Ewa subdivision up for auction
POSTED: Thursday, May 13, 2010
Remnants of a planned single-family subdivision in Ewa Beach that served as the collateral for a Big Island logging venture are set to be auctioned next month along with a koa forest north of Hilo.
Owner Kyle Dong and investors defaulted on millions related to a nearly 13,330-acre koa project, which faced community opposition and permitting delays.
As a result, Dong and others were never able to complete the Ewa Beach development, which they began in 2005 at the height of Oahu's real estate boom.
While six of the homes in the Kauilani Ewa subdivision, located at the southern end of Fort Weaver Road, were completed and sold, the remaining 24 properties went into foreclosure and will be auctioned at 11 a.m. June 10 at the First Circuit Building, located at 777 Punchbowl St. The forest holdings will follow with a noon auction.
The Ewa offering includes one completed tenant-occupied home, four partially completed vacant homes, and other lots in various stages of development. The subdivision's roadway lot is paved with completed curbs, gutters, sidewalks, drywells, sanitary sewer access covers, municipal water main access covers, electric transformer boxes and street lights in place.
Properties are sold as is and the buyer will be responsible for unpaid utility bills, property taxes, penalties and interest.
Ten percent of the purchase price is due at the close of each auction. Independent site visits are not allowed; however, interested bidders can contact commissioner Joel K. LaPinta at .(JavaScript must be enabled to view this email address) or (808) 961-0161 to schedule a property inspection.