Now is a great time to buy property in Maui if you happen to have some spare cash, or not. There are so many short sales happening now that it is possible to get unbelievable deals on vacation condos as long as you have the patience to wait. It might even be worth it to carry a mortgage and use it as an investment property. Even though tourism in Maui is in a bit of a slump, it is still possible to bring in enough revenue to cover costs, especially if you are renting in the high season. The great thing is that you can claim all your expenses, including the interest paid on a mortgage. If you are not familiar with the term "short sale" you may want to have a look at the following article that I came across today.
Maui Short Sales
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Yes, condo and home prices in Hawaii have come down considerably from the inflated prices from 3 years ago. Maui condos become a desired real estate investment again.
ReplyDeleteHawaii has always recovered in the past when real estate bubbles burst. It has been and will be the top vacation destination for the Mainland.
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Buyers must do thorough research on some info about short sale for lenders may not disclose all necessary details. There maybe some delay on the approval process due to the condition of the documents.
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