realtor.com
If you ever dreamed of opening a fun little inn to bring in extra cash, we have a warm spot to start your search. Palm Springs—a desert destination just 120 miles from Los Angeles—is desirable not only for blissful winter weather but also adorable vintage inns rented out by the night. It’s an awesome Airbnb ownership opportunity and—bonus!—design fans love the Mid-Century Modern appeal of the area.
Is buying a multi-unit dwelling in the desert a savvy investment? Turns out the timing is perfect. What used to be mostly a haven for elderly snowbirds is now attracting a younger demographic in search of Coachella-type weekends and a party vibe.
If you’re in the room-booking business, that means serious cash flow. Even with Coachella seven months away, the average price of a room in April 2018 on Airbnb is $418 per night. Other peak-tourism times in Palm Springs coincide with the film festival (January) and Modernism Week (February).
“We’ve been targeting the driveable market and people (who) come here for pool parties or quick weekend getaways—so far, that has really been working,” says Nicky Faeth, communications manager at the Greater Palm Springs Convention and Visitors Bureau. “We’re seeing a lot of restaurants that used to close down for the summer staying open year-round. Hotels are occupied (year-round) and their numbers are up drastically from years past. We’re seeing a shift from a seasonal destination to a year-round destination.”
In fact, the number of room nights has spiked, according to the destination bureau’s 2016 annual report, which reveals that 12.9 million people visited the Palm Springs area last year.
Despite this year-round hype, the winter season (October through April) continues to be the busiest, says Faeth. “A lot of the snowbirds are here from November for about six months. You’ll really see the entire valley is thriving during that time,” she says.
Here are six Palm Springs properties that could be your next vacation home—and pull in some sweet, sweet income…
1821 E. Amado RdPrice: $1.8 million
Booking info: Featured on the cover of Sunset’s April 2016 issue, this multi-unit beauty—operating as The Amado only since 2014—features a bright-orange door on each of the five units and a whitewashed exterior. Also included in the 1955-built compound are a pool, firepit, and daybeds (all outdoors). Each unit has a small kitchen that includes a stove.
realtor.com
———
754 E. San Lorenzo RdPrice: $3.86 million
Booking info: The owners for the past 18 years are moving on, leaving 18 single-story bungalows—each with a patio and kitchenette. Currently known as A Place in the Sun, this 1950s retreat is named for the film of the same name starring Elizabeth Taylor. The grounds include gardens and a saltwater pool. Overnight bookings through 2018 mean good cash flow for the inn’s next chapter.
realtor.com
———
888 N. Indian Canyon DrPrice: $1.99 million
Booking info: Currently operating as The Bearfoot Inn, a clothing-optional property with a loyal LGBTQ following, each of the 12 suites surrounds the courtyard’s pool, hot tub, outdoor bar, and firepit. Built in 1956, the property with a burnt-sienna exterior features modern updates like tiled walk-in showers, as well as an owner’s suite with two separate entrances.
realtor.com
———
220 S. Patencio Road #8Price: $2.5 million
Booking info: Tucked into a tennis club near downtown Palm Springs, this Spanish Mission-style property dates back to 1930. It currently operates as Old Ranch Inn, taking reservations for eight guest suites, with access to a pool and a short walk to downtown Palm Springs. Each suite comes with a kitchenette.
realtor.com
———
200 S. Cahuilla RdPrice: $2.25 million
Booking info: A green wall creates privacy at the saltwater pool for this seven-bedroom, single-family property just off of downtown’s Palm Canyon Drive. Claim the one-bedroom, one-bath house (with an outdoor living room featuring a pergola and fireplace) and rent out the remaining six suites (most have kitchenettes). According to the listing details, conversion to a boutique hotel would be a breeze.
realtor.com
———
221 E. Sonora RdPrice: $2.19 million
Booking info: Freshly refurbished with modern updates, including LED lighting, stainless-steel appliances, and fun pop-color accents, this desert-modern property could serve as your vacation home (there’s a three-bedroom, three-bath unit) and still provide income, with the four additional casitas. That it’s only three years old means minimal upkeep for the next owner.
realtor.com
The post These 6 Desert Dwellings Offer Hot Income Potential in Palm Springs appeared first on Real Estate News & Insights | realtor.com®.
from DIYS http://ift.tt/2xAQ2xV
No comments:
Post a Comment