Record Setting Real Estate Deal

Patricia Choi
Patricia Choi

(KHNL) - Sure it's got some trees that need clearing, but at $34 million a large scenic property along Kahala avenue offers quite a bit.

"Thirty-four million dollars is a lot of money but you have to look at the fact that it is 120 thousand square feet, just shy of three acres, and it has 350 feet of ocean frontage," said listing agent Patricia Choi.

The deal on the sale closed Thursday. It's believed to be the largest residential real estate transaction in Hawaii.

The property is actually comprised of three separate lots that were combined into one parcel. The property went on sale in mid-summer and was almost immediately snapped up.

"Any time I've listed a property that's unique, it sells," Choi said. "But it can vary in time from 30 days to three years."

The property was originally listed at $40 million. Choi says this sale is unique and should not be considered representative of the overall real estate market.

After spending $34 million, what does someone do with nearly three acres of beachfront property along Kahala Avenue.

"Most purchases of this type they want the privacy, space," Choi said. "Normally they build a very nice home, but a modest home with a park-like setting."

This piece of land may have set a sales record, but as the saying goes, records are made to be broken.

"I'm sure in the future there'll be more and more buyers who will to pay to have unique pieces, the trophy properties," Choi said.