No offense to any Piggs here but I personally do not see a “renaissance” in Temecula or Murrieta in the near future. There may be a temporary shortage of inventory at this moment because the “pipeline” inventory has not yet begun to trickle in.
Of course, I’m not versed on all the ins and outs of North County or Riverside County (RIV). The job centers however have traditionally been in San Diego, Orange and Los Angeles Counties. Southern RIV is simply a BEDROOM community to the job centers and, unless the homeowner in RIV has a decent job in RIV or is retired, he and/or she is going to commute most likely 60 or more miles one way to work. Typically these BEDROOM communities DO NOT hold their values in downturns and for that reason RE there is NOT a good long-term investment unless purchased at a rock-bottom price. Quality-of-life issues have to be enormous for the road warrior (worker-bee) commuter in RIV. In short, RIV loses the “location, location, location” contest.
Look what happened in 1994 to Victorville and Palmdale (as BEDROOMS of San Bernardino County). Beside newspapers blown into every chain-link fence, there was so much blood in the streets that fairly new construction (foreclosed) was being sold for $40K to $140K to get it off the books. At that time, two retired homeowners on my block bought rental SFRs up there for a song. One has now retired in his former rental.
