The island spirit endures
The second-largest island in the Hawaiian archipelago holds a special place in the hearts of everyone who visits. With its celebrated beaches, lush mountains and rainforests, and the ever-present Aloha spirit, it's no wonder Maui leaves such a lasting impression.
The fires that devastated Lahaina— on the northwest coast of the island—and the surrounding area in August 2023 were a devastating tragedy. However, the resilience, hard work, and heart of its residents is not only helping the town heal, but proving to be as much of a draw as the beauty of the island itself.
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We've had a rapid increase in activity over the last few months.
In the higher-end segments—hotel resorts and second homes— there's been a strong revival."
Alex Iskenderian Owner Berkshire Hathaway HomeServices Maui Properties
“Whether it's the ocean, the hiking, the beaches, the golf courses and tennis clubs… Maui's a place people come to live active lives,” said Alex Iskenderian, Owner of Berkshire Hathaway HomeServices Maui Properties. “Although we lost the town itself, that's not what truly makes Lahaina—it's the people.”
As the community rebuilds, the area is steadily repopulating. Rebuilding has also accelerated in the resort markets, Iskenderian noted. “We've had a rapid increase in activity over the last few months. In the higher-end segments—hotel resorts and second homes—there's been a strong revival.”
This renewed activity has also improved inventory. “We have hundreds of long-term rentals now available. We were at a shortage before the fires, so it's a very different climate,” Iskenderian said.
The fires did encourage some groups to push for more restrictions on short-term rentals (STRs), specifically the phasing out of STRs in apartmentzoned districts. At the time of publication, Bill 9 is moving through Maui County Council and, if passed, will go into effect in 2028. Legal challenges are expected should it become law.
While the bill has dampened interest in apartment rentals, Iskenderian said that it's brought more attention—and added value—to hotel resort-zoned rentals and second homes, especially in Maui's celebrated hotspots: Kapalua and Kaanapali in the west; Kihei, Wailea, and Makena on the south coast; and Paia on the North Shore.
MAUI QUICK FACTS
PRICE/SQ. FT.: (2025) (2024: $1,432)
Many of the world's richest see Maui real estate as a wise investment. “Some of the country's largest REITs own their most valuable assets here, plus people like Jeff Bezos and Oprah Winfrey,” said Iskenderian. "It gives any sophisticated investor comfort knowing those entities must have done their due diligence before an investment that large on Maui.”
Investments aside, it's that Aloha spirit that truly defines the island. “If there's a four-way stop on the road, everybody tells the other person they can go first,” Iskenderian said. “Our appeal lies in both our breathtaking geography and the positive energy of our people.”
A playground among the palms
Once known almost exclusively as the playground of Hollywood's Golden Age, Palm Springs and the surrounding cities that make up California's Coachella Valley have evolved into a multi-faceted resort destination, attracting a variety of buyers seeking sun, outdoor activities, and a sense of belonging.
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An artful escape
Blending centuries of culture and history with year-round sunshine and a dynamic food scene, Santa Fe is a top pick amongst visitors seeking both relaxation and adventure.
“We have a world-class culinary experience which is a huge draw,” said Mark Rochester, Vice President and Broker at Berkshire Hathaway HomeServices New Mexico Properties. “The countless phenomenal restaurants coupled with fantastic museums and the area's historical significance help sum up why it's so popular.”
Like many tourism hubs, often a visit can turn into something much more. “Santa Fe's art scene and galleries are world renowned,” said Jim Pitts, Owner of Berkshire Hathaway HomeServices New Mexico Properties. “People come to buy art and then many decide to buy property here.”
Air travel to Santa Fe just got easier with the completed Phase 1 expansion of Santa Fe Regional Airport, adding a larger terminal and a dedicated private jet center. Phase 2, set for completion in 2027, will bring additional upgrades.
Demand for properties has remained relatively stable over the last 12 months, while inventory has gotten healthier. “We've shifted from a balanced to a buyer's market,” explained Rochester. “High-end inventory is sitting at around 11 months' supply, mid-range at about nine, and lower-end homes around six.”
The battle over short-term rentals (STRs) is shaping demand. Rochester explained that the city allows a total of 1,000 permits with at least 500
Santa Fe's art scene and galleries are world renowned. People come to buy art and then many decide to buy property here."
Jim Pitts Owner
Berkshire Hathaway HomeServices New Mexico Properties
feet between permitted properties. “For that reason, we're seeing a shift outside of the city—second-home buyers are looking more at Santa Fe County, which also has an STR permit process but it's less arduous.”
The city's feeder markets have traditionally been California, Texas, and European countries such as Germany and the U.K., but there has been additional interest from Colorado of late. “People are being priced out of the resort markets there so are looking south to Santa Fe and Taos and the excellent ski facilities we have,” said Pitts. “You hear a lot of Texan accents on the slopes because they have less mountains—one of the main reasons Texans buy in Santa Fe is for the skiing.”
SANTA FE QUICK FACTS
PRICE/SQ. FT.: (2025)
AVG. DAYS ON MARKET: TOP FEEDER MARKETS:
MONTHS OF INVENTORY: (2025)
(2024: 4.51)
(2024: $374)
And for those looking for more relaxed activities, you're covered—from the opera to spas. “Our opera venue—a partially covered outdoor space—is one of the world's most spectacular,” said Rochester. “For real relaxation, you're spoilt for choice with high-end spas— 10,000 Waves is probably the most popular, but you can't beat Ojo Caliente Hot Springs just outside the city.”
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Life along the Tuscan coast
With an abundance of sun, culture, wine, and coastal elegance, Italy's Tuscany Coast is many people's idea of paradise.
Not only is the Tuscany Coast worldrenowned for its beauty, but it's also conveniently located near many large metros, including Florence, Pisa, and Lucca. This ease of access has facilitated increased demand amongst both traditional feeder markets of the U.S. and U.K. and newer Northern European buyers.
“These buyers want to take advantage of the lifestyle the Tuscany Coast offers,” said Marina Rizzotto, Owner, Berkshire Hathaway HomeServices Palazzo Estate. “You can find beautiful beaches, marinas, tennis and golf courses, cultural landmarks...so, so many things. And the restaurants in Tuscany— everyone must try at least once. They are really very good, and great value for money.”
Spanning 180 miles along the northwestern coast of Italy, the region is far from uniform. “There are quite big differences, even in temperatures,” Rizzotto said. “In the northern regions around Versilia, you can find more upscale and exclusive services and it's more well-known to Americans thanks in part to its proximity to Florence and Milan.”
Further south along the coast, the character shifts—here you'll find quieter villages, expansive beaches, and a more laid-back pace, appealing to buyers seeking privacy, nature, and an authentic Tuscan experience.
Beyond long-established luxury enclaves like Forte dei Marmi and Monte Argentario, a new wave of interest is spreading along the coast—particularly between Cecina
VERSILIA
(+6.9% YEAR OVER YEAR)
TUSCANY COAST QUICK FACTS
ARGENTARIO
(+6.7% YEAR OVER YEAR)
AVG PRICE/ SQ. METER:
TOP FEEDER MARKETS:
and Castagneto Carducci, an area known for more accessible price points and limited, high-quality new developments. Towns like Bibbona have seen growing demand, with prices up 3.4% year over year.
Further south, the Maremma coastline—including Castiglione della Pescaia, Punta Ala, and Scarlino—is also drawing attention for its pristine landscapes, relaxed pace, and unspoiled seaside villages.
Inventory is a consistent issue in the area due to the high demand and slow rate of new construction. And as new areas emerge as hotspots for overseas buyers, the inventory issue grows.
For the first-time luxury visitor, Rizzotto imagines the perfect day beginning with arrival at Pisa International Airport by private plane before heading to Forte dei Marmi for a morning at the beach club and a tour of some of the area's high-end properties. Afternoon would be spent savoring a meal at a Michelin-starred restaurant, followed by exploring the coast by yacht.
And to end the day? Enjoying a stunning sunset from one of the coast's many five-star boutique hotels.
MAREMMA (FLAT TO -0.1% YEAR OVER YEAR)
You can find beautiful beaches, marinas, tennis and golf courses, cultural landmarks... so, so many things.”
Marina Rizzotto Owner
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