Oregon Coast STR market update: Brookings to Astoria and beyond!

[AJ Wong]

On our current STR Hot sheet for the Oregon Coast we're showing about 100 active listings that are eligible for a vacation rental permit and nightly AirBnB rental usages.

What began as a very soft Spring STR shopping season crescendoed with Memorial Day weekend resulting in prime active listings going pending within just a few days and several with multiple offers.

Personally, this month is on pace for my largest production ever with $2.585M set to close this June. All three are oceanview properties eligible for STR usages but in areas that we don't normally fully recommend prospecting as there are either partial usage limitations or waitlists to nightly rental permit and permission. For all three clients the emphasis was on a second family vacation home with the ability to offset costs through STR. Buyers were able to secure properties in their desired destinations of Manzanita, Arch Cape and Yachats Oregon.

All clients were able to negotiate sales prices below asking with an average discount of nearly 3%. 2/3 included  average seller concessions that averaged $15k. Each transaction is scheduled to close within 30 days of executed agreement. Down payments ranged from 10-20-35% One appraisal was waived and one came in nearly 8% over agreed upon sales price! 

Prospective Oregon Coast STR investors are encouraged to be fully prepared for rapid execution and to expand their search to areas that might not be of initial consideration as licensable inventory is increasingly limited.