Archive for the ‘Puako Land for Sale’ Tag

Puako for Buyers   Leave a comment

OLYMPUS DIGITAL CAMERA

 

Aloha.  It is starting off to be another beautiful week in Hawaii with the return of the cool stirrings of the Tradewinds.   Clear skies, fresh air…..Hawaii!

The time has never been better to be a buyer for Puako property.  While much of the Island’s most desirable areas have limited inventory, there has never been more properties for sale in Puako in my entire career (selling here since 1989).   By clicking on this market report covering sales over the last 3-months (wait…what sales?!?) you can see that there are 17 homes* and lots for sale with three properties in escrow

The last quarter of 2015 and early first quarter of 2016 saw fourteen properties come to market.  All but four are still on the market. Two of the three in escrow were listed then, all priced at the lower end of the price range.  (Two of the three are our Elite Pacific Properties listings) Two sold although one that sold was actually on the market nearly two years priced 17% higher, then given a “rest” from Multiple Listing Service, a refreshing practice to make it appear as a new listing. Understand the buyer had looked at it earlier and made the offer soon after the price was reduced. The best Puako value, Puako #80, was listed only a few weeks ago and in escrow within days because of its location, charm and excellent pricing.  Word on the streets is it was purchased by one of its regular vacation rental guests.  The other oceanfront home in escrow has been in escrow for months but is another example of a well-priced, well located property considered to be a good value given its extra-large, deep set lot with a classic beach house.   The lot next door to this home, another great value is still for sale, click here to see.  Although there have not been any sales over the last 3-months, there was total of 8-sales between August of 2015 and March of this year.  You can see what sold by clicking here for that report.

At least three of the oceanfront properties on the market have been trying to sell for literally years.  We can suspect that this is mostly due to their prices.  I have shown them to several clients who felt their perception of value was not equal to the sellers perception of value.   Limited inventory in the past gave sellers the luxury of pricing to meet their needs.  Add to that that sellers are not always educated as to how the differences between homes affects their values. Puako is a community without CC&Rs which is very attractive to most of those who call Puako home.  This leads to a mixed basket of homes; from rustic beach cottages to grand oceanfront estates.  It is difficult to determine values since we really have to compare mangoes to bananas.  Harder still for a seller to price to sell if he doesn’t understand how these differences affect their value in the marketplace of today.  That is the job we agents have to do!  But right now, my job is to educate you so you make the right choice as a buyer.  Having all these choices now at this time of year makes it an awesome time for us to find your perfect Puako home.  Or if not Puako, we will find you one somewhere else on this beautiful Island!

Give me a call or shoot me an email and let’s jump on this opportunity now.

 

*Puako Kai is 2-CPR homes on one lot listed separately (2X) and together (1X).  It has been on the market 18-months, listed with three different Brokerages. Now at 20% off the original list price of $2,350,000.

Advertisements

Puako Puako Puako Love Puako!!   Leave a comment

OLYMPUS DIGITAL CAMERAIt’s that time of year not only for Christmas shopping in malls and on-line for the usual gifts…but also time to buy some of the finer Big Island Properties.  Sellers present some of the best properties to the Real Estate market at this time of year in anticipation of the influx of snow birds..the kind that don’t fly in on their own wing power …the kind that had one too many winters without a tropical escape.  So it’s never a surprise to see a better caliber of Real Estate, in all categories, come on to the market during the holidays.

We had a large swell come in at the end of last week and another scheduled for Christmas Day.  The surfers are ecstatic!  Winter waves are here!! DSCF6561

While the big waves rolled in, this home was listed.  It has to be one of the nicest homes in Puako…built to the standards required by Resort covenants and restrictions that do not exist in Puako.  One of the attractions about Puako, as you know, is the freedom to conform only to your tastes in a home!  Yet you can see that the homes recently built or under construction are pretty substantial especially compared to the old fishing shacks originally built here.  There are still enough of these to retain the character that makes Puako….Puako.

The mauka  property that created so much excitement has yet to close.  The other new listings of recent weeks did not generate the stir the Chin property did…was it the over sized lot?  The price?  Probably both.   All those offers in less than a week on the market was unexpected by the seller. 

 There were two sales in the last week. This home just closed today after on the market 472 days.  It was originally listed in May of 2011 for $5,650,000.  After not selling, it retired from the market for a bit and a year or so later it reentered the market in August of 2012 at the list price of $4,895,000.  The final sales price is $4,450,000 which, when one compares value based on quality of elements and design,  validates the prices of the new makai home listings.  And, miracle of miracles, ( a miracle of the season?)the multi-parcel lot next to the Sullivan Estate finally sold after literally years on the market as a bank owned property.  Not sure that the flooding issues on that property from all directions; underneath (high water table), the ocean side when there is high tide or surf and the mauka side when it rains, were mitigated. 

 

The property formerly known as One Puako, now Puako Beach Lots plans to reconfigure back to the 7-smaller lots proposed as One Puako from the current 3-lot configuration.  Prices were lowered some.  High prices and subsequent lack of interest as evidenced by no sales proves that market value per square foot does not rise equally with size.  Could  be a great time to buy this property before the 7-lot reconfiguration is completed.  It is the perfect site for a family compound with the 3-lots ready to be built on.  My thoughts are that there could be a significant discount for a sale “as is” to one purchaser!

As always, call me to set up an appointment or to talk about any of these properties(or elsewhere on the Big Island or Oahu).  Hope you spend the next few days happily surrounded  by those you love enjoying the holiday season in whatever way you choose to celebrate.  Just be safe, have fun, stay healthy, stay happy and a hui hou! 

Big Island home prices up 7.9% in August, but condo prices slumped – Pacific Business News   Leave a comment

Big Island home prices up 7.9% in August, but condo prices slumped – Pacific Business News.

BIG ISLAND HOME PRICES UP

News like this is always great to hear.  Looking a little deeper we see that the home sale price average is up just about everywhere due to shrinking inventory and increasing demand.   Mauna Lani Resort and Puako had some very large sales in the month of August.  However, the diversity of the markets on the Big Island does not translate into an evenly distributed 8% increase.  Just as the nearly 11% slump in condo prices does not equate to  a decline in condo prices at Mauna Lani Resort, Waikoloa Beach Resort or Mauna Kea Resort.  There we are seeing prices creeping up, sometimes leaping, as inventory shrinks and prices naturally head north.  There are fewer distressed properties hitting the market and when they do, the rising of the market price floor brings these prices up as well.

MARKET HEATING UP

For the first time in years we are seeing very competitive markets.  Multiple are offers coming in and less discounting in all sectors of the market.  Kailua-Kona is the best example of this on the Big Island.  There FOR SALE inventory is almost half the amount of homes in escrow (pending sales).  We seem to be following the recent Statewide trend where homes that have been on the market as long as 18 months are now receiving multiple offers….bidding wars have returned.  The super low, and I mean SUPER LOW, interest rates may be the call to action!!  As the reality sinks in the the economy has been slowly recovering for years and is gaining momentum, fewer and fewer buyers are taking the wait and see approach.  They don’t want to be wishing next year that they bought this year.

Because statistics lump all of the Big Island together;  properties from Puna to Hualalai ResortKukio and all that lies in between, the rate of increase will be higher on the West Side and lower on the east side.  This being my second Big Island Real Estate Roller coaster ride, I feel pretty comfortable encouraging buyers to leap now on that property of their dreams.  Take advantage of these extraordinary low interest rates before the tide changes….rolling in with both higher prices  and higher rates.  Leap now while the water is warming up, before it’s hot enough to get burned!

Mauna Kea Resort and Mauna Lani Resort: Two New Home Listings

Last week I had the opportunity to visit two beautiful Big Island resort homes, one at the Mauna Lani Bay Resort and the other at the Mauna Kea Beach Resort.  Both resort settings along the ocean off the Kohala Coast are equally beautiful yet different enough to be preferred for their unique characteristics.  Homeowners of each resort will share why they prefer their home resort; why each suits their preferences, but all agree that both are truly wonderful places to call home.  In fact, one especially besotted homeowner expressed the feeling that so many of us share; how fortunate we are to call the Big Island of Hawaii home! Read the rest of this entry »

Love living on the Big Island

Here on the most beautiful Island on earth, life is always exciting. Weekend before last the skies starting to thunder and rain fell in Kohala. Now greeness reigns again

Decided to run from the rain to Volcano, OK, not really the right direction to run from the rain. So run into ….on March 5th the Volcano decided to rumble at Kamoamoa instead of Pu’u O’o. After a whole lot of shaking, not felt by moi, even though I was merely a few miles away, new fissures open up sending fountains of lava shooting into the air. The night skies were aglow Read the rest of this entry »