5yes, do you work in San Diego? If you do it can be a very trying commute, if you work in North County S.D. (San Marcos, Vista and Esco, it’s actually pretty traffic free and about 30 minutes if you go with South Temecula. I think vc23109 got a lot of crap because he asked the same question about five times and kept starting threads trying to get some affirmation. He also jumped in right before the repos started to hit.
Speaking specifically about 92592, don’t buy now but you won’t have to wait years, in the next ninety days the landscape is going to change thanks to D.R. horton and their Temecula lane development. South of the 79 they are out of dirt in city limits, every piece of dirt left is under development and there are about ten to 15 tracts being built in Wolf Creek, Redhawk, Temecula Lane and Morgan Hill. Most of the repos are priced over the builders and the builders have been slowing things down to avoid standing inventory and drastic reductions. D.R. horton is building about two or three hundred townhouses and a 100 sfr’s in a new gated community adjacent to Wolf and Redhawk. They have totally gone nuts with building and have 26 sfr’s ready in about two or three weeks and are starting to stucco another 20 or so that will be ready a few weeks later that they haven’t even released. Add in the townhouses and they will dump about two hundred units on the market in the next 45 days, maybe 400 units by years end. They aren’t selling. Last week they fired the entire sales staff and cut prices 50k with 20 more in incentives. Brand new 1800 sq ft, granite, s/s, cherry cabinets and 10-20 in flooring is 350k minus 20 in incentives beyong that, the largest is 2400 sq ft and about 390-400k minus the 20k. The taxes are low for Temecula standards at 1.5 and $95 a month Hoa gets you a gated community with pools. The models have only been open a couple of weeks so they obviously planned this slash and burn. We will see how the other builders react but D.R. is going to put a years worth of inventory for the whole zip code on the market in the next ninety days. The townhomes are 1000 to 1500 sg ft, tri plexes with attached garages, the advertised price was high 200’s, that will fall to low 200’s or lower, killing the banks ability to sell that 1500 sq ft repo for 300k.30k more and you have a bigger, new, dialed in place and even that will fall further. The condos that resemble apartments on 79 itself just reverted to rentals, over a hundred units, maybe 200 units all ready for move in a few weeks from now. After months of trying to sell them they didn’t sell one, leasing agent said they sold fourteen but most of them lost their qual in the credit crunch and subprime fallout a few weeks ago so they gave back the few deposits they had left and went rental.
In summary, the market for what and where you are looking is set to fall before Christmas, it is chronologically way ahead of San Diego, the whites of their eyes are almost visible so just hold off a little longer. South Tem has had the stickiest prices of this valley and that is going to change real soon with all this inventory and no new people.
