Poipu property sold for $13,000,000 and a BIG mushroom
Top news of the day for Kauai real estate was the sale of 21.45 acres of vacant, resort designated, Poipu land. The "Royal Palms" property, located in the heart of Poipu, was purchased from Kiahuna Fund LLC/etal for $13,000,000 this morning. The new buyers were represented by Yamanake Enterprises Inc. realtors from Hilo, Hawaii.
The "Royal Palms" property was one of approximately a dozen Poipu projects that had high hopes of profitting from the Kauai resort market. Per various "Royal Palms" press releases back in 2006 and 2007, the developers intended to build 164 units of 1,2,3 bedroom condos and intended to sell them for $600,000 to $1,300,000 a unit. However, that was not to be, and the property was left undeveloped since 2007.
The property is located mauka of the Poipu Shopping Village center and is located next to the Kiahuna Golf Course. So what does this say about the Poipu market? Curious minds want to know :)
On the lighter side of life in Poipu....how's this BIG mushroom found growing on the Kihuna Golf Course?