Industry News

Luxury market breeds ‘condos that live like homes’

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Buyers of newly built, luxury residences generally expect fairly high standards: lush landscaping, top-line appliances, granite counter tops, swimming pools, unobstructed views and the like. On Hawaii's island of Maui, buyers of million-dollar properties appear willing to pay a premium for a two-car garage. Or an elevator – inside their home. Like everything in American culture, houses and condominiums have blown up to Hummer-sized proportions. And Hawaii's upcoming luxury real estate projects are no exception. Two luxury-end projects in the resort community of Wailea put on the market this past year and nearly sold out showcase the features that their targeted buyers sought. Both have yet to be built, so they have largely sold on the basis of their design plans and locations. No actual, full-fledged spec-models were constructed on site. Kai Malu, a 150-unit gated residential community is being sold in four phases. Half the units are being sold to owner occupants, requiri...