In what could be the biggest sale in the world of real estate this week, more than 2,000 Kauai residents and their families are bidding for a second house to live in after the city was hit by a devastating winter storm.
The owners, who are not disclosing the names of their prospective buyers, have made about $2.8m of sales and are seeking $12m in financing.
They have also pledged to donate the proceeds to local charities and help rebuild their community.
The sale follows a year-long auction, which saw more than $50m of property sold.
The Kauai City Council unanimously approved a property tax levy in February, raising about $500,000 to help fund the rebuilding.
“This is an opportunity for the community to put a roof over their heads and start to rebuild,” Mayor Kirk Hensley said.
In August, the city said it had spent about $50,000 on flood insurance for the Kauai city limits, which included the islands north of the city, and on a property insurance levy for Kauai’s north. “
We need to fund the rebuild, and this is a way to do that.”
In August, the city said it had spent about $50,000 on flood insurance for the Kauai city limits, which included the islands north of the city, and on a property insurance levy for Kauai’s north.
The sale comes just weeks after the council approved a $3m bond measure to help finance the rebuilding effort. “
As we rebuild, we need to be mindful of the need to provide a place for people to live and thrive, and the need for local and state governments to provide needed funding to help rebuild our city.”
The sale comes just weeks after the council approved a $3m bond measure to help finance the rebuilding effort.
Mayor Hens and the city council agreed to raise money for flood defences in the next two years, to be repaid in the form of property taxes.
“In order to make this a sustainable model, we’re working with our community to get it approved by the legislature, and that is why this property is being sold,” Hens said.
The sales have raised $4.7m for the city’s flood defences fund, and will be auctioned off on March 1, the release said.