Why is Tesoro del Valle in Valencia so inexpensive? (Glendale: short sales, real estate)

[ElectraToo]

I'm looking to relocate back to LA and have been tracking real estate prices in the Santa Clarita valley for some time now. I think I have a pretty good handle on what things should cost based on where they're located. Given how new it is and its location, why is Tesoro del Valle so much cheaper than other developments? Is it the fact that it is technically in Saugus and not Valencia? Are there just a disproportionate number of short sales and foreclosures in this development? Any insight would be appreciated. I did read once, I think, that it's built on back-filled soil which would could be catastrophic in a strong earthquake. Can anyone confirm that?

I'm also interested to know what 1) the Mello-Roos are in this development, and 2) how long it takes to get to the 5 on a typical weekday morning. I'd be commuting to Burbank/Glendale.

Thanks!

[Vermove]

I'm looking to relocate to Valencia too and have been following the prices in Tesoro de Valle. I think the development was hit hard by the mortgage crisis last year because most of the housing was completed and sold in 2005-6, right when the prices were the highest. There have been a tremendous amount of short sales in the neighborhood...but interestingly not so many REO's. I'd be worried about what effect this is having on the HOA and local schools.
Just an opinion - I don't live there.....

[NickelDime]

Tesoro is a bit less expensive for a number of reasons.

1) Built when loans were plain stupid and homes were overpriced = more short sales.
2) Higher property taxes vs. surrounding developments. Even the brand new West Hills is lower.
3) Not gated. No paseos. Just sidewalks.
4) Though some have views, many do not, and most are crammed together. Neighboring developments (Northpark, West Hills) have good separation between neighbors.

Tesoro is indeed Valencia 91354, but it isn't part of the city of Santa Clarita - it's unincorporated above Copper Hill. Tesoro is in good company, though, as the developments west of the 5 are in the same boat - and those can get quite expensive.

If you want newer, take a close look at West Hills. It is brand new, lower property taxes, gated, views, pricing competitive with short sales (yet new), paseos, great separation with neighbors. Downsides: slow development due to housing market, waiting for home to finish / not accelerated timeline, waiting for common area completion, etc. Tesoro doesn't bear these risks but has other drawbacks noted above.

School-wise, West Hills currently feeds Tesoro, which is excellent, and has its own brand new school that is constructed by vacant pending a school district decision on its status.

Good luck.

[FLIGHTSIMMER]

During the boom times some were prices over one million.

[justmetobfree]

Tesoro is NOT part of the Valencia master planned community. Do not let the zip code and how the USPS decides to label it due to that zip code fool you. You are right that it doesn't have the paseos, etc as it's neighboring Valenica 'hoods' do...because it is in fact not developed by the same company andis not in the master plan of Valencia. It is not annexed into the City of Santa Clarita yet, but I believe they are trying.