A massive sale of homes in Kauai has led to a frenzy of interest in the property, which could be worth hundreds of millions of dollars, with real estate experts predicting the market will be “totally flooded.”
The sale of the two-and-a-half-acre parcel in Maui County’s Kona Valley is one of the largest of its kind in the world, according to the real estate website Zillow.
It’s the largest sale in the history of Hawaii, surpassing the sale of a five-acre piece of land in Honolulu that sold for $10 million.
In 2016, the Kona parcel was purchased by a developer for a reported $30 million, according a report from CNN.
The property has attracted a slew of developers who are interested in the properties, which were bought by a local real estate firm in 2014 for $1.5 million.
The property was purchased in 2015 by the Kauai-based property company for $2.5 billion, according the Kaua’i Star-Advertiser.
Since its sale, Kona real estate is booming, with more than 200 transactions expected this year.
“We’re seeing a lot of activity, a lot more transactions than we’ve seen in the past, and the market is completely flooded,” Kauai realtor and real estate agent Jason St. John told CNN.
“We’ve seen over 1,000 people on our phone list this week, and we’re seeing the same thing happening over and over again.”
The sale, which comes after another property sale in Mauki County’s Kauai, netted a whopping $18 million.
That deal netted more than $1 million in fees and tax, but did not include the value of the homes that went up for sale.
Kauai County District Attorney Mark Fortunato said that the Kauae real estate company, Kailua Kauaipa Real Estate, sold the property because it “had to make money,” but the realtor’s office is confident that the market “will be totally flooded.”
“This is a very unique piece of real estate,” said St. Johns.
“It’s one of those pieces of property that has a history of being used for many years.”
The buyer was the property developer, Kauai-Kona Real Estate.
In 2016, it sold a property for $5.6 million in Kailaipahoa for $6.5 and $8.2 million in Mauili for $11 million.
The sale also included a home for $7.7 million in the Kailai Valley for $8 million.
And last year, the property was sold to a private developer for $9 million.
But the most recent sale, for $3.9 million, came after another Kailau property sold for over $6 million.
In 2017, the realty firm sold a home on the same parcel for $4.7 billion.
The sales come as the Kauakapalooza event, which was originally scheduled for October 27, was canceled for several days due to the deadly earthquakes in Nepal and India.
This story has been updated with information from the realtors office.