I live in Chuluota...there are new homes here (less than 5 years old), and older homes (I am guessing but 20+ years old?). There is "old Chuluota" and "new Chuluota"..the houses differ greatly. We do have a water issue here with our water company, and we continue the battle with them monthly it seems. I hate to drive anyone away from here because of it, but it is a reality. I don't think that's why the houses are less expensive, but it may be a contributing factor. I think, however, it is more that Oviedo is more centrally located to lots of things and Chuluota is still more country and you have to drive TO Oviedo for anything, thus making the homes in Oviedo worth more, if that makes sense?
I love my house (it's 3 years old) and my neighborhood, and our public schools are A schools. I know some of old Chuluota is zoned to our public school, however, I do not think all of it is...I'm not sure, as my kids attend a private Christian school. However, I do know they are good schools. Anyway, we are working on the water issue, thought a slow process, and if you have a well the problem is FAR LESS, but nonetheless, still existent. Most of us got wells though finally to help the issue since it's taking so long to reach a permanent solution. Hope this helps!