The AOAO recently reversed its stance on vacation rentals to allow them. The result? Prices have been climbing ever since.
1. One active listing in this complex (MLS# 349726) is a 2-bed/2-bath and was just listed at $183,750. Comparable closings range $164K-$230K with one remodel with ocean view pending at $314K.
2. Another condo (MLS# 349916), just listed at $349,500, has no view and is overpriced for the market, but if you want to pay more for upgrades, we could put in a reasonable offer. Just goes to show the value added by converting the complex to vacation rentals. This property will probably require 35% down, depending on whether or not it is considered a condotel. Check with your lender to be sure.
What Makes Pacific Shores Such a Solid Complex?
Pacific Shores is in an excellent South Kihei location across the street from Charley Young Beach, the first sandy beach in Kihei, followed by all the Kam Beaches. It is walking distance to groceries (Foodland), dining (Cafe O Lei), surf (the Cove), shopping and entertainment (Fred’s/the Triangle/Denny’s). With a pool, pets allowed (rare for vacation rentals), and maintenance fees around $400/mo., you can’t get a more affordable second home option.
Attention investors, get your offers in now! Due to being a Fannie Mae property that gives preference to owner occupants, the bank will only consider investor offers two days from now. Write them while you still can…