Bunny: We bought our place in 2003 for $425k. It is 3,300sf on 1.2ac. I mention this because there are a significant number of owners in Fallbrook that are like me: They purchased early in, or prior to, the boom and are sitting on a decent hunk of equity. Selling therefore doesn’t become such a pressing proposition as it would for someone who is upside down and saddled with a bad mortgage. This is just opinion, so please treat it accordingly, but I think there are more people in Temecula and Murrieta in this fix than in Fallbrook. Again, sheer guesswork, but that feels right.
That being said, I do know there are people here that are in trouble, and that the situation is getting worse. Quite a few of the properties that are for sale are dropping their prices, and “Bank Owned” sign toppers are becoming more prevalent. As I mentioned earlier, you’re not going to hurt yourself by waiting.
During the boom, our place went as high as $800k, before settling back down into the $600s. There are people out there that are really treating the bust as nothing more than a blip, and they absolutely refuse to listen to reason. Until cold, hard reality gives them a sharp one upside the head, they’ll keep believing a turnaround is right around the corner.
