Like most of Southern Riverside, Lake Elsinore is racing back to pre-bubble pricing levels. If you don't mind driving a few miles down the 15 fwy there are some very nice homes at reasonable prices in this area. Elsinore is not the very best of cities but it's better than some of the other areas where prices have fallen a similar amount (like Perris or Hemet).
Here's a few that hit the market today that seem to be reasonably well priced.
First up is 51 Plaza Avila in Tuscany Hills. This home was built in late 2004 and sold new for $566k. That's at least a year and a half before the peak. So Peak value of this home was probably nearer to $650k. It's a 4 bedroom, 2.5 bath home, 3235 sq/ft. It's listed as an REO for $265K. That's $82 sq/ft. that is a 53% drop from the original purchase price and closer to 60% from peak value.
In the same area is 46 Via De La Valle. This home is a 4 bedroom, 4.5 bath home, 3404 sq/ft. It sold new in late 2004 for $535k and it sold again in late 2006 for $670k. This one is also hitting the market as an REO. Priced at 55% off the last sales price its listed for $299,900.
47 Plaza Avila is in the same tract just down the road from home #1. It's a 5 bedroom, 4 bath, 3493 sq/ft. It was purchased new in late 2004 for $572k. That guy was lucky enough to unload this to some poor schmuck in early 2007 for $587k (the buyer obviously didn't do his research).Of course, it's owned by the bank now and listed for $285k, also $82 sq/ft. That is a loss of 51% from the last sale. This is a nice looking house from the pics!
This tract is getting pummeled. Plaza Avila at one end has 5 of the first 6 homes on the street for sale. The mid $80 sq/ft range seems to be where most are priced.