A nearly 30 percent price drop could put you in the running for the beachfront mansion lifestyle you so richly deserve. A second reduction has brought the asking price of a beachfront Kailua estate down to $14.9 million from the $21 million price sought nine months ago.
The home at 112-A S. Kalaheo Ave. was built only two years ago for Las Vegas restaurant and night-life entrepreneur Andrew Sasson, designed by Peter Vincent & Associates LLC and built by Sutton Construction Inc.
"Mr. Sasson did a magnificent job," said Mary Worrall, listing agent and principal broker of Mary Worrall Associates Sotheby’s International Realty. "It is a masterpiece of quality construction" he was very proud of, and "I’m thinking he put a price on it that was part of how proud he was of it, instead of what is happening in today’s market," she said.
The home in which Sasson vacationed was listed nine months ago, and the second price drop about a month ago brought the asking price down 29 percent.
Now, "I think we’re certainly priced correctly," Worrall said. "As a matter of fact, I think it is a very good buy."
The 25,800-square-foot lot includes about 82 feet of Kailua Beach frontage and the 8,000-square-foot, eight-bedroom home with two wings, separated by a large pool terrace and featuring a double-height great room.
"It’s very large, a great house for extended generational families or large parties or a big family," she said.
Besides, considering the $36 million home further up Kalaheo Avenue toward Aikahi, Sasson’s asking price seems a steal.
Kahala sales back on track
The recent $4,750,000 sale of the home at 4707 Aukai Ave. in Kahala is the area’s largest sale in more than a year, according to Carl Smigielski, principal broker at Sandwich Isles Realty and the agent for the buyer from the mainland.
The home was built by developer Larry Wennick about 10 years ago to be his primary residence, Smigielski said. "It’s built like a hotel; it’s solid concrete, both floors," he said.
The almost 8,000-square-foot home is perched on nearly 18,000 square feet of land.
"The grounds are amazing. My buyer’s kids will have fun running around that yard," he said. The children are 2 and 4 years old.
The five-bedroom, 4 1/2-bath home has a lagoon pool, hot tub, barbecue area and a 24-foot ceiling in the living room, er, the great room, which also has a fireplace.
The recession definitely had an impact on the high-end real estate market, which could explain the long dry spell between large sales in Kahala.
Also, though, "once you get into that rarefied air, the percentage of buyers are very minute – at that price, people start looking toward oceanfront property," Smigielski said.
Worrall, who grew up on Kahala Avenue and specializes in high-end properties, agrees that the recession dampened sales, with customers "being afraid to make large financial commitments."
However, the sale might be a positive portend. "I hope it’s an indication that they’re passing through that period," Worrall said.