Lava buries real estate, agents searching for housing solutions
With more than 700 homes believed to have been destroyed by the Leilani Estates eruption, millions of dollars has already been taken off of the local real estate market in Lower Puna.
HONOLULU (KITV) - With more than 700 homes believed to have been destroyed by the Leilani Estates eruption, millions of dollars has already been taken off of the local real estate market in Lower Puna. Several multi-million dollars properties including one listed at just under $6-million on Kapoho Bay are now under lava.
A local agent in Lower Puna says property values of homes remaining could be slashed in half depending on the ever changing situation. Vog and ash also continue to affect sales in other communities. Still, some realtors say their focus isn't on business but instead, relocating residents.
"I just know that right now the dollars and cents of the real estate market for Lower Puna are not on the top of mind of our realtors, it's really about housing solutions," said Kehau Costa of Hawaii Island Realtors.
"We don't have enough real estate to purchase even if half of those people could buy a house, assuming half of them could by a house we don't even have enough houses for sale, again affordable, people could purchase if they had the wherewithal," said Rebecca Keli'iho'omalu of Elite Pacific Properties.
Agents also say there's a shortage of rental housing making it difficult for evacuees to find permanent places to live. Many of those affected are still waiting to find out how their insurance companies will help them.