“Two roads diverged in a wood, and I-
I took the one less traveled by,
And that has made all the difference.”
-From “The Road Less Traveled” by Robert Frost
A Luxury Travel Blog posted on an article on some travel trends for 2014. The article predicts that luxury travelers in 2014 will search for “hyper-personalized” vacation experiences “off the beaten” path. It also states that those who know the “road less traveled” experiences will be locals with knowledge of the land.
For Maui, and for potential home buyers here, it may mean purchasing an investment property out of the “normal” areas on the island. This new trend would make towns in “upcountry” Maui, very attractive places. Towns like Kula, Olinda, and Haiku each offer unique experiences for travelers visiting Maui. Kula offers spectacular bi-coastal views and amazing residences and features one of the five most desirable climates on the planet. Olinda features large properties in a wonderful forest setting with cool nights year round. Haiku is in a lush, tropical setting with easy access to the famous Hana highway and popular North Shore surf spots.
One great aspect to purchasing an investment property in these areas is the difference in price. A luxury 2-bed, 2-bath condominium with a 1,000 sqft will have a cost of between $1,000,000 to $3,500,000. The same price (sometimes even under a $1,000,000) can purchase a large 4-bed. 3-bath with 2,000 sqft on a large 1/2 acre lot. For these upcountry properties, a short-term application would need to be submitted to the county to get the property approved for a “bed-and-breakfast” rental.
For any questions on the potential rentals in this new and up-coming market, see my contact info below.