For over a decade I have blogged about sales of vacant land in North Kohala near the towns of Hawi and Kapaʻau. Although the rush of home sales was well underway in 2020, the feeding frenzy had not yet hit vacant land, in terms of numbers of sales or prices. In 2020, land sales figures were similar to 2019 and 2018.
That changed dramatically in 2021. There were 27 sales of land in Kohala last year, up from 19 vacant lots sold in 2020. Typical buyers are looking to build a home in the near term, given the lack of residential real estate for sale.
Lack of Residential Real Estate for Sale Drives Stronger Land Sales in North Kohala
The most affordable prices continue to be the $200,000 range for 10,000 sq ft lots in Hanaula Village. These also remain an option for local buyers, with seller financing available.
The gated subdivisions like Puʻuepa Ranch, Puakea Bay Ranch, and Ranch at Puakea all had multiple lot sales in 2021, but at prices similar to previous years.
Large Agricultural Parcels Continue to Sell in Kohala
There were notable sales of large agriculturally zoned parcels in Kohala as well.
Two of the Halawa parcels that had belonged to Inhabit Hawaii, where Vipassana Hawaii once had a special permit for a retreat center, have been sold again. The special permit has lapsed, meaning these parcels now have individual owners planning only residential and agricultural activities.
The parcels owned by Parker Ranch on Hoea Road, a total of over 455 acres, also sold in 2021, and will continue to be used for agricultural purposes.
The 93 acres including the bay at Kapanaiʻa and a portion of Kapalama Heiau was acquired by the Countyʻs PONC (open space) fund for $2.9 million. This accomplishment follows the priority of the North Kohala Community Development Plan for protecting important shorelines.
North Kohala Vacant Agricultural and Oceanfront Land for Sale – January 2022
There are only a dozen vacant land listings from Niuliʻi to Ranch at Puakea, and of these five are oceanfront listings at prices ranging from $1,950,000 to $3,999,000. There is also a significant large acreage oceanfront listing that has not yet been publicly released, but is priced at $25 million. Contact me if you are interested in details.