Situated near Hawaii's state capital of Hilo, Puna real estate tends to be remarkably more affordable than in other places in Hawaii making it one of the most popular areas on the big island. Where prices in Hilo tend to be approximately $200 per square foot as a rule of thumb, a lot of properties in the Puna area sell for less than half that rate and the views are frequently just as good.
Real estate in Puna varies greatly 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 want to be the beach-bum type. Whatever your needs are, there'll always be options available for you.
Bear in mind that houses tend to be smaller here than on the mainland; lots of homes are less than 1000 square feet in size. But in a tropical paradise, people hope to spend more time outdoors, so the size of the home is not always the most essential selling point. Other factors that weigh into 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 listed property even stated the fact that bananas are growing in the backyard.
There's more good news here: there are a couple of factors that make the prices of Puna real estate more affordable. One factor is that many existing homes are "fixer-uppers", which means you can land a great deal if you're willing to put a little sweat equity into the home. The second factor is the housing market crash. Currently, many home prices have been remarkably lessened for a quick sale - if you could catch one of these deals, then you're truly one of the lucky ones. At other times, you can even find a mid-size home that's newly remodeled - all at approximately the same price as the cabin mentioned above. Also, some of the newer builds are being sold unfinished for a fraction of the price of a finished home, again a likely effect of the crash. So if you are one who can jump on an opportunity, you're likely to find one here if you keep your eyes peeled.
Puna real estate in general is priced to sell a combined effect of a down economy and a population shift making it a wonderful place to look for a property on the big island.
Big Island Land Co Ltd
519 Manono Street, Hilo, HI 96720
(808) 935-6874
This article was added on Monday 04 January, 2010.
