I would never dream owning a part of paradise if not for the unfortunate state of affairs in the Maui property market.
In fact, I consider myself lucky to be able to find a suitable apartment to rent. But to own? That is indeed a dream.
Property prices have plummeted with skyrocketing number of foreclosures. Residential homes and condos are now surprisingly affordable. According to recent real estate statistics compiled by a local firm, a large number of these foreclosures are bank owned.
If the rental market is equally buoyant, then it makes sense to invest in a place where you can stay part of the time and rent it out the rest of the time, if you don’t plan on living here full-time. If there is sufficient nonrental income to pay for the high cost of living in Maui, another option is to buy and live in your own property. The rental market has also felt the repercussions, with landlords eager to compromise to get good tenants. In truth, it feels like a buyers’ and renters’ market.
I have heard stories of people uprooting themselves to move and live in Maui only to discover they miss their friends and families too much to stay. So far I have gathered only positive reasons to stay. How long it remains so is anyone’s guess.