>>1744008Considering the typical fantasy literature tends to have Elves as hairless when it comes to body hair (Facial hair is usually reserved for Dwarves and Halflings, extremity hair is prevalent on Hobbits, etc.) I tend to think of them as "Bald" down below. It tends to preserve that youthful look elves are known for.
If you're starting to go into Half-elven lineages (Half-Human/Half-Elf, etc.) I'm sure you could start finding bushy elves but I don't logically see a reason for them to have fur down there, considering they don't have it anywhere else you'd expect to find it, mane aside.