If you had $27,000,000 would you buy oceanfront Makena property?
Every other week, I run down to Ahihi Kinau Reserve past Makena to do water quality testing. There are many properties for sale along Makena Road – 22 by my MLS search (excluding time interval ownership). A few are condos but most are houses with a median list price of about $4 million dollars. These types of properties are often on the market forever – well 924 days is a LONG time.
In July one property was sold before it was listed for $27 million dollars. It was most likely an interested buyer who put forward an unsolicited offer. This property has been under construction for many years. I had the opportunity to see it in it’s pre-construction state. It was nice but pretty dated. I was impressed by the white grand piano where Elton John and Prince had both played. But other than that, it was an ok house with AMAZING views. I don’t think the last owners really ever lived there. I also happen to know the project manager for the construction work and from what I know, the updates sound magnificent. I keep telling him that I’m waiting for a tour!
Most people who know me, know that I’m an environmentalist. I have no problem with people who have money, buying and enjoying beautiful properties. But it pains me to see constant construction and little enjoyment. It pains me to see wasted resources. It really bothers me when people don’t look to landscape with native plants and work to reduce the impact on the land and our oceans. This land is zoned C – for CONSERVATION. Somehow that should be considered when buying and building. Personally, if money was no object, I’d be much more inclined to give properties like this over to the land trust and really conserve. There are so few areas left with such natural beauty. I don’t mean to judge the owners; I just like to ask “What would I do?”
Across Maui this month, sales were down, median prices were down and this one big sale made the average sales price for residential go over $1 million for the first time in years. There are buyers out there at all price points with cash in hand with the majority of sales being cash.
Please share your thoughts and comments!