Quote:
Originally Posted by Amputate Your Head
You're forgetting whole bunches of groups of people. People that lost jobs, people that lost value because their neighborhoods became desolate, people that got fucked by wall street and swindled by Madoff's, people who lost retirement savings.... whole banks went down. Big ones. Mortgage companies went belly-up by the hour. Do you remember any of this? It was brutal. The carnage on Maui was horrific. Pre-collapse there were 1700+ realtors on Maui. That herd got thinned out quickly.
Pinning all this on the few people that gamed the system or whatever is an easy cop-out. The factors that led us to today are more complex than that.
We lived on South Maui in Wailea. It's gorgeous, but it's also ultra super-fuckin-duper expensive. The entry used to be $1 million, not sure what it is today, but you can find whatever you want between Wailea and Makena all the way up to $50 million dollar homes. Only thing that matters is how much you want to spend. Most communites inside Wailea have their own HOAs specific to that particular gated community, but then all are under the WCA HOA as well. So be prepared to live under an iron HOA fist. (I mean it.)
Kihei town on South Maui is cool. It's a happenin' little beach town. I miss Kihei. You can get a place much cheaper in Kihei, in all different styles, without HOAs.... but it's not Wailea. Kihei doesn't have private security patrols or gates.
Maui is expensive all around as well. Consider this: Every single thing they have on that island, with the exception of pineapples & coconuts, comes in on a ship. Everything. Ships cost money. Ships burn oil. Dock workers are susceptible to strikes. If the California dock workers strike, Hawaii runs out of stuff. The first thing to go is toilet paper, so don't stop, head straight to Costco and grab as much as you can.
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That's why in my post I said "other than people who lost their job or had health issues..." However the excuse that the other houses in the neighborhood dropped in value isnt really valid. Yes, it makes your house drop in value but that doesnt affect whether or not you can make the mortgage payment you agreed on. You either can afford it or you cant.
I love Kihei Town. We always stay in Wailea but end up spending most of our nights at the dive bars in Kihei. Looked at a few places but anything near the beath is currently out of the price range.