As the real estate industry in the United States continues to experience historic highs, few places have seen this play out quite as clearly as the market in Hawaii.
According to one recent study, home prices in Hawaii are up almost 38% year over year as of August 2021. Sales, in general, rose a massive 14.5% during the same period of time. One perfect example of this is the pending sale of an oceanfront Secret Beach compound on Kauai, spearheaded by the team at Concierge Auctions.
The Benefits of Concierge Auctions Hawaii
The Secret Beach compound has been billed as “the development opportunity of a lifetime.” It includes 34 acres of oceanfront lots on the most exclusive street in Kauai – easily making it one of the most exclusive streets in the country as well.
The seller is Michael Shotey, who executed the transaction with the help of both the team at Concierge Auctions and the top listing agent in Hawaii – Neal Norman of Hawaii Life Real Estate Brokers. Together, Norman and Concierge Auctions have successfully marketed and sold over 20 properties together over the course of the last decade.
The compound was listed for $50 million and was sold on the Concierge Auctions digital bidding platform. After a healthy, active auction with a plethora of bids and a competitive field of highly qualified buyers, everything ended on September 23 – meaning that the property was only on the market for just 38 days.
The property itself offers access to 2/3rds of a mile of Secret Beach, something that has long been considered to be one of the state’s “best-kept secrets.” Walking paths are surrounded by lush flora and fauna and the front of the home features a private driveway – something that is extremely rare in the area.
Two existing cottages sit on the property – the Hale Lani or “Heavenly Home” and the Hale Nanea or “The Home of Joy and Tranquility.” They offer exceptional views of both the Pacific Ocean and of Mount Makana, otherwise known as Bali Hai. In addition to making a great place to live, the cottages are also permitted to be used as vacation rentals – creating a lucrative new income opportunity for the property’s buyer. Also included is a 450 square foot outbuilding that can be used either for agricultural purposes or as a private office.
Michael Shotey first purchased the property in 2012, again using the digital platform. Since then he has made a number of modifications, including increasing the acreage. The Secret Beach compound has combined zoning for more than five beach or bluff front home sites, along with three guest homes – making the development possibilities exceptionally versatile.
If you’re interested in finding out more information about the pending sale of the oceanfront Secret Beach compound on Kauai, Hawaii, or if you have any additional questions you’d like to discuss in a bit more detail, please don’t delay – contact Concierge Auctions today.