Friday, September 19, 2008
I just found out what lease hold is and it's crazy. They have it in Baltimore, California, and Hawaii. But it's really bad here. In the 50's the people who had come to Hawaii couldn't find a place to build homes. Then Bishop Estate decided to lease out the land and charged a low amount per month. Then in the 80's they had offered to sell the properties but for such a high amount that no one could think of buying it. Then in the 90's Bishop Estate pushed the price of lease up enough where people had to give up there homes. Most of the Lease Hold property has been sold since then but there is still some. A condition of the lease hold is that after 55 years Bishop Estate can take back all the leased land and the people will be left with nothing. So in about 5 years we are going to see how Bishop Estate and the lessees are going to deal with that. I can't imagine what it will be like for the people who have invested all that money and time to be left with nothing in the end.
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3 comments:
Oh my gosh that is horrible! It sounds like you are really learning a lot in your class though!! What do you think of the real estate business so far? I am so excited for yoU!
There is so much to learn in my class. We went over contracts and wills last night and there are so many kinds that it is hard to get them all straight. But that just means I have to keep going over them until I do. I like the business, it's all about being ethical so it's nice. I think I'll learn a lot more about the business being under my dads wing.
Yikes! It's nice to know you get to focus on being ethical, I don't think you could work for someone like Bishop Estate! Are you learning anything about the way the original inhabitants of the island were dealt with as far as property ownership?
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