Roy & Betty talk about the hot topic of short term vacation rental ownership for the Kapalua Resort area here in Maui, Hawaii. Find out what Kapalua locations allow short term vacation rentals in this Maui Video Blog. Do you have a question about island real estate or anything Maui in general? Ask our Maui experts!
Roy: Another question we have is, are vacation rentals allowed at Kapalua?
Roy: Hot topic.
Betty: Yeah, really hot topic. All of the original condominiums, the Bay Villas, the Golf Villas, the Ridge, the Ironwoods, were all grandfathered in to allow short term rentals. You know then, when you move from there, the ones that are a problem right now would be Coconut Grove and the Ironwoods.
Roy: The Ironwoods used to allow vacation rentals, however the past restriction on vacation rentals, so the only condominium projects right now, the original condominium projects, are Bay Villas, Golf Villas and the Ridge. Now the Montage, the Residences at the Montage and the new Residential Suites, the Ritz-Carlton Residential Suites at the Ritz-Carlton Hotel are geared up for vacation rentals. So, there are five different projects that do allow vacation rentals.
Betty: And they are doing amazingly well. There's a variety of rental programs involved. The Montage seems to really be taking off. You know it's very expensive, it's where the Kapalua Bay Hotel used to be. So, it's an amazing location and of course the Ritz-Carlton, you've got all the benefits of really a major hotel. As owners there, don't you think that what you end up with, and you've got world-wide discounts at the Ritz-Carlton as an owner at the Ritz-Carlton.
Roy: Right. A lot of perks. One bedroom suites at the Ritz-Carlton right now are in the $600,000's and we've sold quite a few and they are a hot commodity right now. You don't have to rent them or you can rent them on your own if you want.
Betty: Or live there.
Roy: Or live there. We have a client who is buying several just as a residents.
Betty: She's going to really enjoy living there and I think it really is going to be fabulous; an amazing location. And the price range, one bedroom there is a six something and then one bedrooms go up to about a million, a little over a million. Then two bedrooms, I kind of forgot the low price. But again, I think they're actually a major value right now. They've got some great benefits if you're buying now, they give you a variety of credits, you also have special resort credits. I always think if we could buy one of those, I could have massages free for the next two year. So I think there is another reason to buy that.