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ML Macadamia Orchards LP Message Board

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  • rgilmermindsprin rgilmermindsprin Sep 21, 2007 8:56 PM Flag

    Back in 1991 I bought

    I don't know why you needed to post so many threads but the land discussion has already been made below:

    The land has very little resale value except for agriculture. Incase you missed Hawaii zoning restrictions, they don't want the entire island to turn into a block of concrete. I believe you'll find that agricultural land is very hard to convert to commercial or single family housing. As the post above eludes to, another limited partnership on Hawaii went bankrupt (soybean producer, I believe) and had to sell the land in larger chunks (I believe the land had to remain "productive farm land", but not certain about that point as I haven't found much more information) in order for them to divide up the land for single family housing...from what I recall ~5 acre chunks.

    So, to be honest, I think the restrictions on selling the land would be so significant that you wouldn't be able to achieve the "windfall" profits reguardless of what the land would be worth. As the zoning restrictions artificially reduce the value of the land -- even if the lot across the street is worth 100K/acre, I don't think the orchards with agricultural zoning will hit that mark and why your calculations come up far lower...



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