How has volcano eruption affected Big Island real estate market? (if any) (Hilo: how much, house)

[Arktikos]

Originally Posted by Frostnip

Who "owns" the new land produced by the lava flow into the ocean? The state?

I think so but don't look to buy it anytime soon. There's talk of denying permits in the future for lava hazard zones 1 and 2.

[Open-D]

Originally Posted by Blind Cleric

I think so but don't look to buy it anytime soon. There's talk of denying permits in the future for lava hazard zones 1 and 2.

That, IMHO, is the only rational thing to do, but only as a first step. Once further development has ceased, the state should engage in a program of condemnation where all remaining dwellings are condemned, and the owners paid off at current market values, starting with the most "at-risk" areas and continuing for a period of 5 or so years. It could start as a voluntary program.

Agricultural use, if still feasible, would be a good option, but only legitimate farms, orchards or ranches - NOT vanity farms etc.

It is obvious that:

1. Setting up bedroom communities (of a sort) on the flanks of an active, check that, highly active, volcano, was imprudent, and should have never been done in the first place. Of this there is little if any debate.

2. The volcano's focus of activity appears to be steadily moving east along the ERZ (East Rift Zone) (as would be expected due to the westward movement of the geologic plate over the hot spot that creates the volcanos that are the island chain). First Puu Oo and now fissure 8 (which will likely run for 3 decades as has Puu Oo). Huge eruptions in the 1955 and 1960 time frame are in same area, and destroyed Kapoho when it was a farming village.

The ERZ is where the bulk of these bedroom communities are.

While I don't currently live in Hawaii, I've spend many an hour discussing this area with a friend from Puna who recently passed. He moved back upon retirement, but contracted stomach cancer and died in Honolulu. He would "talk story" for hours. RIP, Les.

Since there is no real industry or commercial activity involved, there is simply no justification, IMHO, to continue to maintain this tinderbox-of-a-situation any longer, and an orderly undoing of the original mistake will, in the long run, be better for everyone concerned.

Anyhow, just my opinion, and no doubt others will disagree (and some may even make insults or threats of violence), but this is my opinion/suggestion, and I am expressing it nonetheless.

[whtviper1]

Originally Posted by Open-D

That, IMHO, is the only rational thing to do, but only as a first step. Once further development has ceased, the state should engage in a program of condemnation where all remaining dwellings are condemned, and the owners paid off at current market values, starting with the most "at-risk" areas and continuing for a period of 5 or so years. It could start as a voluntary program.

https://www.city-data.com/forum/big-i...main-lava.html

Nobody thought it was a great idea 4 years ago when I put that thought out there - I suspect some might think differently now......

Regardless, market rate now vs. then are entirely different things.....

[Open-D]

Originally Posted by whtviper1

https://www.city-data.com/forum/big-i...main-lava.html

Nobody thought it was a great idea 4 years ago when I put that thought out there - I suspect some might think differently now......

Regardless, market rate now vs. then are entirely different things.....

I believe it is in the best interest of all parties in the long run to do so. Agricultural use is OK, IMHO, where feasible, but that's about all that makes sense.

[Grassyknoll]

Originally Posted by Open-D

I believe it is in the best interest of all parties in the long run to do so. Agricultural use is OK, IMHO, where feasible, but that's about all that makes sense.

I don'the see that happening without some sort of revision and narrowing of the zones (particularly if you want to restrict housing from zone 2).
Take a look at Zone 2 encompassing South Kona through Ka'u. This is an area just South of Kealakekua Bay and encompasses public schools, subdivision old Hawai'ian towns et... kind of hard to kick all that out.

[Rain Monkey]

The re loan and re insurance markets are in all likelihood putting in place moratoriums on property loans and
insurance overages for the affected area....effectively stopping future development. They will probably be very conservative in what they determine as 'affected areas'. I haven't recently talked to my insurance person, but will certainly ask what the talk is regarding the BI next time I run into them. I can't imagine loans can or will be offered without corresponding insurance overages. Of course, I suppose this wouldn't preclude paying cash and going without insurance... .......

[Arktikos]

Originally Posted by Rain Monkey

.. I can't imagine loans can or will be offered without corresponding insurance overages. Of course, I suppose this wouldn't preclude paying cash and going without insurance... .......

Right. I don't see people being bought out of zone 2 by the state but nor do I see permits being issued for new developments in these areas, or the loans and insurance that would go along with them, in the future.

Anyone who gets money out of their lava inundated zone 1 or 2 home this year should consider themselves very fortunate. I would think insurers will drop any surviving homes in these areas from their rolls ASAP.

[whtviper1]

Originally Posted by Blind Cleric

Anyone who gets money out of their lava inundated zone 1 or 2 home this year should consider themselves very fortunate.

The State has already said they don't have an individual homeowner assistance program - so no money will come from them.

Ige has asked FEMA to consider payouts - the average payout (if approved) is $4,000 with a maximum of $34,000. Unknown if they will consider non-permitted structures to be eligible.

The State isn't going to buy out remaining homeowners whose houses remain - I'd also expect that unless it is a state or county road, it won't get repaired - therefore cutting off access to many of those remaining homeowners.

I've read the State may consider land swaps - but you'd still be responsible for building your home on the swapped land, a cost prohibitive for many people.

[Nyfinestbxtf]

Originally Posted by whtviper1

The State has already said they don't have an individual homeowner assistance program - so no money will come from them.

Ige has asked FEMA to consider payouts - the average payout (if approved) is $4,000 with a maximum of $34,000. Unknown if they will consider non-permitted structures to be eligible.

The State isn't going to buy out remaining homeowners whose houses remain - I'd also expect that unless it is a state or county road, it won't get repaired - therefore cutting off access to many of those remaining homeowners.

I've read the State may consider land swaps - but you'd still be responsible for building your home on the swapped land, a cost prohibitive for many people.

No taxpayer should be on the hook for thIs. Those who bought there knew the possible risk. Land swap? What is that?

[whtviper1]

Originally Posted by Nyfinestbxtf

Land swap? What is that?

The State owns parcels of land on the island not impacted by lava. You swap your lava impacted land for a state owned parcel of land.

As eruptions continue, land swap eyed for hundreds of evacuees - Hawaii News Now - KGMB and KHNL