Mike, Home Buyer in 92694

Considering Lake Elsinore (Tuscany Hills, Canyon Hills, Rosetta Canyon)

Asked by Mike, 92694 Wed Aug 6, 2008

Hello,

My wife and I are considering purchasing in Lake Elsinore (Tuscany Hills, Canyon Hills, Rosetta Canyon), since our dollar goes much further there than in OC. Given the current market conditions, would it be advisable to pursue a home in Lake Elsinore, or is it likely that OC home prices will drop significantly? Will Lake Elsinore prices continue to drop?

We can purchase in OC, but we're talking 1-2 bedroom condos in nice areas, or shabby 1000 sqft SFRs in not so nice areas in comparison to relatively new, 3-4 bedroom 2000 sqft in Lake Elsinore.

Any advice?

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Answers

12
http://www.forbes.com/ just did an article on the subprime boom towns and guess what city was mentioned.....Murrieta. It seems that Forbes believes that Murrieta will be one of the first to bounce back along with several other cities in the US.

I see that the only answers that you received were from buyers or sellers, no agents. hmmm interesting.

Anyway, right now you can get a sweet deal in the areas of Tuscany Hills, Canyon Hills, Rosetta Canyon and Canyon Lake.

And yes, prices have continued to drop since August, but Temecula seems to be stabilizing a bit and most of the "good" bank owned properties have multiple offers that are higher than the asking price submitted on them.

You will get more for your money in south riverside county. There is a much higher foreclosure rate in the Inland Empire than in OC due to the properties that were bought as investments not primary residences.

If you have not made a decision or a purchase yet, feel free to contact me and I would be happy to answer any questions that you may have. You can visit my website @ http://www.robinzapata.com and log in to the MLS search engine without any obligation or even having to sign in!! I hope this helps. I have been in Temecula since 1993 and moved here from North San Diego County. I have never regretted the move. I love this area and I have family living in Lake Elsinore, Canyon Lake and Wildomar!! We all moved from San Diego or Orange County!! Anyway, I hope this helps!!

Robin Zapata
Realty Executives
951-514-0147
http://www.robinzapata.com
1 vote Thank Flag Link Sun Feb 22, 2009
This is a home for the same price great homes.
0 votes Thank Flag Link Wed Feb 13, 2013
Try Rosetta Canyon, You can get a 5 Bedroom 3000 square foot home for around 200k And its close to everything and new areas so it is quiet and amazing to live in. Love it
Sherri
0 votes Thank Flag Link Thu Feb 2, 2012
Hello Mike, you will find a much better value for your dollar in the areas you mentioned in Lake Elsinore and the is also a number of very desireable homes in the Northern Lake Elsinore Area. I have not seen a drop in pricing in the Lake Elsinore and surrounding areas actually I have seen a 6% increase over the past 6-9 months. Working with the right Realtor who is knowledgable and familiar with the area is important. Also if the Agent is not willing to work with you directly in showing you the homes and researching your needs and wants in a new home then you would be best to not waste your time. I suggest auditioning Realtors in the local area and not in the OC as they are out of area agents and unfamiliar with the market and communities in the Inland Empire. Also depending upon your buying power you should be successful in finding a quality home that best suit you and your family. Good luck
0 votes Thank Flag Link Sat Jul 10, 2010
In reference to purchasing a home in Tuscany Hills, you can't go wrong. Prices are still reasonable compared to what they used to be. My last sale was to an elderly couple that wanted to be near their kids. I was able to locate a home within walking distance to them. Now they take walks to their kids home on a regular basis.

Everytime I hold open houses in Tuscany Hills one of the family members drops by to say hello...amazing.

David A. McCloskey
Let's Make It Happen...NOW!
Coldwell Banker Town & Country
Web:davidmccloskeyrealestate.com
Email: davidmccloskeyrealestate@gmail.com
Cell: (951) 818-1167
0 votes Thank Flag Link Tue Nov 10, 2009
I lived there & moved as soon as I could. It was a nightmare from the day we moved in. The quality of people there is rapidly going down the tubes. If you're going that far, go a little further to Temecula & enjoy life when you get home.
0 votes Thank Flag Link Wed Aug 5, 2009
The newest parts of Lake Elsinore are really gaining popularity. I just received a list of homes that are not on the MLS in that area, so if you have not found anything yet perhaps you would be interested in these.

California is different than the National average that you may see on the news networks. We have many people who have always wanted to live here looking at homes that they feel they can now afford since prices have dropped.

Don't expect prices here in Southwest Riverside County or Orange County to drop drastically because we are seeing 20+ offers on homes. The simple theory of supply and demand will keep the prices from dropping.
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Sat Jun 13, 2009
My husband and I currently live in Pennsylvania and will be relocating to Lake Elsinore. Our Daughter and her husband bought abeautiful home in Tuscany Hills last October. They love their house and the nieghborhood is AMAZING. Located between two lakes it is a real treasure
0 votes Thank Flag Link Sat May 23, 2009
California Foreclosures About To Soar
Posted by Tyler Durden at 10:50 AM
In light of the market moving preannouncement by WFC, which as David Faber points out may have used some "leeway" with the marks on the company's mortgage related assets, it makes sense to present some California foreclosure data to show just how hot the refi market really is. We grab the following data and charts from the excellent Field Check Group blog.

The bottom line is that there is a massive wave of actual foreclosures that will hit beginning in April that can’t be stopped without a national moratorium — this wave is so big I would not put it past them trying it.

CA foreclosure background - in mid-2008 the foreclosure wave was artificially held back as a result of the CA law SB1137 enacted in Sept 2008. This also kept NOD’s and NTS’s at much lower levels than the actual defaults that were occurring. Other bubble states and several banks/servicers also went on random moratoria and the foreclosure wave was held back for the past six months.

But just like so many other intervention and moratoria in the past, the problem just comes out the other side even more violent than if they would have done nothing. Adding insult to injury, the GSE’s announced this week that they were coming off moratorium, which could increase foreclosures by 20-25% alone.

March brought the first 50k+ count ever for NOD’s in CA. From here the banks and servicers will try anything they can to get borrowers into mortgage mods before the Notice-of-Trustee Sale in filed 4-5 months down the road but ultimately most will make it to foreclosure sooner or later.
0 votes Thank Flag Link Sat Apr 11, 2009
I'm curious to know what you and your wife decided to do. My husband and I are in the exact same predicament. We are looking around Lake Elsinore, Murrieta, Temecula areas since $200k can buy a beautiful 3-4 bedroom, 2000 sq foot house; whereas in OC you can buy a condo. I'd love to know what you found out since you posted this question.
0 votes Thank Flag Link Sun Jan 18, 2009
I have house at tuscany hill which about 3400 sf, beatiful lake view. we are considering to sell are house which we living at texas. if you are interes to see the house you can call me at 713-254-8686
0 votes Thank Flag Link Tue Oct 14, 2008
Hello, We currently have out home for sale with a local realtor. It is a lovely 3bdrm. 2 bath home in a great family neighborhood. The house is sunny, airy and spacious. We are asking 239,000 and have dropped it by 50000. since May. My husband has to retire because of health issues or we would never leave. Lake Elsinore is a great community with lots of antiques shops and of course the lake. We have a really nice entertainment complex with bowliing, private rooms for parties and video arcade. Hope you will enjoy this area as much as we have. Rosetta Canyon and Tuscany hills have very high tax rates whereas North Lake is not as high, Jane Taylor email jetgemini@msn.com
0 votes Thank Flag Link Thu Aug 7, 2008
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