Considering relo to Canyon Lake (Corona, Lake Elsinore: real estate market, condo, homes)

[chinogrl]

I am originally from So. Cal. We moved out of state in 2005 and I miss Cali desperately! Unfortunately, like many other homeowners we've lost alot of equity in our home due to real estate market condtions. Although we can't afford to move back to the same community that we lived in we will consider moving further inland. By chance I discovered Canyon Lake on the web and I am very intrigued. There are decent homes in our price range ($300,000 to $500,000) and we own a boat. Can someone please enlighten me with any info on the community? Is all of CL a private community? How affordable are the P.O.A. fees? How far is the nearest Highschool? How is the commute to Corona?
Much Thanks!

[fostoria]

Depending on size, you should have no problem finding a home in your price range. I have recently seen a small fixer sold on the lake (back bay finger) in the low 300k. You will have numerous REO properties to search from and every home in this community is custom, there are no tract homes.

There approx. 4800 lots and only 250-300 undeveloped lots, so the development is almost built out. It was originally designed/develope in the late 1960's.

Canyon Lake is a gated community with 3 guarded entrances. Most of the community is gated, there is a small area of larger lot, hillside homes where they are outside the gates. There is an area of manfauctured homes that is in a separate gated area. Within the main part of the Canyon Lake, there are several condo developments. Those homes have an additional association in addition to the $205 There are 2 small commercial areas just outside the gates and newer upscale shopping within a few miles, more regional shopping (Costco, Lowes etc) within 7-10 miles.

The area is serviced by Lake Elsinore School District. The high school is Temescal Canyon High and is located near the Costco/Lowes off the 15 freeway @ Central. Middle/elementary schools are in the Canyon Hills area off of Railroad Canyon.

Canyon Lake are the numerous clubs & activities. It a resort type community with a club for every activity (horses, classic cars, ski, wakeboard, tennis, golf, theater, travel. If you want to stay active, this is the place.

A few of the negatives:

This is an all electric community and we have high electrical costs.
It gets very hot here.
There is a lot of bickering among the POA & homeowners.

My advise is to come and take a look. There are great opportunities to buy now & over the next 18 months before we hit bottom. BTW, max length for a boat is 21'