Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
I have a house in Sunriver, OR for sale. I have advertised it on BP considerably, listed it on MLS, etc.
Sunriver is unique in that it is completely designed and was developed for STR owners and 2nd homes. All of the amenities, etc. for owners (waterpark, pools, parks, bike trails, tubing hill, rock climbing walls), plus The Village at Sunriver (restaurants, coffee shops, breweries, ice cream/candy, quaint shops , kids entertainment areas, and recreation rentals, are all geared towards STR guests.
Do any of you know a good site, etc. for advertising STR for sale? I am shocked that Airbnb or VRBO haven't set up a site to pick that market up!
Sunriver is 20 minutes south of Bend OR, and within 20 minutes of Mt. Bachelor for winter sports. It's also along the Deschutes River for summer recreation!
Yes, Vrolio is the best place to advertise STR specific properties for sale. You can add all the details like expenses and gross/net income so that other investors have the info at their fingertips.
Yes, Vrolio is the best place to advertise STR specific properties for sale. You can add all the details like expenses and gross/net income so that other investors have the info at their fingertips.
I have a house in Sunriver, OR for sale. I have advertised it on BP considerably, listed it on MLS, etc.
Sunriver is unique in that it is completely designed and was developed for STR owners and 2nd homes. All of the amenities, etc. for owners (waterpark, pools, parks, bike trails, tubing hill, rock climbing walls), plus The Village at Sunriver (restaurants, coffee shops, breweries, ice cream/candy, quaint shops , kids entertainment areas, and recreation rentals, are all geared towards STR guests.
Do any of you know a good site, etc. for advertising STR for sale? I am shocked that Airbnb or VRBO haven't set up a site to pick that market up!
Sunriver is 20 minutes south of Bend OR, and within 20 minutes of Mt. Bachelor for winter sports. It's also along the Deschutes River for summer recreation!
My guess is you're asking way above market value. I've noticed a recent trend of people selling "turnkey" STR rentals (e.g., perfectly furnished in great location, etc) but with asking prices that are significantly higher than anything else in that particular market. Nationwide housing prices have been cooling, possible recession approaching - I just don't think most people have an appetite to pay a premium for a turnkey rental right now - they'd rather buy something that's reasonably-priced and put a little work into it (cosmetic upgrades, some new furniture). Also, I just looked on Zillow - there's 153 homes for sale in Sunriver OR - that could explain why you're not getting many bites!
people try the same with bed and breakfasts asking a high price on a property that itself is worth much less. They don't tend to sell well. But they do sit for a long time.
People need to finance these. The bank will lend based on its value not based on your turn key attempt to get a lot more than it may be worth
There's absolutely nothing special about a vacation rental. It is a furnished house. The past guests have little value to a new owner.
@Mark Miles with STR as with everything, looking on a site and not looking at the specifics skews perception. Just as people that go on Zillow and look at price per sq. ft., etc. In order to understandactual value it's necessary to compare apples to apples. Sunriver may seem to have a lot of homes for sale. However; many of those are condos, some are fractional ownership, etc. Mine has been completely remodeled, from the roof to the floors, new everything. That does add value to both the selling price and marketability of the house for short term renters. I've actually had 2 offers for 550k but it was the beginning of the season, and I thought it would bring more. Tough lesson!!
I'm picking this back up as in my area, the Poconos region of northeastern Pennsylvania we are seeing a significant rise in the number of turnkey STR listings from current operators entering their properties for sale. Business has been very good for them over the past few years (covid has boosted demand for rentals and for vacation home purchases). Successful STR operator seem to have entered the market with greatly inflated prices with a mindset of “what do I have to lose by selling today?” They can continue to rent while testing the waters to see how high desperate bidders will go. As of February 2022, the answer seems to be buyers will go quite high, but these are not properties that can be financed with vacation home loans with a minimal cash down payment. As a realtor, we try to highlight the impact the furniture and furnishings will have on the appraisal and try to direct them to commercial loans if they do not have sufficient cash. Buyers seem to seize onto the term "turnkey" and at first think the furniture is just a bonus, due diligence shows this bonus has a premium cost. Our MLS systems allow this, if you put the property under investments, nobody seems to find it, so they all end up as residential. Turnkey STR provides a great opportunity, but you need cash or commercial credit to pull it off. Read more https://poconovacationhomesale...