A developer has purchased 6.6 acres at Hualalai Resort where he plans to build ultra-luxury homes with prices starting at $5 million.
Developer Ron Johnson, who already owns five parcels at the Resort, purchased the 6.6-acre parcel for $9 million and will need to invest up to $5 million in improvements, said Pat Fitzgerald, CEO of Hualalai Resort, in a Pacific Business News report.
Johnson plans to build 21 homes between 3,500 square feet and 6,000 square feet and priced from $5 million to $9 million, said PBN. Sales are expected to begin in late 2014 with Hualalai Realty as the listing agent.
Total residential sales at Hualalai Resort so far have topped $101 million in 2014, fueled by rising demand for luxury resort homes, the travel Web site Skift.com reported. The average home price was $9.7 million, a $2 million increase over the average price of $7.7 million in 2013.
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