$39.95 for Hawaii real estate: Waterfront is still underwater

HONOLULU — Real estate is often a long-term investment. But 10,000 years?

Lo'ihi Development Co. will soon start offering ocean-view lots that speculators won't even be able to stand on for many millennia. That's because they're currently submerged more than 3,000 feet below sea level — on an underwater volcano called Lo'ihi, about 20 miles southeast of the Big Island.

The company's Web site will be renovated in the next couple of weeks to officially begin selling parcels for an introductory price of $39.95. Buyers will receive a "deed," but as with Internet groups claiming to sell stars, they probably can't call themselves owners.

"What's the scam?" asked Norm Nichols, co-developer of the online venture. "If you really think there's something here that you can't live with, nobody's forcing you to buy it. It's meant to be fun."

The Web site (http://www.petroglyphs.com/loihi/default.htm) advertises, "Lo'ihi Seaview Estates: Real Estate for the Future. Grand Water Front View Lots." A photo of the sales office is a raft in the middle of the ocean.

Nichols and business partner Linda Kramer, both Honolulu entrepreneurs, envision online chat rooms and newsletters to discuss everything from street names to what kind of government to set up. They want to hold a "homeowners association" meeting — a boat ride over the volcano — every April Fools' Day.

Scientists don't really know when, or if, Lo'ihi will break the surface of the Pacific Ocean. Many guess about 10,000 years, but it could take much longer than that.

Stephen Levins, head of the state consumer-affairs office, said the offer could be a problem if it were serious. "However, if the Web site is clear it's a parody and you're not going to be receiving an actual interest in real estate, that's something else," he said.