After golf and Pechanga, tomorrow I will go check out a couple of those properties asking low 3’s with my in the area realtor buds, and will offer $50g less than the asking and see what will happen.
Even with a counter, and even though $ per sq ft is higher than we would like, the Redhawk property TG mentioned and the Murrieta property pizzaman mentioned will rent with positive cash flow, and are in decent enough neighborhoods.
Once the banks start taking the low ball offers, it’s on and $75 sq ft in Morgan Hill will be around the corner in 2010.
The trickle down effect in Temecula will become Niagra Falls.
I know the area, and the local economy cannot support the flood of homes that are on and will hit the market. The outside buyers the area relied on, do not need to buy there. If you work in SD, why buy Temecula, pay a bit more and live in 4S. If you work in OC, you can buy Chino Hills now at a deal, and soon in HB, FV, and the other old areas.
If you live out of area, there is no need to move there for affordable housing.
If you are a Marine, Oceanside will soon be affordable again.
FYI, 40 homes in the OC went to auction at the courthouse last week and only 2 sold.
IE will drop faster, but the rest of SoCal will follow.
