[quote=paramount]I drove around this past weekend taking the temperature of the Temecula RE market. It’s mind boggling, but new houses seem to be selling like crazy. Even with 1.8% tax rates + Mello Roos + HOA; it’s unbelievable. Where do these people come from.
A realtor at an open house claimed the average cost/sq ft in Temecula is right around $125. Seems high to me.[/quote]
It’s only high compared to two years ago, and only when Temecula is the only market you’re looking at. Still insanely low compared to any comparable school district anywhere in so-cal. We paid $123/sf, which seemed high to us at the time, but if you do the math ($1k mortgage for a place that will rent for $1,800+), it’s hardly a bad deal.
Two years ago you could get an awesome spread (3ksf, large lot, pool, golf course) in Temecula for $350k. Now that same house will run you $450k+. I’m seeing prices heading south again, though.
