Palm Springs Reigned in Air BnB…

Reply
Thread Tools
  #1  
Old 06-11-2024, 05:36 AM
Papa_lecki Papa_lecki is online now
Soaring Eagle member
Join Date: Nov 2020
Posts: 2,103
Thanks: 82
Thanked 2,673 Times in 978 Posts
Default Palm Springs Reigned in Air BnB…

Palm Springs reigned in Air bnb (STR).
They are still allowed, but they are limiting the number in any neighboorhood. Some people are seeing a 33% decrease in property value.
If interest rates drop, owners can’t refinance due to loan to value ratios.

“Palm Springs home values are in a free-fall after the city began cracking down on short-term rental permits, according to the Los Angeles Times.”

https://ktla.com/news/california/pal...own-on-airbnb/
  #2  
Old 06-11-2024, 06:50 AM
Normal's Avatar
Normal Normal is online now
Platinum member
Join Date: Jun 2021
Location: Earth
Posts: 1,593
Thanks: 3,744
Thanked 1,194 Times in 595 Posts
Default Why Refinance

Quote:
Originally Posted by Papa_lecki View Post
Palm Springs reigned in Air bnb (STR).
They are still allowed, but they are limiting the number in any neighboorhood. Some people are seeing a 33% decrease in property value.
If interest rates drop, owners can’t refinance due to loan to value ratios.

“Palm Springs home values are in a free-fall after the city began cracking down on short-term rental permits, according to the Los Angeles Times.”

https://ktla.com/news/california/pal...own-on-airbnb/

Cracking down on rentals is a good thing. Rentals cause instability in a market like your last lines show. Leave STRs to the hotel groups, not to residential neighborhoods. Values are falling everywhere anyway. What one thinks is a cause, another thinks as a problem. Myself, I believe price drops are just a correction to pre pandemic trends, as it has to go that way sooner or later. Not many can say they love an unstable residential neighborhood with STRs on both sides of them. It’s because most prefer to live in a residential atmosphere with less chaos.
__________________
Everywhere

“Everyone may not be good, but there's always something good in everyone. Never judge anyone shortly because every saint has a past and every sinner has a future.” - Oscar Wilde
  #3  
Old 06-12-2024, 06:45 AM
Bay Kid's Avatar
Bay Kid Bay Kid is offline
Sage
Join Date: Feb 2013
Location: The Villages and the Northern Neck on the Chesapeake Bay, VA.
Posts: 5,501
Thanks: 1,641
Thanked 3,140 Times in 1,361 Posts
Default

I have a friend in Virginia that lives in a nice small town. In the past year a neighbor started Air B&B. Terrible. Just terrible for his family. Something needs to be done about these rentals for the good of the neighbors.
  #4  
Old 06-12-2024, 07:25 AM
RICH1 RICH1 is offline
Gold member
Join Date: Sep 2011
Location: South
Posts: 1,315
Thanks: 3,322
Thanked 1,324 Times in 573 Posts
Default

When I brought this up a year ago, everyone sided with the AirBnb owners... Anyone that owns AirBnb properties don't care about property values..if anyone out there that has rental properties, you know what i'm talking about... pretend to be nice to your neighbors is rule number 1
Reply

Tags
springs, palm, reigned, air, loan

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 04:19 PM.