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.
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 The most recent listing, for $26 million, was withdrawn in October 2018, according to Multiple Listing Service data.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