It’s been a while since I’ve written about Maliu Ridge, the ungated subdivision just up the hill from the town of Hawi in North Kohala. If you saw my episode on last season’s Hawaii Life HGTV show, the house with the “oh wow” sunset, ocean, and Maui views was in Maliu Ridge.
Just to recap, lots are at least an acre in size in Maliu Ridge. Roads are paved, utilities underground, and while there are modest CC&Rs, there is no longer a HOA, a design review committee, or monthly dues. There are usually both a few existing homes and a few of the remaining vacant lots listed for sale at any given time.
Homes in Maliu Ridge II face West for “ball drop” sunset views
Vacant Land Sales Hot Again
Vacant lots at Maliu Ridge sold throughout the bottom of the market cycle, and several of the recently sold lots have new homes under construction. Earlier this year, two lots of a little over an acre each sold for $259,900 and $260,000 to different buyers. I released a new listing of similar size on the same cul-de-sac, but with more expansive ocean views for $280,000 just last week. It is already in escrow after a bidding war!
Clear out the ironwoods to open up ocean views from this Maliu Ridge lot (MLS# 261804)
A 3.25-acre lot with similar views listed for $449,003 is also showing contingent. That leaves only one vacant land parcel on the market at Maliu Ridge at the moment, a 2.78 acre parcel listed for $449,000. That particular lot has a different orientation and is overgrown, so the MLS photos don’t do justice to the ocean view potential.
Three Maliu Ridge Homes with Million Dollar Ocean Views
There are currently three residences listed for sale in Maliu Ridge. Two of the three are Hawaii Life listings. Prices range from $1,050,000 to $1,200,000.
The first listing, offered for $1,050,000 (MLS# 273452) is a 3,042 sq. ft. home built in 2005 with beautiful finishes and lots of “bells and whistles” like electric fireplaces for cool evenings and remote-controlled shades on the large lanai for sunny afternoons. The lot of 1.77 acres is landscaped with flowering and fruit trees.
Tiete rosewood flooring, custom mango cabinetry, imported electric fireplaces…and ocean views
At the top of the range, a Maliu Ridge home with a separate apartment or master suite attached to the main home by a breezeway is offered for $1,200,000 (MLS# 256438). This home sits on a generous 2.4 acres, fully fenced.
Vaulted ceilings and picture windows showcase the ocean views form this Hawi home on acreage
In the middle is the latest listing of the home that appeared on the HGTV show, currently asking $1,150,000 (MLS# 274970). This home should appeal to a buyer who needs unfinished interior space to build out to their own unique requirements…additional bedrooms, office, or man cave. The entire lower level is ready to be finished to order.
Main living space is on the middle level with an additional loft and deck and semi-finished space below
Back to my HGTV episode, in which the buyer’s dilemma was “Buy versus Build.” Looking at the prices of vacant land sales in Maliu Ridge and the listing prices of these homes, a quick analysis suggests that the market between raw land and home values is pretty much in equilibrium, with home prices somewhere around replacement cost at current land prices.
A hui hou,
Beth Thoma Robinson, R(B)