Thursday, November 13, 2008

1/2 off in Elsinore

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.


Tyrone said...

Still too much. The economy is imploding. Keep your powder dry.

Martin Burtin said...

You know what's really f'd up? These are pretty good look'n homes, but the taxes, or (ahem) fees, are too darn much for affordability. Factor in the gas and time you need to commute to a job, plus the 60 grand you need to close the deal, and these will still be hard to sell.

golfer_X said...

The taxes are F'd up on any house built in the last few years. You can figure an extra $2k to $3k per year on most any newer house because of the assessments. Commuting is a whole other issue.

Tyrone is right though. The last month has seen the economy take a serious turn for the worse. The freaking stock market is having convulsions. It's completely out of control. Spending is coming to a grinding halt and jobs are being lost left and right.

Curious said...

I would love to see these prices in the san gabriel valley soon....getting inpatient waiting around as homes are still asking in the hi $300srft - mid $400sqft range, and selling in the low $300 range per sqft...

Hugh said...

Is Elsinore really that much better than Hemet? I live in South OC, but the in-laws are in Menifee, so we drive over the pass a lot.
For a few years before that, we lived in Phoenix, so we cut through Hemet a lot to get to the 215.
Wifey and I always thought Hemet was a little nicer (better stores, trees, less dust, etc.)
Am I missing something?

golfer_X said...

I would rather live in Elsinore than Hemet. The crime rate is a little better in Elsinore than Hemet. It's closer to "civilization". I havn't noticed that much dust in Elsinore or Hemet when I've been there. I'd give the nod to Elsinore on the shopping too (They have the outlet mall).

Laurence said...

Just FWIW, people who live in Elsinore look down on people who live in Hemet if that tells you anything. And Elisnore isn't that great either... I personally wouldn't live in either at ANY price (not even 3,000 sq ft for $50k) but that is JMO.