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Tax records indicate the lot was purchased for $10,750. It wasn't listed, I know because I have alerts for every lot that comes up for sale in that development, and never saw one. Probably purchased from those flyers I get, ya know, the ones that say "I'll buy your land for half of what it's worth."
How much you think it cost to build that shanty? $20k is my WAG.
Tax records indicate the lot was purchased for $10,750. It wasn't listed, I know because I have alerts for every lot that comes up for sale in that development, and never saw one. Probably purchased from those flyers I get, ya know, the ones that say "I'll buy your land for half of what it's worth."
How much you think it cost to build that shanty? $20k is my WAG.
Lot prep, water system, sewer? Dunno, probably looking to double their money for sure.
Regarding the shanty comment, the place has a helluva lot more appeal to me than a convential kit home package.
If they're unpermitted and you don't like them, complain to the Building Department and the owners will pay fines until they either bring it up to code (if that's even possible) or tear it down. A bank won't loan on an unpermitted structure, so these folks will be out whatever cash they used to buy the place.
You haven't been to Puna in awhile. Lots of people with high paying jobs here now. Remote workers. A house recently sold on my street for almost half a million dollars. A few years ago it would have been about half that. Most of the subdivisions have fiber gigabit internet now that didn't exist a few years ago to attract remote workers.
Same thing has happened to Maui and Kauai. Available housing is almost nonexistent. Affordable housing is nonexistent. A friend of mine on Kauai's house has gone from 400k to a million in value. People from California and elsewhere buying houses sight unseen.
It seems like there are a lot of unpermitted homes on the BI. Everyone who buys unpermitted is really okay with potentially having to tear their house down, and losing all of that money? Amazing.
We only know a few people living in unpermitted situations, and all of them see it as temporary. The value is in the land (or land's potential) and not the structure because they are building permanent permitted homes on the property.
On AG land (most of Puna) it's legal to have up to 600 square foot building without a permit. It's not legal to live in it, but sometimes people do, and when they eventually move into their real home, they still have a legal farm building. They don't have to tear it down or lose any money.
And for the people who do live in unpermitted situations without any intention of changing that status, it's better than squatting on somebody else's land or being completely homeless.
We had neighbors who sailed here and had their sailboat moved to their property, and they lived in it while they built their house. They did almost all the work themselves and built a nice custom permitted home. When it was ready to move into they sold the sailboat. After living in the house for a few years they sold the house at a $300k profit.
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