Lahaina Fire: Resilience of Hawaiians Amidst a Real Estate Frenzy

Ashes of Tragedy, Real Estate Intrigue and the Unyielding Spirit of a Historic Island Town

REAL ESTATE NEWS — Tragedy struck Lahaina, HI last week when a hurricane of wildfires razed the town to the ground, with devastating consequences. Amidst the tragic loss of life and property, a strange and arguably opportunistic trend emerged – real estate investors and realtors rushing to make offers on the now-charred plots of land. Why is this happening, and what does it mean for the people of Lahaina? | VIDEO

A Town’s Struggle:

Before diving deep into the real estate scenario, it’s crucial to understand the magnitude of the tragedy. The fires in Maui led to the confirmed death of more than 100 people, while another 1,000 remain missing. Lahaina, a centuries-old town, saw nearly every one of its buildings destroyed by a hail of fire.

But Lahaina is not just any town. Before the fire, in 2023, the average home price in the area was approximately one million dollars, up from six hundred thousand dollars in 2020. This steep appreciation reflects not just the intrinsic value of the land, but the cultural and historical significance of Lahaina.

Real Estate Frenzy:

In the aftermath of the tragedy, many residents reported receiving calls from alleged investors and realtors wanting to buy their destroyed properties. This trend has outraged many, as it seems these offers are preying on the vulnerable, looking to snap up valuable land at bargain prices. The community’s anger is palpable, with residents voicing their feelings of being besieged from multiple fronts – by nature’s fury and by opportunistic land grabs.

Such activities even prompted the Hawaiian Governor to consider a moratorium on land transactions in Lahaina, ensuring that the grieving residents aren’t pressured into selling their plots. Is the government looking to rescue the town, or is the government just another among hordes of frenzied, lusting buyers who are salivating over rare coastal land. Local trust in the government is faltering.

Local Heroes Amidst the Tragedy:

Tyler Coons of Welcome Hawaii Properties LLC and his friendly ex-wife, Nura-Nal, are emblematic of the resilient spirit of the Lahaina community. Tyler is the listing agent for a luxury property at 9 Bay Dr, Lahaina, HI 96761, which holds the distinction of being the most valuable home in Hawaii. Listed at $41,900,000, this lavish property stands on a 9.96-acre lot and boasts seven bedrooms and ten baths. Importantly, this property was spared from the wildfires and is located in Kapalua about 10 miles away from the Lahaina fire area.

However, tragedy touched Tyler and Nal personally when they lost valuable mementos and items in a family-owned Lahaina condo. This condo housed cherished family photographs, emergency cash and family heirlooms. Buildings 11, 12, and 15 were completely destroyed, leading to the loss of irreplaceable memories and valuables. Heartbreakingly, they also lost family members in the tragedy, including a relative, with others still missing and unaccounted for.

Instead of being bogged down, the Coons family has decided to contribute to the community’s healing. They’re giving to a 501c charity, SharingConnexionnHawaii.org, ensuring the money goes directly to the Lahaina fire victims. Sharing Connexion Hawaii is a part of this endeavor.

When asked about why people are interested in real estate, and how the major disaster will affect the prices, Tyler replied that the prices are expected to rise, simply due to supply and demand. Property values go up after the destruction of so many properties because the supply has dropped sharply. The smart money seeks to take advantage of the temporary bargains before the market price elasticity realizes that prices should be higher. This is especially true today, in a time of unbridled inflation, in a luxury area where cash seeks to flow from the rich who keep getting richer. Let’s hope that some of the fire victims and their loved ones benefit from the monetary inflow.

The fire’s devastation in Lahaina has revealed both the resilience and vulnerability of its residents. The real estate frenzy highlights the need to protect the community and its rich heritage. In these trying times, local heroes like Tyler and Nura-Nal Coons stand out, emphasizing the importance of unity and rebuilding.

If you’d like to contribute or assist the Lahaina community, consider reaching out to organizations such as Sharing Connexion Hawaii https://www.sharingconnexionhawaii.org. Let’s come together to ensure Lahaina’s rich history and culture remain forever alive and better cared for.

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Unlocking Secrets of Luxury Pools & Interiors in Historic Californian Homes – What the Mills Act Doesn’t Want You to Know!

ASK COREY

Subject: Mills Act Condo Listings Downtown Los Angeles [#365]
Name * Jeff
Pasadena
Hollywood
Santa Monica
Also other. Coastal towns, such as Newport Beach, Rancho Santa Fe, Malibu, Del Mar, Corona Del Mar, Calabas, Hidden Hills, Santa Barbara. I’d like an extensive description, with lots of photos: interior, exterior, the grounds, the neighborhood, and the views- also- Property taxes. Can you redecorate the interior, or rebuild pool, without losing the Mills act benefits?

Q: Are Mills act swimming pools subject to historic character, quality and maintenance requirements?

A: The Mills Act is a California state law that provides property tax relief to owners of historic properties in exchange for their commitment to restore, maintain, and protect these properties for a specified period of time. The objective is to incentivize the preservation of historic and cultural resources.

Regarding swimming pools specifically: If a swimming pool is an original or significant feature of a historic property, then it could be subject to the same standards and criteria as other features of the property. This means that any alterations, restoration, or maintenance of the pool would need to be in line with preserving its historic character and quality.

Corey Chambers, Broker

However, if the swimming pool was added later and is not considered a historic feature of the property, its maintenance and any alterations might not be held to the same stringent standards. Still, any changes to the property as a whole (including additions like pools) should be made with respect for the historic character of the site. If there are questions about specific work or changes, the property owner should consult with their local historic preservation office or commission for clarity.

It’s always a good idea to thoroughly read any Mills Act contract or agreement and consult local authorities when considering changes to properties under the Mills Act to ensure compliance.

Ask Corey Series: Mills Act Properties – Swanking up the Pool and Interior

Hello readers! It’s that time again for another edition of the Ask Corey series. Today, we’re diving deeper into the world of historic properties under the Mills Act and addressing some very specific queries from our enthusiastic reader, Jeff.

Understanding the Mills Act

Before we break into Jeff’s inquiries, let’s get a brief refresher on the Mills Act. The Mills Act, a law in California, offers property tax relief to homeowners who own historic properties. In exchange for this relief, the property owners are obliged to restore, maintain, and protect these historic assets for a designated duration. The purpose of this act is clear: incentivize the preservation of historical and cultural monuments.

The Historic Elegance of Pools

Jeff’s main concern was about swimming pools in Mills Act properties. Are they subject to the same historic and maintenance requirements as the rest of the house? Let’s dive in.

If the swimming pool is an intrinsic part of the property’s history or holds significant importance, it will indeed be subject to the same criteria as other historic elements of the property. That means, if you’re planning a complete pool makeover, restoring, or even performing regular maintenance, it has to be consistent with preserving its historic ambiance and quality.

However, if your swimming pool is a later addition and doesn’t carry the weight of historic significance, its maintenance and potential modifications might be more flexible. But remember, any modification to the property, including the pool, should be done keeping the property’s historic nature in mind.

When in doubt, always reach out to your local historic preservation office or commission. They’ll provide clarity on what can and can’t be done.

Interior Redecorations – Yay or Nay?

Moving indoors, Jeff also asked if he can redecorate the interior without sacrificing Mills Act benefits. The answer largely depends on the specifics of the property and its historical significance. Generally, interior renovations that don’t affect the structure’s exterior or its historic integrity might be permissible. Every interior we’ve seen has been OK to beautify, as long as the historic architectures is not diminished. For a condo unit, be sure to get HOA approval before causing any excessive noise, disruption or for any potential adverse consequences for neighbors. Also, certain properties may have interiors that are considered crucial to their historic value. Always consult with local historic preservation authorities before embarking on significant renovations.

Exploring the Beauty of Mills Act Listings

Now, coming to Jeff’s request for Mills Act condo listings in various Californian coastal towns, including the likes of Newport Beach, Malibu, and Santa Barbara. These towns are known for their picturesque views, stunning architecture, and deep-rooted history. Jeff, while we cannot include extensive photo galleries in this blog post, we will provide links to historic homes for sale. They’ll provide you with detailed descriptions, photos, and insights on property taxes. To get access to the unlisted historic bargains, request a free list of Mills Act properties using the form below.

Mills Act properties offer a unique blend of history, culture, and modern living. The responsibility that comes with owning such a property can be very substantial. Always be informed and consult with experts before making any major decisions. To all our readers, if you have more questions about Mills Act properties or any other real estate topic, feel free to drop a line 213-880-9910 millsact@laloftblog.com Till next time!


Thank you for reading today’s Ask Corey episode. Remember, history is beautiful, and preserving it is our shared responsibility. Stay curious!

Get a free list of Mills Act lofts, condos or historic homes for sale with amazing character and property tax benefits. Fill out the online form:

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  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.