$7.4 Million Price Reduction on Oceanfront Puako Beach Land for Sale
It’s time to Land Bank in Puako Beach!
Originally listed for $12.9M, this 6.76 acres of oceanfront land in Puako is now asking only $5.495M!!
Original List Price: $12,900,000 List Price: $5,495,000 (-$7,405,000)
Imagine… 6+ acres of land—oceanfront in Puako Beach, one of the Big Island’s most premier, upscale communities. There are so many possibilities in terms of developing this land. Proceed with the original developer’s dream of a luxury, gated community of 8 properties, split into two or three parcels, or better yet, build one of the most prestigious, ultimate luxury estate homes on the entire Kohala Coast! With no CC&R’s, there is only County building codes for restrictions – this oceanfront parcel simply cannot be beat!
Yes, Santa Claus, this is a short sale, but the bank has agreed to this price already, so it should be smooth and a fast closing (if there is such a thing in the short sale world…)
For more information on this incredible opportunity to own a unique piece of Big Island ‘aina, truly a piece of Hawaiian history, contact me today.
Wow…Unbelievable asking price! Compare this to the 16,284 SF oceanfront parcel less than 7 months ago. That was $1.85M for approx .37 acre which equals approx 5M per acre. This bargain at 6.76 acres x $5M would translate to $33.77 Million! Someone is going to score big time if they get this deal in Puako for less than $813K per acre!!!!! Plus…who doesn’t love Puako oceanfront!??
Aloha nice information Katie. Magical Puako….I moved to Puako in 1971. My 3 kids were born there starting 1980 & it was a special place to raise them. Where this photo was taken was nick named ‘sweet water bay’. This point of land isnamed Waima ( son’s middle name who now named my grandson that) We had an oceanfront cottage and my kids enjoyed the ocean all day long starting on the day I gave birth, yep, they got plopped into the water there…..my daughter, Meleana, said I should write a book because that place is so special! That magical place and time. Yep, I know this place like the back of my hand….thanks for sharing!
As far as I know, there are actually two separate TMKs with a water meter for each already. The second TMK is a pizza slice-shaped tiny parcel mauka of the road, literally across the street from the oceanfront parcel. The developers had struck a deal with the county to give that area of land back to the county, in exchange for a third water meter, and retaining the second TMK number and water meter. The key here is access to water meters, and the developers apparently had a deal worked out with the county, but since they never obtained final subdivision approval for 8 lots, it’s hard to say whether that was reality, or a pipe dream.
Assuming the land swap for water meter is still in play, theoretically it wouldn’t be difficult to subdivide into three 2+ acre parcels, which is still an amazing size for land in Puako, given that most homes sit on about 15,000 sqft. However, most people I’ve shown the property to, and those of us who really love Puako believe that the highest and best use of this land would be either one or two parcels at most, keep ‘em large and create an ultimate luxury estate rivaling the most exclusive estates on the islands.
that must be one of the biggest price reductions in the history of Hawaii real estate! That is some serious ocean frontage for only $5mil. It wouldn’t buy you even a quarter of that here on Oahu.
@Dano – surely you have a client on Maui who’s itching to get some primo oceanfront property at a fraction of what it would cost over there… gorgeous morning, BTW – I can see Haleakela from Puako… wave, Dano! :)
[...] on the sunny Kohala Coast, brings nearly perfect weather, whales, surf—and an exciting sale! One Puako sold on November 30th, for $5.6M—over asking price by just under [...]
[...] hands in Puako—the exact same number as 2009—5 homes and 1 bare parcel of oceanfront land (Puako One sold for $5.6M on Nov. 30th). Of the five homes, four were oceanfront—and conveyed from a low of $1.8M for a [...]
HAWAI'I LIFE
Wow…Unbelievable asking price! Compare this to the 16,284 SF oceanfront parcel less than 7 months ago. That was $1.85M for approx .37 acre which equals approx 5M per acre. This bargain at 6.76 acres x $5M would translate to $33.77 Million! Someone is going to score big time if they get this deal in Puako for less than $813K per acre!!!!! Plus…who doesn’t love Puako oceanfront!??
Aloha nice information Katie. Magical Puako….I moved to Puako in 1971. My 3 kids were born there starting 1980 & it was a special place to raise them. Where this photo was taken was nick named ‘sweet water bay’. This point of land isnamed Waima ( son’s middle name who now named my grandson that) We had an oceanfront cottage and my kids enjoyed the ocean all day long starting on the day I gave birth, yep, they got plopped into the water there…..my daughter, Meleana, said I should write a book because that place is so special! That magical place and time. Yep, I know this place like the back of my hand….thanks for sharing!
I love Heidi’s story, that deserves a blog post of its own if not a book!
Katie, can you explain the water meter situation with this parcel and how that would affect subdivision possibilities?
Yikes, subdivision? That is an estate!
As far as I know, there are actually two separate TMKs with a water meter for each already. The second TMK is a pizza slice-shaped tiny parcel mauka of the road, literally across the street from the oceanfront parcel. The developers had struck a deal with the county to give that area of land back to the county, in exchange for a third water meter, and retaining the second TMK number and water meter. The key here is access to water meters, and the developers apparently had a deal worked out with the county, but since they never obtained final subdivision approval for 8 lots, it’s hard to say whether that was reality, or a pipe dream.
Assuming the land swap for water meter is still in play, theoretically it wouldn’t be difficult to subdivide into three 2+ acre parcels, which is still an amazing size for land in Puako, given that most homes sit on about 15,000 sqft. However, most people I’ve shown the property to, and those of us who really love Puako believe that the highest and best use of this land would be either one or two parcels at most, keep ‘em large and create an ultimate luxury estate rivaling the most exclusive estates on the islands.
that must be one of the biggest price reductions in the history of Hawaii real estate! That is some serious ocean frontage for only $5mil. It wouldn’t buy you even a quarter of that here on Oahu.
What a great value! I love Puako
@Dano – surely you have a client on Maui who’s itching to get some primo oceanfront property at a fraction of what it would cost over there… gorgeous morning, BTW – I can see Haleakela from Puako… wave, Dano! :)