Lava HOT Land Sales on the Big Island Being Driven By Low Residential Inventory?
Ask Big Island REALTOR(S) and many will tell you that interest in land is hot, and land sales are picking up!
A Sandy Beach in Puako: Land with small cottages, like 32 Puako (MLS 250738) on the makai (oceanfront) side of Puako Beach, get snatched up and built on quickly.
Sunny Kohala: prices this year have been as low as $60K. One of my favorite pieces of land in Waikoloa Village (MLS 249174) sits on a bluff with killer ocean views!
What’s Driving Land Sales?
First of all, you’ll find plenty of variety, choice and amazing values on the Big Island; an island large enough to fit all the other islands inside of it, twice, with room left over.
Another factor affecting interest in land is the depletion of residential inventory in desirable neighborhoods at certain price points. This limits buyer’s choices, and has them considering building rather than buying an already built home. This plays into the buyer’s favor who will get exactly what they want when they build the home themselves.
Right now, it looks like we are on track to exceed the $136M+ volume for Big Island land sales in 2011. The $32M+ currently in escrow will likely bring end of June total land sales to approximately $90M. Which means by mid-year 2012, Big Island land sales should be roughly 16% ahead of last year.
Watch whales breach in season off the coast at Kohala Waterfront oceanfront community.
Once the inventory in this market is gone, will we ever see these prices again in our lifetime? That’s a tough question, but if you’re looking to buy in paradise and haven’t found the perfect home, then check out our amazing land values and let your dreams begin!