Is Hawaii the Next Place to Live? Inside its impressive real estate offerings attracting the rich
Tech entrepreneurs love it. Vacationers keep coming back. Those who have never been are eager to visit. Hawaii has always been a beloved vacation destination, but since the onset of the Covid-19 pandemic and the era of working from home, luxury real estate has been booming.
Many survived the pandemic safely in Hawaii and were able to be outside and enjoy the surrounding nature and privacy in peace. People have also made their mark on Hawaii on a more permanent basis, choosing second and even primary homes.
Oracle founder and billionaire Larry Ellison has confirmed he has officially moved to Lanai, the Hawaiian island he bought in 2012 and spent more than $ 500 million on development. Ellison said in an email Oracle staff at the end of 2020 that they hope to “use the power of Zoom” to continue working remotely. He also has a pretty impressive real estate portfolio, worth $ 1 billion. He’s not the only Silicon Valley tech titan making his mark in Hawaii. Facebook founder Mark Zuckerberg recently bought 600 acres of land on the island of Kauai for $ 53 million, Hawaiian inhabitants‘ disappointment.
“During Covid-19, Americans with the financial means looked to places in the United States that allowed physical space; amenities, such as chefs, nannies, tutors, and restaurants; and a semblance of normalcy for their children, ”says Matthew G. Beall, CEO of Hawaii life, a real estate company across the Hawaiian Islands. “Those in California have also faced natural disasters, increased taxes and an extreme Covid-19 crisis. In addition to enjoying the white sand beaches, warm waters and a variety of outdoor adventures all year round, we also use the same currency, have modern infrastructure, technologically sophisticated hospitals, good schools and more. especially during the time of Covid-19, we were able to close our borders and control the virus in a much harder way to do than it would have been in the continental United States “
This transition, however, could prove just how much Hawaii is sought after by many. Wealthy people have always been drawn to Hawaii for its privacy and tranquility.
“Hawaii has long attracted the richest people in the world,” he says. “Here they find privacy, luxury, a relatively short commute time from the Americas, and highly trained staff like private chefs, security and nannies. There is no doubt that the trend in the real estate market in Hawaii reflects the fact that the world’s billionaires are doubling down on all the reasons they loved Hawaii before Covid-19. Those same reasons are now magnified and the risks are high enough that they are willing to relocate their entire family and staff to Hawaii to create an idyllic life, the best they can, amid a worldwide pandemic that rage around them. Each island has modernized its airports and runways to accommodate more private plane landings. “
So where do people buy from?
Across its 137 islands, some better known than others, there are several notable gated communities that are home to modest single-family homes to massive, sprawling estates. Kohanaiki, located in Kona, Hawaii, is just one of many ultra-luxury private communities that draw a wealthy clientele, with properties ranging in size and price from $ 3 million to $ 30 million. The community has an 18 hole golf course designed by Rees Jones; a 67,000 square foot pavilion; a private spa; ocean sports; ride a horse; deep sea fishing; fitness classes; tennis; culinary experiences; an organic farm; beach club; and adventure activities.
Ala Kohanaiki 25 in Kohanaiki was recently placed in receivership for almost $ 22 million and will close in June. This is the most expensive house sold in Kohanaiki to date. The custom-built 47,044-square-foot estate was owned by Sonoma’s founder DuMol, who created a 6,755-square-foot home with ocean views. Indoor-outdoor living is the focus of this home, and it features an outdoor lava stone shower and tub, koi pond, infinity pool, and several outdoor lounges. and entertainment areas. There are five bedrooms, 5.5 bathrooms and has a veranda with a built-in wet bar, personalized beer tap and a beautiful wine cellar. The pod-shaped estate is truly a private oasis nestled among lush gardens and native Hawaiian foliage. A large lawn allows for many outdoor activities and is the perfect place to enjoy the sunrise and sunset.
“We spent a lot of time imagining a home that reflected the history and feeling of Hawaii,” says Margie Murphy, owner of Ala Kohanaiki 25. “One of my favorite features is that all of the common areas are inside and out allow us to come together comfortably. However, when the day is over, everyone has their own quiet pod to retreat to. The personalized design mixed with the work of local artists gives a distinct sense of belonging to this beautiful island of Hawaii. “
Golf is a major attraction for wealthy homeowners, who can build some of the most scenic golf courses in the country. and the ocean. The lavish $ 28.9 million home at 5022 Makena Road, located in the private Mākena Golf and Beach Club Community, is a unique five bedroom, 5.5 bathroom residence set on just under an acre of land and is listed by Sotheby’s International Realty. Cliffs and rocky headlands surround the house and the owners have access to the coves and tidal pools just below. There is a 180 degree view of the ocean, perfectly framed by the glass doors to the rear of the house. This masterpiece is a new build built in 2020 and is made from the finest materials, including Pietra Gialla di Vicenza stone and Taj Mahal quartzite, as well as high-end appliances and technology. Nature is the draw here, but the house has all the amenities you could want such as a balcony, patio, pool, spa, wet bar, and security system.
“There is an unspoken ethic of privacy and humility in Hawaiian culture, allowing celebrities and billionaires to enjoy latte at the local cafe without the locals looking at them or the paparazzi stalking them. Says Beall. “Security teams are available, both for properties and for families when they are on the island in their estates. For all of these reasons and more, Hawaii has arguably become the most attractive place for the wealthy, especially in the age of Covid-19.
Hotels that also have residential deals are incredibly appealing to customers as they have access to restaurants, bars, and activities in addition to their private homes. Hualālai Resort, located on the Kona-Kohala Coast on the island of Hawaii, is another popular destination for ultra-wealthy shoppers.
“The Kona-Kohala Coast is home to some of the state’s most upscale luxury residential developments, such as Kukui or Mauna Kea,” he says. “Kauai is the least populated and the least commercialized of the islands. That said, we are seeing a more dramatic increase in price, price per square foot and counterparts on the North Coast of Kauai than any other market segment in the Hawaiian Islands. There is an influx of wealth on the island of Kauai which is arguably unique among all the islands of Hawaii. “
The resort offers luxury residences, including one that’s on the market for $ 34 million. The home, 72-208 Waiulu Street, has a total of 8,008 square feet of interior living space, 11,288 square feet of roof space and a 2,476 square foot covered veranda. With six bedrooms and six bathrooms, this individually designed home overlooks the Hualālai Golf Course, with stunning ocean views. Five fireplaces, a wine cellar, a 25m infinity pool, an outdoor Molteni oven and more await future buyers of this spectacular residence.
Hawaii residents also have the benefit of experiencing each island’s unique culture and nature, as it is incredibly accessible for jumping between islands.
“Each big Hawaiian island has its own style, its own ecosystems and so much more,” says Beall. “Both the islands are different, but they are also similar. What is consistent throughout the state are warm ocean waters, a year-round temperate climate, communities built on an ethic of friendliness and helpfulness, and a culture that cherishes our keiki (children) and kupuna (elders). “