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Monday, January 17, 2011

Oahu's Top 25 Single-Family Home Sales of 2010

Despite a down economy, decreased home values and fewer luxury-home sales, there were plenty of high-end single-family home sales in 2010. Here are the 25 most expensive sales of single-family homes registered in the Multiple Listing Service last year, though this list does not include private transactions, but first, some details on some of the top sales.

The top two sales belonged to realtor Patricia Choi with Choi International. Both properties were in Kahala and were purchased by Japanese investors. The biggest sale was a Kahala Ave. beachfront estate that was on the market for 14 months and sold for $22 million, $2 million less than its original asking price. According to Choi, the 63,000-sq.-ft. property with 132 feet of sandy beachfront was purchased for land value only, and the new owner has demolished the home to make way for his private gardens. The seller was the Estate of Cecily Johnston, by trustee Stanton Johnston. The Johnston family built the home in 1939, and hosted many famous people over the years, including President Ronald Regan and Mrs. Nancy Regan, Jackie Kennedy Onassis, President and Mrs. George H. W. Bush, actor Clark Gable and crooner Don Ho, to name a few.

The second-largest sale, also on Kahala Ave., was a 55,937-sq.-ft. beachfront lot with an 18,366-sq.-ft. house. According to Choi, a Japanese investor built the house in 1989 and his family enjoyed their holidays there until 2002, when they sold the property to another investor from Japan for $9.7 million. In August 2010 the current owner sold to yet another investor from Japan, getting $17.5 million for the house plus $500,000 for the furnishings.

The third largest sale was a $7.8 million Koko Kai oceanfront property acquired by a Chinese investor.

In fourth place was a Kailua home that sold for $7,350,000. Built new in 2006 with a lot size of over 25,000 square feet in prime beach location, the property was sold by realtor Margy Grosswendt, who represented both the seller and buyer. "[The property] sold to a Mainland buyer who was born and raised on Oahu," says Grosswendt. "He and his wife had been looking for property for four years on Oahu-from Kahala to Portlock to Hawaii Loa Ridge-and they finally settled on Kailua Beach."

Rounding out the top five was the sale of a $7-million Paiko Lagoon house that was designed by architect Vladimir Ossipoff (check out my column on the house here). The buyer was a Japanese corporation.

Among the remaining sales, perhaps the most notable is the $6.9 million purchase of a Kailua beachfront home that was rented by President Obama and his family for two Christmas vacations. It was sold to Paradise Point Estates LLC, a company managed by Glenn Weinberg, the nephew of real estate baron Harry Weinberg.

Sale Price                  Area                    Date

1. $22,000,000        Kahala                    Sept. 15
2. $17,500,000        Kahala                     July 26
3. $7,800,000          Koko Kai                May 20
4. $7,350,000          Beachside               March 8
5. $7,000,000          Paiko Lagoon        Sept. 10
6. $6,900,000          Beachside              July 9
7. $6,650,000          Black Point            Dec. 23
8. $5,850,000          Koko Kai                Sept. 8
9. $5,350,000          Diamond Head     Nov. 24
10. $5,000,000        Lanikai                   Feb. 23
11. $4,960,000         Diamond Head     Dec. 29
12. $4,750,000         Kahala                    June 1
13. $4,500,000        Diamond Head     June 22
14. $4,100,000         Beachside              Aug. 24
15. $3,999,999         Koko Kai                May 4
16. $3,850,000        Hawaii Loa Ridge Mar. 18
17. $3,816,000         Lanikai                    Sept. 24
18. $3,800,000       Waialae G/C           Aug. 18
19. $3,800,000       Black Point             Aug. 11
20. $3,750,000       Diamond Head      Jul. 26
21. $3,600,000       Diamond Head      Nov. 29
22. $3,550,000       Kahala                     Aug. 30
23. $3,500,000       Aina Haina             Aug. 24
24. $3,500,000       Kahala                     Jan. 26
25. $3,350,000       Lanikai                    May 14


 

Posted on Monday, January 17, 2011 in Permalink

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About This Page

Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.
 


Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


 


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.


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