Kailua Beachfront on sale

The neighborhood of Beachside along Kailua Beach has always been popular.  Even when the market turmoil hurt other areas, Beachside always did well. We have been seeing a slow down in the past few months. Buyers have been reluctant to shell out for the minimum $1million price tags that come with living in this well loved neighborhood.  As a result, prices have begun to soften here and there, but not everywhere.  If one follows the market closely they can find the real bargains in the mix.

Beachfront without a doubt commands the highest prices, but those are harder to move, so if a seller becomes impatient the prices can get shockingly low.  For example, a developer built a beautiful brand new home a few years at 604D North Kalaheo, just before the crash and has been unable to move it.  There had been one prospective buyer that did want it, but pulled out just a few weeks ago.

The property was listed last year for $10.9 million.  This past July the property was relisted for sale at $9.8 million, then when this buyer walked, the developer dropped the price to $7.8 million.  That works out to about a 28% drop in asking price in a year and a half.  To further put this into perspective.  I sold a similarly sized lot with a tear down house on it in 2006 for $5.2 million.    This has become a very attractive buy.  To learn more about this property contact me, Malia Meenderman.