Looking for some feedback/advice on a STR in the Lake Arrowhead area. My husband and I love the area and for our long-term use would prefer this area over Big Bear. My question is can anyone provide info on how many days per year I can estimate it will be rented? We plan on buying something close to the village, upgrading it nicely, etc.
Thank you all for any information you can provide!
Crestline, CA · Member since 2018 · 63 posts · 70 votes
7y
Crestline resident here. Prices are lower in Crestline than Lake Arrowhead, and in my humble opinion, Crestline is easier to get to and has more potential for appreciation, especially if you buy something with a view.
Lots of cool things happening in this town. Check out "incorporate Lake Gregory" for info about the current movement to incorporate the Crestline area into a town and possible even rename it after its beloved lake.
@Denise H., would you mind sharing more about the property management company you are using? (What company, and costs, etc?) From my understanding there are very few options in the area and it can be expensive.
@Rand Allred I reached out to her for the same info last week! Hoping she gets back to one of us... if she replies to me I will shoot you the info! Would you mind doing the same?
New to Real Estate · San Diego, CA · Member since 2020 · 7 posts · 6 votes
6y
@Denise H - I am looking at a place in the same area. Any chance you would be willing to share what monthly/annual utility rates are in the area? Also, any unforeseen costs you encountered?
@Jennifer Carter, So I'm happy to report our only problem has been that our cabin is always booked and we have only been able to use it 5 days since we bought it. We are at 100% occupancy for August and only had 2 days not booked in July and have had every weekend booked since October. I really attribute this to a few factors; 1. our location, it's only about a 5 minute walk to the lake and village, 2. our management company is seriously top notch and provides a dock with kayaks and SUP's, and 3. our home is very nicely updated with everything you could need. With that being said we are making a profit but not it's not a lot, making money wasn't the goal, just to cover the costs and be able to use it occasionally. What neighborhood are you looking at? We are off Mittry.
I am too now interested in purchasing a vacation home/STR in lake arrowhead. Prices have gone up and beyond at this point so I do not really anticipate much return bur rather, just recuperate some operating costs.
Does anyone have the experience near North Shore area? I am from Los Angeles and my main concern is the snow/driving condition to the mountains.
and regarding the 7% gross to SB county, is that true? Is that tax that the renters will pay when they book?
Any feedback will be greatly appreciated. Thank you!!
I'm currently looking for a vacation home/STR in Lake Arrowhead as well. Any guidance, advice, data on occupancy rates and fees would be highly appreciated. Also, does anyone have a recommendation based on experience working with a local property management company in the area?
being an hour and a half away, I’ve been lucky to find a full time neighbor who has done the cleaning.
But it’s been a lot of work. WAAAAY more than my LTRs on the other side of the country.
So after more than two years self managing, I’m going to move on to Vacasa management company and hopefully enjoy a more hands off approach while allowing for profits by everyone via faster turn over and price optimization.
We worked our way up to $125 for weekends but it still just barely covers the mortgage and all expenses. They think they can get $180 for it and I’m happy to let them at this point.
We got an excellent deal on our beautiful Rimforest Cabin and the numbers just barely work out so be willing to look long term too, our estimated value is up ~50% in 3 years!! and at the end of the day, we get to go use it some weekends and it is absolutely wonderful. We went sledding and enjoyed driving our old beast 1990 explorer 4x4 places no one else could go, and enjoying the beauty of it all!
@Eric Mcginn Thank you for the update! I'm looking to get a little cabin out there in Crestline/Lake Gregory also. I have a smaller budget and can't buy until next year. How is your STR with Vacasa going? Do you know how the LTR market is up there. I know the market is a bit hot up there now. Will see if there's more inventory next year. Thank you for your updates.
@Eric Mcginn Thank you for the update! I'm looking to get a little cabin out there in Crestline/Lake Gregory also. I have a smaller budget and can't buy until next year. How is your STR with Vacasa going? Do you know how the LTR market is up there. I know the market is a bit hot up there now. Will see if there's more inventory next year. Thank you for your updates.
Vacasa is sucking so far. Not impressed. But I’m hoping with a little minor time it will sort out.
LTR market is STRONG up there. Like way more demand than supply so it’s good to know that with a little time to find a good tenant, yes it could cash flow VERY nicely. But we enjoy using it too much to do that at this point.
@Eric Mcginn thanks for the update. The prices on the mountain have gotten so crazy in the last two years, so it's hard to imagine most of them making financial sense unless you had a super strong occupancy rate. But I also wonder if the same factors that drove a lot of people to buy and move up there have also increased STR demand as well.
@Eric Mcginn thanks for the update. The prices on the mountain have gotten so crazy in the last two years, so it's hard to imagine most of them making financial sense unless you had a super strong occupancy rate. But I also wonder if the same factors that drove a lot of people to buy and move up there have also increased STR demand as well.
Airbnb market is bleak. not much adds up at todays rates and prices. and rental market has dried up, minimal demand, nothing compared to last year which was off the charts. we are doing ok because we got a killer in 2016 so our mortgage and rate is low, so we can keep rates affordable and rent it every weekend. We are covering all expenses and get to use it a weekend every month ourselves. But yea it's a tough market and there aren't many deals that will add up at the moment for STR.
Thanks Eric for the Update! I enjoy going up there as a getaway and hope to get a Vacation Home/STR one of these days. I recently got my Realtors License and think there might be a need up there for AirBnB management since Vacasa doesn't seem to be up there and wasn't that great, and It'll give me an excuse to get up there often. I'll message you for your input.