Best Buy: Unexpected luxury foreclosure at Maliu Ridge (Hawi)

Real Estate Agent with Hawaii Life Real Estate Brokers Big Island

Maliu Ridge foreclosure has an ocean view

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,



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