An upcoming virtual auction for 34 acres of some of Hawaii’s most desirable land has been announced for this coming September.
Situated on Kauai’s North Shore, this lush expanse is a rare development opportunity in a state known for highly-coveted land, elements reflected in the property’s $50-million asking price.
The sale will come at an interesting time in Hawaii real estate as prices are on the rise and available housing is dwindling.
Top-producing agent Neal Norman of Hawaii Life holds the listing for the property and expanded on the historic price surge in a recent blog post. “No matter how you parse this data, Kauai’s real estate market is on a historic rise,” Norman wrote. “The structural features of Kauai’s surge, such as long-term supply constraints and demand-side demographics, suggest that some of Kauai’s market segments may be resilient to the inevitable market contraction that will happen down the road.”
Located on the exclusive Kauapea Road—the same stretch where a 15-acre estate sold in 2018 for $46.1 million, marking the most expensive home ever sold in Hawaii—the property includes more than half a mile of oceanfront along the renowned “Secret Beach,” an apt name given the beach’s privacy.
While the majority of the acreage is undeveloped, two luxury cottages on the property having been in use as vacation rentals.
Combined zoning allows for six beach- and bluff-front home sites, as well as the existing cottages.
The property is currently listed for sale at $50 million, although this will not be the starting price as the auction has no reserve—meaning it will be sold regardless of price.
The auction will be conducted online in an entirely digital transaction process.