AN, your numbers are even tighter, the banks could easily churn through their crap in most hoods right now. Nor, you are right, I see deals all over but they supply is so tight you almost need to be an insider to get a crack at them, if the increase in supply is more than a blip, it they really are releasing inventory, then it will just make the market healthy not kill it and with work, deals will be found. querty, I shouldn’t have made a blanket statement like that, I should have qualified it. The high end tract homes or normal lots have seen the most appreciation, the further south the better, the newer the better, but stuff on land may still be falling depending on what it is, I guess that could be considered very high end. However that as a blanket statement isn’t true either, some mini ranches have appreciated, it all depends if they took their hit when they were supposed to, in 08, some didn’t and are taking it now. Redfin has a neat feature when you enter a zip code, you can pick tabs and see the 40 places that sold most recently, the 40 most expensive and the 40 with the most recent price reductions, the ranches are taking the biggest reductions and most of them but they were the most overpriced in the first place.
Here’s an example:
This is what I consider middle high end, south temecula, gated, redhawk, sold new in 2004 for 400k, listed for 365k, organic listing, it will probably sell at this price but not in one day. A trashed repo or a short that is comparable will list at 300k and have a dozen buyers on day one, last year, mid to high 2’s could have been had. My house is newer and bigger but nearby and pretty similar, 12 months ago, I got for 100k less, I firmly believe that when i bought it was the overcorrection, this is more balanced and prices aren’t jumping around right now.
However, some of the ranches are still screaming deals, things over 600k don’t seem to have the same bounce going.
Here’s some examples:
This is a closed listing, 6900 sq feet on over 2 acres, brand new, sold for under 700k, looks like the developer crapped out and the whole street sold for about that, even in 2008, those would have been over a million.
granted these last ones are the “in-town” mansions, not mcmansions,and not way out in wine country, the are the have your own tennis courts type hood, and admittedly, it’s not a price point I study too much, but it just seems that market still has bargains, in fact since they didn’t decline much in 2008, they are having them for the first time right now. The whoppers are pretty hard to track because they are so unique.
This is my favorite house, it is new so you can’t get peak prices, but I’d say 2-2.5 mil would have been it’s price, it listed at 1.9 and is in escrow as a short at 1.2. Sure, 1.2 isn’t affordable and seems crazy by Temecula standards, but it is right in the middle of town, a it’s freaking gorgeous, if I had the cash and the need for that size, I’d be all over that one, and judging from the the 30% less than list, they aren’t having the same experience that the tract homes are.
Did you click on the the second page of pics, the outside bar and pool, I don’t even want to think about the parties I could throw there because mowing that lawn almost gives me hives. But sweet jesus, can you just imagine the volume of ass you could pull with a pad like that, it would be hefner-esque, few things make me feel envy, and at 1.2 it’s not lotery wishing, but alas, I’m too much of a minimalist to want to deal with the upkeep, but damn.
