I’m torn bear, I agree with your analysis (however my beloved redhawk is not run down, just mature, lol) but at the same time there is a part of my brain that can’t see hitory repeating itself in in South Teme to the degree that the nineties did. Morgan has wicked taxes, the worst anywhere up here so perhaps $75 a sq is possible on the larger homes but $250k will be the floor for the smaller ones. I attended the real auctions of the mid nineties, where vail ranch two story homes that were a year or two old went for 60-80k, I saw a lot $50-75 a square ft stuff. I think in the decade since, the area has more to offer and is a little more on the map, I see french valley and wildomar experiencing the most severe drop. Another thing that is a little different is the quality of the housing and the stuff inside and out. In 1995 when stalking the repos and auctions, I never saw granite or 100k backyards, the houses were just a lot more basic and the area lacked a lot of things that is has today. I agree that morgan is in trouble and there will be an ungodly amount of repos, I agree that the mid 400’s to 500’s that the repos on sattui and tudal are not the bottom but I also don’t think that $75 a square will hit anything under 3000 sq ft. I don’t think that the 2100 to 2700 sq ft tracts of morgan will be selling with a price that starts with a “1” I think 250-400 will be the range that the whole development settles in and it will be based on what it has always been based on, size, features, condition, location and rental rates. In the nineties when it went to hell I moved up and South, like a lot of others did, and they will do it again, there are many people who moved to the Menifee/Murrieta border in search of cheaper housing and it they could move to morgan for less, they will.
