i agree with Mary Kay on the history of Bahia - There are several developments during the past year concerning Bahia, the dredging and the lawsuit surrounding the dredging of the lagoon. Officially, the last words I heard was that the lawsuits have been settled and the verdict of the lawsuits have been made, where the lagoon will not be dredged and there will be no future lawsuits, the best advise is for you to do in-depth and independent studies of the issues if you are interested.
Bahia's value did go down due to the long haul of the lawsuits and the uncertainty of the fate and monetary issues associated with those lawsuits. That was understandable and predictable. The expectation is now that the issues have been settled, property value should start to stabilize and go up again. Unfortunately for Bahia, the current real estate market downturn overshadowed the settlement of the lawsuits and hindered it;s upswing. .
I personally have a fondness of Bahia because I have several friends and past clients who live there;
Bahia is off main road, tucked behind rolling hills and faces Petaluma river. There is extensive hiking trails widening from Bahia through Rush Creek. Neighbors are extremely friendly. There are also playgrounds and tennis courts. Going down Olive Avenue or Atherton Avenue, you will quickly come upon Trader Joes and downtown Novato, a bit further down is Safeway. It is also in between of highway 37 and 101, which is rather convenient in that aspect.
Although a couple of clients who bought their houses (on lagoon side) when it was actually usable for boats and they do miss the water access; their current view of the seemingly endless marsh and Petaluma river presents a different attractiveness to their homes. The homes are cape cod style and quite a few On Lagoon homes have two yards, a courtyard and a side yard.
There are also homes that are not on lagoon but sits among the beautiful nature environment of Bahia, providing homeowners other attractive options.
The two REO (Bank Owned) Lagoon side homes have gorgeous views. One with a rather cute captains cove upstairs, both have hardwood floors, and are remodeled.
Since both homes have been on market for a while, I would strongly suggest professional inspections (this is true for all properties) for a thorough inspection of the homes and much research about the Bahia history if you decide to buy the homes. They sure are of great value though!
Do remember that purchasing a home is quite different from simply making an investment - there is great emotional value in buying a home since you will be living in there.
I guess what I am saying is, buying a home is not something you can look at as just black and white, go and take look at Bahia, view the properties and investigate the issues, and then decide if this is the best for you as a homeowner.
Here is a recent article about Bahia Wetland ..