Hawaii has been a hot destination for the last four years, with tourism increases averaging between 5% and 8% each year. In the last 12 months however that tide has seemed to be turning, notes Tori Milan, Editor of DestinationVillas.com. “The departure of NCL’s Pride of Hawaii and Pride of Aloha is a very visible indicator that tourism is down in the Hawaiian Islands. Kauai, Maui, Oahu and The Big Island all report tourism down by 3%. The real estate market has also been sluggish and prices have leveled off and even plummeted in some locations.”
What does that mean for investors and travelers? It means that 2008 is the year of the deal in Hawaii. Travelers should expect to find great promotional bargains luring travelers back. Hawaii remains one of the world’s finest destinations with some of the most pristine beaches and top of the line resorts. Travelers looking for vacation deals should consider Hawaii and cost compare it to other destinations. Due to some overdevelopment and rampant speculation, vacationers will find many condo owners with vacant Hawaii vacation rentals eager to strike a deal. This is a great time to buy Hawaii real estate or rent a Hawaii vacation rental home. Best months to find bargains are April through June and September through early December. July and August, normally high season, may be a repeat of 2007 and offer lots of last-minute Hawaii vacation deals.
For vacation homebuyers, now is a great time to buy real estate in Hawaii. Prices have plummeted back to 2001 lows due to overdevelopment and speculators wanting to unload properties they had intended to flip. Have a question about the Hawaii real estate market? Ask our resident editor, Tori Milan at editor@destinationvillas.com. Owners looking to increase vacation rental income might want to look into the free vacation rental directory and services on DestinationVillas.
