Puna Real Estate
Situated near Hawaii’s state capital of Hilo, Puna real estate tends to be considerably more affordable than in other places in Hawaii making it one of the fastest-growing areas on the big island. In Hilo, the normal real estate prices is around $200 per square foot, but in Puna, the same kind of property can be acquired at about half the price.
Real estate in Puna varies widely according to size and amenities. You can spend less than $100,000 for an old home or spend an extravagant half-a-million on an expansive 4000-square-foot home in the Hawaiian Paradise Park subdivision. Or you can spend $60,000 for a small one-room cabin set on an acre of land, if you like to be the beach-bum type. Whatever your needs are, there’ll always be options available for you.
Compared to the mainland, however, houses in Puna tend to be a lot smaller – averaging about 1000 square feet. But in a tropical paradise, people hope to spend more time outdoors, so the size of the home isn’t always the most essential selling point. Other factors that play a role in the perceived value of Puna real estate include the view (Puna is near the beach), the distance from the beach, and even what foliage and fruit grows on the property. One of the listed properties even stated the fact that bananas are growing in the backyard.
There are a couple of factors that are currently making prices more affordable here. One factor is that many existing homes are “fixer-uppers”, meaning, you can land a great deal if you are willing to put a little sweat equity into the home. The second factor is the housing market crash. At present, many home prices have been drastically reduced for a quick sale – if you could catch one of these deals, then you are truly one of the lucky ones. More often than not, you can even find a mid-size home, newly remodeled, for nearly the same price as the cabin mentioned above! In some situations, some newer homes are sold unfinished and for a reduced price. So if you are one who can jump on an opportunity, you’re likely to find one here if you keep your eyes peeled.
In conclusion, the prices of Puna real estate is just right – this is the effect of a down economy and a population shift.
Big Island Land Co Ltd
519 Manono Street, Hilo, HI 96720
(808) 935-6874
