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.
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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
Looks like there’re tons of buying opportunities in vacation towns that banned airbnbs.
This one is in Florida.
The challenge is the insurance - buyers are figuring out that they won’t be grand fathered into the same cheaper insurance terms as previous owners in Fl.
oh no. we know an older couple who just put their life savings into a house there and are renting it out…they plan to move there eventually so hopefully it shakes out for them.
When will Sonoma and Napa ban Airbnb?
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right? we need us a vacation home (non Airbnb)
Yup, in contract as we speak to buy this where Airbnb is now banned…
If I knew you guys/gals, I would give you a key… LOL
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Yes, Sir!!!
Many Chinese celebrities and movie stars are moving there…
HK actor Francis Ng spotted buying ice cream in Penang, shop owner fails to recognise him | The Star
How much has Penang RE fallen since the AirBnB ban?
An article on South Lake Tahoe’s AirBnB ban:
A recently published opinion piece in the Tahoe Daily Tribune written by Amelia Richmond, the president of Locals for Affordable Housing, pushed for a vacancy tax, claiming “as home prices have doubled in the last decade, a staggering 44% of all housing in South Lake Tahoe—over 7,000 homes—now sit empty most of the year. Since 2000, the increase in vacancies has outpaced new housing construction, resulting in more vacant houses and fewer homes for residents.” The housing crisis, she wrote, was pushing locals out of town.