Lake Arrowhead Raw Land (Cheap and Why?)

[Megan Chancellor]

Hello! 

I have been actively looking for land to buy so I can build a unique short term rental on it. I was looking at Lake Arrowhead and there is some land for sale around $3,000-$15,000. That seems very cheap considering the area. 

It does say in the description of the listing "For the time being the Arrowhead Villas Mutual Service Company (AVMSC) has a moratorium on new water meter shares, essentially making this lot un-developable." 

Now, with this being said since the land is so cheap, I don't mind purchasing and sitting on it until it's able to be developed on...

Does anyone know how long an area could be under "moratorium" for?  

Thank you!