After a record-breaking year, Hawaii’s luxury real estate market has kicked off the second quarter with yet another record—a $33.75-million deal for an oceanfront property on the Island of Hawaii. That’s the most ever paid for a residential pad in the state, according to real estate sources familiar with the deal.
Located in the new luxury residential community of Kaupulehu, the consolidated parcel identified as Lot 1A was listed with top-producing agent Carrie Nicholson of Hawai’i Life. The property measures a little more than 3.6 acres and directly faces the oceanfront.
A long driveway leads to the flat pad at Lot 1A, which sold for a record $33.75 million.
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While still a sizable plot in its own right, Lot 1A’s acreage is a mere fraction compared to the previous record-holder for a Hawai’i Island vacant lot. The previous record was set in 2006 when a 129.13-acre parcel in Kailua-Kona sold for $30 million. The massive piece of Kailua-Kona land went on to house the second-highest residential home sale in the whole state, a $43 million estate sold in July of last year.
But size isn’t everything in real estate, and the Kaupulehu parcel’s premier oceanfront location, resort-style perks and pedigree designs explain its significant price tag.
The property at 72-111 Pahinahina Place hit the market in February for $35 million.
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Included with the lot are architectural building plans by renowned architect Paul McClean. Renderings visualize a sleek, single-story modern estate with 18,590 square feet of interior living space and 29,235 square feet under roof.
The historic sale recorded during Phase 1 of construction for Kaupulehu. Plans for the upscale community include roughly 80 lots, less than 20 of which will be located on the water.
In Hawaii, home sales of $10 million or more continue to skyrocket, according to leading brokerage … [+]
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Amenities for residents will include a private beach with a dining lanai, bar area and swimming pool, access to multiple entertaining spaces and proximity to a myriad of resorts and golf clubs, such as the Kukio Golf and Beach Club, Four Seasons Hualalai Resort and Kona Village.
According to Hawai’i Life’s 2021 luxury market report, last year saw a number of similar sales that made for a record-breaking year, totaling more than $460 million across Hawai’i Island.
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.