Our weekend field trip to Temecula was fascinating. Here’s the report:
1. Butterfield Stage Road is built big. It’s clear from the ariel photo in the builder sales office that this road will be a major traffic route when completed. Yuck.
2. I agree with TG that sub-3,000 foot homes in Morgan Hills need to be under $300,000 (and not near Butterfield). The builder is looking for high $400,000s now and resales in the upper $300,000s to low $400,000s. In fact, the entire city of Temecula still feels 30-40% overvalued. And every $3 per barrel of oil seems like it would shave another 1% off value.
3. TG, my wife was confused by the RV garages in the $1 million homes you like. We’ve never seen RV garages and aren’t sure what to make of them. It looks like 4-5 of those properties are in immediate trouble and may be lost to foreclosure. The good news is that these people won’t be homeless (wife’s joke).
