As international billionaires get nervous, sales in LA’s ultra-luxury housing market slow HAwaii’s upscale REAL ESTATE Experts Robert Wilkinson, R(B) 808.987.6774 ROBERTWILKINSON@ELITEPACIFIC.COM ROBERT.ALLBIGISLANDPROPERTY.COM 27 YEARS OF EXPERIENCE 75-5905 WALUA RD., STE. 9 KAILUA-KONA, HI 96740 IN ESCROW SOLD Fantastic Ocean Front upper floor beautifully updated with amazing views. 2 BR 2 Bath 1296 SQFT. Central AC, Elevator, Covered parking. MLS # 296216 $649,000 4 BR 2 Bath with guest unit just a short walk to the Alii Dr. and Ocean Granite counters, Solar, and quiet tropical location. Built in 2002 1537 Sq. feet MLS# 296796 $499,000 B e s t p r i c ed Oc e a n f r o nt ! 1BR 1 Bath direct ocean front with elevator and covered parking. MLS# 287970 $359,950 Rare 3BR 2 Bath Ocean front single level Kona Bali Kai #401 Elevator, covered pa rk ing, excellent condition. 1026 SQFT. MLS# 295388 $599,000 Top floor! Updated direct ocean front in desirable South end of complex. 2 BR 2 Full baths Granite counters Elevator and covered parking MLS# 296544 $645,000 Best priced home in subdivision 3-BR 2 Bath with Ocean views Granite counter and Travertine shower. 15,000 SQ foot lot. MLS# 296425 $519,000 IN ESCROW Spectacular property with 3 separate Houses and unlimited Coastline views. Custom built with exceptional quality. 9500+ SQFT. MLS# 294819 $4,295,000 Custom Ocean front 4 BR with 1 BR guest unit. Beautiful Views and so much t o s ee! 2 -car g arage, Wood floors, Granite counters. 2778 SQFT Excellent Value MLS# 280387 $ 1,495,000 ›œžŸ¡¢£¤ž¥¡¦¡›§¡¡¦¨©¡›œ£ª¡«¬®¡¬Ÿ£¤¡¯°°ž±¡ ²³¥¢£¡ª°³¢¥¡°¬¡¦¡¯´Ÿµœ£¥¡¶·´¥¢¸¡ Excellent condition Gated estate. 2134 SQFT. MLS# 293767 $1,395,000 Fantastic custom 2 BR 2 Bath duplex sitting in a rare double size lot with room to expand. Consistent strong vacation rental history and turnkey furnished. Fenced for added privacy. This is a must see! Top quality throughout! MLS# 276346 $869,000 Ocean Front single level 2 BR 2 Bath End Unit with sweeping Ocean and Golf course views! Fully updated and excellent Vacation rental income! Must see! MLS# 297402 $749,900 Top Floor Ocean front 3-BR 2- Bath. Nicely updated with Granite counters and new Lanai doors and bathrooms. Spectacular Ocean views! Excellent condition 1170 º»¼½¡¾¿ºÀ¡ÁÂÃÁ᯴Ÿ·¥Ä¡´ŸÅª£¡Æ $729,000 Top Floor End Unit Ocean Front. Beautifully updated in desirable location. 2 BR 2 Bath Fantastic Ocean Views! 1282 SQFT. MLS # 295056 $699,000 SOLD SOLD NEW LISTING 18 West Hawaii Real Estate | July 20, 2016 By Andrew Khouri Los Angeles Times (TNS) Acooling market for the most expensive homes is costing hotel and casino magnate Steve Wynn some money. Two years ago, Wynn paid $16.25 million for an 11,000-square-foot mansion perched on nearly an acre above the Bel-Air Country Club here. Less than a year later, he sought to unload the home with a paneled library and staff bedroom for $20 million. No luck. Then he tried $17.45 million. No luck again. In May, Wynn dropped his price to $15.95 million, $300,000 less than what he paid for the property in 2014. The home went into escrow “very close” to that price last month, said Coldwell Banker agent Mary Swanson, who confirmed Wynn would be taking a loss. It’s not just Wynn who isn’t getting as much money as he hoped. Even before Britain’s vote to leave the European Union jolted investors worldwide, there were reports of a slowdown in the ultra-luxury housing market. In Los Angeles, agents were seeing more price cuts. Condo sales on New York’s Billionaires’ Row were slowing. Luxury developers shelved projects in Miami. And prices at the tip-top end of the London market were on their way down. Blame it on the global economy, which has displayed weakness in the past year, choking off the spigot of international millionaires and billionaires seeking a pied-a-terre, or two, in glamorous locales. So far, in Los Angeles, Wynn’s experience aside, the effect has been minimal, given the nature of Southern California ultra-luxury development -- which largely consists of one dramatic hillside estate at a time, rather than a condo tower with multiple units. But a spate of new construction is on the horizon. By one estimate, there are about 30 new hillside homes priced above $30 million that could hit the market in the next year and a half. The so-called Brexit vote may not help matters. It has sown economic uncertainty on a global scale and caused the dollar to strengthen against major currencies -- potentially leading international buyers to trim their purchases in the United States. “The price of real estate here in California and the U.S. has gotten more expensive,” said Jordan Levine, an economist with the California Association of Realtors. In Manhattan, the slowdown has taken a sharp toll. The number of previously owned homes that sold in the first quarter for $10 million or more fell 40 percent from a year earlier to 15, according to appraisal firm Miller Samuel. One builder, Extell Development Co., trimmed $162 million in projected revenue from its One57 condoand hotel project, a 1,000-foot tower on Manhattan’s 57th Street originally slated to bring in $2.73 billion, according to a March regulatory filing. It features more than 90 units, with several reportedly selling for more than $40 million and one bought by an investment group for about $90 million. “More has been constructed in New York,” said Stephen Kotler, chief revenue officer of real estate brokerage Douglas Elliman. “You have some sellers (in Los Angeles) getting more realistic, but in New York you are seeing more.” In Los Angeles County, by comparison, $10-million plus sales ticked up by one to 17 in the first quarter compared with a year earlier, according “More has been constructed in New York,” said Stephen Kotler, chief revenue officer of real estate brokerage Douglas Elliman. “You have some sellers (in Los Angeles) getting more realistic, but in New York you are seeing more.” to the California Realtors,resale transactions. But the The number or more in three which has the Realtors And,more pronounced As of county or the to Loren with First Michael LA luxury will probably the market likely to Like much of international
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