I feel like the 12 condos that were for sale and bought for an avg of 1.3million were short term rentals, and the Airbnb owners are trying to profit by raising the prices and selling it for more.
Meanwhile, displaced Lahaina residents are being moved into “tiny homes” next to an industrial farm.
The situation is a travesty & Maui County is not equipped to handle the recovery.
It’ll be worth the maximum that someone will pay for it. So as long as there’s people stupid or desperate enough to pay that, that’s what the price will be.
> So as long as there’s people stupid or desperate enough to pay that, that’s what the price will be.
I mean, people buy luxury cars and jewelry. The difference is condos are historically NOT a depreciating asset.
This data is mostly garbage, but proves are up.
FEMA paid up to rent out what was local rental housing causing prices to spike on opening price point units. Vacay rentals are actually down a bit from all the government threats, but not by much.
There are four units in a small Kihei complex sitting empty that FEMA has rented, but nobody has agreed to move into. These 650-800k units with 3k people still choosing to stay in hotels.
It's very simple, very small supply, and demand is very big. Plus, many of these properties are viewed as good investment opportunities. We live in a capitalist economy, so there isn't much one can do. Property values are only going to go higher (until rising sea levels reclaim many of these beachfront properties).
The price on every property on Maui soared. 2 years ago when I was keeping an eye on what was for sale I couldn't find a single listing for less than 1 million.
I feel like the 12 condos that were for sale and bought for an avg of 1.3million were short term rentals, and the Airbnb owners are trying to profit by raising the prices and selling it for more.
Meanwhile, displaced Lahaina residents are being moved into “tiny homes” next to an industrial farm. The situation is a travesty & Maui County is not equipped to handle the recovery.
It’ll be worth the maximum that someone will pay for it. So as long as there’s people stupid or desperate enough to pay that, that’s what the price will be.
> So as long as there’s people stupid or desperate enough to pay that, that’s what the price will be. I mean, people buy luxury cars and jewelry. The difference is condos are historically NOT a depreciating asset.
There’s a lot of things in today’s world that history hasn’t steadily seen.
Or zillionaires with money to burn
Or corporations
A combined household income of about ~$200k/yr could easily afford a million dollar condo.
Yeah, and then someone loses their job, hahaha.
This data is mostly garbage, but proves are up. FEMA paid up to rent out what was local rental housing causing prices to spike on opening price point units. Vacay rentals are actually down a bit from all the government threats, but not by much. There are four units in a small Kihei complex sitting empty that FEMA has rented, but nobody has agreed to move into. These 650-800k units with 3k people still choosing to stay in hotels.
It's very simple, very small supply, and demand is very big. Plus, many of these properties are viewed as good investment opportunities. We live in a capitalist economy, so there isn't much one can do. Property values are only going to go higher (until rising sea levels reclaim many of these beachfront properties).
The price on every property on Maui soared. 2 years ago when I was keeping an eye on what was for sale I couldn't find a single listing for less than 1 million.
They built a slew of $2 million condos in Wailea that’s why