Pacific Paradise Has Been SOLD!
Early in January we decided to list our Pacific Paradise unit for sale. We had owned it for just about a year, and while we had no intention of flipping it when we purchased it, certain things led us to believe that we were ready to move on from this property. We were really happy with the way it came out, the hard work we put into it and the great responses we got from guests about the unit. But, we felt that if we were to sell it, we could move the proceeds into something better.
At the end of March, 2020 amid the height of the COVID-19 Pandemic, we were able to close on the sale of this property for a record setting $605,000. Not bad, since we bought it the previous January for $405,000! We’ve decided to keep that money in a 1031 exchange and are actively searching for new properties that match our criteria. We almost bought a beautiful condo in Wailea, but decided to hold off as the Pandemic became more and more looming.
Right now we feel holding cash is probably best for our investment strategy, and when an opportunity presents itself we will be ready to pounce. We’re really excited about what the future has in store, but we are a little sad to see Pacific Paradise leave our holdings. We hope and pray the new owners love the unit as much as we did, and certainly hope our guests that enjoyed their stays there continue to support the property.