On SecondShelters.com: In Honolulu, Marco Polo Spells Opportunity

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There’s an old investment adage: Buy when people are selling and sell when people are buying.

On July 14, 2017, there was a fire at the Marco Polo high-rise in Honolulu that damaged some 200 units and will cost approximately $100 million to repair.  It wasn’t the first. There was also a fire just four years prior in 2013 causing $1.1 million in damage.  There are no sprinklers in the 1971 building.  After the first fire, the HOA got an estimate to retrofit the building with sprinklers. The average cost was $8,000 per unit or roughly $4.5 million.  After this fire, I think it’s highly unlikely a sprinkler retrofit wouldn’t happen. I suspect insurance companies would demand it.

Doesn’t exactly smell like a dream Hawaiian getaway, does it?  What it should smell like is opportunity.

Head over to SecondShelters.com for more.

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Jon Anderson

Jon Anderson is CandysDirt.com's condo/HOA and developer columnist, but also covers second home trends on SecondShelters.com. An award-winning columnist, Jon has earned silver and bronze awards for his columns from the National Association of Real Estate Editors in both 2016, 2017 and 2018. When he isn't in Hawaii, Jon enjoys life in the sky in Dallas.

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