I found a really awesome property in Joshua Tree that comes furnished and is about 20 minutes from the Park's entrance. I'm just wondering If it is still lucrative to buy there? Or did I miss the boat?! AirDna gives it a 60% occupancy rating.
Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
3y
Going to repeat a point that was heavily emphasized at the STR Wealth Conference via Avery Carl, which is that saturation is not necessarily a bad thing. It means there's demand. There's only so many true vacation markets. If you have a rockstar listing and experience, you should be able to capitalize on said demand, and beat out the competition. View saturation more as opportunity rather than something to avoid entirely.
Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
3y
Reach out to some STR realtors or STR companies in the area that can give you some info. I'm hearing some mixed things about that market within the STR community, and since I'm not there or even checked into the market I don't know for sure what to expect in the coming years.
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
3y
Don't rely solely on AirDna....do your own research by looking at what your competitors are doing. What are they charging? How far out are they booked?
We've been hearing on here for a while that JT is pretty saturated. But there is always a property that makes sense....
Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
3y
Going to repeat a point that was heavily emphasized at the STR Wealth Conference via Avery Carl, which is that saturation is not necessarily a bad thing. It means there's demand. There's only so many true vacation markets. If you have a rockstar listing and experience, you should be able to capitalize on said demand, and beat out the competition. View saturation more as opportunity rather than something to avoid entirely.
Realtor here that works in the Joshua Tree STR market here.
Just like any other area, there are nuances to the JT market that people with zero experience in this specific market will not understand.
If you're looking at properties in residential neighborhoods with neighbors directly behind you and on both sides because that is what you can afford, then it's probably best to stop looking because yes, you are going to struggle.
If you can afford a property on acreage with good separation from neighbors that can provide the sense of privacy that most guests are looking for and can furnish the property with good quality and well curated furnishings in one of the better neighborhoods, you will do better.
That said, it's no longer a secret that JT is an STR market so if you're looking for 20%+ CoC, that is harder to find these days but you can still get a decent return.