With a limited inventory of Kohala Ranch residences for sale in 2021, more buyers have turned to the option of buying a vacant lot to build on at a future time. In 2020, the number of Kohala Ranch vacant land sales rose dramatically, with 32 lots changing hands in comparison with 18 sales in 2019. As of this date, there are already 40 completed transactions and another 10 lots in escrow.
Not surprisingly, prices are on the increase as well.
Kohala Ranch Lots – Selling Faster and For Higher Prices in 2021
Here are summary statistics on the 40 vacant lots sold at Kohala Ranch to date:
The 40 sales have pretty much eaten through all the stale inventory of lots that had been sitting on the market waiting for a buyer. Six lucky buyers purchased for under $200,000. What is most telling about this statistic shows up comparing these numbers with the lots currently in escrow. The average (median) price has risen from $258,000 to $399,000:
Kohala Ranch Developer Lots Coming to Market
Of the 13 lots currently on the market, almost half of them are owned by Kohala Ranch Development Corp, meaning they are changing hands for the first time since the Kohala Ranch subdivision was created.
The developer lots are located either in Meadows II (which has long been a favorite area of mine due to the temperate elevation, mountain views, and 5-acre size of the lots) or in the Heathers II, which are the smaller lots at the top of the lower Heathers section of Kohala Ranch, convenient to Kohala Coast resort amenities.
I represented two buyers in sales of these lots this year and they were smooth transactions.
The average price of active listings has jumped again, to $475,000, so buyers will want to rely on the advice of an agent familiar with the Kohala Ranch subdivision and the relative value in different lots for sale.