Even if it goes down another 15-20% in the next year in Temecula (I’m counting on it), $100/sq is a good deal. If you’re making even halfway decent money, the difference between a $1,500 mortgage and a $1,300 mortgage is negligible. And it wouldn’t take much of a rise in interest rates to negate that difference anyway. If I worked in Temecula, I would probably be looking at the same property today.