[quote=permabear]I know several different people that live in San Elijo. As a general comment, they are positive on the area and neighborhood feel.
BUT – they have also said the foreclosure situation has had a drastic impact up there. Lots of foreclosures, vacant houses, people walking away, etc.
You may want to look around for an REO if you haven’t already. Buying situation aside, though, people like the area.
Good luck in your purchase.[/quote]
I’ve been waiting for the foreclosure tsunami to crush prices for years – just not convinced anymore and am basically throwing in the towel. I’ve checked out some short sale and REO listings, but most of the previous developments have lower prices offset by mello-roos and smaller lots.
I did a RealtyTrac free trial and there are 65-70 ‘foreclosures’ which includes NOD, NOT and bank-owned and 30-35 active equity listings.
As the project is approximately 75% builtout with about 2,500 total homes, this equates to <3% of the homes in some form of distress. While likely a higher % than older neighborhoods, that doesn't seem that high to me.
Am I missing something? Of course, there could be more in the future and that % could go up.
