Hawaii’s ultra-luxury real estate market smashes records, as sales soar 600%. Here’s what’s selling

The mansion in Kauai sold to Carlos Santana.

Hawaii's luxury real estate market is soaring to all-time highs due to a number of factors, including the coronaviruses outbreak and record low interest rates.

In the first three quarters of this year, homes worth $3 million or more saw their sales volume increase by 234.5% compared with the same period in 2020. The volume of deals hit a new high. The sales of homes priced over $10 million have gone up even more than before.

Matt Beall, CEO of Hawaii Life Real Estate, said it was like a rocket ship. It is an incredible event for the market.

The vast majority of high-end transactions his firm has brokered are being purchased in all-cash deals, as Beall said he has never seen a faster moving market.

The mansion in Maui has five bedrooms, five and a half baths, and an ocean view. It sold for $12.50 million.

There were people showing up, and they were like, "Okay, I'm going to offer on this house sight unseen." The closing is going to be for two weeks. I will have a 13-day due diligence, I will fly in on the 12th day, meet with all the inspectors, and move in on the 14th day.

The pace has been quick with some $20 million deals closing within 30 days.

The pace caught both the profession and the sellers off guard. He said that it was not normal.

The mansion in Maui has five bedrooms and four and a half baths. It sold for $18 million.

In the first three quarters of the year, the state had a record for volume, with 317 transactions and $1.67 billion in total luxury home sales.

The volume and speed of Hawaii's real estate market have shattered previous records.

The view from the pool of a Maui mansion that sold for $18 million.

Due to Covid-19 restrictions, most foreign buyers have been unable to visit Hawaii and participate in the record-breaking buying spree. 4% of home sales in the state were made by foreign buyers in 2019.

He said it was significant that most of it had been done domestically.

Hawaii Life is having a record-breaking year with more than $3 billion in sales over the first three quarters. The sales of luxury homes accounted for over a billion dollars.

The mansion in Kauai sold for $21 million.

The average luxury home in the state sold for more than $6 million, up 12.4% over the same period last year, with an average price per square foot of $1,795.

Buyers from the entertainment, technology, and finance sectors are buying both high-profile and off-market listings.

The ultra-luxury market, which includes homes priced above $10 million, has seen staggering growth. In the first three quarters of the year, there were 64 transactions totaling $1.06 billion in sales, a 602.9% change in dollar value, and more than six times the number of transactions.

Carlos Santana bought the 8,173- square-foot island home on Kauai.

Despite the market's rapid rise, Beall does not see signs of frothiness.

I don't feel like it's frothy yet and it's going to fall down. Beall said that it was just his understanding of how deep the demand was and how small the market was.

A deal involving Carlos Santana is one of 64 transactions that have a value of $10 million or more. He bought a mansion on the island of Kauai for $20.5 million. Beall's firm represented both Santana and the seller.
The oceanside property in Maui, called Hale Makana Ola, sold for $12.50 million.

The Big Island saw the largest change in sales volume over the course of the year. Maui saw a rise of 644% in sales volume, followed by Kauai, which was up 640%.

In the first three quarters of the year, the Big Island accounted for over $400 million in sales volume, accounting for over a third of the state's total sales in the ultra-luxury category.

The Big Island sold this compound for $18.6 million. There are seven tropical pavilions that house areas for dining, gathering, sleeping, guests and more.

Capital Group portfolio manager Claudia Huntington sold her residence on the Big Island. There are seven pavilions overlooking Kauna'oa Bay. It sold for about $2,776 per square foot.

One thing I know about Hawaii is that it is a tiny market, surrounded by 2,000 miles.

A private residence on the Big Island sold for $18.6 million.

If you look at an inventory chart, it is down and to the right. He said that prices are being pushed up by a lack of supply.

The tropical market has attracted attention due to high profile sales. The Chans bought 600 more acres of land in Kauai for $53 million in March, increasing their ownership stake to 1,300 acres.
Carlos Santana has a new island home on Kauai.

Santana has a four bedroom four and a half bath residence in Kauai.

Santana has a compound consisting of three main buildings and a common outdoor living area.

There are mountain and bay views from the estate.

The home has great views of the mountains and Hanalei Bay.
A retractable rooftop and open architecture blurs the lines between indoors and outdoors.

Dining al fresco can be done in the central area.

A glass roof opens to the sky above a bar.

There is a glowing bar and barbecue under the retractable glass roof.

The lounge has a vaulted ceiling.

There is a lounge under the vaulted ceilings.

A stone-covered island, two Wolf ovens, two sinks, custom wood cabinets, and a kitchen with two Wolf ovens are included in the main Pod.

The formal dining area.

The living room is in the largest Pod.

A view of the dining area.

The architecture is designed to frame the scenery.

A second Pod has an owner's suite and a study.

The shower is outdoors.

An outdoor shower is tucked behind a stone wall.

A view from one of the bedrooms.

Two of the home's four bedrooms are in the third Pod.

The pool and hot tub overlook Hanalei Bay.

The rooms are steps away from a saltwater pool with a hot tub and shallow-water sun ledge.

Two people are sitting on the pool's sun ledge.

The lot is 0.81-acre. The listing said that real estate taxes were over $50,000 last year.