Coronavirus and vacation town impact?

[Eric P.]

I still think we'll see the economy bounce back sooner rather than later, and I don't think there will be too much impact on housing prices overall, but I do think vacation towns could get really hurt.  

In NJ for example we have the Jersey Shore that demands high weekly rents about 3 months out of the year.  Those 3 months typically more than cover expenses for the year, but I imagine a ton of non-savvy investors of those beach town houses can't afford to miss those rents.  

If this does stretch into July-August I think we could see a ton of houses start hitting the market out of desperation.  I saw an article that even predicted a potential 45% drop?

Curious of everyone's thoughts, we weren't planning on a vacation home for another 3-4 years but if that's the case I think we'd be crazy to wait.

[Avery Carl]

Of the 3 major types of STR markets: metro, fly-to vacation markets, and drive-to vacation markets, the drive-to regional vacation rental markets are being impacted the least. (Although all are being impacted, make no mistake about that.) I'd expect that the jersey shore would be severely impacted due to its proximity to the epicenter of the outbreak in the US.