Lake Elsinore Real Estate
Lake Elsinore is a city within the Temecula Valley in the southwestern Riverside County Region. It is bordered by Corona to the North, Wildomar and Menifee to the South, San Juan Capistrano to the West and Canyon Lake to the East. The current population is over 50,000. The city is wide spread and is anchored by a 3,000 acre natural fresh water lake nestled below the western hills. Known originally as a mixed use, commercial, residential resort type area; Lake Elsinore has seen a recent boom in Residential development. Thanks largely in part to the development to the East known as Canyon Hills where over 4,000 homes are planned and 2500 have already been built.
Lake Elsinore is also home to many Orange County Commuters as the 74 (Ortega Highway) passes right through the city, allowing most that travel on it to arrive in South Orange County in 45 minutes or less.
Lake Elsinore is known for being more affordable and newer than the nearby counties of San Diego and Orange with over 60% of the residents are homeowners. New communities and established lakeside communities offer a great opportunity for first time home buyer as well as those needing larger homes at affordable prices close to LA and Orange County. The most utilized financing types by buyers in the area are VA (for Veterans) FHA and Conventional.
The average Condominium sold for $178,956 in 2015.
The average Single Family Home under 2000 sq. ft. sold for an average of $254,259 in 2015.
The average Single Family Home between 2000-4000 sq. ft. sold for an average of $334,728 in 2015.
There is no real luxury market in Lake Elsinore with only 2 homes over 4200 sq. ft. selling in 2015.