2009 year-end results for Puako Beach, show that neighborhood sales are looking positive! Out of the six properties sold in 2009, 4 were mauka side and 2 on the makai (oceanfront) side of the road. Compared to 2008’s two properties sold - 1 mauka, 1 makai, and 2007's  8 properties  - 2 mauka and 6 makai, I would say it looks as if Puako beach has come through the economic crisis intact, and is on the upswing again.

It appears possible we’ve hit the “bottom” of pricing in Puako, at least on the mauka side of the street.  The lowest-priced mauka sale since #35 sold in April, 2003 for $499k*, lot #27 went for $500k in May, and comparable sold property prices indicate an increase in value since then. This is good news for the “desirability” of Puako in general.

As for the makai side of the street, two sales hardly indicate a trend, compounded by the fact that they were entirely different sorts of properties. #56, a 972 sqft, 3/2 traditional puako beach cottage was sold by Pattie Freeman of Hawaii Vacation Rentals, for $2,650,000 in May. The second sale was two side by side oceanfront properties lots which sold together for $6.5M in August. The architecturally significant luxury home on lot 20 has a lap pool and gym, while lot #18, next door, was designed to operate as the “yard” for #20.

MLS#218052, asking $2,500,000

Currently on the market for $2.5M is a 751sqft, 1/1 traditional beach cottage which has been making me wonder if we’ve yet seen the “bottom” of pricing on the makai side of the street? On the other hand, oceanfront choices are few and far between in Puako, with only two other homes on the market today, and one oceanfront home offering a "half share" - #10. I currently have three clients who want to buy on the makai side of Puako right now, but nothing available suits their needs. It’s an interesting position to be in during this “buyer’s market.”

To see all the properties currently on the market in Puako Beach, please see the gallery I’ve created: www.puakoproperties.com. Or email me katie@hawaiilife.com and I’ll send you a brochure.

*In the interest of full disclosure, I am the owner of #35 Puako.