Effect Of VRBO Next Door To Subject

[Tom D]

Please provide 3 comps with similar locational factors.
Dear lender, due to the existential threat of not having any factor proof for mentioning that external thingy, i am requesting that you give it to one of my competitors.

 

[JEFFSMA]

What is the purpose for the appraisal? Sounds like the client is lobbying for a low value.

Purpose of the appraisal is for a tax appeal against the town. Client is looking for a lower value.

 

[Surf Cat]

Purpose of the appraisal is for a tax appeal against the town. Client is looking for a lower value.

Okay, now you can run for the Hills.

A VRBO seems like a pretty weak excuse for a tax appeal. Typically, tax appeals are based on the overall condition of the property, deferred maintenance, you'll need an itemized list of the repair costs for each item) yes, externalities. However, all the permanent residents would have to be affected by the offending vrbo's as well.

If you have access to the assessors site online, you can click on each parcel and see all the information of the neighboring Parcels to see if they're in line with the subject's or if indeed, the subject is way out of line with the other neighboring properties assessed value.

This one seems like a reach. Good luck.

 

[Fernando]

I would never live in the beach zone or anywhere else the tourists might frequent.

When I worked for the bank, they had a policy not to lend on properties on the beach.
I didn't understand back then but from all the ocean damage done during storms, it's not good to own property next to the ocean.
I would rent instead on the beach and move to the hills during storms.

 

[sputnam]

ANYONE HAVE AN OPINION OR DATA ON EFFECT OF VRBO NEXT DOOR TO SUBJECT ON LONG ISLAND SOUND ORIENTED PROPERTY IN CT? CLIENT ADVISES THAT SHORT TERM RENTALS OF THE PROPERTY ARE A REAL HEADACHE WITH WEEKLONG PARTIES, NOISE, TRAFFIC, ETC.

Yes. My opinion is that I don't know if there is a market reaction unless and until I gather and analyze market data.

On the other hand, if all you want is a generalized answer... not one specific to your property... there are probably studies that have already been done and published. You just need to find one or more.

 

[DTB]

The place we were staying at had just sold a few months earlier for more than any other property had on that part of the lake...so does that actual data support a decrease? Dunno. Would be curious what the buyer agents are hearing as they show properties.

I agree and have stayed at many VRBOs in TX and FL that have sold for outrageous (IMO) prices due to the rental income. I think a positive impact on value is more the reality, at least until the saturation point is hit.

 

[Vermonter]

Purpose of the appraisal is for a tax appeal against the town. Client is looking for a lower value.

Town won't care....they'll point to the assessment of the property on the other side of said STR and say "See...it's assessed equally"