I'm really not an expert yet on vacation rentals here, but Dec-Mar are peak months for longish term vacation rentals.  

For example, you bought at the peak of the market and feel that you were unlucky; however, many markets are now at much higher prices than they were at the peak.

And you bought it at market price or just slightly below "current" market value, I think you will be in trouble.Even worse is if you are banking on appreciation at nearly or at the PEAK of the market in SF bay area.Sorry to be a party pooper but that's why so many California invest in out of state markets.   

Maybe not ahead of them but that it had gotten back to the past peak.  

We are at the peak of the market so if you were ever going to get top dollar it would be now.

But I wouldn't want to buy at the peak even if there's okay cash flow if the prices completely drop or if vacancies become an issue. 

Or, rather, I was initially shocked when I look at great properties with 50% occupancy until I started looking at mid-week vacancies, off peak times, etc.

He told me 1987, with a dejected look, when it was at it's peak.

One piece of advice my grandpa gave me when showing the property to a prospect.When you are done with your showing, kindly walk them out to their car and take a peak inside and see how well kept their car is.

When the market peaked I sold my rentals and have just been watching the market.