I think it falls further because it was actually inflated more. Depending on where the land is, some areas got real silly. The wine country and the “in town” areas of meadowview, los ranchitos and santiago saw a huge influx of rich people and the prices went with them. The dumpy, older places next door thought their values rose as well. In the last month about half of the significant drops have been those with land and high carry costs and significant work needed. I’ve seen places reduce their ask from a mil to 500k in months. They are usually dated, low sq ft and on dirt roads.
However, your rent is so low on the rent multiplier scale, you should keep renting. It needs to be between 170k and 250k before it comes in line with rent. You are getting quite a deal, enjoy it and bank the change. If it goes below 250k (which I kinda doubt but I don’t know the specifics) then buy. It seems the stuff further out, the long dirt roads and the stuff in the scrub that does not produce wine will get hit the hardest. Redfin is down right now, otherwise I’d link some examples and their reductions, they still command higher prices, always will, but the percentage drops are as high if not higher.
There is another thing that us “townies” look at. Temecula is a weird microclimate. The southern hills are naturally green year round, west of the freeway in deluz also seems to be always green but get much more than a few miles east of butterfield or anything north of rancho cal and you are in the sahara desert. The grapes like it from rancho cal and south but not too far east, the temp goes up a degree every mile a lot of the time using pechanga as a starting point. dont get too far away, the water is under the ground near pechanga and becomes ess as you go further. Sure you can drill for it but the natural stuff and the green along 79 from the creek makes things just look nicer. That is why the indians settles there, that is why the oldest oak tree in the country is there and that is why Callaway started growing where he did in the 60’s. If you want land stay as close to those areas as you can. Trouble is, you gotta pay.
I know some of it is landscaping but look at the background of the pictures where the land is not irrigates, some areas just look better. these three look like they are roadside on the way to vegas.
