But telling me to put the crack pipe down, those are fighting words…I have displayed in previous threads knowledge of Temecula beyond most on this board, and it comes from having lived there, invested there, been involved in the political and business communities, and a strong background in investment and real estate matters.
We all do what we have to do to survive in this world, and many of us on these boards are doing our best to warn others without the same knowledge to be wary and prepare for a deep recession.
What’s the worse that can happen in being patient? Interest rates will not go up for some time, and prices certainly aren’t going up. Prices can only go down or stay stagnant.
In regards to all the bottom feeders waiting to snap up property, that’s not going to happen either. Last week, 40 homes went to auction in Orange County at the Santa Ana courthouse. 2 sold. 2. I had a colleague with $1.2m ready to buy a home in Irvine, and the bank wouldnt take less than $1.5. Down from a sales price of $2.5 in 2007, and $2m this year. Cheap stuff didnt sell either.
Go to Redfin, type in 92592, and see how many green for sale signs come up. You will have to narrow your search to the area over Morgan Hill, because there are too many homes to map. Get over Morgan and Redhawk, and boom, 443 houses for sale. Simple supply and demand.
For a human side, look at http://www.redfin.com/stingray/do/printable-listing?listing-id=1452962 this guy 2 years ago had the nicest looking tract home in Morgan. Talked about it being worth a million bucks. Had the giant K Hov Plan 4 with a 4 car garage that people fought over during the phase release. Next thing you know it, gotta move, brown lawn, bank cant get $117 sq ft for it.
Then look at all the Greystone/Redhawk homes on Manchester right below Morgan that the banks cant find buyers at in the $100’s sq ft for.
Morgan Hill may be one of the nicest areas in Temecula, but it will get dragged down by the rest of the area, and with help from homes being short sold within the community.
Then add the guys who will “walk away” like those on the board who are talking about doing such.
Personally, I don’t want to see a recession. I make more money when the economy is moving. But a realist I am.
For those of you trying to figure out what to do, just look at the facts.
There’s no changing the myopic views of some of those out there whether they be bears or bulls.
