Hawaii Real Estate: Second and Third Home Buyers In Hawaii
Among emerging trends shown in recent studies of ultra-high-net-worth (UHNW) real-estate buyers the increase in private jet travel and the resulting access to more remote locations may be the game-changer. As it becomes easier to travel directly to a desired location, multi-home buyers are more willing to extend the distance between primary and secondary homes.
As a secondary home destination Hawaii has long had appeal for mainland US and international buyers. In the top price range house size, features and amenities are as spectacular as one would expect. Add to that the option of location, landscapes, resort or remote locations, beachfront or tropical settings and you have a multi-home-buyer’s paradise. We discovered other motives that have emerged, talking to a few agents working with multi-home buyers.
Tracy Allen, Vice President, Previews Property Specialist, Coldwell Banker Pacific Properties in Honolulu said “The higher the price point, the more likely they are second and third homebuyers. …buyers who purchase properties over $4 million tend to be second or third home buyers instead of primary home buyers.
Within ultra-luxury developments in the Honolulu area, buyers often seek to customize their own homes to their high end desires: helipads, guest homes, boat docks, all with the highest level of privacy and security.”
“ In choosing Kauai there are other interesting buyer needs that have emerged that seem to be specific to Kauai ” said Paul Kyno, Real Estate Broker at Sleeping Giant Sotheby’s International Realty, Kauai. “One of the seductive qualities of Kauai lies in its history: it is the oldest island in the Hawaiian chain. One of my listings, the historic Valley House, has its own natural waterfall, 185 acres of mature vegetation, and seems to define the ancient as well as the authentic of this island.
“High net worth home buyers that I have worked with come to Kauai to buy because they love privacy and want to avoid the trappings of celebrity and artifice. Kauai is not a bustling place the way Oahu is. It has a kind of eco-sensitivity, a green awareness, that is becoming more ubiquitous, especially in home building and buying. I have been on Kauai for 31 years. The high-end second- and third-home buyers come for the peace, and stay for the green state of mind. And the good diving.”
Finally, and to be fair, there is much more to these islands and home buying than just mentioned. On each island, and even on Oahu, there are beautiful places that many don’t know about.
As an example, there is Kailua, on Oahu. Over the Pali, a cliff that dissects the windward from the leeward side of Oahu, and about twenty minutes away, is the village of Kailua, where Scott Carvill, owner and principal broker of Carvill Sotheby’s International Realty, has lived all his life. He says, “…there is a sense of quiet here, as there are no hotels on Kailua, and no resort communities built near them.
“We have found that many second-generation-wealth buyers here are not principally driven by return on investment. They are interested in the here and now of what a great second and third island home affords, and affords now: ocean views, great beaches, dazzling sunsets, and no resort communities. They are mindful of the beauty the present provides, and feel the future — investment wise— will take care of itself.”
By Susan Kime
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