Looking to understand various Hawaii Markets
Looking to invest in our second STR property and Hawaii is in our radar. Being out of state, my husband and I have no idea about the area and ideal places to invest in terms of STR income and long term appreciation. Considering all areas of Hawaii - particularly Maui, Oahu and Big Island - which one is more attractive for investors? Also, the property prices in Hawaii seem to be soaring quite a lot. Is it even worth investing there anymore?
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Hi @Loren Clive and @Suvarna G. - I just want to clarify, stats can be misleading. The stats provided are for all condos and while that is impressive for Maui, it is misleading about O'ahu and the STR market here. I can't speak for any other islands but it is still a sellers market for STR units on O'ahu and I'm regularly seeing multiple offers situations and units selling for record amounts in multiple buildings this year. For example, below is a price chart for Waikiki Banyan since Jan 2022. In July 2022, average selling price was just about $600k, average price now is over $720k with some units recently selling above $800k and one just went into escrow at $850k (these are not yet reflected in the chart).