Los Osos - Big Risk or Good Investment?....You Decide

Are you wondering why there are so many properties for sale in Los Osos? Even in this market there are over 120 listed in a town with a population of about 15,000 people. Well, maybe it's the sewer saga. Have you heard about it? People far and wide have heard about it...it's been national news. In a nutshell, here's the situation: most of the homes in Los Osos are on a septic system, the septic is affecting the ground water, the town needs a sewer, in fact they have needed one for years but it is now a dire situation, a project was started, there was controversy with the plant location, the board was recalled and the project was halted, the funding was lost, law suits erupted, causing property owners to be affected by increased costs and assessments. The good news for real estate investors looking for coastal property is that there are some good deals to be had right now. There's lots of inventory to choose from, causing competition among sellers. Many home owners are selling because the uncertainty of the assessment costs are a big concern, especially to those living on a fixed income. Vacant lots are for sale at a great price, if you're interested in future development, because they are unbuildable until sometime after the sewer is in. And, lot owners will not be assessed until they are allowed to build and become a part of the sewer system. Overall, the risks include potential continued delays in the sewer project which will further increase the costs to all property owners, but once all is said and done, coastal property, especially those with ocean views and a great "location, location location" may appreciate enough in value in the long run to offset these potential costs. So those of you looking at the bigger picture may see a good investment in Los Osos. You can learn more by clicking on the following links to the Los Osos CSD website and the California Waterboard website.