HANALEI, KAUAI (February 17, 2011) – Coldwell Banker Bali Hai Realty recently closed the highest residential sale achieved on Kauai through a luxury property auction process. The property, known as Hanalei Bay Vista, is situated on 1.25 acres located off of Hanalei Plantation Road. The 4,630 square foot four-bedroom home is custom designed with extensive views of Hanalei Bay. The sale, at $5.5 million, was recorded in early February. According to Bali Hai Realty Principal Broker, Michael Schmidt, this was their first auction sale representing a seller. The auction was conducted in partnership with Accelerated Marketing Partners of Danville California, a company that specializes in developing interest from qualified bidders. The sealed bid auction process, in this case, allowed high bids to be negotiated as compared to the more typical auction where bids are accepted at the bidding price. Schmidt states that, “This sale, along with other recent high-end sales on Kauai’s North Shore, signifies that the real estate market is improving. While the auction strategy is viable for sellers in a stressed market, we’re also seeing an increase in more traditional methods of buying and selling real property again.”
Coldwell Banker Bali Hai Realty was founded by current President, John Ferry, in 1978. First known as Bali Hai Realty, the organization became associated with Coldwell Banker, an international real estate brand, in 2000. Bali Hai Realty is an active participant in many community organizations and has received numerous awards and distinctions. For more information, 808-826-7244, or go to https://www.balihai.com.