Originally Posted by
COSPILOT
It’s sort of a dumb rule if you ask me. Speaking with clients that own condos, they are switching from vacation rentals to long term and the demand is still high. That’s a huge change in profit for them. Much lower and possibly even in negative territory for them.
Maui wants to return to to the past, but that will take a decade at minimum to rebuild the pineapple and sugar cane fields.
My understanding is that at Wailea Beach Villas, the condos (super-duper nice, but actually cheaper than staying at nearby hotels) are almost all rentals. Only a handful of owners make them their primary residence. I would imagine some of these folks are getting perilously close to defaulting on their mortgages.