Lake Elsinore, near Riverside in the Inland Empire (east of Los Angeles), is now experiencing quite a bout of REO fever. Here’s a spacious 4-bedroom Spanish Colonial revival in the Tuscany Hills neighborhood listed for $244,900. This is a high-end development for the area, and is still a pretty good place to live, if you don’t mind the occasional squatting family of bobcats (http://latimesblogs.latimes.com/laland/2008/09/bobcats-on-a-ba.html). The previous owner paid $360,000 for this house about five years ago (7/2/2003). Amazingly, this house could have likely sold for close to $600,000 at the real estate peak in 2006. Zillow.com now estimates that this REO is worth $284,500.This house appears to be ready for occupancy in its current condition. Although a newer house like this in an upscale subdivision usually would not work as a rental property, this one seems to be an exception. Tuscany Hills houses of this size are renting for $1,700 to $2,000 per month, which could actually make this REO a possibility for an investor. It could also be a great buy for an owner-occupant looking for a large house in the area. The only concern is that prices may very well fall further in this area, as Alt-A mortgages begin to reset in the coming year, likely resulting in even more foreclosures in middle-class areas like this.
The basics...
Address: 21 Villa Roma, Lake Elsinore, CA 92532
Current Listing Price: $244,900
PREVIOUS Sale Price: $360,000 (7/2/2003)
Size: 4 Bedrooms, 3 Bathrooms; 2,589 square feet
Lot: .13 acres
http://www.realtor.com/realestate/lake+elsinore-ca-92532-1102446440/
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