Eastlake is a very well planned "master planned" community in a large easterly, previously undeveloped portion of the southern part of San Diego.
It is part of Chula Vista and consists of over 3,000 acres, contains roughly 9,000 homes, and has many new and modern community features.
Eastlake is a brand new town on the edge of San Diego with new everything built by numerous residential and commercial builders over the last decade or so.
Making Eastlake homes unique and highly desirable is the closeness of the many new full blown and unique recreation, shopping, and schools in the immediate area.
Eastlake is home to a lot of the "quality of life" features you want in a community.
Within, what feels like a 2 mile radius on Eastlake's newer 3 lane main roadways lies the ARCO year round Olympic Training Center, The Eastlake Shores man made lake (large enough for paddle boats and shoreline fishing), The Eastlake Greens Golf Course, The Otay Lake (large enough for boat fishing), The Otay Ranch Town Center Shopping Mall and Entertainment Center built and opened in 2006 and contains over 120 upscale retail stores, restaurants, boutiques, and a state of the art (and comfort) AMC Theaters.
Eastlake home owners are by enlarge families and also appreciate the 3 new elementary schools, new high school, and many new and large parks with recreation centers, sports fields, dog parks, horse trails, and more located throughout the Eastlake communities.
Most Eastlake homes were built in the past 7 years including some homes that are still being built today.
Numerous new home builders took part in developing Eastlake and they built mostly similar "mini-mansion" type 2,000-4,000 Sq.
Ft.
homes with stucco exteriors, tile roofs, and upgrades throughout.
However there is dark side to Eastlake.
When the housing downturn struck it hit Eastlake homes very quickly.
Most of the Eastlake home owners had recently just bought their home, essentially at what turned out to be at or around the peak of the market.
Many foreclosures in Eastlake occurred quickly in the initial stage of the housing downturn and it had a domino effect creating many more Eastlake foreclosures.
Prices were lowered by healthy amounts quickly, more significantly than any other area of San Diego homes with any where near the same quality of master planned community and new infrastructure features.
For the past 3 years the vast majority of the homes for sale in Eastlake have been foreclosures or short sales priced 30-40% below their peak values.
Eastlake currently has home prices that when combined with today's interest rates make it truly cheaper to own than to rent the same home in most cases.
In addition to Eastlake homes and foreclosures being priced at numbers that are cheaper to own than to rent, they are also priced below reasonable building costs and are also cheaper to buy than to build yourself.
Because of its unique circumstances all the stars are aligned for 2009 and later Eastlake home and foreclosure buyers as Eastlake now offers great bargains at today's prices.
Because of these factors values have more than stabilized in Eastlake and have now been stable for at least the last 12+ months.
Combine the new home value, the new master planned community and all it's features value, and the cheaper than rent home ownership costs together and you have a winning formula for a home purchase.
If you are looking for a great place to live and raise a family and want a home priced under $500 in a great San Diego community then visit Eastlake, look at the homes and community, and crunch the numbers and you'll likely put Eastlake high on your list.
There isn't much down side to owning a home for less than the cost of rent and Eastlake foreclosure homes may likely turn out to be one of the best San Diego Home buying opportunities around.
It is part of Chula Vista and consists of over 3,000 acres, contains roughly 9,000 homes, and has many new and modern community features.
Eastlake is a brand new town on the edge of San Diego with new everything built by numerous residential and commercial builders over the last decade or so.
Making Eastlake homes unique and highly desirable is the closeness of the many new full blown and unique recreation, shopping, and schools in the immediate area.
Eastlake is home to a lot of the "quality of life" features you want in a community.
Within, what feels like a 2 mile radius on Eastlake's newer 3 lane main roadways lies the ARCO year round Olympic Training Center, The Eastlake Shores man made lake (large enough for paddle boats and shoreline fishing), The Eastlake Greens Golf Course, The Otay Lake (large enough for boat fishing), The Otay Ranch Town Center Shopping Mall and Entertainment Center built and opened in 2006 and contains over 120 upscale retail stores, restaurants, boutiques, and a state of the art (and comfort) AMC Theaters.
Eastlake home owners are by enlarge families and also appreciate the 3 new elementary schools, new high school, and many new and large parks with recreation centers, sports fields, dog parks, horse trails, and more located throughout the Eastlake communities.
Most Eastlake homes were built in the past 7 years including some homes that are still being built today.
Numerous new home builders took part in developing Eastlake and they built mostly similar "mini-mansion" type 2,000-4,000 Sq.
Ft.
homes with stucco exteriors, tile roofs, and upgrades throughout.
However there is dark side to Eastlake.
When the housing downturn struck it hit Eastlake homes very quickly.
Most of the Eastlake home owners had recently just bought their home, essentially at what turned out to be at or around the peak of the market.
Many foreclosures in Eastlake occurred quickly in the initial stage of the housing downturn and it had a domino effect creating many more Eastlake foreclosures.
Prices were lowered by healthy amounts quickly, more significantly than any other area of San Diego homes with any where near the same quality of master planned community and new infrastructure features.
For the past 3 years the vast majority of the homes for sale in Eastlake have been foreclosures or short sales priced 30-40% below their peak values.
Eastlake currently has home prices that when combined with today's interest rates make it truly cheaper to own than to rent the same home in most cases.
In addition to Eastlake homes and foreclosures being priced at numbers that are cheaper to own than to rent, they are also priced below reasonable building costs and are also cheaper to buy than to build yourself.
Because of its unique circumstances all the stars are aligned for 2009 and later Eastlake home and foreclosure buyers as Eastlake now offers great bargains at today's prices.
Because of these factors values have more than stabilized in Eastlake and have now been stable for at least the last 12+ months.
Combine the new home value, the new master planned community and all it's features value, and the cheaper than rent home ownership costs together and you have a winning formula for a home purchase.
If you are looking for a great place to live and raise a family and want a home priced under $500 in a great San Diego community then visit Eastlake, look at the homes and community, and crunch the numbers and you'll likely put Eastlake high on your list.
There isn't much down side to owning a home for less than the cost of rent and Eastlake foreclosure homes may likely turn out to be one of the best San Diego Home buying opportunities around.