Home sale numbers continue strong in 2017 at Puako, the only Kohala Coast oceanfront community outside of the resorts, nestled between Mauna Lani Resort and Hapuna Beach. Although one now sees a number of contemporary homes along Puako Beach Drive, the community still maintains the look and feel of a slower era in which beach cottages were simple.
Classic oceanfront beach cottage in Puako, recently reduced asking price $2,750,000 (MLS 287934)
Strong Oceanfront Puako Sales 1st Half 2017
We all have heard the three most important things in real estate are location, location, and location. In laymanʻs terms, what this means is there will always be a market for a unique community like Puako… and the number of sales each year has stayed steady throughout the market cycle.
Five Puako homes have sold through July 2017, equal to the number of transactions for all of 2016, and a very typical number of sales in a given year. Although the most active season for real estate sales in Puako is the “resort high season” from Thanksgiving through Easter, typically we see at least one Puako home sold in the second half of the year.
How much do houses in Puako sell for?
The homes at Puako are arranged along both sides of the street that runs parallel to the ocean. Because it is flat terrain, that means that the oceanfront homes are right on the ocean… and the other side of the street typically has no ocean view from a single story home or the first floor of a two-story residence. Hence our “location premium” comes into play, with oceanfront pricing a multiple of what a home on the other side of the street sells for.
Successful Puako vacation rental across the street from the ocean, asking $2,300,000 (MLS 608206)
For example, currently a 4-bedroom home with 2,900 sq.ft. and a vacation rental track record is listed for $2,300,000 (MLS 608206) on the side of the street across from the ocean, while on the oceanfront, another successful vacation rental cottage with only 1 bedroom and 450 sq.ft. is listed for $2,750,000 (MLS 287934).
Newer oceanfront Puako home for sale, listed at $3,995,000 (MLS 609207)
A 3-bed, 2,520 sq.ft. Lucky Bennett-designed home on the oceanfront side of Puako Drive is listed for $3,995,000 (MLS 609207) and prices go up from there to the Honuala’i Estate (often referred to as the “Sullivan Estate”), listed by Hawaii Life and for sale for $23,000,000 (MLS 601393).
With 10 active listings of homes for sale in Puako, the buyer has choices. Since sales are slower in the second half of the year, itʻs the best time for a buyer to negotiate. Contact me if you would like to see get my opinion on the rest of the listings or see any of these homes.
A hui hou,
Beth Thoma Robinson R(B)