Price Reduction: Kohala Ranch Home is a Best Buy in One of the Big Island’s Premier Gated Communities
Yesterday brought a $575,000 price reduction on a special home for sale located on a stunning large acreage in the Summit.
Big Price Reduction on Kohala Ranch Summit Estate
Price: $1.25M (-$545,000)
The first quarter of this year saw a very active market in residential properties in Kohala Ranch and other gated communities along the Kohala Coast on the Big Island’s sunny west side. Surprisingly few of the sales were distressed properties (short sales or foreclosures). Buyers felt prices were good, but the best properties with premium location and big ocean views still commanded close to asking price.
Inventory dropped so low that by the time my Puakea Bay Ranch sellers reduced their price by $600,000, buyers who had never thought about property that close to Hawi expanded their search. Of course, there were two buyers ready to make offers within the first 24 hours, especially in view of the limited inventory on the market, so that best buy is happily on its way to closing.
If you are looking for a similar opportunity, but have never considered the higher elevations of Kohala Ranch in your real estate search, now might be the time to expand your search. At only $1,250,000, this home offers 3 bedrooms, 3 bathrooms, an over 3,200 sq. ft. interior, and a large covered lanai from which to enjoy the ocean and mountain views across your 11 acres. There is a bit of a southwestern feel to the home with its stucco exterior and gentle curves—perhaps a touch of artistic Santa Fe or Taos. It would be an easy second home or future retirement spot.
The biggest objection to the Summit is usually that it is “too cold”…and it is true that in the winter you will enjoy evenings by the fireplace of this home. It also means that, in the summer, you will be comfortable without air conditioning. If you are looking for a horse property, the upper Summit is the only area within Kohala Ranch with natural rainfall sufficient to support the free-range horse herd, and the lot sizes begin around 10 acres, which is why this is the only part of the Ranch where you will find homes with barns and equestrian facilities. If you plan to work in Waimea (Kamuela)…or even just enjoy the fine restaurants (Merriman’s!) and performances at the Kahilu Theater, from the upper gate of Kohala Ranch you are only 10 miles from town.
This is a short sale opportunity, so patience will be required while the offer is submitted for lender approval. But for the patient buyer, the wait will be worth it!
A hui hou,
Beth Thoma Robinson, R(S)