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gn.
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April 17, 2007 at 11:07 PM #8871April 17, 2007 at 11:14 PM #50447
anxvariety
ParticipantWoa, did the god of land start creating more California land??
April 17, 2007 at 11:30 PM #50449TemekuT
ParticipantIt looks like Splash Canyon is on Ynez across Winchester by the business park/gov’t buildings, but on the FWY side. I think it’s that stretch of land on the 15 North between Winchester and the 215. That’s a bit far from Harveston and a bit of a stretch as to motive of your landlord! You must have bionic ears!
As for the business park, i think that developer is Pacific Century Homes and they are pretty big here in town – think The Reserve, 3 projects in Redhawk, the development across from Promenade Mall on Margarita, Overland Business Park I and II, and that’s just in Temecula. Plus, they are breaking ground on a 55+ community at Margarita and HWY 79.
BTW, what’s going on with your postings about buying in Harveston and also your other posting about looking elsewhere here?
April 18, 2007 at 12:27 AM #50453temeculaguy
ParticipantFrom a look at yahoo maps, it will be adjacent to only two streets in Harveston (corrigan pl and medford rd). I don’t think it will be like having disneyland next door because it will only be open something like a hundred days a year, closes at sundown and nothing makes noise. It also won’t connect to harveston by street or share any access roads. It may be an improvement for those streets creating a buffer from the freeway view and freeway noise. It’s supposed to be just feet from the freeway which gives it free advertisement and that is dead land anyway. I don’t think it is any worse than living by a high school or a sports park. Plus daytime noise isn’t really noticable and it doesn’t open early in the am. I lived about a mile from a high school until earlier this year and the only complaints I had was traffic, band practice at 6 am on weekends and football games at night (could only really hear the P.A.). Ever notice how you can rarely hear you neigbors kids in the pool during the day but at night you hear everything six houses away.
here is Knotts soak city palm springs hours for this year
http://www.knotts.com/soakcity/ps/hours.shtml
its peak days in the summer are 10-6, april may is 11-5 and half the time it’s closed and it’s closed half the year (plus palm springs is hotter longer each year), pretty much in line with the school schedule, waterparks are not the tourist draw that amusement parks are (500 spot parking lot compared to 20-40k daily attendance for major parks). Wih that said, you could become the popular guy in town, We will take our kids and have beer in your backyard.
April 18, 2007 at 12:59 AM #50456surveyor
Participanthahaha
ya i know that water park they’re doing. we were asked to bid on it but our price was too expensive. there’s really nothing stopping it, the city of temecula seemed to be enthusiastic about it.
i heard about this a few months ago, when money was fast and loose. there is probably some financial pressure on it now and they are shopping for cheap engineering and surveying for it. I saw some preliminary plans. Seemed nice. Would have been an interesting project for us to do.
Still, 0.25 miles away is not too bad. Next door it might be seen as a negative, but it’s far enough away so that it’s listed as an asset but not as a negative.
April 18, 2007 at 5:58 AM #50458Critter
ParticipantSpeaking of coasters, imagine living in one of these houses….
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title=ScreamZone|desc=|link=node|align=left|width=466|height=312]April 18, 2007 at 8:27 AM #50463Bugs
ParticipantI’m still very skeptical that any property owner – particularly one who works in the RE business – is going to just walk away from $75k in equity in that price range.
April 18, 2007 at 8:57 AM #5046923109VC
Participantmaybe he’s pressed for time? i don’t know why he would sell at $350k.. if it’s really worth $430-440k?
i have a few ideas
1) Possibly he is trying to fund some other purchase/investment and needs to free up capital and by unloading this house he can move on something else?
2) maybe he didn’t really pay $440k and got the thing for only $350k….due to his connection wtih the builder (he/his family was an employee of the builder) and maybe he is not really losing a thing, and just passing up possible earnings he’ll pay capital gains on?
i figure if he listed it tomorrow..he’d list it at $420-430. he’d get offered $400k? then pocket $375k after agent commisions. if it sits a while before it sells, and I’m not living there paying rent, he is carrying maybe $2000/month in costs…. so 3-4 months of it sitting there will cost him another 6-8k….
so it’s possible that he may be concerned that $350k is basically what he’s going to realize from a sale no the open market anyway…and he’d just assume get it in the next 30 days, instead of waiting almost 6 months to get it..
who knows. the guy owes me nothing. if he thought he could make more money by selling to someone else he would.
i’ve come across a handful of agents who i’ve talked to while looking at rentals…and discussed my situation. they all said i was dumb to not buy it at that price. or course several of them also told me that the housing market was not going to go down much, “not like the late 80s” it will be “different this time”…so they don’t know everything….or they are wearing blinders….only seeing what they want to see…
bottom line – i do think the price he’s offering it to me for is decent. but i think if i sit back and wait 1-2 years…i can get a bigger/better house for the same price. when the houses that are curently $500k are selling at $350-400k… or less…
April 18, 2007 at 10:40 AM #50477ParticipantAre you sure your owner is not talking about some exotic lease option?
April 18, 2007 at 11:23 PM #50547ParticipantHe’s not really walking away from 75k, I think I remember from another post that it is a 3/3 and 1900 sq ft. with taxes and assoc on the higher end. You are right, not paying realtors is 25k right there, and he’d lose 3k a month sitting empty with an average time on the market, another 12k, gated newer redhawk homes on small lots are listing just under 400, here’s two in the fairways just listed http://www.immobel.com/personal/1_3_1/listingDetails.do?featured_int=0&c_mtype=res&searchId=0&minprice=1&c_type=&xml=1&serverId=0&rpp=15&c_year-built=&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92592&c_city=&st=0&maxprice=400000&back1=%2Fpersonal%2F1_3_1%2FsearchResults.do&of=18163257
One is 2200 sq the other 2400 sq., that tract has gone down 20-50k in the last ninety days, a nicer model match was 489k just 60 days ago (went foreclosure)and the comps support 450k, but one is now for rent at 1650 so it still doesn’t support investment numbers. Probably 10-20% of the ones in that little four street are for sale and in months, I don’t know of one sale. They are the smallest and have the smallest lots of the four development gated subcommunity built by the same builder.
Woodside just released 2200 sq ft homes at 350-370k 1.5 miles away with in Wolf. I wouldn’t be so skeptical of your landlord, he’s going for convenience, the sure thing and trying to avoid the bad press of the dissapointing spring/summer sales without taking any chances he gets out intact, he had to make it a win for you to make it happen. Sounds like he is probably more informed than the average seller who is basing their price on what they need to sell for and quickly seeing neighbors list for less, chasing the rabbit down the hole. In a crude analogy, it’s getting close to closing time, very few women are left in the bar, rather than go for the best looking one remaining, drop to the third best looking and avoid ending up alone or with the ugliest. Bar strategy can almost always be applied to life.
He knows what is happening, he knows he can list for 430 but it wont sell, he could list for 400 but will probably get lowballed and pay realtors. Why would anyone pay even 400 when they can get more sq ft for less in a comparable area like redhawk. He probably knows this and he is giving you a fair deal but you’ve said before it is smaller than what you really want and you shouldn’t buy temporary housing in this market, get what you want even if it means waiting.
April 18, 2007 at 11:40 PM #50552Participanttemeculaguy, your first link has 75 DOM. It’s a short sale.
The 2nd link is listed as of today. The listing comments say it’s not a short sale, which I don’t understand – purchased 11/23/04 @ $452,500 w/ 80/20 financing New Century, and then added $145,000 on 03/22/06 w/ Loan 123 LLC. So at a minimum it is indebted for the purchase price of $452,500 and with the 3rd it looks like $597,500 is owed. Plus, it is vacant.
April 19, 2007 at 1:26 AM #50560ParticipantTemeku, how do you find things like days on market and debt, on a grantee search I can only find the lender name, NOD’s, etc, but I have to get the name from forclosure.com which lists names on nod, but not addy. Are you in the biz and have access not avail to the public or can I subcribe to realtytrac or similar and get it.
As far as those two, I check the mrmls 3x a week and go on walks in my area, I see signs go up and go down then up again then on foreclosure.com, sometimes within days or weeks so I try to remember them off the top of my head or log the ones I like in a notebook, but as evidenced by your research, I can be highly inaccurate, especially since I was trying to match sizes for what 23109 is looking for and not really what I want to buy. I can be wrong on the D.O.M since I usually search for under 400 and if a recent price drop puts it under 400 I guess it looks new to me. Those ones on escalon, alagon, almora were always in the 400’s, three months ago 439 would be a steal but now two dropped below 4 and one is barely above so I started to pay attention, plus a month ago when i walked through it was riddles with for sale signs, despite being built in 2003 so they should have a little equity since they went in the 200’s new. How can someone try to sell for 399 with over 500 in liens against it?
Since you have more info than i do, what is you opinion on what i view as price drops and a lot more distressed stuff coming on the market in our area, i want to pay 300 to 350 for 2000 sq ft 3br under 10 years old (small lot is fine) in redhawk or wolf, no vail. Think it will happen?
For clarification the second link (escalon) looks furnished and the first (decada)looks vacant at least from the photos, plus decada claims to have been the model.
this one is the highest
2nd place
and this
but this one claimed to be the cheapest at 414k
but this one is lower as are the two I posted before so the self proclaimed cheapest has three priced below it.
I checked the megans law site and no molesters moved in, so what gives.
April 19, 2007 at 10:44 AM #50573Participanthow many of you here think that a 1900 sq ft home in Harveston will fall below $350k??
i’ve talked toa LOT of people..not just Piggington folks… most of the people i’ve talked to who are NOT on Piggington seem to think that I”m crazy if I dno’t buy this house at 350k.
most have said that even if the market does keep dropping, the liklihood it would go below 350k is slim…and so they see it as a way to buy now at a low price, and be protected even if the market does tank.
April 19, 2007 at 11:34 AM #50576sdcellar
Participant23109VC– I’d say consider the source. A lot of people have opinions on real estate prices, but quite a bit fewer actually know anything. The former probably includes people like friends, neighbors, and family. Unfortunately, it also includes a number of real estate “professionals”.
That said, there are good real estate industry people out there, so if you’ve found one (or two), listen to what he has to say, but more importantly, what he says to support his/her beliefs.
Same thing goes with this website and any others you might frequent.
My opinion, and it has not much to do with price, is that you shouldn’t buy this house. I’ve been following what you’ve been posting and it sounds like you’re going to outgrow it and you’re stretching yourself to get into it. Not what I would call a good combination in this market. You say you’re not, but everything you write says otherwise.
April 19, 2007 at 11:51 AM #50577ParticipantI’d say that any RE professional who hasn’t already been through a complete cycle literally lacks the experience. That’s not to say they can’t make up for it by keeping an open mind and looking at the data. If memory serves both SDRealtor and sdrealtor came into the business during this upwswing, but the both make up for that lack of (that) experience by having and using their critical thinking skills.
Try to remember the typical RE agent is not a college grad, has no professional experience with qualitative or quantitative analysis, and only knows as much about RE as they learned in their Anthony School’s Introduction to Real Estate courses. They depend on David Leahrah and their local Diamond Level upline to tell them what to think and what to say. You probably are better off talking trends with the guy who runs the hardware store down the street- he’s at least been through it all before.
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