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  • 🔥 STR Homes for Sale | Scouting Report 03/23/24

🔥 STR Homes for Sale | Scouting Report 03/23/24

STR Classifieds: Explore 16 off-market and active deals, plus trending news.

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STR Scout
March 23, 2024

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In this week's scouting report:

  • STR Classifieds: Explore this weeks STR off-market deals, top picks, featured properties, active STR listings.

  • Blog Spotlight: Airbnb’s Spring 2024 updates and what they mean for you.

  • News Nuggets: This weeks trending real estate, economic, and STR news to stay informed.

  • STR Conference & Events: The most important STR events to attend to network, learn, and grow in 2024.

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STR POCKET LISTING ALERT

This Off-Market JAX Beach Luxury Retreat with Guest Villa Generates $200k+ Revenue!

🏡 $1.84M | Jax Beach, FL: Luxury 200k+ Revenue STR Beach Home with Villa.

  • Boasting a spacious 4160sqft, this unique property comprises two houses in one, including the main house and the villa, connected via a catwalk and courtyard.

  • With 7 bedrooms and 5 baths, it's just 1 block from the beach, promising a lucrative STR revenue of over $200k yearly.

  • This luxury turnkey STR is an ideal investment opportunity, offering a blend of elegance, convenience, and financial potential.

  • Proven money maker and high demand retreat for guests looking for proximity to the sea and comfort.

  • Contact the STR agent (property manager) for property details and revenue history.

FEATURED PROPERTIES

Beech Mountain Cloud Retreat Rental in Beech Mountain, NC.

🏡 $1.1M | Beech Mountain, NC: Luxurious 5br 4ba home, 2742sqft, designed for comfort and entertainment. Sleeps 14 guests, offering spacious accommodations with 3 decks featuring a firepit table, hot tub, movie room with plush couch and popcorn machine, and a game room/sitting area. Outdoor dining for 10 with a BBQ grill enhances the experience. Located just 4 minutes/1.2 miles from Beech Mountain Ski Resort, and close to hiking trails including the Emerald Outback, Backbone Trail, Pride Rock, and Perry Park. Breweries and wineries are also minutes away, making this an ideal location for year-round enjoyment. View Property Details
STR Agent: Tyler Coon
Text or Call: +1-828-620-2541

Fully Updated Mid-Century Modern Rancher in Downtown Kalispell Montana.

🏡 $499K | Kalispell, MT: A charming 3br 1ba home, 1824sqft, combines modern updates with mid-century charm, offered fully furnished. Revenue Projections show Top Earning 3-bedroom homes average $124k! Features include an unfinished basement & carport with potential to add a bedroom, bath, & game space for additional revenue. Ideal for STR in the busy season & MTR in slower periods, especially with its proximity to a large regional hospital that employs traveling nurses. A perfect blend of style, location, and investment potential. View Property Details
STR Agent: John Hayes
Text or Call: +1-850-375-4113

STR CLASSIFIEDS 
😎  STR For Sale by Owner (Off Market)

$670K | Pigeon Forge, TN: 2BR/2BA cabin with a treehouse feel. Includes front/back decks, hot tub, Jacuzzi, fireplace. Turn-key. 2021-2023 income: $317K total. Low expenses, high investment return. View Post.

$980K | Gatlinburg, TN: Recently renovated STR cottage in Arts District, 5 min to downtown. 2022 revenue $147,913. Turn-key with active tourism permit. Furniture/appliances included. ProForma available. View Post.

$135K per cottage or $250K for both | Monroe, MI: Turnkey side-by-side cottages, fully furnished. 9-month revenue: $58K (projected $78K+ annually). 2BR/1BA each. Near Lake Erie and Sterling State Park. View Post.

$829K | Idaho Springs, CO: Pre-MLS 2BR/3BA + loft home in St. Mary's Glacier area. 2023 STR Gross: $71,800. Central to ski resorts and hiking trails. Furnished, 1/4mi and 1/2mi from lakes. View Post.

$470K | Miami South Beach, FL: Immaculate 1BR unit in the Fountain Condominium, fully licensed for short-term rentals. Renovated with Italian kitchen, wood floor, washer/dryer. Average gross return $50-55K/year. View Post.

😎  STR Selling Agent Listings

$715K | Branson, MO: New construction 4 bed, 4 bath lodge. Minutes from Table Rock Lake and Silver Dollar City. Ideal Branson vacation destination. Contact for details. View Post.

$999K | Marco Island, FL: Gorgeous 5-bed, 3-bath home with private pool. Modern upgrades, new roof, AC, appliances. Minutes from beach and park. Virtual tour available. Contact for details. View Post.

$499K | Hermann, MO: Two houses on one lot. Large house: 3BR, 2.5BA, sleeps 16. Small cottage: 1BR, 1BA, sleeps 4. 2023 Gross Income $65k. Ideal STR opportunity. Contact for details. View Post.

$425K | Dripping Springs, TX: Scenic Hill Country Retreat with two modern Kountry Container tiny homes on 3.57 acres. Stunning views, new electric/septic. Perfect getaway near wineries and breweries. View Post.

$590K | Nashville, TN: Side-by-side 2-bedroom units at Sky at Fern! Fully furnished, professionally designed, with skyline views. Ideal for investors near River North development. View Post.

$690K | Palm Coast, FL: Fully furnished STR gem generating 9% cap rate with $124k+ Gross Revenue in 2 yrs. Lush garden, upper patio, theater room, hot tub. Near beach access. Ideal investment opportunity. View Post.

$2.8M | Beach Rental: Hard to show due to constant bookings. Includes all furnishings, future bookings, 6-seater golf cart. Net >$200K in 2023. Call direct for details. Perfect location & gorgeous in person. View Post.

$315,555 | Jacksonville, FL: PRICE REDUCED on this 3BR/1.5BA Murray Hill bungalow. 2021 upgrades: roof, water heater, electrical, plumbing, kitchen, baths. Near downtown. Furniture negotiable. View Post.

BLOG SPOTLIGHT

Airbnb 2024 Spring Update

Airbnb's 2024 Spring Update introduces a slew of enhancements and features aimed at bolstering the quality and reliability of guest stays. This initiative builds upon the foundations laid by previous updates, with a focus on verifying listings, reducing host cancellations, removing low-quality listings, and introducing new highlights for top homes.

Key Takeaways:

  • Verified Listings: Nearly 1.5 million listings in the US, Canada, Australia, UK, and France are set to be verified by the end of the month, featuring a "verified" badge to signify their authenticity and reliability.

  • New Highlight for Top Homes: A new feature will spotlight the top 25% of listings globally, with the elite top 1% receiving a trophy icon. This is based on ratings, reviews, and reliability, helping guests easily find high-quality accommodations.

  • Reduction in Host Cancellations: Airbnb's new tools and policies have led to a 36% reduction in host cancellations, mitigating the disruption and anxiety for guests planning their holidays.

  • Removal of Low-Quality Listings: A concerted effort to enhance listing quality has resulted in the removal of 100,000 low-quality listings since April 2023. This is part of Airbnb's ongoing commitment to ensuring guest satisfaction.

  • Smart Lock Integration: Hosts in the US and Canada can now integrate compatible Schlage smart locks with their Airbnb account, facilitating seamless check-ins with unique codes for each reservation.

Read More about the latest enhancements and what they mean for guests and hosts alike in Airbnb's Newsroom.

NEWS NUGGETS
Real Estate

🏘️ Zillow's Uncertain Future: Following a $418 million settlement affecting real estate commissions, Zillow's stock drops 13% amid concerns over lower agent fees impacting its business model, despite leading the market with data on over 160 million US homes and exploring new revenue avenues like rentals and home loans — CNN Business

🏡 Real Estate Commission Reform: It is all over the news and it is a big deal. The class action forcing the National Association of Realtors to revise a system, coud reduce real estate commissions by $5,000-$13,000 per sale, on average. This change is likely to be a win for sellers, and lose for buyers agents who will work for less and home buyers who will have to pay their buyer agents. — Financial Times

🔎 DOJ Expands Probe: The Justice Department intensifies its investigation into the rental housing market, targeting a leading property pricing software developer, RealPage, and some users, for potential price-fixing, underscoring the Biden administration's commitment to combat anti-competitive practices — Politico

🧮 Tokenization Transformation: Real estate tokenization emerges as a powerful application of blockchain, potentially growing the market from $2.7 billion in 2022 to $16 trillion by 2030, offering a novel approach to property management and investment through fractional ownership and automated processes — Forbes

📈 Rising Listings Signal Shift: February saw a 3.8% monthly and 14.8% annual increase in new home listings, the highest in 17 months, hinting at a cautious rebound in housing supply amidst continued high mortgage rates and price growth, with notable rises in Texas and Florida — Redfin

Economy

🏦 Fed Holds Steady: The Federal Reserve keeps interest rates unchanged at 5.25-5.5% during its March meeting, with projections for three rate cuts later in 2024, indicating a cautiously optimistic outlook for the economy and a steady but not immediate impact on mortgage rates for homebuyers and sellers — Redfin

📈 Rising Credit Card Costs: US consumers paid 50% more in credit card fees since 2020, reaching $157bn amid high interest rates and delinquencies, putting financial pressure on families and becoming a focal point in political debates about the cost of living crisis — Financial Times

🏠 Florida's Foreclosure Crisis: A recent study reveals Florida's foreclosure rate exceeds the national average by 1.63 times, with one in every 2,632 houses facing filings in February 2024. Metropolitan areas like Lakeland and Orlando are among the hardest hit, highlighting a significant housing challenge in the state. — GulfFive

📊 U.S. Foreclosure Activity Report: ATTOM's February 2024 data reveals a slight 1% monthly decrease but an 8% annual increase in foreclosure filings across the U.S. Despite a nationwide uptick, REOs have decreased annually in 28 states. South Carolina, Delaware, and Florida report the highest foreclosure rates, with notable increases in foreclosure starts both monthly and annually, spotlighting a changing landscape in the housing market and financial strains on homeowners — ATTOM Team

🔍 Tech Job Crisis: With over 50,000 layoffs across 200+ tech firms since 2024's start, the tech sector faces its toughest job market since the 2001 dot-com crash. Employees recount their struggles with high competition, exacting job requirements, and often lower pay, marking a sharp turn from the once-booming industry's offerings. Key companies like Google and PayPal are among those cutting jobs, driving former tech stalwarts to reconsider their career paths amidst a shifting economic landscape — CNBC

🚗 Upside Down Auto Loans Crisis: Edmunds reports a rise in Americans facing negative equity on car loans as used vehicle prices drop, with the average underwater amount reaching a record $6,064. The decline in used car values, especially for near-new vehicles, signals a "storm brewing" in the market — FOXBusiness

AI Trends

🏡 AI Revolution in Real Estate: AI transforms real estate through precise property valuations, enhanced customer service via chatbots, efficient property management automation, targeted marketing campaigns, interactive virtual tours, and streamlined financing processes, marking the dawn of a new era in property dealings — Brad Anderson

🤖 AI Home Brokers on the Horizon: The real estate industry faces potential upheaval with AI bots poised to replace human brokers, promising more efficient, reliable services at a fraction of the cost, amidst critiques of the current oversaturation of less skilled Realtors — Axios

🤖 Luxora - AI's Leap into Real Estate: Las Vegas' Luxury Realty Group unveils Luxora, the U.S.'s first conversational AI luxury real estate agent, promising a revolution in home searching with fast, detailed property tours, challenging traditional real estate's norms while aiming to complement the human touch in the home-buying experience — KTNV

STR Regulations

🌆 L.A. County's Airbnb Crackdown: New rules may limit short-term rentals to primary residences only, aiming to quiet noisy tourists and restore neighborhood peace. Will enforcement follow through? — LA Time

🏡 Buncombe County's Short-term Rental Amendments: Proposed changes in unincorporated areas include new STR definitions, development standards, and restrictions—aiming to align with the 2043 Comprehensive Plan's affordable housing goals. Existing rentals can operate under conditions; public input happening now and proposed changes coming Monday, April 22. — AVL Today

🌴 Palm Springs STR Regulations Impact: After enacting caps on short-term rentals, Palm Springs sees potential shifts towards its classic hideaway image, with effects on the real estate market including price drops and increased inventory, possibly marking a return to more traditional housing dynamics, a deep dive into this market — Desert Sun

🏠 New Orleans STR Regulation Details: A federal judge has ruled New Orleans' STR ordinance constitutional, allowing the city to enforce permit requirements and limit STRs to one owner per city square. This decision aims to regulate short-term rentals effectively, with provisions including operator residence requirements and a lottery system for permit allocation, here are all the details. — Jennifer Sokolowsky

STR LOAN SOLUTIONS - HOST FINANCIAL

💵 DSCR rates DECREASED from prior week.

💸 Treasury yields DECREASED from prior week to 4.29%.

🏦 Conventional mortgage rates INCREASED to 6.87%.

2024 CONFERENCES & EVENTS

📅 Register today for early-bird pricing! Use coupon code STRVIP20 our exclusive 20% STR Scout subscriber discount!

STR conferences to learn, network, and grow in 2024:

That’s a wrap for this week!

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