In looking at Centex I assume you are referring to Hemingway?
I have been looking in Hemingway since the summer, and yes the prices have come down, but not that much overall.
Centex, unlike Standard Pacific has not really lowered their prices that much (or offered many incentives), but I have not checked back recently. I have tried to negotiate with Centex with basically no luck at all.
My take on Temecula as a 5 year resident and student of the housing market in Temecula: Depends on the community, the price drops in Crowne Hill have surprised me, but then Crowne Hill does not have any amenities to speak of (pools,etc…).
Morgan Hill could go sub 400k (for the non view smaller homes) in the near future if it isn’t already.
Parts of Redhawk are nice, but was only recently incorporated into the city – meaning the building codes were not as strict as in the city proper – at least based on my observations.
Temecula is supported to a considerable extent by Camp Pendleton (lots of Marines live in Temecula), so will be somewhat insulated from a recession.
My 2008 prediction for Temecula: Perhaps another 10% for the resale market by this time next year (I am basing that on my house – a typical Temecula house). New houses may be a different story, maybe less than 10%.
Be Warned: Many on this board like to trash Temecula, and often put Temecula/Murrieta in the same basket. I know Temecula AND San Diego well and maintain my objectivity at all times.
