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SOLD
MLS: 264081
 
Asking Price: $269,000 Fee Simple
Sold Price: $255,000
Sold Date: 06/18/2015
Type: Land
District: Kawaihau
Street: 6565 Koolau
Neighborhood: Moloaa & Kaapuna Hui Lands
Style: Vacant
Land Area: 16.4 Acres
Days on Market: 3540
(The Price of the property was lowered by $200,000 on 07/20/2014)
Zoning: O
Roads: Unpaved
Land Recorded: Regular
Property Taxes: $4,000
Assessed Value: $350,000
Assessed Ratio: 76.86%
Listing Courtesy: Emerald Isle Properties dba Lemurian Gardens, Inc.
Terms Acceptable: 1031 Exchange,Agreement of Sale,Cash,Open
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$200,000 REDUCTION ! ! ! AROUND 700\' OF YEAR-ROUND MOLOAA STREAM FRONTAGE

PORTION 18 has about 700 feet of year-round Moloa’a Stream Frontage !
~ NICE HOME SITE on great /- 2 acre, fenced \"Middles Meadows\" - 16.4 Ac, Hillside piece
~ SELLER FINANCING with 25% DOWN
~ Ask about Additional, optional house site
~ On the dry corner of the North Shore
~ Grow crops or raise animals until permitted
~ Buyer must expect to spend $150 to 250,000 MORE for REQUIRED infrastructure.

UNREAL OPPORTUNITIES . . . But there are reasons.
This property is on a 190 Acre project in Moloaa, Kauai - Tax Map Key 4-9-11-13, zoned Open by County. This property is subject to a Co-Tenancy Agreement, limiting the project to 24 house sites & 21 CPR Units. The owners hold interest as “Tenants in Common”. This property is also subject to The Declaration of Condominium Property Regime (CPR) of Moloaa Valley. Based upon Hawaii Law, HRS 514A & B, the CPR was formed by the recording of the Declaration, at the Bureau of Conveyances in 2008. That law states that the apartment units that were created cannot be sold until the Hawaii Real Estate Branch issues a date for a Developer’s Public Report which will not happen until the package is complete, including a letter from the Kauai Planning Department that the required infrastructure is permitted & there are no violations. The Homeowner’s Association will process the Public Report when the roadway is permitted. The County will not give permits for owners to build homes until the roadway is permitted. Other issues may affect each owner’s right to enjoy the property, including a new County law that limits density on Open zoned land & might apply this Project. Each potential owner should do their own “Due Diligence” investigation with reference to all issues (including potable water). Ownership will be in the form Undivided Tenant In Common interest, pursuant to a Limited Warranty Deed and any sales will be As Is Where Is. Taxes, Map inaccurate.


 
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