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Many of them are zoned apt rather than hotel which means they can only be rented for six months or more. Since owners can't rent them out as vacation rentals, income potential from them is much more limited. Also, many were built to be working class residences while most of the places in the south were designed as vacation rentals and have beautiful landscaping, nice pools, spas, etc. For example, Kihei Shores is in the south yet it was built as apts, can't be short term rented and has an "eh" pool and strictly utilitarian grounds. Units there go for significantly less than the complexes around it, less in fact than at many complexes in the north, especially those with amenities.
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