Tucked away in the San Bernardino National Forest of California is Lake Gregory. The lake and its surrounding area are a part of the Lake Gregory Regional Park, which is just adjacent to Crestline, CA. You’ll find a fair amount of land for sale in this area, which attracts a number of tourists each year.
Lake Gregory Area
There are a number of cities in the Lake Gregory Area, mainly:
* Cedarpines Park
* San Bernardino
The Lake Gregory Recreational Park sits on the west end of the lake, and offers water slides and swimming pools. There’s also a walking trail that circles the lake. The southern area of Lake Gregory is a popular spot for fishing. The park also hosts Crestline’s annual Independence Day celebration.
The southeastern portion of the lake features a private beach and a clubhouse which is part of the San Moritz Lodge. Powerboats and private vessels are not allowed on the lake, but visitors can use rowboats, paddle boards and paddle boats.
The Lake Gregory area has a Mediterranean-like climate, with summer high averages in the low 80s and winter high averages in the 40s. The average high year-round temperature is 62.2°. On average, the area receives about 37 inches of precipitation. Because of its natural beauty and favorable climate, Lake Gregory is a popular tourist destination.
Nearby Population and Demographics
Let’s take a closer look at the population and demographics of nearby towns to see if it’s worth buying land in the Lake Gregory area.
The city of Crestline has a population of 10,770 as of the 2010 census. In 2000, the census showed that the city had approximately 10,218 residents. This means that the city of Crestline is growing, which is great news for investors.
And naturally, the population likely increases in the spring and summer due to an influx of tourists. Lake Gregory itself is situated right in the center of the city.
To the west of Lake Gregory is Cedarpines Park. This small unincorporated community spans 10 miles, and is situated in the north-northwest of San Bernardino. The city does have a post office, and as of 2010 census, the city had a population of 1,257.
The city of San Bernardino is located at the northwestern tip of the Lake Gregory area. This is the nearest major city in the lake’s vicinity. San Bernardino is about a 30 minute drive from Lake Gregory recreational park.
The city itself boasts a population of 209,924 as of the 2010 census. It’s the most populous city in San Bernardino County, the 17th most populous city in California and the 100th most populous city in the United States. The city spans 59.645 mi.², with about 0.74% of that being water.
There are three main industries that dominate San Bernardino’s economy: retail, government and service industries. The local economy saw significant growth between 1998 and 2004 with the addition of 26,217 new jobs. The area is also a popular location for logistics operations. Large warehouses for Pep Boys, Kohl’s, Mattel and State Bros. have also been developed near the town’s airport.
Lake Gregory Area, CA Land for Sale & Real Estate
The Lake Gregory area still remains as one of the most affordable areas in Southern California in terms of housing and land prices. Some examples listings currently on the market:
* A 5,633 sq feet parcel with road access for $3,999.
* A 7,735 sq feet residential lot with road access for $4,999.
Some of the plots offered on the market are easily buildable, while others will require additional clearing.
Land prices in Cedarpines Park are similar to Crestline. There is one example listing for land in San Bernardino in the University Heights area. This plot has almost an acre of land, and is situated close to utilities and other developed neighborhoods.
Prices are favorable, but what are the average home prices? We pulled up some current listings and found the following:
* 4bd 2ba 1,352sqft home in Crestline for $275,000 (9,470sqft lot)
* 3bd 1.5ba home in Crestline for $229,000
* 3bd 4ba 1,875sqft home in Crestline for $474,900 (0.34 acres)
The home in the final listing is situated right near the lake, is custom built and fitted with some of the most luxurious amenities you’ll find. Home prices are even higher in the Cedarpines Park area, with many homes selling for $500,000+. Granted, many of these homes are custom-built and feature luxurious bathrooms and kitchens. While you'll find a fair amount of high-priced homes, you’ll also find a number of homes that are in the more affordable $180,000-$250,000 range.
The market provides ample opportunities for investors to purchase land and build homes that are in line with their budget.
Let’s take a look at the median sales price for homes in the area:
* Lake Arrowhead: $369,000
* San Bernardino: $160,000
* Crestline: $160,250
* Cedarpines Park: $125,000
Keep in mind that these are the median home prices, which is the middle price – not the average.
Potential Land Opportunities
With its close proximity to the San Bernardino Mountains and Lake Gregory itself, investors can see a nice return by building custom mountain homes and either selling the home, or renting it out to tourists visiting the area. There may not be as many commercial opportunities in the area, but ample residential land is available at favorable prices. Most of the expensive homes close to the lake have small tracts of land, which means you don’t have to invest a fortune in large acreage to see a nice return.
That said, the mountainous region may prove to make development costly. Be sure to get a thorough estimate of clearing costs and have a professional assess any issues you may face when building. All of your hard work will pay off in the end, however, as new homes are selling for high prices in the area. Taxes are affordable, too, with many homeowners paying less than $2,000 per year for property tax.
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