is there a right of redemption in Hawaii.. is the leased land or freehold do U know.
in my experience in CA tax sales something with that large of spread will get bought before the sale or redeemed but you never know you need to be ready to bid.
does bid for assets conduct the sale ?
If it does go to sale and it is worth 1.5 I suspect it will bid up to 1 mil easily.
is there a right of redemption in Hawaii.. is the leased land or freehold do U know.
in my experience in CA tax sales something with that large of spread will get bought before the sale or redeemed but you never know you need to be ready to bid.
does bid for assets conduct the sale ?
If it does go to sale and it is worth 1.5 I suspect it will bid up to 1 mil easily.
is there a right of redemption in Hawaii.. is the leased land or freehold do U know.
I only work Texas, but from what I could find, HI is a deed state. One year right of redemption. 1% a month interest up to 12% depending on how fast it is redeemed. Looks like they only auction after taxes are 3 years delinquent. Not sure about the ground lease vs freehold. Not sure I would want 100 year old condo anywhere though (thinking about 99 year ground lease)
quick read through the statutes 1 year right of redemption. Although in my experience over the years very few ever redeem.. if your talking a 1 mil redemption thats a lot of coin.
Also I see its a live auction over at Kehei town center..
@Brian Burke Brian while your over in Maui you could go snag a deal !!!
No thanks, Jay! I come here to enjoy the beaches, buy the local banana bread, buy stuff from the local artists at the craft fairs, support the restaurants, play the golf courses…I long ago ruled out flipping houses or investing in rentals here. My condo is in a resort area and zoned hotel, it’s not the type of place locals would buy or rent—going beyond that would overstay my welcome.
There are few things the locals dislike more than mainlanders coming in and buying up the real estate—I recall a few years ago a mainlander bought a foreclosed house in a remote village, and by the press accounts that followed, that became a very unpleasant experience, to put it mildly.
I saw the auction announcement in the Maui News a few days ago, and looked it up. There is a condo in Kehei, mainland owned, hotel zoning, so maybe this one is fair game. If it goes it’ll get bid up, I’m sure, but I doubt it’s worth $1.5 as alluded to above. There is a house upcountry, my guess is it redeems, but it’ll probably get bid up if it goes, and as an outsider I wouldn’t touch it. There is one vacant lot, a whopping 218 square feet (you read that right) in the middle of nowhere surrounded by water district land that last sold at a tax auction 9 years ago for $25K. Now that’s the typical “tax auction sucker hole” that anyone with tax auction experience knows are the dominating offerings at these auctions. Maybe this time the county will credit bid it and dedicate it to the water district to break the cycle. Most likely this one will be the only property that sees the auctioneer’s gavel on Tuesday.
@Brian Burke Brian while your over in Maui you could go snag a deal !!!
Maybe I could get a 3 day trip to HI to check it all out and deduct my short vacation as a business expense. I could put my Bruce's Famous Banana Bread and Coconut shack on the 218sqft lot, if I get lucky. I did google street view shot on the house, and thought "no thank you", although maybe the bonus would be the outboard hanging off the front porch fence.
@Brian Burke Brian while your over in Maui you could go snag a deal !!!
Maybe I could get a 3 day trip to HI to check it all out and deduct my short vacation as a business expense. I could put my Bruce's Famous Banana Bread and Coconut shack on the 218sqft lot, if I get lucky. I did google street view shot on the house, and thought "no thank you", although maybe the bonus would be the outboard hanging off the front porch fence.
My last trip to Honolulu I went and checked out a bank foreclosure of a condo next to where we were staying. One of the new buildings the Hughes corp built north of Ala Moana shopping center. It was quite organized advert was an open house and there was a rep from the bank that was foreclosing there to greet you can hand you an information sheet and let you tour the 800 sq ft 2 mil condo :).. Needed some carpet .. But 1k a month plus HoA is a little steep. I would say 60% of these are owned or bought by Japanese nationals.
@Brian Burke Brian while your over in Maui you could go snag a deal !!!
No thanks, Jay! I come here to enjoy the beaches, buy the local banana bread, buy stuff from the local artists at the craft fairs, support the restaurants, play the golf courses…I long ago ruled out flipping houses or investing in rentals here. My condo is in a resort area and zoned hotel, it’s not the type of place locals would buy or rent—going beyond that would overstay my welcome.
There are few things the locals dislike more than mainlanders coming in and buying up the real estate—I recall a few years ago a mainlander bought a foreclosed house in a remote village, and by the press accounts that followed, that became a very unpleasant experience, to put it mildly.
I saw the auction announcement in the Maui News a few days ago, and looked it up. There is a condo in Kehei, mainland owned, hotel zoning, so maybe this one is fair game. If it goes it’ll get bid up, I’m sure, but I doubt it’s worth $1.5 as alluded to above. There is a house upcountry, my guess is it redeems, but it’ll probably get bid up if it goes, and as an outsider I wouldn’t touch it. There is one vacant lot, a whopping 218 square feet (you read that right) in the middle of nowhere surrounded by water district land that last sold at a tax auction 9 years ago for $25K. Now that’s the typical “tax auction sucker hole” that anyone with tax auction experience knows are the dominating offerings at these auctions. Maybe this time the county will credit bid it and dedicate it to the water district to break the cycle. Most likely this one will be the only property that sees the auctioneer’s gavel on Tuesday.
Los of fond memories of Maui and where your located.. We started going there in the 60s my dad bought a time share when time shares just started.. West maui airport was on the beach and final approach was right over black rock :) Grass hut terminal right out of a Bob Hope movie. I remember my dad picking up RE magazines and seeing 2 to 5 acre lots zoned for hotel condos for 100 to 150k and could not imagine who could afford 150k :)