Real estate sales activity at Puakea Bay Ranch, the sunset-facing gated community nearest to Hawi, North Kohala, has continued to be strong in 2022. With the sale of Lot 26 for $440,000, we have a total of 5 vacant land sales and two residential homes sold this year. There is only one home for sale and no lots for sale at present.
Puakea Bay Ranch Market Analysis – 2022 Versus Prior Years
For the past decades when I have been selling and writing about Puakea Bay Ranch, typically there was one vacant lot sale a year, and prices steady in the range of $325,000 – $350,000. There were no lots sold at all in 2018-2019 despite several being listed.
In 2020, only a single lot sold, but the residential market picked up significantly. The only direct oceanfront residence sold for $5.9 million, and two ocean view homes sold, for $1.7 million (1989 vintage in need of an update) and $2.8 million (newer, Lucky Bennett designed home).
In 2021, buyers continued to flock to North Kohala in search of larger homes on acreage with ocean and sunset views. As the inventory dwindled closer to the resorts, Puakea Bay Ranch saw three residential sales, as well as the sale of four 10-acre lots.
In 2022, the home sales volume has been limited by the number of listings — and yet there has been a shift. Two homes sold, including a true equestrian estate on a double lot for $3,660,000. But the other home sold in April for $2,300,000 is back on the market for $2,549,000 and, despite being the only property for sale at Puakea Bay Ranch, has been on the market for 75 days and counting.
The lot sales prices this year jumped from an average of $380,000 in 2021 (a slight increase from past years) to a range of $429,000 – 450,000.
Why Buy at Puakea Bay Ranch?
Puakea Bay Ranch could be a good choice if you are looking for:
- Small gated community with CC&Rs and architectural control over the design and quality of homes built (minimum of 4,000 sq ft but reach out if you want to see all the details)
- West-facing ocean views so you see year-round sunsets and whales breaching up close in season
- 10-acre lots and equestrian easements ringing the perimeter so bring your horses!
- Be a part of the vibrant local community in Kohala — or enjoy the privacy of your primary or second home retreat
Happy to keep you on a list for the next lot listing if you are interested. Just let me know!