Quote:
Originally Posted by oldtimes
It doesn't seem like much of a problem until it happens in your neighborhood and then you understand but it is too late. The developer needs to decide if it is going to continue to be an over 55 retirement community or go back to being a trailer park.
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Personally, I'm opposed to STR's in any neighborhood, anywhere ... The Villages included.
That said, rental desirability is one of the main drivers of property values in TV. If TV was to eliminate STR's tomorrow, property values would like drop about 10% overnight (in addition to the current market forces, which are devaluing properties everywhere). Just a wild estimate, but I suspect about 10% of the Units in TV are available for rental, perhaps more. If you remove 10%-15% of available buyers from a specific market, prices are going to drop.
STR's drive the values in 2 ways. A) They soak up inventory, B) Investor buyers can and do act quickly and decisively when buying property and are usually buying with all cash.
In the past (particularly last year or so) "panic buying" became another driver of property appreciation. When inventory is selling past, people act quickly and pay to dollar.