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September 2017

Found 3 blog entries for September 2017.

Flooding in Kailua Kona

Flooding in Kailua Kona

In the aftermath of the recent hurricanes and subsequent flooding that have crippled Texas, Florida, and the islands in the Atlantic Ocean, LUVA Real Estate wanted to give you an update on Hawaii’s flood insurance programs.

The amount Hawaii island residents pay for flood insurance could change when the Flood Insurance Rate Maps (FIRM) for the county take effect this fall.

Changes by the Federal Emergency Management Agency were made to better identify known flood risks. The new maps will be used for flood insurance, land use, development, and regulatory purposes.

In West Hawaii, the biggest flooding issue we experienced lately was the 2010 Japanese tsunami that flooded downtown Kailua Kona and damaged many homes

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Hurrican Iselle satellite mapIn the wake of the fierce hurricanes with tragic consequences that have beset Houston and Florida in recent days, we must note that in the Pacific Ocean, the hurricane season is not over until November 30th.. Hawaii Island has had it’s share of hurricane scares and hits.

In 1992, Hurricane Iniki sideswiped our island causing extensive damage along the Kona coast and just a few years ago, Hurricane Iselle hit the Eastern section of Hawaii island on August 2, 2014. Several airlines cancelled flights servicing the entire Hawaiian Island chain. Upon making landfall, Iselle brought torrential rainfall and caused strong winds which resulted in widespread power outages and downed trees. The storm caused heavy crop damage, estimated at $66 million (2014 USD,

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North Kona continues to be one of the most desirable places to live on the Big Island according to statistical data released by the Hawaii Multiple Listing Service for both August home sales and year-to-date data.

For single family home sales, North Kona saw median home prices increase from $685,000 in August of 2016 to $715,000 in August of 2017. Year to date, the amount of closed sales in North Kona rose by 13% from 321 closed sales to 363. South Kohala experienced a slight dip in closed home sales year to date and North Kohala saw a slight increase. South Kona saw a 36% increase year over year in closed sales, and a slight increase in median sales prices from $500,000 last August to $525,000 this August.

Vacant land prices in South Kona dropped

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