“Our trajectory is troubling” Breckenridge caps short term rentals, Guide to STR regulations in CO mountain towns
Breckenridge currently has about 4k short term rentals. At a council meeting last week, legislation…
Airbnb sent out an urgent request to hosts to: “ We urgently need your involvement NOW,” the email stated as it instructed hosts how to provide public comment. “It is critical to speak up against the proposed moratorium on all new permits.” The town of Crested Butte just won a battle against Airbnb. What happened to Short Term Rentals in Crested Butte? How will this impact real estate.
After several hours of sometimes emotional public discussion Monday night, the Crested Butte town council agreed to move forward with two initiatives to address what is being termed community preservation efforts.
Many expressed some alarm over the fact Airbnb sent an email to Crested Butte area hosts encouraging them to attend the Crested Butte council meeting and speak against the ordinance.
“We urgently need your involvement NOW,” the email stated as it instructed hosts how to provide public comment. “It is critical to speak up against the proposed moratorium on all new permits. Hosting is a vital economic recovery lifeline and can be a key revenue source for many of our Hosts. It should not be restricted at a time when many residents are still struggling from the impacts of the ongoing pandemic…”
No one at the Monday meeting appeared to take the email’s advice. In what ended up being approximately two hours of intense public comment with up to 122 participating on Zoom and another 75 in person at the council chambers, the overwhelming feeling was to flip off the $83 billion Airbnb company and enact the moratorium.
There are many passionate voices on both sides of the debate. Fortunately we are going to get to find out what actually happens to real estate in Crested Butte over the next twelve months. Here are a few scenarios to consider.
Although, Crested butte is not alone in their struggles as almost every resort community is coming to terms with the huge influx of visitors, they are the farthest along in regulation. For example, Frisco has a proposal to ban nightly rentals in Single Family homes. With the moratorium and proposed impact fees Crested Butte will be an interesting case study on the true impact on more regulation of nightly rentals. Whatever happens in Crested Butte, if it is successful, will be a model for other towns throughout the state and country. I’ll keep an eye out for the impacts and provide an update after the first of the year.
Don’t worry, I’m not asking you to wire money to your long-lost cousin that is going to give you a million dollars if you just send them your bank account! I do need your help though, please like and share our articles on linked in, twitter, facebook, and other social media. I would greatly appreciate it.
Written by Glen Weinberg, COO/ VP Fairview Commercial Lending. Glen has been published as an expert in hard money lending, real estate valuation, financing, and various other real estate topics in Bloomberg, Businessweek ,the Colorado Real Estate Journal, National Association of Realtors Magazine, The Real Deal real estate news, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
Fairview is the recognized leader in Colorado Hard Money and Colorado private lending focusing on residential investment properties and commercial properties both in Denver and throughout the state. We are the Colorado experts having closed thousands of loans throughout the state.
When you call you will speak directly to the decision makers and get an honest answer quickly. They are recognized in the industry as the leader in hard money lending with no upfront fees or any other games. Learn more about Hard Money Lending through our free Hard Money Guide. To get started on a loan all we need is our simple one page application (no upfront fees or other games)