Apparently, Wailuku county in Hawaii has been paying about $75,000 per year to lease a moldy building owned by Honolulu-based Kalama Land Co in a contract that runs through 2026. A study recommended they buy the property and convert or rebuild as office space on the Wailuku campus. The problem is that the building is mold and asbestos infested. The county is talking about buying the property for 1.5 million.
No one seems to be discussing the landlord’s responsibility to provide a safe environment. In fact, why is the landlord not being held to standards to make the place habitable? Who in their right mind would pay $75,000 yearly to lease an uninhabitable property? Until 2026? That’s $1,257,000.
I’m in the wrong business.
At the very least, someone should be using the condition of the property to bring down the asking price. Last year, the property appraised for $1.5 million. Property values are falling as dramatically in Hawaii as everywhere else.
They’re going to have to demolish the building, dispose of the mold and asbestos and start from scratch anyway.