Kohala Waterfront Auction Opportunity – Oceanfront Parcels For Sale
Which would you rather pay for an oceanfront lot in a gated community on the Big Island’s Kohala Coast (just a few miles north of the Mauna Kea Resort): $300,000 or $1,199,000?
Nothing between you and the breaching whales at Kohala Waterfront developer lot (MLS# 245082)
Kohala Waterfront is an oceanfront gated community with design standards to protect the architectural integrity of the community and building envelopes in place to protect ocean views. Although the homes need not be huge (minimum 2,500 sq. ft.), the CC&Rs will ensure that each one is a gem.
There are, at present, no homes for sale at Kohala Waterfront, but 12 lots are currently listed at prices ranging from $100,000 to $1,199,000. Three vacant parcels have sold so far this year at prices ranging from $350,000 to $645,000.
Oceanfront Parcels For Sale
Two of the oceanfront lots (and one large non-oceanfront) are being offered in the multi-property, multi-island auction November 26th (that’s the Saturday after Thanksgiving). Therefore, the prices of $300,000 and $500,000 are the opening bids, and there is a reserve price. However, I am 100% certain that the reserve price is less than the $1,199,000 competition. The median non-oceanfront listing price is in the mid $500,000’s. Hmmm…
For a contractor or developer looking for a spec home opportunity, these lots might be a fit. And with oceanfront parcels in the resorts priced in the $2 million range, buyers wanting to build a home at an all-in cost well below that price point will find Kohala Waterfront is the next small step away.
Two homes are presently under construction on lots bought by their owners some years ago (there being no time limit by which an owner of a vacant lot at Kohala Waterfront is required to begin construction). A gorgeous oceanfront home sold for $2,700,000 in 2009 and a smaller home closer to the road sold for $1,400,000 in 2010. This illustrates that there is always a premium for oceanfront property…except for the opportunity the savvy buyer might have right now!
If you are interested in learning more about how to bid at the auction, how to put in a preemptive bid, or to schedule a tour of Kohala Waterfront properties, feel free to contact me directly.
A hui hou
Beth Thoma Robinson, R(B)