The Keupuka Lands in South Kona are set to be auctioned off and the starting bid is nearly 80% off what the previously traded price was on them. I saw the following online and I had to ask a realtor friend if there was some news to this that I wasn’t seeing and he said “Welcome to 2012, where reality is tough to swallow“.
If I had a lot of money… I’d try to sink my hands into a 660 acre lot for $5 million.
…While not as dramatic a decrease, a similar parcel in Hawaii is singing a similar tune—660 acres, previously at purchased for $26 million, now listed at $5 million.
That particular development parcel is in South Kona, HI—a site known as Keupuka Lands. The parcel will be auctioned by New York City-based Racebrook Marketing Concepts, and its auction affiliate Sheldon Good & Co. Racebrook tells GlobeSt.com that Pacific Star is the owner of the property. GlobeSt.com learns that in 1990, some of the principals behind Pacific Star purchased the land from a private party, however, reasons for selling at this time could not be disclosed by deadline.
Zoned for more than 100 five-acre lots, Keopuka is an opportunity for a developer, investor or private buyer seeking to acquire prime land at an incredible discount to market value, according to Racebrook Marketing. Previously traded for $26 million, Keopuka will be offered via sealed-bid auction with an opening bid set at $5 million…
Full article here: Another Huge Land Parcel to Go for Major Discount