It all started as soon as the vacation rentals were eliminated in North Shore Maui, driving Upcountry real estate prices down, continuing the sluggish economy.
There are two types of people who are selling their homes in Kula in today’s terrible market; the financially desperate person, and the unwise/impatient person who simply wants to cash out in the lowest real estate market ever and does not mind a huge loss.
The truth of the matter is that in the last couple of years, very few new houses were built in Kula. The market will adjust itself, and the inventory of “good deals” will run out. The prediction is that in a couple of years, it will all be a different picture. If you have a house for sale in Kula, my advice to you is take it off the market, take it off the MLS and don’t fall in to the trap. By having less inventory, the prices will start going up.