- Maui is in a Seller's Market like everywhere else, why should I buy now?
-Maui's long term appreciation is the highest among all the islands with no end in sight. A perfect is example are the Maui homeowners that purchased a single family home 10 years ago and now their home is worth double or more. The simple fact is more people want to be here than what's available in inventory. Especially today with so many working remotely from home.
- Is there a Real Estate bubble coming on Maui?
-According to multiple lenders, economists, and brokerages there is no bubble in sight based on the simple fact that most all the transactions that have been done the last few years are Tier one credit(A+) paper or cash deals. We may begin to level off as things get back to normal however a crash is very unlikely.
- What side of the Island offers the best beaches?
-The answer to this question really depends on what you're looking for. If you want great swimming and snorkel beaches the West Side(Lahaina, Kaanapali, Napili) and South Side(Kihei, Wailea, Makena) are where you want to be. If you're more of an adventurous and are looking for surfing and kite surfing the North Shore will check that box. Paia and Haiku are great options for that. Breathtaking views off the Ocean exist in all areas.
- How do I own and operate a vacation rental when I'm not there using it?
-Owning a vacation rental is one of the most rewarding real estate transactions there is. Not only do you get to have a home on the island of Maui for whenever you want to come in, but when you are not here its producing some of the best nightly rates in all of Hawaii. Property Management companies on the island charge anywhere from 18-30% and handle everything from reservations, vendors, customer service, financials, and more. Depending on how much you plan on staying the property can usually service all the debt(including management fee), produce some income, and this is in addition to the appreciation.
- What effects of the new Administration may apply to my purchase?
-If you are thinking about selling a property to and using a 1031 now may be the time to excercise that option. The new administration has shown interest in doing away with the 1031 all together in addition to higher taxes on capital gains and appreciation. Contact you CPA to see what is the best avenue for your personal scenario.
- What is typical closing times for financing?
-Due to the high amount of transactions typical closing times for financing is 60 days.
- Can I purchase remotely?
-Yes, if we find the right property for you not only can we supply all due diligence electronically but we can also FaceTime or do a Live Virtual Tour if you can't get here right away. This has become quite common over the last year. Contracts are completed via DocuSign and Escrow can send notaries to your home or office(if financing).
April Maui Statistics