Did Today’s Kuki’o Auction Show the Luxury Market Outlook Improving?
Based on this morning’s Concierge Auctions activity at Kuki’o, on the Big Island’s Kohala Coast, the answer just might be yes.
The setting – a gorgeous, luxury custom home in the most prestigious community on the Big Island of Hawaii – Kuki’o. The auction – absolute. Sitting at a table of phones with me were three other distinguished Big Island Brokers also representing their clients – by phone. (Someone remarked that we looked like we were playing poker.) Two other agents in attendance – and at least three registered bidders in person. A beautiful spread of pupus and of course champagne – for after the bidding! I wanted to check in with Foursquare but restrained myself. Just one photo with the iphone.
Opening the bid at $1M… it quickly climbed to… well, that’s the thing, can’t say until the property is recorded at the end of this month. What I can say is that the bidding was energetic and there seemed to be quite an interest in purchasing this home – more than I expected, which is also my experience of the price. Perhaps we’ve seen the bottom of the luxury real estate market. Seems to me the “deals” are becoming fewer and far between.