To the editor:
Yachats homeowners, are you aware that the Yachats City Council is enacting an ordinance that will limit your property rights, may lower the value of your home, extend the listing time should you wish to sell, and may for many potential buyers make their purchase of your property impossible.
A small group of residents, many who moved to Yachats after vacationing here for years, no longer like Yachats as the busy and prosperous vacation town it is. Despite over $1 million in annual revenues from rentals, hotels and motels, the city wants to limit the number of vacation rental licenses by continuing a cap. This cap had no effect on the number of units rented but it did cause a run on licenses by concerned residents and a perceived direct hit to property value and overall ability to sell one’s property. Further, the existing licenses cannot be transferred and the residents waiting to qualify for a license will likely wait for years.
According to long-term local Realtor, Wendy Snidow of Coastal Homes and Land, a vacation rental with an annual income of $100,000 was on the market for more than 500 days without selling and the value dropped considerably. She believes our property value diminishes when the rights of ownership diminish. Some purchasers who would consider Yachats property as a future residence but need to rent it to acquire it, cannot afford the many years of wait and uncertainty on a waiting list. Those of us who own rental property and wish to leave it to our heirs are now in a position of leaving them with a liability rather than an asset. They cannot rent it as a vacation rental to help pay property taxes, upkeep, and perhaps a mortgage.
People can rent their home on a month-to-month basis without a fine, lodging tax or fee. However, the demand for monthly rentals is very small – vacationers can’t afford a month stay, and a town with limited job opportunities or schools doesn’t draw many monthly renters, nor allow the owner to enjoy the property themselves. This limits a potential buyer’s options also.
Yachats is primarily a vacation destination and has been so as long as most of us can remember. Yachats has no school, hospital, police station, bank, or even a gas station. The bulk of city funds come from lodging taxes paid by vacation rentals, motels and hotels. The bulk of revenue for businesses is from the tourist who do not just pass through, but stay and spend.
Restaurants, bars, shops, and the only grocery in town all depend on tourists to remain viable business establishments. This cap limits their income as well.
We do not believe that the city of Yachats has informed all the property owners of these changes and the impact it has on our options, finances, property value, and heirs. So we are informing you.
If you are concerned about your rights as a homeowner and the value of your property, it’s time to contact your city government.
Your input and ideas are welcome. Please contact the Yachats Alliance, a group of vacation rental owners, at Ahalodge@comcast.net.
Candy Neville, Lynda Brown, Alma Thompson, Noreen Franz-Hovis, Nikki Hamilton and 40 other homeowners