$300k for 4000 sq ft IS a good goal in Morgan Hill, might not get there but it will get close.
Do the research on cycles, follow all the blogs, read the WSJ, and realize Temecula is on the fringe of SoCal, was one of the last areas to rise and is one of the first areas to get crushed.
Again, no question it’s a great area. Before taking off to the east coast for an extended period, scheduled some meetings out there, played 9 at Temecula Creek, ate and drank at South Coast Winery, and hit the tables at Pechanga. Not to many areas you can do that all in one day.
Drank up a storm, and everywhere was empty, with the exception of Pechanga where people are trying to supplement their incomes.
There is a lot of money in Temecula, some very well to do folks and very respectable backgrounds, one of the highest per capita areas with post graduate degrees. There were also a lot of folks in the RE industry, from the paper side of mortgage and realtors to the building side. And ALL these RE folks are hurting with the exception of some of the principals.
Over 600 homes for sale in 92592 alone.
$118 sq ft in Morgan Hill:
$444,900 for 3755 sq ft with a brown lawn
MLS #: T07163659
A former Shea home.
Think this makes the neighbor with the same model down the street feel good when they are asking $799k for the same model? Almost $100 per sq ft more? Who cares about the lot difference or upgrades for that differential.
Don’t think the other dozen homes for sale in the Shea section aren’t feeling the heat. Many are now in the $130’s per sq ft. Ask them a year ago if they ever thought it would be that bad. They would say hell no, it would take a national calamity.
