An increasing number of Los Angeles bank owned properties are becoming available in gated communities in the suburbs.
Homes in these suburban gated communities attracted families during the boom because of their large floor areas and spacious rooms, in addition to community pools, clubhouses and other village amenities. The bucolic scenery and peaceful surroundings also made buyers decide that these suburban gated villages were the perfect places to raise a family.
When the housing crisis happened, however, the romance of living in these suburban villages turned into distress as home values plunged and village homes started going into foreclosure. Buyers taking time to find foreclosure listings began to discover more and more bank owned properties in California in these suburban areas.
Among these suburban gated communities is Willowalk, a 427-unit gated village in Hemet. During the boom, 5,000-square-foot homes were priced at $440,000. Now, they are being sold at only $170,000, adding to the already large number of Los Angeles cheap houses for sale in the suburbs.
According to Christopher Leinberger of Brookings Institution, gated lakeshore communities have been abandoned by residents because of the drastic plunge in values. They figured that long commutes from gated villages no longer make sense.
Arthur Nelson of the University of Utah contended that overbuilding has occurred in the suburbs as developers failed to consider shifts in housing preferences and demographic changes. He added that younger generations now prefer smaller homes which are nearer their jobs, shopping centers and other needed services.
Nelson predicted that by 2030, about 25 million suburban homes would be vacant as younger families opt for smaller homes and ignore McMansions in the suburbs.
About 80 cities in California are now tracking the owners of abandoned properties in the suburbs and making them pay for maintenance. In Hemet, where prospective buyers during the boom were enticed by promises of tranquil lakes, peaceful botanical gardens, wide walking trails and picturesque surroundings for affordable prices, some of the homes have already been boarded up.
But many of the houses are still good and residents are still hopeful the village will recover as more buyers live in the homes. The Willowalk Homeowners Association has been launching efforts to recapture the spirit of the original development and rejuvenate the village. Investors looking for Los Angeles cheap houses for sale can find a number of units in Hemet and benefit later from the fruits of recovery.
Search California bank owned foreclosures:
- San Diego bank owned foreclosures
- San Jose bank owned foreclosures
- Fresno bank owned foreclosures
- Sacramento bank owned foreclosures
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