Temeculaguy, that was a nice writeup of the current state of temecula market. I’m a silent reader of this forum for last 2 years and I have learn a lot being a rookie first time home-buyer-in-waiting. I greatly appreciate the knowledge/opinion that you share on this board.
I am looking to buy in temecula too in the wolf creek region(SFH 2500-2800 sqft) and see some good discounts there now to point that it is touching th price range I had in mind last year (125-130 /sq.ft.). Due to various reasons we are planning to dive into the market end of the year or by Jan/Feb. We are looking to buy and live in the home for the next 7-10 years at least if not more, so I’m not so much worried if the prices drop another 30-40K over the next couple of years and does a slow recovery over 7-8 years. But I am worried about a scenario where it drops by another 80-100K in the next 2 years and does not ever come back to current price levels in next 15 years.
Looking at some of your previous posts you do indicate that is a possibility (about 100 /sq ft in south temecula).
Is this the worst-case prediction you are making or a high-probability event?
Do you think south temecula prices will bottom around 2001-2002 prices or a high likelihood of falling to 1998-99 prices?
Since temecula seems to be leading the price-cut brigade, do you think there will be another round of steep cuts by builders in Temecula when San Diego market starts ofering steep cuts in say areas like 4S in 1 or 2 years?
