US$38K

Burggraf says renters,whether they are high-net-worth individuals or celebrities,will continue to book places in Aspen and Snowmass Village because of skiing and its unparalleled amenity-heavy ?bespoke experience?

Buyers,he adds,will always be lured by the area?s ?proven track record to be resilient to down-market trends,?which makes it a ?good long-term investment to park money and have an asset you can use,rent,and depreciate for tax purposes?

TheHamptons,NewYork

In New York?s Hamptons beach communities,rental prices,as well as sale prices reached record highs during the pandemic

?The market is still very competitive because inventory is still at historic lows,?says Dana Trotter,senior global real estate advisor and associate broker,Sotheby?s International Realty???Bridgehampton Brokerage ?But we expect the market will settle out as more listings come online

?While there will be turnover,many owners will hold because they want an asset to use in the Hamptons regardless of fluctuations in rental pricing.?

LakeTahoe

Lake Tahoe imposed restrictions preventing non-owners from coming to the region during the early months of the pandemic that unwittingly enticed buyers

?Real estate ownership was your only passport to visit and vacation in the north Tahoe area,?says Breck Overall, broker associate,Sierra Sotheby?s International Realty ?As rental restrictions lifted in June 2020,rental rates rose 20% to 30%?

Noting that additional rental restrictions on single-family houses and condos were enacted in 2022,Overall says that ?this has fueled the continued interest in buying real estate?

Above: Panoramic views and spectacular sunsets can be seen from this three-acre estate in Aspen, Colorado Opposite: A spa-like pool makes for a relaxing way to spend the day at this East Hampton,New York,home

A s p e n S n o w m a s s S o h e b y ? s I n t e r n a t i o n a l R e a y ; O p p o s t e : S o h e b y ? s I n t e r n a t i o n a l R e a t y ? E a s t H a m p t o n B r o k e r a g e

The new rules,however,have made it difficult for prospective buyers to make incomes on their properties ?This has deterred some people from making purchases,?he says ?However,given people?s flexibility with working remotely,owners are typically using their homes more often than we saw pre-Covid,which is helping offset some of the loss in demand from buyers who had planned to rent out their Lake Tahoe properties?

Given the market?s lack of inventory,Overall doesn? t believe rental prices will decrease any time soon,even though there has been a slowdown in sales ?I would describe our current market as,?sellers are mentally still in 2021,while buyers are anticipating 2023 pricing,??he says

DominicanRepublic

The pandemic brought a sea of change in the rental market in the Caribbean island-nation?s uber-luxury-sector destinations of Casa de Campo Resort & Villas and Sanctuary Cap Cana resort,with short-term leases turning into long-term tenancies of up to six months

According to Carolina Murphy,luxury rental coordinator, Dominican Republic Sotheby?s International Realty,rental prices it tracked fell about 35% during 2020 and 2021,then rebounded in 2022, slightly outpacing pre-Covid rates

?A villa that regularly charged US$3,000 a night lowered the price to US$2,200 to attract customers,? Murphy says,adding that today,prices are up at least 40%,?because some owners used the pandemic time to upgrade their properties?Now,with high demand,they can get almost twice as much per night,just 12 months later

Although inventory at Casa de Campo has been increasing because of new construction,so has pent-up demand from purchasers

Most of the villas are used primarily for recreational,not investment, purposes ?In 80% of the villas,rental money is just a small resource to contribute to the expenses of the property,?she says

Forecast for Luxury VacationRentalPrices

Real estate agents from across Sotheby?s International Realty weighed in on what they expect from the high-end market outside cities in 2023