Well, I have to say, I never saw this one coming, but when I think about it, I think it makes sense for certain sellers/properties. Some high end homes tend to sit on the market, not only because the buyer pool for them is so much smaller than for more modestly priced homes, but also because the luxury market prices didn’t recover quite as much as the rest of the market after the recession. As a result, we see days on market for luxury homes often stretch into the hundreds. One trend that is just starting to pick up steam is for sellers of those properties to offer them as Air B&B rentals. While a few thousand dollars here and there may not alleviate all financial pressure related to the house having gone unsold, it may help! While we are just starting to see this crossover happening in the United States, London has already watched the trend grow. I think it’s a great option for sellers to consider, especially if their homes are in popular vacation or tourist spots. I remember some locals putting their houses on Air B&B when the U.S. Open was held at the Merion Golf Club. People with homes bordering (or close to) the golf course made a mint! Definitely worth considering.
