Deal: Puakea Bay Ranch Luxury Home for Sale (North Kohala) is NOT a Short Sale
Puakea home for sale (MLS# 230535) at about half of what the Sellers have into it in construction cost!
Imagine an almost-new 7,000 sq. ft. luxury home with 3,000 sq. ft. of lanai facing unobstructed ocean-sunset-Maui views which the sunny weather of the Kohala Coast allows you to enjoy daily.
Puakea Bay Ranch residence (MLS# 230535) Designed to Capture the Views
Price: $1,600,000 (-$600,000)
Price/sf: $231.21 (Puakea average price/sq. ft.: $503.73)
Over the past six months, a number of Hawaii Life buyers have been lucky enough to get their hands on “screaming deals” that were not short sales, thanks to diligent sleuthing and negotiation. Like the Kolea condo appraised in May 2009 for $1,700,000 and sold in November for $1,050,000. Or the house on the Hamakua Coast listed for $1,400,000 that sold for $600,000. This Puakea Bay Ranch residence, located just around the corner from Hawi in North Kohala on the Big Island, is that kind of opportunity.
The Sellers know that the number of visitors to Hawaii falls off this time of year, and real estate sales typically slow for a few months. They asked the question what level of price reduction it would take to get an offer in the next few weeks. We decided that with the only other houses at Puakea Bay Ranch for sale right now being an oceanfront estate listed at $13,750,000 (MLS# 232548) and a short sale listed at $1,850,000 (MLS# 218043), the best way to get the offer they are seeking is to reduce their asking price $600,000 to bring it under the short sale’s price.
The house also has 3,000 sq ft of garage so you have room for all the toys your 10 acre lot and pool might require. The back half could become a barn for the horses you keep on the property to ride the equestrian easements in this gated oceanfront equestrian community!
Just think—by the time a short sale negotiator is assigned, the buyer of this screaming deal could already be living the Hawaii Life in their new home!
A hui hou!
Beth Thoma Robinson, R(S), SFR
Direct: 808.443.4588
Email: beth@hawaiilife.com
Katie Minkus, R(B)
April 23, 2010
Do you think it’s just a coincidence that you received an offer on this property the same day you posted this blog? Hmmm… perhaps it’s a sign that the “screaming deals” and best inventory is very, very quickly disappearing from the market.
Katie Minkus, R(B)
April 23, 2010
Do you think it’s just a coincidence that you received an offer on this property the same day you posted this blog? Hmmm… perhaps it’s a sign that the “screaming deals” and best inventory is very, very quickly disappearing from the market.
Peter
April 25, 2010
Any one who purchases now will regret it; prices will continue to decline for many years.
Peter
April 25, 2010
Any one who purchases now will regret it; prices will continue to decline for many years.
Katie Minkus, R(B)
April 26, 2010
@Peter – that’s an interesting perspective, one that I think is too broad and sweeping of a statement and isn’t really applicable to our resort marketplace. The vast majority of buyers right now have been visiting the Big Island for 5, 10, 15 and 20 years with their families, and they recognize that for a resort community with limited inventory, these prices are as good as we’ve seen in a decade. To these buyers, it’s more important that they buy a property they really like and will enjoy for decades to come, rather than waiting around and hoping for further price reductions on inventory that frankly, will be inferior. We don’t have very many “cookie cutter” neighborhoods on the Big Island, and when a property you fall in love with is gone… it’s gone, and there’s not another one to take it’s place. For most of today’s buyers, they are buying for their own enjoyment and long-term appreciation, it doesn’t matter if prices continue to decrease for the next 10 years because they don’t plan to sell. In the meantime, they come to Hawaii and enjoy their vacation home year after year after year, while those hoping to save money on further price declines will spend that same money staying in hotels and eating at restaurants while they wait to buy…
Katie Minkus, R(B)
April 26, 2010
@Peter – that’s an interesting perspective, one that I think is too broad and sweeping of a statement and isn’t really applicable to our resort marketplace. The vast majority of buyers right now have been visiting the Big Island for 5, 10, 15 and 20 years with their families, and they recognize that for a resort community with limited inventory, these prices are as good as we’ve seen in a decade. To these buyers, it’s more important that they buy a property they really like and will enjoy for decades to come, rather than waiting around and hoping for further price reductions on inventory that frankly, will be inferior. We don’t have very many “cookie cutter” neighborhoods on the Big Island, and when a property you fall in love with is gone… it’s gone, and there’s not another one to take it’s place. For most of today’s buyers, they are buying for their own enjoyment and long-term appreciation, it doesn’t matter if prices continue to decrease for the next 10 years because they don’t plan to sell. In the meantime, they come to Hawaii and enjoy their vacation home year after year after year, while those hoping to save money on further price declines will spend that same money staying in hotels and eating at restaurants while they wait to buy…
Price Reduction: Kohala Ranch Home is a Best Buy in One of the Big Island’s Premier Gated Communities « Hawaii Real Estate Market
May 13, 2010
[…] big ocean views still commanded close to asking price. Inventory dropped so low that by the time my Puakea Bay Ranch sellers reduced their price by $600,000, buyers who had never thought about property that close to Hawi expanded their […]
Price Reduction: Kohala Ranch Home is a Best Buy in One of the Big Island’s Premier Gated Communities « Hawaii Real Estate Market
May 13, 2010
[…] big ocean views still commanded close to asking price. Inventory dropped so low that by the time my Puakea Bay Ranch sellers reduced their price by $600,000, buyers who had never thought about property that close to Hawi expanded their […]