The Robin Masters Estate (Pahonu)

[Sam]

Styles,
I'm beginning to think the price is not out of line.
I know that Kahala is a more desirable address and for 48 million you can pick up a 2.76 acre lot.

http://www.choi-realty.com/Kahala_Ocean ... y_Property

[Styles Bitchley]

Styles,
I'm beginning to think the price is not out of line.
I know that Kahala is a more desirable address and for 48 million you can pick up a 2.76 acre lot.

http://www.choi-realty.com/Kahala_Ocean ... y_Property

...and I thought real estate prices in Geneva were egregious!

[KENJI]

Styles,
I'm beginning to think the price is not out of line.
I know that Kahala is a more desirable address and for 48 million you can pick up a 2.76 acre lot.

http://www.choi-realty.com/Kahala_Ocean ... y_Property

List price is one thing, but sale price is another. Anyone can say my house is worth x amount of dollars, but the marketplace gives you a true value. If we had actual sold comps for the last 6 months of similar (if that is possible) homes in the area that would give us a better idea of its true value. I'm sure Eve has a few neighbours who are rubbing their hands and saying if her house is worth $15.75 million then my house is worth at least........$ x amount. Until it sells it is just a number. If it does sell for that amount watch everyone's property taxes go up in the area as well....a double edge sword. I've seen listings with insane list prices that have been on the market for 2 and 3 years which tells you that the house isn't worth the asking price and they should adjust the price if they are serious about selling. I think Eve is in no rush to sell, but if someone wants to buy it for just under $16 million she'll move. The problem with that is, it opens the house up to being demolished and the land split up to make it profitable. Lets hope someone out there has deep pockets and loves MPI!

[Sam]

Hi Kenji,

Hey,how are the new wheels.

I know 48 is just a starting point but what do we have?

Two ocean front properties of roughly equal size..one at 16 and the other at 48.With land at a premium on Oahu,land is really what you are paying for.Say the 48 sells for 40 that's still two and a half times the asking price of the Anderson place.So 16 may be in line.

[golfmobile]

I do not PRETEND to have any knowledge of Hawaii real estate, but based on this: http://www.trulia.com/property/30490325 ... -HI-96816#

it may be that Choi Realty has inflated the value just a TAD. Last time the property was sold was in 2006 was for $12 million, and its assessment is just over $8.9 million and it would appear that there have been no "improvements" to the property since the 2006 sale. This property seems to have been vacant for at least ten years (at least according to Google Earth timeline, which is as far as GE goes back for this property). Why hasn't it sold and been developed? I'm very curious as to what used to be on the lot and when, but I haven't been able to find out anything about that. Wonder if there was a big fire and that would be in the Honolulu newspaper archives? Just curious. Inquiring minds want to know.

golf

P.S. a little more on the property at 4423 Kahala -- still can't find what building(s) was/were there originally

http://www.hawaiiamericana.com/kahala/

P.P.S. On 10/29/96 a demolition permit was issued for this address (Permit No. 395722, in the amount of $5,000). I'm guessing there was a house there in 1990 because the property sold then for $15.2 million but down to $4.1 in '95. Dang, this property must have had some serious bad luck!! Maybe that's why it hasn't been developed (the evil spirits keep blowing up the house?).

For example, sold for $9.3 in '80; then by 1987, it was $2.5 (boom! whoosh!)
Then three years later it was back up to $15 million.
Then '95 (boom! whoosh!), $4.1 million and '98 at $4.

http://www.oahure.com/land/1303602/4423 ... 16#history

Must be some serious "disembodied spirits of evil" (‘oromatua-‘ai-aru) or dia' mo'nios hanging around.

(shiver)

[Sam]

Hi Golf.
I'll see what I can find out..we are talking about 3 addresses and in the back of my head I remember "Rubber Chicken" ID'd one of the houses as Icepicks.I also remember some episodes of HFO at those locations.

Correction..not used as Icepicks house.
Here is the first address..4415 It looks like the land value is just under 26 for the 3 properties.

[golfmobile]

Sam,

Thanks, but go see the P.S.'s I added my previous post.

g.

ANOTHER P.S.: But 3 x $9 million is $27, not $48. Not to mention the evil juju . . . . .

And yet another (haven't had time to read all 208 pages yet):

http://oeqc.doh.hawaii.gov/Shared%20Doc ... Kahala.pdf

[Sam]

Golf,
Looks like the last time the property was sold was 2006 purchased by Charles Wang for 34 million,right at the end of good times.Market hit the dumper after that.

It's been on the market now for 329 days so it's not a hot property.
I'll look around because I know RC has posted pics of one of the houses.

[golfmobile]

I haven't updated my Rubber Chicken Guide since '08, but it shows nothing on that version for these empty lots -- the Murder She Wrote house location and Ugliest Dog ones are farther east along Kahala Highway (Road, Drive, whatever it is). I bet at some time in the late '80s, there was something on these lots. I'm just curious about what it was and when.

g.

[Sam]

I'm still looking,it wasn't on the RC guide but pictures posted here..somewhere.I remember a small cottage behind the main house..waters edge.

[golfmobile]

I will eagerly await your research results and in the meantime wish you good luck!

g.

[Lily]

Many of the properties which are/were for sale in Kahala, once belonged to Genshiro Kawamoto, a Japanese billionaire , who bought up beautiful houses, one after another in Kahala, then let the majority go to ruin, before tearing them down. Last trip back to Japan he was found guilty of tax evasion, and is now in jail in Japan.

http://www.bizjournals.com/pacific/news ... amoto.html

[Sam]

I will eagerly await your research results and in the meantime wish you good luck!

g.

So far no luck,I'm sure that RC posted a picture of one of the properties but I can't find it.

From the building permits I see that

4415 was demolished in 1993
4423 in 1996
4433 in 2004.This house can be seen on Google Earth 2004 timeline.

I'll keep looking.

[J.J. Walters]

Here is what I found out when I was there 2 years ago:

"I have been asking one of the Park keepers from the picnic park 3 houses far down about the concrete slab.
He told me, that around WWII, they used that for keeping live lobsters when they had huge events going on at the estate.
He also told me, that the base is wider and had steel poles to function like a kind of prison for the lobsters.
I have been diving down, the water was only 0,8 meters deep and the concrete slab is deeper in the sand than I could dig.
But the man (who also knows Eve A.) sounded credible, he knows a lot about the history of this particular place and does everything without getting a single buck. "

http://magnum-mania.com/Forum/viewtopic ... &start=100

Thanks Bond. I remember that now. I'm not doubting your source, but it's really perplexing that several other people insist that it is something else: a WWII pillbox, a drain for water runoff, a boat moor, a commode.... Just kidding about the last one, but you get the idea. It's a real mystery! We need more confirmation. We need more evidence!

It seems like such overkill to put in a concrete container for lobsters... doesn't it? Wouldn't just a simple wooden lobster trap do? I mean, are the lobsters in Hawaii some kind of escape artists, or something? Are they super strong? A maximum security concrete prison... really??

[Sam]

I will eagerly await your research results and in the meantime wish you good luck!

g.

I found the house and I was mistaken.The house was located closer to Black point.