Aloha! This is David Buck with Harcourts Island Real Estate and I'm here at the beach access at Hunakai in Kahala.
4607 Kahala Avenue
What's really exciting is this past week 4607 Kahalla Ave. just came back on the market for $15 million. This is just over 1.3 acres on the ocean here in Kahala. If you could imagine living on this white sandy beach. The seller paid $17.7 million for this 9 years ago in 2015. So, this is a screaming deal. Prior to this, it was listed in March of '21 for $25 million. Then, they kind of chased the pricing down and it went down to $17 million before they pulled it off the market in 2023.
For a little bit of history, this parcel was bought from Alexander and Baldwin. Prior to that, it was owned by Genshiro Kawamoto, who knocked down the original home. There's a whole backstory history on this.
Pacific Business Article Quoting David After A&B Acquisition of Kawamoto Portfolio
I did a spreadsheet of when Alexander and Baldwin took over the Genshiro Kawamoto portfolio awhile back.
Spreadsheet Portion of Kawamoto Kahala Portfolio
In any event, they tried to sell 4607 Kahala Ave as a development (call Kahala by the Sea) which encompassed 6 high end homes that were marketed around $9 million each. Well, we've gotten through COVID and all that heat in the market.
Why a Fire Sale?
My guess as to why they're pricing this at $15 million now is because the entity that owns it has ties to Japan and what's happened right now is the Japanese Yen is really weak compared to the US Dollar. Even though on paper it appears they'd be taking a loss, they might actually be coming out ahead. Here's a graph of the Yen vs. Dollar:
Yen vs. Dollar Since 2014
If you're into some vacant land here on the ocean in Kahala, 4607 Kahala Ave. is back on the market at a phenomenal price. Here's some recent comps for vacant land in Kahala:
- 4607 Kahala Ave. is Listed for $257.70/sq. ft.
- 4744 Kahala Ave. Sold for $219.77/sq. ft. (mountain side of the street)
- 4465 Kahala Ave. Sold for $318.85/sq. ft. (oceanfront)
If you're interested in finding out more about 4607 Kahala Ave. or are interested in any other real estate here in the Kahala area, feel free to reach out and give us a shout at 808-371-3509. Mahalo!