Buying To Build – Paumalu Ranch
Sixth in a series
Buyers in the market for a “piece of paradise” are often surprised to find that vacant land, even very large “pieces,” is available and at prices that look like a bargain in comparison to what similar offerings would command elsewhere. In this “Buying to Build” series, Realtors will comment on listings ranging from multi-acre parcels in the country and on the coast to small lots in city neighborhoods…what they will have in common is that all will offer development potential.
Paumalu Ranch — 101 acres of pristine grassland on a plateau embraced by the forested foothills of the Koolau Mountains, a natural, tropical retreat overlooking the North Shore’s Sunset Beach and the blue Pacific to the horizon. This choice Ag-2 zoned acreage is an opportunity for a buyer with the passion and the resources to create a personal, private ranch estate.
The property will be made available to qualified bidders in a live, on-site auction conducted by New York City-based Concierge Auctions on Monday, March 25, starting at 11 a.m. (Hawaii time).
The owner, a local limited partnership, has split 118 acres into 5 parcels, of which 101 acres, consisting of 56-acre Lot B and 45-acre Lot C, will be auctioned individually and collectively.
Listing Realtor Julia Napua Fetzer of Hawaii Life Real Estate said Lot C, which is closest to the ocean, is currently listed at $5.9 million and will be sold to the highest bidder. Lot B, priced at $3.4 million, will be auctioned without reserve. Between now and the auction date, the property is being shown every day by the project manager or listing agent from 1 to 4 p.m. or by appointment.
“We encourage interested parties to make an appointment and we will escort them up to the Ranch,” Fetzer said. “However, for the auction, bidders will be required to register in advance, which can be done online at PaumaluRanchAuction.com or ConciergeAuctions.com. There are a number of disclosures and documents for both properties, which are accessible upon registration. Due diligence is done upfront prior to the auction. Bidders will be required to place a deposit in a local escrow account set up with Title Guaranty.
“This is a one-of-a-kind property, and we have been receiving inquiries both from Hawaii and out-of-state. Sunset Beach now has an international reputation as one of Hawaii’s most desirable beachfront communities, due in part to the exposure created by the sport of surfing and movie and TV productions.
“The cultivation of crops by small agricultural operations, including some newer residents interested in organic farming, has added another dimension to life on the North Shore. Existing farms are supplying produce to local stores, roadside stands, and restaurants, as well as farmers markets held at various locations such as Waialua Sugar Mill, Waimea Falls Park, Sunset Beach Elementary School, and Kahuku Farms.
“Paumalu Ranch lands could be utilized for farming as well as raising horses and cattle. A local rancher is currently pasturing and grazing their horses and cattle on the property.”
Fetzer pointed out that water and electricity are currently available, and the property can be reached by the paved Comsat Access Road, which connects to Kamehameha Highway. One residence within a 5,000 square foot footprint can be built on each lot, as well as ag-supportive structures.
“From ocean bluff lot C, one can overlook the coastline and valleys and have a ‘ringside seat’ for the surfing activity below. Right now you can observe whales breaching in deep water outside the reef. Lot B has ocean and valley views, as well as a Neighbor Island feel with its stands of mature trees and wild pheasants roaming. Gorgeous sunsets are a year-round spectacle.
“Restaurants and shopping are about a 25 minute drive on Kam Highway to either Haleiwa or Laie. The Turtle Bay Resort with all the facilities of a first class resort, including two 18 hole golf courses, can be reached in about 20 minutes.”
Fetzer noted that the Hawaii Life Real Estate Paumalu Ranch listing is not related to the Pupukea Paumalu Land Trust, which is west of the property and not contiguous.