Housing Affordability on Maui Hovers Near Record Levels

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BY Housing affordability isnear its highest levels in more than two decades.”This means not only first-time home buyers are taking advantage; there’s also folks buying up investment properties as well.

Looking for a perfect opportunity on Maui? Consider a starter condo at Kihei Villages (MLS# 349021) or Southpointe. With market value hovering in the $130K range, an investor could purchase in this complex, rent the unit for $1,000 monthly, and sit back and let the property carry itself.

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This scenario works best with cash purchases, but depending on your credit rating and interest rate, might also work with a conventional 30-year mortgage. Check with your lender.

Those looking to take advantage of the historic low prices should buy now and wait for long-term appreciation. Or, as one of my clients recently did, buy now with the goal of retiring on Maui in a few years, when prices will most likely be higher.

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