Real estate investor Lizbeth Scordo discusses her thesis for buying a furnished condominium rental in downtown Los Angeles's Arts District.
Assertion Supported
Scordo: Palm Springs seeks to cut vacation rental caps to 26 annually
“They're actually trying to lower the number of contracts you can have a year to 26 for even the people who are grandfathered in. It's a long, so, but I don't even hit, right now we're at 36”
Insight
Scordo: Trendy restaurant openings serve as leading indicators for real estate markets
“I've been a food writer for many years, and, you know, I would see, like, kind of new, I'll say the word hip, restaurants kind of coming, a couple of them coming in, which I still use that as sort of a factor, you know, when I see. Yeah, a barometer. I do. Lik…”
Insight
Scordo: Vacation rental rates do not scale proportionally with home purchase prices
“Somebody who buys a ten million dollar house can't necessarily charge 10 times more Or five times more than someone at the two million dollar house. Like what, you know, so it's like, you kind of have to find that sweet spot.”
Disclosure
Scordo: Vacation rentals are seeing a major shift toward same-day bookings
“I don't have any, as many bookings on the calendar as I did a year ago, but what has changed a lot in the last, I've noticed the last quarter or two, is a lot of last minute bookings. I had three day of bookings this summer, And I've never, I don't think I've …”
Opinion
Scordo: 'Mad Men' significantly boosted Palm Springs real estate and tourism
“And then I think we've talked about then when Mad Men came out, I think that helped Palm Springs tremendously.”
Disclosure
Scordo: Over 80% of her Palm Springs vacation rentals book via Airbnb
“A really high percentage is Airbnb. And then as much, I would say, Oh, probably 80% or over.”