Old Pineapple Hut Property for Sale
They may be something of an eyesore at the moment, but these three adjoining Matson Point lots in Kaneohe are brimming with history. “The Matson family dug this little channel so they could pull their barges back in the channel and load them up with pineapples,” says listing agent John Stallings. “They’d then take the ship around the south side of the island and go to Dole Cannery in Iwilei. After the pineapple business tapered off, the property was turned into a tourist place.”
That tourist place was the old Pineapple Hut, a roadside stand that served food and sold kitschy Hawaiian knickknacks that closed down about 20 years ago. Since then, the structures have fallen into disrepair and the lots have become overgrown jungles, but the properties’ waterfront location—each lot has a 123rd interest in the canal—is the inherent value.
The 10,000-sq.-ft.-plus properties, which are currently listed for $400,000 each, have been on and off the market for a number of years and were at one time listed for as much as $800,000 apiece. “The family has owned the properties for 60 or 70 years,” says Stallings. “We gave them a huge, $200,000 reduction on each lot, and brought them back on the market.” Because the properties are zoned R-5, which allows for two houses to be built on each property, developer interest has been high. “The people who have been looking at it are two developers who are talking green projects using sustainable products, such as photovoltaic panels,” he says. “The thing is there’s no real new housing anywhere out there, so the demand for something like that would be pretty high.”
Money talk: The Matson Point properties are listed at $400,000 each.
Contact: John Stallings, Keller Williams Realty. 294-1794, firstname.lastname@example.org. www.oahusbesthomes.com.
Posted on Thursday, November 11, 2010 in Permalink