We had a relatively busy summer on the Big Island’s Kohala Coast â€” 7 sales total since June â€” 3 bare parcels, and 4 homes.
Will this listing â€” MLS#237796 â€” be the next estate to sell in Kohala Ranch Heathers?
Of the three parcels sold, two were in Kohala-by-the-Sea ($150k and $350k), and one was in Kohala Ranch ($150k). Clearly, prices are “all over the place” demonstrating the uncertainty of purchasing bare land in today’s market.
Four homes have sold since JuneÂ â€” all in Kohala Ranch, with three in the Heathers Section, and one at the Summit. Hawaii Life represented nearly 40% of these sales. The property at the Summit was a Hawaii Life listing â€” and a short sale â€” commandeered by the “Queen of Short Sales” Pam Deery, R(S). This incredible estate home sold for a mere $1,150,000.
Three gorgeous estate homes in the Heathers section of Kohala Ranch also changed hands. Sold prices were $1,230,000, $1,625,000 and $2,600,000, giving price per square footage of $506.80, $536.13 and $596.60, respectively. All three homes were on the market for well over 300 days. I have serious doubts that any of these estates could be replicated and rebuilt for under the price per square foot the savvy buyers paid.
There have still been no sales in Kohala Estates for just about a year, the last house sale in Kohala-by-the Sea was in April and the last house and land sale in Kohala Waterfront was in May. A few homes in these neighborhoods have gone to foreclosure and while we’ve been waiting for them to come onto the market as REO properties, now that many banks have stopped foreclosure proceedings in Hawaii â€”Â a judicial foreclosure state â€” who knows when they will be released to sell? It could be a few months, it could be next year…. A word to the wise when looking at buying property in the Kohala neighborhoods â€”Â inventory is not unlimited, so if you fall in love with something, it’s in your best interest to hire a Buyer’s Representative and move forward with your purchase before it’s gone, gone, gone!