Despite tough economy, broker optimistic about 36 million dollar Oahu beach home
11/06/09 06:15 PM
By Oscar Valenzuela, via 2009 Hawaii News Now. All rights reserved.
KAILUA (HawaiiNewsNow) - Our tough economy has forced most of us to reign in our frivolous spending. Furthermore, the notion of buying expensive luxuries would be deemed outrageous given today's financial turmoils. This hasn't halted developer Kerr-Michaels Design from listing a luxurious beach front home. The asking price? It almost equals amounts being discussed in some of our state's furlough Friday crisis.
"Old Style Hawaiiana" is how seller Jeff Kerr describes this 8,400 square foot home. Brokers were invited to a private showing of the Kalaheo Avenue home. The on site viewing allowed agents to experience the luxurious home for themselves. This in turn, hopes the developer, will motivate the brokers to push the sale of their exquisite property.
"You come through the door and you're not even in the house yet. You got this whole courtyard feature, pool, cabana, I mean it's pretty sweet." said Andrew Matheson an invited guest to the showing.
Not so sweet, is the asking price some might think. The home was listed for 36 million dollars. The five bedroom home also includes a home theater, gym as well as a detached guest house.
But who can afford such a high priced home in this tough economy?
The high-end seller Jeff Kerr says homes in this price range are typically not impacted by economic downturns. He says exclusive homes will sell to the mega-rich, down economy or not.
But agents are hoping the sale of this home does mark and upwards trend in the real estate market. Andrew Matheson continued to say that it would be a sign of the times if this sold quickly.
Kerr hopes the showing will open their home to worldwide clientele. Three potential buyers have already been scheduled to view the home by year's end. If the company fetches the asking price of 36 million dollars they would stand to gain substantially over their initial 22 million dollar investment.