Maliu Ridge, Hawi, luxury foreclosure has this incredible view and horse-ready pasture (MLS 243003)
In 2008, well past what most observers feel was the peak of the Hawaii (Big Island) real estate market, a lovely ocean view home at Maliu Ridge, the upscale subdivision above Hawi in North Kohala, sold for $1,275,000 setting a new record. My jaw dropped when this property hit the MLS a few days ago. I'm not sure whether I was more surprised at the $798,600 price or the fact that it had been foreclosed!
I hurried over and verified the property, unlike most foreclosures, is still in pristine condition. It is a perfect layout for someone who wants a right-sized home for retirement as the main house is only around 2,000 sq ft, and the 3 bedrooms and guest house are well separated to provide privacy for visiting family and friends...or for use as offices for the not-quite-retired.
Most Maliu Ridge lots are only a little over an acre, but the parcels on Kamalei, the last cul-de-sac, are larger. This home is on 3 acres and is already fenced for horses. Super as a horse property, because you can actually ride the quiet backroads right down to the town of Hawi if you want! (I've kept horses on a vacant lot across the street for the past three years, as a matter of fact.)
There are other homes for sale in Maliu Ridge and nearby Hawi neighborhoods at a lower price, but none with this combination of quality, lot size and view. Value? A year ago there was a closing of a nearby home together with the adjacent lot, a residence of 2882 sq ft, 2 bedrooms on a total of 3 acres for $1,200,000. Under $800,000 for the recently foreclosed property looks like a "best buy" to me!
A hui hou,
Beth
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