Sept 4, 2013 Most residential real estate brokers who are experts in Honolulu’s Kahala market hope that the rumors are true regarding the possible sale of some or all of the more than two dozen properties owned by Japanese billionaire Genshiro Kawamoto, but no one could confirm reports that the rundown homes in the luxury oceanfront neighborhood are being sold. “I think there has been a lot of speculation,” Hawaii Life Real Estate Brokers Realtor David Buck told PBN. But what he has heard from sources close to the situation is that not all of the properties are part of a possible bulk sale and that a Japan entity is a possible buyer. “The best thing [is that] it will be better for Kahala,” Buck said. Lael Wheeler, broker in charge and branch manager of Coldwell Banker Pacific Properties’ Kahala office, agrees. “It’s the best thing that could happen to Kahala Avenue,” she told PBN. “The history behind Kahala Avenue, it has always been premium real estate, but then the vision of Kawamoto isn’t the same as the others who have chosen to live there. He has allowed the properties [become visually unpleasing],” Wheeler said. She also pointed out that the unknown is always a little bit frightening and that someone could handle it even worse. “The one thing that could hurt the neighborhood is doing a fire sale and let them go for really cheap,” Wheeler said. Sachi Braden, owner of Sachi Hawaii-Pacific Century Properties LLC, told PBN that her firm has done some work with Kawamoto in the past but in terms of the latest rumors, she says that she’s sure that a new owner of his properties would want to divide the whole thing up. Duane Shimogawa reporter PBN
Posted on: Fri, 06 Sep 2013 00:07:16 +0000
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