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The drop in Maui real estate prices explains, in part, why properties are selling. They are a great deal. According to A Daily Shot article entitled "The Yen Influences Real Estate in Hawaii", the Japanese visit Hawaii because half the residents are Asian. When you couple this Japanese love of Hawaii with the beneficial exchange rate between the Japanese yen and the American dollar, you have an almost irresistable bargain. The Japanese are buying low in hopes of selling high.
But, let us not forget the power of tourism in the Maui economy. While the stalled national economy has taken a toll on all states who depend on tourism, Maui has an advantage. Today, Jeanna Bryner, Managing Editor for Live Science, announced the results of the Gallup-Healthways Well-Being Index research project.
The survey randomly surveyed over 350,000 adults in all 50 states plus the District of Columbia. They were questioned about their wellbeing in six categories: life evaluation (now and in five years), emotional health, their work environment, physical health, healthy behavior, and basic access issues such as the accessibility of health care or a safe place to exercise, for instance. Hawaii was ranked the number one place to be for maximum well-being nationwide.
Take note real estate investors. This feel-good sort of publicity will likely continue to stimulate the recovery of Maui's real estate market. Do you agree?