After much hand-wringing, my wife and I have decided to walk away from our beloved ranch. Our research tells us that are way under water and the place is worth under 500K. Land in the wine country is now of no value because houses are selling for less than it would cost to build them. Depressing that our spot – one of the most beautiful in Temecula – is worthless. Also our research indicates that perhaps the market is at the bottom, but that foreclosures will keep coming for at least another year and prices will not go up anytime soon.
Thanks to all for the informative posts. I still passionately believe in the long-term potential of Temecula (and the wine country) as SoCal’s premier resort area. Wine country will be the Beverly Hills of Temecula. But we’re moving to Aguanga: open spaces and more horse trails than you could ride in a lifetime!