Located at 4842 Lawai Road in an IRS-designated Opportunity Zone and designed to overlook the iconic surf breaks of South Shore Kauai, this custom two-story home features 2,788 sq ft of indoor-outdoor oceanfront living and is currently offered for sale at $3,500,000.
Open the windows and let the sound of the surf and the cool trade winds take you back in time when oceanfront living was easy and breezy. The property’s expansive lawn and palm trees create its casual vibe. All that’s needed is a hammock strung up between two of the property’s ocean side coconut trees.
The living and dining area, kitchen, and the master suite are situated on the first floor of the home, and have direct access to its 800 sq ft wrap-around oceanfront deck, lawn, and in-ground tiled whirlpool spa.
All three bedrooms feature an ensuite bathroom with artistic, tropical-themed custom tile work throughout. There are two oceanfront bedroom and bath suites on the second floor of the home, as well as a sitting area with breathtaking mountain views.
The mature Areca Palm hedge and detached two-car garage create additional privacy for this Hawaiian plantation-style home. The seller’s part-time residence for nearly two decades, the property is currently vacant with no lease or future bookings to honor. Priced to sell quickly, the property is currently the best priced oceanfront home on the Poipu Kauai market, and its buyer will surely enjoy the upcoming sunset and humpback whale season while Hawaiian sea turtles play on its shore year-round.
Located in a Designated IRS Opportunity Zone, this property may be the best Opportunity Zone property purchase on the Kauai market. (MLS 631700)
The IRS Opportunity Zone Substantial Improvement Rule
It is my understanding substantial improvement to the Opportunity Zone property during the 30 months after purchase, is required under the 2017 legislation. The dollar amount of the substantial improvement will be determined by placing a value to the land and a value to the building on the OZ property. One may easily conclude, in certain cases, that the value given to Kauai oceanfront land is the significant portion of the purchase price, based on historical real estate data. Therefore the required substantial improvement may be determined to be significantly lower with these special Opportunity Fund purchases. And, it is my understanding the Opportunity Zone rules will be applied on a case by case basis.
As always, check with your tax specialist.
4842 Lawai Road Poipu Kauai residence is near The Shops at Kukui’ula and features stunning winter sunsets