We have blogged about this earlier, but since the Wall Street Journal caught on today it probably warrants another post.

The wealthy think the U.S. is in a recession. But they’re still bullish on real estate, according to a new study… the wealthy were also the most cheery about the real-estate market. Of wealthy respondents, 40% said they plan to buy real estate over the next year. That compares with only 17% for the Upper Middle Class. The rich who plan to buy homes are mainly looking for leisure properties. One-third plan to buy a vacation home, while about a quarter plan to buy third homes.

What does this mean for Maui real estate?

In our view this is unabashedly good news. Wailea homes, Makena homes, Wailea condominiums, Maui oceanfront homes and Maui real estate in general will all likely benefit from this attitude. Why? Because to buy a $2 million plus second or third home requires the wealth level of the respondents to the survey.