Is it time to sell this VR?
One of my HOA's in Arizona is proposing a drastic change to the CC&R's and has put this out to vote of the community. In order for it to pass, it would require a 2/3 consent of the neighborhood. It will be tough for the HOA to gain 2/3's agreement, but if they do I'm out of business on this property. I am also very concerned about my property value declining as Scottsdale is such a big vacation destination and heavily investor focused.
In a nutshell the HOA is requesting no vacation rentals (VR's), no subletting, no room renting, and a minimum term of 60 day rental terms. The state of Arizona legalized VR's last year that restricts municipalities from disallowing them, but does not restrict HOA's. Has anyone had any experience with this or something similar?
I am thinking it is time to sell NOW. I have checked in with a few neighbors and they are against it, but I'm still uneasy. They HOA will not release a list of the neighborhood so I have no way of petitioning against this. I am seeking advice of an attorney but always looking for some input from the BP community. What would you do?
Thanks!
Mike
Most Popular Reply
You can also consider renting to travel nurses, who usually have 13 week assignments. But it all depends on your value and other circumstances. You would likely not get as much as with daily rentals.