Quote:
Originally Posted by birchhaven
The motels in the weirs went condo because of the amount of money the former motel owner can make selling them as Condos, it had nothing to do with people buying them to rent them as airbnb. Surely that's not what you are saying.
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Disagree. I bought a motel to condo conversion in 1980 specifically for STR. Many of the other buyers at the time did the same. Yes, the owners wanted to retire and move, and, as with many other Weirs motels, to continue running it as a "modern" motel would have cost a lot more than they, or a business buyer, could make back in a few years. Some of my first tenants were people who had rented from the motel in the past. They looked around and decided that motels weren't going to be around for long and bought conversions as well. Used it for a few weeks and rent the rest of the time. The catch was, Gunstock had no snowmaking then and also that year, no natural snow. Nobody wanted to rent winter short term. In a couple of years, the price doubled, so I sold it. Prices have continued to climb and I believe many of those units are STR because people have mortgages and much higher taxes.