In Palm Springs, a cap on short-term rentals in specific high-demand neighborhoods has all but frozen the market in those communities.
“Homes that used to pull $1.2 million are struggling to get $800,000,” Sarlund said. “My neighborhood has dropped 30% to 40% in value.”
He’s currently representing a seller who paid $1.16 million for a house in the Gene Autry neighborhood with plans to put it on Airbnb, but they weren’t able to secure a permit before the ordinance kicked in.
The house hit the market less than a year later asking $1.4 million. Five price cuts and 10 months later, it’s still waiting for a buyer at $875,000. More price cuts are probably on the way.
2 Likes
This could be why seaside condos in Penang are sitting on the market for months, if not years.
Penang has short term rental ban? Did not know that.
this is point of banning them. so 'real" neighbors can move it.
that being said, we stayed at an Airbnb in Palm Springs over Xmas and it was LOVELY.
Despite all these bans Airbnb’s stock is doing very well… up 50% in 6 months. That being said that article is inaccurate. Typical lame stream news. It would require research on specific homes to accurately measure the trends. In Tahoe prices went up with the short term rental ban.
Which towns in Tahoe ban Airbnb? Only South Lake Tahoe?
Yes, implemented recently. Some places are grandfathered or somehow exempt though.
South Lake Tahoe restricted them to tourist core areas only. The surrounding counties have put limits on new ones
