The gavel raises August 10 on two prime properties at one of the Big Island, Hawaii's most exclusive resorts, proof that even the super wealthy are not immune to the economic downturn.
The auction, conducted by Concierge Auctions, involves two expansive (and expensive) homes overlooking the Pacific Ocean in the Four Seasons Resort Hualalai on the island's Kohala Coast.
There's the property at 72-151 Lau’eki Street, 5,900-square-foot luxury home originally offered at $10.3 million unfurnished.
And a short distance away at 72-155 Lau’eki Street, there's a 4,416 square manse that features more than 1,200 square feet of lanais (a Hawaiian patio). Original asking price: $9.1 million unfurnished.
Either represents the ultimate Big Island experience, with a custom-designed, infinity edge swimming pool/spa, covered entry with zen garden, outdoor kitchen, and a private outdoor shower garden.
Inside, the interiors are offered with furnishings, The huge kitchens are equipped with high-quality stainless steel appliances, media rooms feature 50-inch plasma TVs and an integrated music speaker system.
With no opening minimum bid, it will be mighty interesting to see what the final sales prices are.
"There has definitely been price moderation on the high end nationwide," says Laura Brady, President of Concierge Auctions, whose company is working with Hualalai Realty on the transactions.
As a highly desired vacation destination, Hawaiian real estate carries a certain cachet for travelers. However, with so-called jumbo loans scheduled to reset to higher rates over the next 18 months, even primo developers may have to lower their expections, hence the auction with no minimum bids. Come Aug. 10, a true market price will be established..
The lucky new owners gain immediate access to the grounds of the prized Hualalai Resort.
The Hualalai Club features two championship golf courses and clubhouses, the Hualalai Sports Club & Hualalai Spa, the Canoe Club, the Residents’ Beach House, and use of all Four Seasons Hotel amenities.
"They're truly premier assets in one of the premier travel destinations in the U.S.," Brady says. Like all auctions, the advice is to complete any due diligence ahead of time, she says. Once the gavel goes down, all sales are final.
"There are no financial contingencies," Brady says. "It's really a matter of buyers being prepared, educated about the properties, having previewed the properties and being prepared to actually purchase them when they come to bid on auction day."
Bidders may participate remotely, either via telephone with a Concierge Auction representative, or send a power of attorney to bid on their behalf.
The auction is scheduled to begin 11 a.m. Island time, Monday, August 10 at 72-151 Lau’eki Street in the resort.
Sorry "lookie loo's", attendance is limited to registered bidders and their agents. To keep out the riff-raff, a $100,000 deposit via wired or certified funds is necessary to bid.
Tour: Photos and details 72-151 Lau’eki Street
Tour: Photos and deetail 72-155 Lau’eki Street
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