I’ve been a lurker/poster for a while, over a year or so. I bought in the Harveston subdivision a few months back. many of you told me not to. some said to do it. i did a lengthy analysis…of both the $$ end of it and other factors – and we bought. at the time, it was 100k below comps.

just wanted to drop in say hi, and update on what i’ve observed since i’ve last posted. i’ve lived in temecula 1.5 years or so. rented for a year, then bought the house.

one house on my street – nice house by the way, which sold in the low 500s, is now on the market for $440k. it had been listed as high as 560k i think. it is bank owned. has been vacant for 4-6 months. new realtor has listed it and the price just went down al ot..from the 500s to 440k. like a 100k whack off the top.

another neighbor who’s livlihood is tied to the housing business is not working and will likely lose their job. they are looking to try and sell their house. i have no idea what they put down on it or what their actual loan balance is but they commented to me that they paid about 500k for the house (also a very nice highly upgraded home) and a realtor told them to expect no more than $400-425 on a sale. mega loss. i think they have an ARM…so they are in trouble. i would not be suprised to see that one go bank owned.

i have seen some of the local new housing developments that were listing in the low 400s now listing in the high 300s. Spencer’s Crossing, in Murrieta, near the Murrieta/Winchester border off of Winchester road has some really nic elooking model homes, and prices have been plumettin there.

i heard from a neighbor that some of the really $$ stuff in south temecula that was pushing 700-800k is now in the 4-500k range. haven’t confirmed it, but it seems the higher end stuff is taking a harder hit, at least at this point.

condos in my area were selling in the high 300s, are now in the 200s. i know one condo owner who has an ARM, no equity, and can’t refi, and new ones are selling for 50-75k less than they paid. sucks to be them.

if this keeps up you will be able to buya Mcmansion in Temecula, and I mean a nice part of temecula, and a BIG 3000+ sq ft home with ALL the bells and whistles for 300k. easily. the house that WAS 750k will be 300-350k.

should it continue to go down, which it will, my killer deal will just be average, or i may even wind up slightly upside down. if I were to only go slightly upside down, i won’t really care. i like where i’m at and will happily stay put and ride it out. if *I* wind up mega upside down, i will wish i listened to some of you. 🙂 we will see.

I was suprised to see rents have gone UP in my area. one house that i had seen renting a year ago for 1600ish is now renting for 1800-1900. i have seen 2200-2300sq ft homes in Harveston go as high as 23200-2400/month. are rents going up b/c there are more renters due to people losing their houses? but if there are more renters, wouldnt’ there also be more rental properties b/c the houses that were “owned” are now rentals?

i know one coworker who could not sell a houes after a divorce, and has rented it out, but at a loss. b/c they can’t rent it for enough to cover expenses. probably quite common in the current market.

I’m still around. still watching.

hey, if prices fall badly enough, i’ll buy ANOTHER House and rent out the one i’m in now. 🙂

if it gets cheap enough, id be able to afford it. 🙂 ha ha