulu Star Advertiser, Castle & Cooke said in its filing that the sale to Ellison plans to bring new investment to Lanai that should result in reinvigorating tourism, stimulating the economy and creating new jobs on the island. "The buyer anticipates making substantial investments in Lana'i and is looking forward to partnering with the people of Lanai to chart the island's future," the company said.
On Monday, the Hawaii Public Utilities Commission approved of the transfer of three Lana'i utilities to Ellison.
The sale should be finalized tomorrow although we will not know the actual sales price until it closes. The Maui News indicated that it will be between $500 to $600 million.
Mahalo Nui Loa,
Greg, Melissa, Ken, and Jeremy
P.S. - Tomorrow is a special day for Melissa for it is her birthday. Happy Birthday Melissa!
Gregory P. Smith R (B), Melissa Smith R (B), Ken Smith R (S), Jeremy Smith R (S)
Market Watch for June 25th, 2012
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Active |
Pending |
Sold |
Change |
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Homes |
537 (240) |
265 (29) |
903 (123) |
-12 |
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Condos |
839 (168) |
235 (12) |
1171 (75) |
+8 |
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Land |
451 (110) |
28 (4) |
147 (16) |
-1 |
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Total |
1827 (518) |
528 (45) |
2221 (214) |
-5 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
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1115 Kamehameiki Road
Kula
$1.05M (FS)
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Breathtaking open floor plan with high ceilings and cool mountain breezes, even in the warmest weather. Incredible Bi-coastal and Haleakala views from single-level split pitch plantation style home built in 2004 on a 2 acre hilltop setting.
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20 Pu'u Huna Street
Ka'anapali
$1.199M (FS) |
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Breathtaking open floor plan with high ceilings and cool mountain breezes, even in the warmest weather. Incredible Bi-coastal and Haleakala views from single-level split pitch plantation style home built in 2004 on a 2 acre hilltop setting.
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330 West Kuiaha Road
Haiku
$2.75M (FS) |
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Premiere Haiku estate. No expense or detail was spared in the construction, planning or landscaping. A palatial home with nice ocean views from a massive hot tub. Custom guest cottage offers private accommodations, tastefully designed and executed. Large improved barn offers custom art studio, gallery room, exercise area, dance studio or many other possibilities. Entire estate is landscaped in a park like setting.
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Homes Under $1M
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886 Paniolo Place
Makawao
$252.9K (FS)
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Bank Owned. This property has a lot to offer. Enclosed backyard with lots of fruit trees, home is close to Makawao Town.
Customer Listing Synopsis
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1425 North Kilou Place
Wailuku
$339.9K (FS)
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Bank Owned. Great location in Ocean View Estates with incredible ocean views. Near the Waiehu Municipal Golf Course. Watch the whales and ships go by. Check the surf at Sandpiles.
Customer Listing Synopsis
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192 Molehulehu Loop
Kahului
$390K (FS)
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Short Sale. Great floor plan on this 3 bedroom 2 bath home, open spacious feeling with high ceilings. Corner lot location. Close to schools, golf, restaurant and shopping.
Customer Listing Synopsis
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6 Loihi Place
Wailuku
$503K (FS) |
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Bank Owned. Nice upgrades in this large home in the Islands at Maui Lani. Eat in kitchen, separate formal dining area, downstairs office and huge fenced yard make this home a must see. Upstairs features large deck off the master suite to enjoy mountain views and cool breezes. Lots of landscaping and great corner location.
Customer Listing Synopsis
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167 Halelo Street
Ka'anapali
$729.9K (FS) |
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Bank Owned. Fairway to Heaven is this ocean view, luxury home on the Kaanapali Kai Course in West Maui. This contemporary home boasts 4 bedrooms, 3 baths, 2,630 square feet interior and is situated on a 11,567 square foot parcel with mature landscaping, a fenced and gated pool, and is next to hole number 5 on a PGA golf course.
Customer Listing Synopsis
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176 Heleuma Place
Wailea
$865K (FS) |
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Bank Owned. Beautiful single level 3 bedroom / 2 bath home located on the greenbelt in the prestigious gated community of Wailea Kialoa. House was recently redone with a new roof, interior and exterior paint, new carpet, and a new central A/C system.
Agent Listing Synopsis
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Vacation Condo Over $1M
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Ho'olei G-1
Wailea
$1.895M (FS)
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Ho'olei G-1 boasts 3,076 sq. ft. of interior footage, making it one of the largest condominiums you'll find in the Wailea Resort. The three bedrooms in this residence are like a retreat, each including an en-suite bath and plush cabana antigua carpeting. This home is also being sold completely furnished and is a great value.
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Vacation Condos Under $1M
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Pacific Shores B-118
Kihei
$219.9K (FS)
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Short Sale. Ground floor unit at a remarkable price, short term rentals now allowed. Two deeded parking stalls.
Customer Listing Synopsis
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Pohailani Maui #201
Honokowai
$274.9K (FS)
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Bank Owned. Remodeled in 2007 with bamboo laminate flooring, granite counter tops, high end fixtures. Large lanai enjoy whales, sunsets and Island views.
Customer Listing Synopsis
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Island Surf #312
Kihei
$295K (FS)
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Short Sale. This ocean view 2 bedroom 2 bath vacation rental is perfectly situated walking distance to beaches, surfing, stand up paddling and dining. Great location with winter sunsets and the cove surf spot.
Customer Listing Synopsis
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Residential Condos
Napilihau Villages 4-202
Napili
$175K (FS) |
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Short Sale. Perfect starter home for a new family. Close to shopping at Napili Plaza and a walk to the beach.
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Vacant Land
344 Pualoa Place
Wailea
$399.5K (FS) |
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Great value and location in the gated community of Wailea Pualani. This 10,800 sq. ft. lot offers panoramic ocean and outer island views of Kaho'olawe, Lana'i, and Molokini from a second floor and is one of the few lots available that enjoys full 30 foot maximum allowable building height to take advantage of this.
Customer Listing Synopsis
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