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Old 11-16-2008, 05:39 PM
 
58 posts, read 161,834 times
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I have noticed that real estate prices in places like Lake Elsinore have really dropped, and to a lesser extent ORange county. I am considering moving to one or the other, but was curious how far/how long it would take to get to Newport Beach from Lake Elsinore? I really like the things to do in Newport and surrounding area. I am considering areas like Lake forest , mission V, ladera ranch etc, but you get a lot less for your money. The homes in Lake elsinore look nice, but people say it is hot and seedy in certain areas.

Basically, if a person is single, would they just be better off in OC, or living in a nicer home in LE and driving to southern oc for social life? I work out of my home, so dealing with traffic isn't a problem..so what trade off is better lesser home live in oc and closer to activites....or bigger, much cheaper home live in elsinore ?
Also, aproximately what are property taxes like per every $100,000 value in home? would it be fair to say prpoert taxes are $1000 per $100,000?



I lived in Los Angeles for a few years, but it is a little to intense, to me, oc might be more tomy liking. Also, San Diego seems nice, but homes seem just as expensive and SD is a little too mellow
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Old 11-16-2008, 06:35 PM
 
Location: RSM
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over an hour from NB to Elsinore using Ortega

property taxes are 1% of purchase price plus other assessments. newer areas of south orange county are closer to 2%. areas like lake forest and mission viejo will be cheaper(in older developments) and closer to 1%
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Old 11-16-2008, 06:44 PM
 
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Originally Posted by bhcompy View Post
over an hour from NB to Elsinore using Ortega

property taxes are 1% of purchase price plus other assessments. newer areas of south orange county are closer to 2%. areas like lake forest and mission viejo will be cheaper(in older developments) and closer to 1%

would Ladera Ranch be a 2%?
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Old 11-16-2008, 06:50 PM
 
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Lake Elsinore is where families priced out of OC wind up. I can't imagine a single person liking it out there unless you live to boat on the lake. Lake Elsinore to Newport Beach isn't a drive you'd want to make very often. You say dealing with traffic won't be a problem, but it will. The 91 is very, very crowded most of the time. I've been stuck in bumper to bumper traffic going east at 7pm on a Saturday and 11am on a weekday. So the odds of getting stuck in traffic are very high no matter the time, day, or direction. Ortega Highway is a long, dark, narrow road through the mountains. Not exactly the kind of road you want to be on at 1am after partying in Newport. If you want to spend your time in OC, you need to live in OC.
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Old 11-16-2008, 06:51 PM
 
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Originally Posted by Arkadin View Post
would Ladera Ranch be a 2%?
Yeah, plus hefty HOA dues.
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Old 11-16-2008, 06:57 PM
 
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I would move where your job is. If it is in newport, live in newport. Anything over 30 miles you are pushing it. It will be a matter of time before gas gets back up to $4+/gallon. You don't want to be one of the suckers who realizes that he can't afford to drive to work from riverside because of gas prices.
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Old 11-16-2008, 07:37 PM
 
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Originally Posted by EscapeCalifornia View Post
Yeah, plus hefty HOA dues.

Ouch..thats like new York , texas or wisconsin property taxes
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Old 11-16-2008, 08:17 PM
 
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Originally Posted by Arkadin View Post
Ouch..thats like new York , texas or wisconsin property taxes
Yeah having an expensive HOA really adds to your overall housing cost. Spending $300/mo on dues is the equivalent of spending an extra $240k on the property at a 1.5% tax rate. And of course those dues will go up and if you're really lucky, you'll get hit with special assessments. You've also got to check the community out very well especially now with all the foreclosures. Empty homes don't pay any dues so guess who gets to pick up the slack.
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Old 11-16-2008, 08:38 PM
 
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Originally Posted by EscapeCalifornia View Post
Yeah having an expensive HOA really adds to your overall housing cost. Spending $300/mo on dues is the equivalent of spending an extra $240k on the property at a 1.5% tax rate. And of course those dues will go up and if you're really lucky, you'll get hit with special assessments. You've also got to check the community out very well especially now with all the foreclosures. Empty homes don't pay any dues so guess who gets to pick up the slack.

I spend $250 a month now on condo fees..includes cable, electricity, garbage, insurance and any forseen future repairs (like a new roof)

townhouse/condos always have monthly fees no matter where you are
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Old 11-16-2008, 08:52 PM
 
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Quote:
Originally Posted by Arkadin View Post
I spend $250 a month now on condo fees..includes cable, electricity, garbage, insurance and any forseen future repairs (like a new roof)

townhouse/condos always have monthly fees no matter where you are
Except here a lot of houses have them too and all you get for it is some nazi driving around looking for grass that's 1/8" too long or houses that are the wrong shade of beige.

I've never heard of HOA dues including electricity. Sometimes cable but usually not.
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