All these questions, I mostly tell jokes, hardly the sage but I’ll give it my all and start the press conference.
mgu, it’s sitting in the 280-310 range right now after incentives but including about 5 1/2 fixed, granite, fridge, w&d, a year of association, etc. Where it is going, I dunno but I placed a wager on it going down so I am biased. It was 340-380 about 6-9 months ago. Keep in mind these are for alley homes or cluster driveways in that size range, traditional sfr’s will add 30-50k more. There are attached ones but with 2 car garages that might be better for an investment that will be in the 200-250 range, I haven’t looked closely at them lately. It’s a bargain at 100-125x rent and rent for all these are 1500-2000, so it’s not there yet but it has hit 150x rent and in some cases slightly below, it seems the smaller the better the ratio, the rent market is a little weird, 3500 sq ft and 1500 sq ft have only about a 25% spread in rent here because there are tons of big houses and very few condos and apartments, speaking specifically of South Teme.
happy renter, welcome, the shadows are no fun so chime in whenever. Based on the size you are looking at sycamore, laurel or cottonwood. They haven’t got too much standing inventory but it’s worsening for them and the price drops pile on monthly. Wolf has a lot of foreclosures coming so early next year the pressure will mount and you should get what you want, peek at Morgan and Redhawk, lots of inventory piling up there and they have some advantages over wolf, but I like wolf too, 2008 is going to be a fun time to shop. And yes, when SD starts to fall, Temecula will get hit again, not sure about another 100k but there will be another hit. South Teme is your safest bet because it’s almost out of land and traffic North is brutal, if you get sub 2003 prices you are probably safe in the long run but that cannot be guaranteed by January. Look at it for personal affordability, if you can get a fixed rate and afford it easily, who cares.
lonestar-good tip, never even heard of laser t.v.’s but you know what will happen, i’ll wait on those for years to come down too. I am clueless to your market and the current prices but you may have to adjust your wish list if you are looking for another 50% off, most of the I.E. has already corrected 25%, maybe 25% more left in the tank at best. I agree with you about hitting the deal button, the point of my earlier post was that when it gets to whatever you wished for it’s still hard to hit it.
golf-I am probably going to do what you did and get the costco vizio special to tide me over and I agree that much below $100 a square can be wishful and gets into the building cost area, there is a floor and it’s just not worth the cost of materials at $50 or maybe $75 a square.
Vo-I already do that regularly and it doesn’t work, while the latest one was above the usual crowd, they usually don’t know what “quoting” means let alone the content, but nice zinger anyway. Truth be told I’m not looking to change my bachelor status anyway, I have way to many faults that I rather like and don’t feel like being scolded for.
Matt-I can be a bear and still think there is a bottom, my diatribe was about not waiting this out too long, at some point in my situation renting for 2k and being able to buy for 1500 after taxes makes sense and it will to others as well, it won’t find support at current prices but eventually it will.
Patient renter- thanks for the love, I always dig your stuff too and it’s comments like that that keep me finding the tangents wherever possible.
