Largest Beachfront Estate in Kailua Sells for 19M
The largest beachfront estate in Kailua has sold for $18.7 million, the highest price for residential real estate on Oahu so far this year.
The sale of the property at the end of Kaikea Place closed Tuesday and included four parcels — a beachfront parcel of 2.06 acres, two parcels flanking the entrance at the end of the cul de sac of .23 acres each, and a tiny parcel of 42 square feet.
Scott Carvill of Carvill Sotheby’s International Realty represented the unnamed Mainland buyer and the seller, 51 Kaikea LLC, an entity managed by Keiichi Kojima.
The 7,265-square-foot home was not on the market at the time of the sale, but in the past had been listed for as much as $32 million. The most recent listing, for $26 million, was withdrawn in October 2018, according to Multiple Listing Service data.
The high price for Oahu in 2019 was the $17.9 million sale of a beachfront estate on Kailuana Loop in Kailua. Carvill also represented the seller in that transaction, Pixar Animation Studios co-founder Ed Catmull.
The latest sale was one of only eight transactions of $18 million or more for single-family residential real estate on Oahu in the past 20 years — and that includes the previous sale of the largest parcel of the Kaikea Place property in January 2008 for $22 million. The buyer, 51 Kaikea LLC, purchased the three smaller parcels a month later for a total of $4 million, according to public records, bringing that total investment to $26 million.
The last sale of more than $18 million was a home on S. Kalaheo Avenue in Kailua that sold for $18.8 million in May 2018. Anne Oliver of Coldwell Banker Pacific Properties represented the sellers in that transaction.
There are currently six active listings for single-family homes on Oahu priced at more than $18 million. All six — two in Kailua, two in Diamond Head and two in Kahala — are actually priced from $21 million up to $27.5 million.
By Janis L. Magin Senior Editor, Pacific Business News
