Friday, February 12, 2016

Just in time for legalized short term rentals

The set of STR regulations recommended by the City Planning Commission included a prohibition against using whole homes for that purpose in residential neighborhoods.  That provision has zero chance of passing City Council approval intact.

Why? Because that's not what the flippers want.
Ragas said the decline in sales of unrenovated homes is a sign that the city’s once-plentiful stock of storm-damaged homes is dwindling, and many of the more easily renovated ones already are off the market, which is a factor in the rising prices.

“Now, we’re looking at houses in many cases that have been empty for 10 years,” he said. “It’s shifting from a market where your buyer is the fixer-upper and they’re going to take this (project) on themselves to a market where it’s more small-contractor-driven, and they’re buying anything they can find and renovate or flipping or renting it.”

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