STR - Big bear lake vs Palm Spring vs Lake Arrowhead
We have been thinking of purchasing a property either on Palm Spring, Big Bear Lake (Moonridge), or Lake Arrowhead.
Big bear lake seems to be our #1 choice since the city is more friendly towards STR. The homes in moonridge have increased significantly. Not sure what's going on there. but there have been multiple bidding wars going on in snatching almost every property lisitngs within the hour. We don't want to overspend money since our mainly interest is to gain high ROI. so we are cooling off the search for now.
Lake arrowhead is beautiful. However without lake rights, is it even worth it purchasing there? this will be our first purchase strictly for STR so we want to make sure the ROI will be the highest.
I'm aware that Palm Springs have many restrictions towards STR. plus many residents seem to want to ban STR. should we even consider the area then? any suggestions of other surrounding areas that we should even consider?
I used to own an airbnb rental in Orange County until the city pretty much shuts down all of us.
Hope to hear some of your feedbacks. thanks