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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (10843)	5/28/2003 5:59:41 PM
From: Neeka	Respond to of 306849

In the late 1990s, the rich rediscovered Kauai as a place for high-end retirement homes and vacation rentals as investments. They jumped into the housing market. Thanks for the article, but it breaks my heart. In 1999 we found a one bd, one bth ocean front condo in Poipu. We didn't get a chance to see the unit while we were visiting, but we liked the area a lot. We came home made an offer of $128,000. subject to inspection. We flew back the next week. When we finally got into the unit we were disappointed in it's condition......it had been neglected for a long time, and there was still damage from Iniki. There was also a transformer on a utility pole about 6 feet from the lanai that buzzed. All of these things could have been fixed, and today that unit would sell for $325,000. Interestingly......the rental fee has only gone up about $10.00 per night. ;( M