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The Airbnb Gold Rush Appears To Be Ending

By Patrick following x   2018 Jun 3, 3:47pm 222 views   2 comments   watch   sfw   quote     share    


http://thehousingbubbleblog.com/?p=10451

“A small group of high dollar investors from outside of New Orleans have created a commercial hotel market out of residential properties. For example, she observed, ‘The Sander company, which is based in San Francisco, has 124 listings,’ and thanks to shell companies also getting permits, Palmer added, ‘We think that they have that many, if not more, actual permits, but they [take advantage] of multiple listing data.’ ‘Airbnb pretends they are home-sharing service, that their users are homeowners who are making ends meet by renting out their homes,’ Jane Place Initiative program manager Breonne DeDecker said. ‘But our report exposes that lie. What is happening in New Orleans is not home-sharing, but the hotelization of residential housing.’”
1   bob2356   ignore (1)   2018 Jun 3, 4:27pm   ↑ like (0)   ↓ dislike (0)   quote        

Excellent. Free enterprise at it's finest. I'm looking into doing exactly the same thing with a small apartment complex.
2   APOCALYPSEFUCKisShostikovitch   ignore (30)   2018 Jun 3, 8:43pm   ↑ like (0)   ↓ dislike (0)   quote        

In the end, the insurance dimension will put the bullet in AirBnB, especially existing condominiums.

Running a STR fronts a completely different risk profile and requires a different kind of cover.

Condominiums with just one unit running AirBnB patrons through the place will have their condo trust insurance hit with a non-renewal notice that will push the condominium into the surplus lines marketspace (think Lloyds writing your cover) and hit it with a loss run event that could forevermore effect the trust's insurance rates.

AirBnB waves their own 'million dollar' cover around and tells city councils to suck their dicks but any broker who looks at their claims laughs at it and tells AirBnB, no thanks, I'm not into bestiality. Insurance associations are beginning to issue sober advisories and technical white papers on the issue and it's not going to go away because AirBnB is nasty and stupid.




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