Environmental
What is 'light pollution' and can it be a factor in Hawaii real estate valuation?
AA. Light pollution has no effect on Hawaii real estate values
BB. Excessive artificial light can diminish the value of rural or resort properties that market themselves based on dark skies and stargazing—particularly relevant on Mauna Kea and in rural Hawaii communities✓ Correct
CC. Light pollution only affects commercial properties near airports
DD. Light pollution is only an environmental concern, not a real estate concern
Explanation
Hawaii has some of the best astronomical viewing in the world, particularly from Mauna Kea. Light pollution diminishes this asset and can affect rural and resort property values where dark skies are a marketing feature.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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