First time post for a former Temecula homeowner and now a renter in Irvine…Still peruse this great site just to keep tabs. You guys obviously know the area well, and perhaps my two cents may help.
What makes the market in Temecula/Murrieta even more difficult to predict than other markets, is the sheer number of homes for sale and new product that is still entering the market. The inventory will take much longer to get to bearable numbers simply because there are not enough buyers out there. It was a false market, with “investors” buying multiple homes driving up demand and prices, and now that they are gone there are simply not enough jobs in the area or people that want to move there.
There are many aspects that make it a great area to live, but more reasons not to want to be there. The traffic is worse than ever, and five years ago during the push, it was bearable, and people could justify the move. Simply can’t do it now, 2-3 hrs each way, prices still to high, and no loans anyways deter the commuting potential home owner.
In regards to new jobs, not enough, not fast enough, and not enough pay.
If one does not have to commute, has a means of income, Temecula is a great family oriented community and a nice place to live with a flavor unique to all of socal. But if you are in the car all the time, what’s the point?
We enjoyed living in South Temecula, as we owned in Morgan Hill, sold, moved up, saw the writing on the wall and sold and moved out of town. Aside from the RE market indicators, one reason why we moved is I could not see my kids going to high school a block away from a casino. As nice as Pechanga is, and as much good as they do for the area, just wasn’t the environment I wanted for our kids. With that in mind, a caution about Wolf Creek, as historically, living next to a casino is not a good thing.
Bottom line, $100 sq ft is realistic in the best areas, and may even be too high. When the price gets to that point, people will be lured to the area again IMO.
On a side note, put off the home thoughts, treat yourself to a Vizio at Costco (great deal) get HD, and enjoy an unparalleled home entertainment experience.
