Hawaii is sort of wierd right now. There are sooooo much going against these sales right now. Honestly, if I hadn't just bought a million TSs about 6 months ago, I would pick up an OFD in a heartbeat. They are almost becoming a good investment for rental. Almost. Here are some reasons HI is taking a huge bath financially right now. Just wait till MFs come due in Dec and Jan. We will see even more for sale then.
1) 2 airlines went bankrupt in March so tickets are $1000+ unless you book at exactly 12 months out or use FF miles. Most of us are not as organized (as Denise M) so this is just too much. Family of 4 = $4000 in airfare (plus $30-$50 per luggage!!)
2) Maintenance fees are insanely high and increasing by 10%+ each year at WKORV. This is a Starwood specific issue I think as MFs at most Starwood TS locations are increasing by 10%++. That to me is crazy.
3) WKORV and the North property will be overbuilt when they add the 3rd building. Rentals are not going to be as easy as before.
4) The economy is bad. Hawaii is very expensive in general anyway. So when people cut back, the Hawaii vacation is the first to go. Drivable places are much easier and less expensive. My Westin Mission Hills rented SOOO easily this year.
5) People just NEED money. The OFD we negotiated was from a local guy here in San Diego who got laid off from Oracle (a large software firm based here) and just could not afford to keep paying for it. He was desperate to sell it and I felt very bad for him. He had a family to support and guess what was going to be slashed from the budget first -- yup, the luxury $100k purchase.
Just my thoughts. Feel free to tell me I am wrong. Katherine