Demand For Luxury Homes In Hawaii Surges As New Oceanfront Lots Hit The Market
Things are heating up on the Kona Coast, particularly for those in the market for high-end real estate.
Hokuli’a, a private residential club community on the Big Island of Hawai’i, this week rolled out its latest offering of luxury homes: 20 premier oceanside lots, each offering sweeping views and direct access to roughly three miles of shoreline.
The new estate lots hit the market as an influx of new buyers continue to make their way into the Hawai’i housing market. Long considered a second-home market, Hawai’i’s combined luxury property sales (homes selling for greater than $3 million) grew by 26.25% in volume last year, from $1.54 billion in 2019 to $1.95 billion in 2020, according to top real estate brokerage Hawai’i Life.
Developed by SunChase Holdings, the oceanfront lots are sized from one to two acres and can be fully customized island’s unique landscape. Each property takes advantage of Hokuli‘a’s sloping topography that rises gently from sea level to around 1,250 feet and allows for panoramic views of the ocean and nearby Mauna Loa volcano. Prices start at $4.25 million and run upwards of $7.5 million.
Carrie Nicholson of Hawai‘i Life, the exclusive listing agent for Hokuli‘a, said the 1,260-acre resort community is a departure from other, often densely populated resort bubbles on the island.
“Hokuli‘a is a special place with a great sense of community, and the central Kona Coast location encourages exploration of all that Hawai‘i Island offers,” Nicholson said. “The expansive lot sizes coupled with unmatched amenities and effortless, sustainable living puts Hokuli‘a in a class all its own.”
Shaped as a tropical oasis, Hokuli‘a features a shoreline park, on-site hiking trails and platforms for taking in the scenery. In addition to access to a Jack Nicklaus signature golf course, community amenities include a private clubhouse, a wellness pavilion, a fitness center and multiple sports courts. Also on the grounds is the ocean-facing Pavilion Restaurant.
Hawai’i residential property sales skyrocketed last year during the pandemic, with competitive bidding and all-cash transactions being a common theme, particularly in the luxury segment.
The Big Island, alone, accounted for more than 100 luxury transactions totalling $585.9 million in 2020, outpacing the previous year by almost 60% ($219.6 million), according to Hawai’i Life. Of those 100-plus sales, there were seven sales of $10 million or more on Hawai’i Island, including a beachfront Kūki‘o Resort property that went for a year-high $37 million.
“No matter where they came from, affluent buyers are looking for private getaways to spend time with family, where they could successfully and conveniently stay home, work remotely, and enroll their children in distance learning programs here in Hawai‘i — and elsewhere,” said Matt Beall, founder of Hawai’i Life, in the company’s 2020 market report.
Hawai’i Life is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.