Listing curtesy: Coldwell Banker Pacific Properties Anne Oliver

The sale of a Hawaii estate on Kailua beach this week for $18.8 million points to a hot luxury market in Windward Oahu, where inventory of ultra high-end properties is shrinking.

Listing curtesy: Coldwell Banker Pacific Properties Anne Oliver

The sale, which closed on Wednesday, was highest price for a resale on the Oahu Multiple Listing Service in more than two years and the highest price for a home in Windward Oahu nearly 10 years. It also tops the most recent high-end sale on Oahu, a home on Royal Place near Diamond Head that sold last month for $17 million.

Listing curtesy: Coldwell Banker Pacific Properties Anne Oliver

“There is very little left all of a sudden on the Windward side on the high-high end,” said Anne Oliver, vice president of Coldwell Banker Pacific Properties, who represented the sellers. “Kailua and Lanikai have been a place of choice in the last few years, but in my view, it’s really heating up.”

Listing curtesy: Coldwell Banker Pacific Properties Anne Oliver

Oliver noted that a large beachfront estate on Kaapuni Drive is in escrow with an asking price of $15.88 million, and another large property on North Kalaheo Avenue that had an asking price of $18.9 million is also in escrow.

Listing curtesy: Coldwell Banker Pacific Properties Anne Oliver

“In the last six weeks, three of the most expensive properties have gone into escrow and mine is the only one that has closed, but the other two will not be as high as this,” Oliver told Pacific Business News, adding that she is certain the two other sales will soon close. “Really, the only property over $10 million is 145 Kailuana Loop that just went on the market at $30 million.”

Listing curtesy: Coldwell Banker Pacific Properties Anne Oliver

That property, which includes two houses, sold for $24 million in July 2006 and holds the high-price record for Windward Oahu.

Listing curtesy: Coldwell Banker Pacific Properties Anne Oliver

There is one more listing above $10 million, a nearly two-acre estate on Kaikea Place that is on the market for $26 million. There is also one another house on North Kalaheo Avenue that went into escrow after the sellers dropped the asking price to $14.9 million, from $19.9 million.

Listing curtesy: Coldwell Banker Pacific Properties Anne Oliver

The 8,348-square-foot estate was designed by architect Peter Vincent in an Indo-modern design and completed in 2015. It features multiple buildings on a 36,995-square foot lot that runs from South Kalaheo avenue to Kailua Beach — a main residence with four bedrooms and 4.5 baths, a guest house with three bedrooms and 3.5 baths, and an outdoor entertainment pavilion with a poolside bar, kitchen and spa bathroom. The property also has a four-car garage.

Paul Chu and Stephen Cipres of Elite Pacific Properties represented the buyer, whom Oliver described as “an international buyer who lives in California now.”

The property had been on the market “off and on for about a year and a half at $22.8 million and then we reduced it recently to $19.9 million and had a good amount of activity,” Oliver told PBN. “In my view, it is the most beautiful property on Oahu.”

Oliver noted that one of the property is unique in that it is one of four beachfront parcels that are not separated by fences or walls so that it resembles a beach park.

“[It] is shared by four owners, but visually it looks like a beachfront park, and that made it very unique in terms of the land,” she said. “And the house is fabulous.”

The sellers were Seventwokalaheo LLC and Cynthia and Derek Federman, according to tax records. The Federmans are Seattle-based entrepreneurs whose business, Derek Andrew, manufactured multiple lines of men’s and women’s clothing that were sold in Nordstrom, Neiman Marcus, Saks Fifth Avenue and specialty stores.