If you've driven down Kahala Ave. lately, you may have noticed several oceanfront parcels where statues have been erected over the last few weeks.
Statues at the end of Kahala Ave. on the Old Hemmeter Estate
Kahala Avenue has been know to fetch some incredible real estate prices over the years as it is know as one of the luxury real estate meccas in Hawaii. With number that have sold above $20 million over the years, many historic residences have been torn down in recent years. The one above is the site of the old Hemmeter Estate that sold for over $12 million in 2005. There are others undergoing similar transformations and are hard to miss. For better or worse, beauty is in the eye of the beholder. However many local residents have started to complain.
Although Kahala still has a reputation for luxury real estate, it will be interesting to see where this goes... In the past 6 months, there have been 2 homes that have sold on Kahala Ave. for $3.2 and $4.4 million. Both were on the mountain side of the street. Although there aren't many oceanfront homes currently on the market in Kahala, most of the inventory is now owned by the same owner transforming these once pristine estates like the ones above. Only time will tell..