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June 2018

Found 4 blog entries for June 2018.

Fireworks at Waikoloa Resort There are a few things you can expect in July in West Hawaii: The Kailua Kona 4th of July parade, the Rubber Duckie Race in Waikoloa, the Turtle Independence Day at the Mauna Lani, and the horse races and rodeo at Parker Ranch, all on the 4th of July! Later in the month, the Mango Festival celebrates one of Hawaii’s favorite fruits and is holding a benefit concert for the Puna lava evacuees and animals.   The days are longer, the ocean is warm, and there is plenty to see and do all over the island if you are visiting.

 LUVA Vacation Rentals also reminds you that we are busily booking vacation homes for Kona Ironman, coming up on October 13th, now. See what is still available on our website!

 

Here are some events to plan around:

 

What:

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One of the problems plaguing paradise is a lack of affordable housing in Hawaii. This is an issue impacting the entire state of Hawaii and it is playing havoc in Hawaii County, especially in Kailua Kona where 20 people vie for every one available rental, pushing housing costs up. The reason many full-time rental homes are not available? Because people have turned to Airbnb and VRBO to rent out their homes, removing the opportunity for a full-time resident to find a place to live. In residential neighborhoods throughout Hawaii, single-family homes are being used by groups of vacationers, bringing more vehicles to the streets and noise issues to the neighbors.

 

LUVA Real Estate understands our client's desires to purchase a home now, rent it

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The real estate market report for June incorporates statistics from the Hawaii Information Service statistics for homesthat went into escrow in April and closed in May, thus not containing information about the housing market after the lava eruption started on May 3.

With that said, however, anecdotal reports state that a few homes have fallen out of escrow from potential homebuyers who may have had second thoughts about living an active volcanic island. However, plenty of homes in all ranges of prices from Kona to Kohala and Waimea have continued to close escrow and these new homeowners eagerly await the opportunity to call Hawaii Island home.

 

May 2018  market snapshot:

 

In North Kona, year over year data for May showed that in 2017,

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A little over a month ago, if you had asked a homeowner on Hawaii Island with property in Lava Zone 1, how they felt about their investment, they may have told you that for the affordable cost of the land, it was worth the risk. Sadly, 30 days later with over 600 homes destroyed by lava in the Puna District, now homeowners may be asking, “Do I still have to pay property taxes on my land if it is covered in lava?”  Mainlanders and Hawaii residents watched in wonder as the lava flow filled in Kapoho Bay this week and watched the flow stretching out over a mile from the original shoreline with new oceanfront land. Many asked, “Who owns that new land?”

So what happens to the land when a lava flow covers it? Does the state or county claim title to it?

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