Prospective buyers looking in the Hawi and Kapa’au area we call “Kohala” are often puzzled by the jump in prices from the little plantation-era cottages that today sell for $300,000 or less, to the $1 million and up range in communities like Maliu Ridge. There doesn’t seem to be much listed in the middle. That’s why I was so excited to see two great deals last week, one a price reduced short sale (MLS# 235163) and one a new REO—the technical term for “foreclosure” (MLS# 237400)—for under $500,000 !
DEAL: This home has 2,378 sq. ft. and a private cul-de-sac location near Kapa’au for $449,000.
I’m sorry I can’t show you a photo of the ocean view from the new REO that came on the market in the upscale Maliu Ridge neighborhood above Hawi. Maliu Ridge has underground utilities and street lights but despite technically having a homeowners association and modest CC&Rs, there are no dues. The photos showed the true condition of the house…pretty much in need of gutting but good bones…and some savvy buyer put in an offer faster than I could even get this blog written! [Another REO, a little house near town that had failed to sell for 3 years when the owners insisted on FSBO and never listed with an agent, also got offers and went into escrow seemingly overnight].
The good news is there is still one great deal left in this price point. The short sale is in a cul-de-sac of only a dozen homes near the shops, galleries and restaurants of Kapa’au town (tourists probably remember Kapa’au as the location of the original statue of Kamehameha the Great). Now priced at just $449,000 after a $50,000 price reduction, this looks like great value. The home is in move-in condition, has 3 bedrooms (possibly four if the buyer wanted to use the “exercise room” in the new wing as the bedroom it was intended), 3 bathrooms, a large deck, mature landscaping and contractor-solid construction. For perspective a home in this neighborhood of only 1,264 sq. ft. sold for $450,000 ($356/sq. ft.) in early 2009. Now that price buys 2,378 sq. ft.: only $188/sq. ft. for a better quality home!
A hui hou,
Beth Thoma Robinson, R(B)