North Kohala Land Sales 2022 – Niulii to Kaiholena

This 2022 real estate market report covers North Kohala land sales from Niulii to Kaiholena, meaning from east of Kapaau to west of Hawi and down the coast a bit but not including the lower North Kohala gated communities.

In my report on 2021 vacant land sales, I noted that whereas the Kohala residential real estate market frenzy began in 2020, the rush did not spill over into vacant land until 2021, as buyers who could not find a suitable home for sale switched to the idea of buying land to build. The market continued to be hot in 2022, but very much as in the residential real estate outlook, will be constrained by lack of inventory (supply of lots for sale) in 2023.

Current lot listings include three parcels at gated Ranch at Puakea, one of them direct oceanfront, all with ocean, Maui and sunset views.

Trend of Stronger Land Sales in North Kohala Continues from 2021 into 2022

There were 23 sales of vacant land in Kohala in 2022, compared with 27 sales of land in 2021, and 19 vacant lots sold in 2020.

• The lowest price paid was $150,000 for a residential lot in Niulii with the challenges and costs of clearing up an old foundation and clearing before the lot would be ready to build.
• The highest price paid could be looked at two ways. The highest price for a single parcel was the Countyʻs preservation purchase of an oceanfront property in the Hapuʻu to Kapanaia corridor for the appraised price of $2,496,000. However, four lots makai of Hawi, oceanfront and near-oceanfront, sold to a single buyer, for a total of 98.5 acres and a combined purchase price of $6,120,000.

In addition to the lowest price sale on a residential lot with challenges that affected the sales price, there were 5 additional lots sold. Prices were $230,000 for a lot in Hanaula Village, to $370,000 (above asking price) for a cleared 15,000 sq ft lot on Kynnersley Road.

Puakea Bay Ranch set a record for number of lots sold, five 10-acre lots in a narrow band of prices, $428,889 – $450,000.

Other notable sales of large acreage included 28.33 acres at elevation on Hall Road. This parcel sold in 2020 for $589,000. After it was cleared; fenced on three sides; a building pad, garage, and catchment water tank installed; and trees planted, it was sold in 2022 for $1,575,000.

Current Vacant Land Listings in Kohala

View from one of the oceanfront parcels in the 435-acre listing of agricultural land in North Kohala.

There are only 13 active listings of vacant land in Kohala at the start of 2023, with three properties in escrow. Two of the properties in escrow are conservation purchases. The third is a 13,937 sq ft residential lot with a tear-down house asking $399,000.

The active listings range from $415,000 for a 15,000 sq ft lot in Hawi, to three listings at Ranch at Puakea, one of which is a 24-acre oceanfront parcel listed for $3.9 million. The most expensive listing is $25 million for the 435 acres consisting of 10 contiguous parcels, of which three are direct oceanfront.

With half of the available land listings in the leeward side gated communities of Puakea Bay Ranch, Ranch at Puakea, and Kaiholena, finding a reasonably priced residential lot or a parcel to farm or keep horses or livestock is becoming increasingly difficult. There is a good chance that vacant land sales will slow in 2023, but without a noticeable affect on prices, much as I predict for residential real estate.