Maliu Ridge is a subdivision of roughly 90 homes located up the hill from downtown Hawi in North Kohala. It is not gated, and although Maliu Ridge has CC&Rs, there is no association and no dues. Lot sizes range from 1-1/2 to 3 acres, and most (but not all) Maliu Ridge homes enjoy ocean views.
I have been listing and selling homes in Maliu Ridge for the past dozen years of so and tracked many of these properties through several owners as if they were beloved friends. There has always been an implicit location premium depending on whether the home is in Maliu Ridge II with primarily west-facing Maui and ocean views; Maliu Ridge I but with north-facing ocean views; and one of those homes that lack ocean view.
How Much is an Ocean View Worth in Maliu Ridge, Hawi?
Many of the owners in Maliu Ridge are long-time, full-time residents, and in a typical year only two or three homes might sell. Pricing remained remarkably consistent over the past five years. As a baseline, in 2018, prior to the pandemic buying boom, three ocean view homes sold at an average of $476/sq ft.
The pandemic boom of 2020 saw a total of six Maliu Ridge homes sold. Three had ocean views and three had none or very limited, which gives us a great data set. The median price per sq ft for non-view homes was $387; the median for ocean view homes was $478. That indicates roughly a 24% premium for view…and no change in the average price/sq ft from 2018.
Current Prices for Maliu Ridge Homes for Sale
Between 2020 and 2021, the average price of a Maliu Ridge home jumped to $556 — an increase of 16% which is crazy reasonable compared to the jump in prices for, say, a condo at the nearby Kohala Coast resorts. Four Maliu Ridge homes sold in 2021 at prices from $1,250,000 to $1,410,000 — compared with nearby Kohala Ranch where 2021 home prices levels averaged $2 million and $700/sq ft.
Where does that take us in 2022?
Year to date, Maliu Ridge has had four sales at an average of $727/sq ft and a price range of $1,292,000 to $1,500,000. Currently there is one home in escrow and three active listings priced from $1,195,000 to $1, 745,000. All of these homes are on about 1.5-acre lots.
Only one of the three active listings has an ocean view and it is similar in square footage to one of the other active listings. My listing, priced at $1,300,000 is at $699/sq ft, compared with the average of $727 for ocean view homes year to date. It is at only a 9% premium over the similarly sized home with no ocean view.
Call me for a run down on homes for sale at Maliu Ridge — or other homes on acreage in North Kohala.