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  • August 25, 2007 at 6:58 PM #10036
    5yes
    Participant

    I know Temecula gets a bad rap from lots of you guys – but for teacher like me it seems to be a wise place to move to and be able to afford a decent life for my family. The repos are abundant here and I was wondering what some of you guys thought about a 1500 square foot home in south Temecula in a desirable neighborhood that the bank is taking offers under $300,000 for. There is cosmetic work needed, but nothing major. Please don’t blast me with lots of criticism that I am looking around right now, I have been reading the posts for a couple years and you guys have helped me avoid lots of the shiny stucco boxes that have become many of my friend’s prisons as their arms reset. I know the market may not bottom for another few years, I know it is crazy and I remember how VC3357 (or whatever his name was) got butchered when he talked about his house in Harveston at a comprable price/square foot. I am just looking for either a “may be a good idea” sentiment or a “keep waiting, stay strong and saving your pennies” sentiment. Thanks.

    August 25, 2007 at 7:26 PM #80949
    Allan from Fallbrook
    Participant

    Syes: This is a real rough (and I stress rough) estimate, but I would think that approx $100/sf – 125/sf puts you right in the ballpark.

    I say that only because there are REO properties that are in that range right now, or have sold at auction for that amount in both Temecula and Murrieta.

    I am sure the more seasoned RE pros here will probably disagree with me, but that is my two cents.

    I was at Pop Warner weight certification this morning at Chaparral HS in Temecula and I overheard at least three conversations from parents that were in the process of pulling their kids due to impending move “out of state”. Two of them were also selling vehicles, and one was trying to move a boat.

    While this is anecdotal only, I think that the market up in Temecula and Murrieta is about to unwrap, and you should be positioned to pick up a nice REO property from one of the many lenders.

    Speaking of which: All of the major lending players (Wells Fargo, Chase and Countrywide) maintain REO websites which list properties for sale. You can search by zip, square footage, etc. Worth a look.

    August 25, 2007 at 7:26 PM #81101
    Allan from Fallbrook
    Participant

    Syes: This is a real rough (and I stress rough) estimate, but I would think that approx $100/sf – 125/sf puts you right in the ballpark.

    I say that only because there are REO properties that are in that range right now, or have sold at auction for that amount in both Temecula and Murrieta.

    I am sure the more seasoned RE pros here will probably disagree with me, but that is my two cents.

    I was at Pop Warner weight certification this morning at Chaparral HS in Temecula and I overheard at least three conversations from parents that were in the process of pulling their kids due to impending move “out of state”. Two of them were also selling vehicles, and one was trying to move a boat.

    While this is anecdotal only, I think that the market up in Temecula and Murrieta is about to unwrap, and you should be positioned to pick up a nice REO property from one of the many lenders.

    Speaking of which: All of the major lending players (Wells Fargo, Chase and Countrywide) maintain REO websites which list properties for sale. You can search by zip, square footage, etc. Worth a look.

    August 25, 2007 at 7:26 PM #81081
    Allan from Fallbrook
    Participant

    Syes: This is a real rough (and I stress rough) estimate, but I would think that approx $100/sf – 125/sf puts you right in the ballpark.

    I say that only because there are REO properties that are in that range right now, or have sold at auction for that amount in both Temecula and Murrieta.

    I am sure the more seasoned RE pros here will probably disagree with me, but that is my two cents.

    I was at Pop Warner weight certification this morning at Chaparral HS in Temecula and I overheard at least three conversations from parents that were in the process of pulling their kids due to impending move “out of state”. Two of them were also selling vehicles, and one was trying to move a boat.

    While this is anecdotal only, I think that the market up in Temecula and Murrieta is about to unwrap, and you should be positioned to pick up a nice REO property from one of the many lenders.

    Speaking of which: All of the major lending players (Wells Fargo, Chase and Countrywide) maintain REO websites which list properties for sale. You can search by zip, square footage, etc. Worth a look.

    August 25, 2007 at 7:45 PM #80951
    bsrsharma
    Participant

    bank is taking offers under $300,000

    No harm trying $150,000. You may be pleasantly surprised. Bank may even think you are sharp! They all secretly know (and fear) that getting 50 cents on a $ is good fortune in this game.

    August 25, 2007 at 7:45 PM #81104
    bsrsharma
    Participant

    bank is taking offers under $300,000

    No harm trying $150,000. You may be pleasantly surprised. Bank may even think you are sharp! They all secretly know (and fear) that getting 50 cents on a $ is good fortune in this game.

    August 25, 2007 at 7:45 PM #81084
    bsrsharma
    Participant

    bank is taking offers under $300,000

    No harm trying $150,000. You may be pleasantly surprised. Bank may even think you are sharp! They all secretly know (and fear) that getting 50 cents on a $ is good fortune in this game.

    August 25, 2007 at 8:31 PM #81106
    5yes
    Participant

    Thanks guys for your advice and humor. I am finding that it is easier to be a bear when things are going well, it is much harder for me when things are crashing and deals starting to pop up. Maybe I’ll just start looking for terrible MLS pictures to post on that thread instead of combing the MLS for deals just yet.

    August 25, 2007 at 8:31 PM #81087
    5yes
    Participant

    Thanks guys for your advice and humor. I am finding that it is easier to be a bear when things are going well, it is much harder for me when things are crashing and deals starting to pop up. Maybe I’ll just start looking for terrible MLS pictures to post on that thread instead of combing the MLS for deals just yet.

    August 25, 2007 at 8:31 PM #80953
    5yes
    Participant

    Thanks guys for your advice and humor. I am finding that it is easier to be a bear when things are going well, it is much harder for me when things are crashing and deals starting to pop up. Maybe I’ll just start looking for terrible MLS pictures to post on that thread instead of combing the MLS for deals just yet.

    August 25, 2007 at 9:58 PM #81134
    HLS
    Participant

    Everybody has a different need/reason for wanting to buy.
    If it’s only because you are worried about the market bouncing, I don’t think that you have anything to worry about.

    The ball has no air in it and is completely flat. The air compressor is broken and it should be years before that ball can bounce again.

    Temec-Murrieta is headed for a major correction.
    Things are going VERY well for you. Prices are cheaper than they were 2 years ago, but they aren’t as cheap as they are going to get.

    Get your credit score as high as you can and keep saving for a larger down payment.

    BTW, I remember Temecula/Rancho California in the 1960’s. A haircut in Old Town at Bob’s was $5.50 years ago, and it’s $5.50 today.
    (It’s only $5 for seniors) He’s been in the same spot for over 40 years, right behind the Swing Inn on Front Street.

    August 25, 2007 at 9:58 PM #81113
    HLS
    Participant

    Everybody has a different need/reason for wanting to buy.
    If it’s only because you are worried about the market bouncing, I don’t think that you have anything to worry about.

    The ball has no air in it and is completely flat. The air compressor is broken and it should be years before that ball can bounce again.

    Temec-Murrieta is headed for a major correction.
    Things are going VERY well for you. Prices are cheaper than they were 2 years ago, but they aren’t as cheap as they are going to get.

    Get your credit score as high as you can and keep saving for a larger down payment.

    BTW, I remember Temecula/Rancho California in the 1960’s. A haircut in Old Town at Bob’s was $5.50 years ago, and it’s $5.50 today.
    (It’s only $5 for seniors) He’s been in the same spot for over 40 years, right behind the Swing Inn on Front Street.

    August 25, 2007 at 9:58 PM #80980
    HLS
    Participant

    Everybody has a different need/reason for wanting to buy.
    If it’s only because you are worried about the market bouncing, I don’t think that you have anything to worry about.

    The ball has no air in it and is completely flat. The air compressor is broken and it should be years before that ball can bounce again.

    Temec-Murrieta is headed for a major correction.
    Things are going VERY well for you. Prices are cheaper than they were 2 years ago, but they aren’t as cheap as they are going to get.

    Get your credit score as high as you can and keep saving for a larger down payment.

    BTW, I remember Temecula/Rancho California in the 1960’s. A haircut in Old Town at Bob’s was $5.50 years ago, and it’s $5.50 today.
    (It’s only $5 for seniors) He’s been in the same spot for over 40 years, right behind the Swing Inn on Front Street.

    August 25, 2007 at 10:38 PM #81001
    bsrsharma
    Participant

    A haircut in Old Town at Bob's was $5.50 years ago, and it's $5.50 today.

    HLS, Is this true?  Wow! No inflation in 40 years? That would be a record.

    August 25, 2007 at 10:38 PM #81155
    bsrsharma
    Participant

    A haircut in Old Town at Bob's was $5.50 years ago, and it's $5.50 today.

    HLS, Is this true?  Wow! No inflation in 40 years? That would be a record.

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