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Message
re: Will New Orleans become more affordable as Airbnb’s crash?
Posted on 3/30/20 at 11:01 am to Dire Wolf
Posted on 3/30/20 at 11:01 am to Dire Wolf
CARES ACT (3rd Stimulus Bill) provides protections to AirBnBs. Likely more than many people would prefer.
Any AirBnB mortgages owned by a federal servicer (FHA, VA, Freddie, Fannie - some say that's 95% of the residential mortgage market) can ask for forbearance on their loans for 12 months.
AirBnB owners can file for unemployment and receive the $600/wk federal relief compensation for 4 months.
Some? AirBnB owners could file for the small business forgivable loans that would cover expenses for certain periods of time.
I understand many AirBnB operators to not file 1099s or run their properties like businesses. Some do and those that do have options.
I'm surprised the affordable housing advocates did not exclude AirBnBs or similar short-term rentals from the assistance. AirBnB lobbied hard for their properties and owners to benefit from the 3rd Stimulus Bill.
Any AirBnB mortgages owned by a federal servicer (FHA, VA, Freddie, Fannie - some say that's 95% of the residential mortgage market) can ask for forbearance on their loans for 12 months.
AirBnB owners can file for unemployment and receive the $600/wk federal relief compensation for 4 months.
Some? AirBnB owners could file for the small business forgivable loans that would cover expenses for certain periods of time.
I understand many AirBnB operators to not file 1099s or run their properties like businesses. Some do and those that do have options.
I'm surprised the affordable housing advocates did not exclude AirBnBs or similar short-term rentals from the assistance. AirBnB lobbied hard for their properties and owners to benefit from the 3rd Stimulus Bill.
0
Posted on 3/30/20 at 11:02 am to SlowFlowPro
(no message)
This post was edited on 2/3/21 at 12:44 am
Posted on 3/30/20 at 11:04 am to Lakeboy7
you just posted that a good chunk of "70% of your business" is from areas absolutely devastated by COVID-19
Italy, Spain, and NY/NJ/CT are going to be dealing with this directly for months, very possibly until the end of 2020
It's possible that through July or August people from those places won't even be allowed to come to Nola
Italy, Spain, and NY/NJ/CT are going to be dealing with this directly for months, very possibly until the end of 2020
It's possible that through July or August people from those places won't even be allowed to come to Nola
Posted on 3/30/20 at 11:07 am to rocket31
quote:
think this is the 10th yr in a row I've read this on the ot lounge
Slow decline, sorry it didn't happen overnight. New Orleans is in much worse shape than it was 10 years ago.
Posted on 3/30/20 at 11:07 am to GreatLakesTiger24
I don’t see anyway football happens
Even without fans it takes hundreds of people to put a game on plus the coast to coast travel of players and staff
Even without fans it takes hundreds of people to put a game on plus the coast to coast travel of players and staff
Posted on 3/30/20 at 11:09 am to SlowFlowPro
(no message)
This post was edited on 2/3/21 at 12:43 am
Posted on 3/30/20 at 11:11 am to glassman
At this rate it will probably take 4-5 years to get back where we were. I feel sorry (in a way) for all the folks who recently purchased in NOLA. It’s about to become a buyers market.
Posted on 3/30/20 at 11:13 am to Lakeboy7
quote:
Started with one side of a shot we renovated, rented the other side. We agonized over not selling it outright! could have made 45k immediately but the short term thing was taking off and we wanted some monthly income from the rental.
where is your place located?
Posted on 3/30/20 at 11:13 am to NIH
At least I got to watch my alma mater win a national championship in person. That may be the last mass attended college football game in a very long time.
Posted on 3/30/20 at 11:13 am to Lakeboy7
quote:
Some people are a bit more optimistic than your end times scenario
the "end times scenario" is 18 months and that's only if we get a vaccine in 18 months
quote:
.PEOPLE WANT TO COME HERE. I know you dont get that but its ok man.
are you trying to say i'm saying this will harm the reputation of Nola or something?
Posted on 3/30/20 at 11:14 am to Lester Earl
(no message)
This post was edited on 2/3/21 at 12:15 am
Posted on 3/30/20 at 11:26 am to Ancient Astronaut
quote:
It’s about to become a buyers market.
Posted on 3/30/20 at 11:47 am to soccerfüt
(no message)
This post was edited on 2/3/21 at 12:14 am
Posted on 3/30/20 at 12:15 pm to Lakeboy7
When this passes over, people will want to get out and party and New Orleans is a great place to go. But the hit is not only on New Orleans but the entire state of Louisiana relies on the taxes that New Orleans creates.
Posted on 3/30/20 at 12:41 pm to Dire Wolf
This is actually a fascinating observation. People who got into the Airbnb/short term rental game later likely can't afford the mortgage payments after too long of a break.
I guess it depends on how much the banks/lenders let you defer mortgage payments (and add them to the end of your lease)...could definitely open up an opportunity for buyers
I guess it depends on how much the banks/lenders let you defer mortgage payments (and add them to the end of your lease)...could definitely open up an opportunity for buyers
Posted on 3/30/20 at 12:45 pm to Eighteen
This is solid logic but only a small percentage of airbnb's in Nola. Most of the people that came in were rich investors from out of state. This is exactly why New Orleans made new rules to keep the out of state money out. Those buyers can ultimately last a few months as these are probably just a small portion of their portfolio. The local buyers will be hit the hardest but with delayed mortgages and such they may be ok.
Posted on 3/30/20 at 12:45 pm to SlowFlowPro
quote:
We are booked booked solid for 6 months (thats as far out as we book) out. That starts July 2.
You don't think tourism is going to take a hit with a 15-20% unemployment rate? I think it'll be short lived but it's absolutely going to hurt.
Posted on 3/30/20 at 12:47 pm to fallguy_1978
Everything will take a hit but people will still travel. As someone with airbnb's the bulk of downtown business is conventions and younger travelers. Those younger travelers will still travel, the convention rescheduling is the real wild card. Some have already rescheduled. They will still have conventions and most have a long history with New Orleans. People don't realize Airbnb's are much more affordable than hotels for people traveling in groups. Some could argue hotels will be hurt more than Airbnb's.
This post was edited on 3/30/20 at 12:50 pm
Posted on 3/30/20 at 12:52 pm to Dire Wolf
Good. For those of us who can still afford our STR homes without having someone booked, it'll just drive the prices up for when we return back to normal due to the supply shortage.
Posted on 3/30/20 at 12:56 pm to LSU5508
(no message)
This post was edited on 2/3/21 at 12:09 am
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