when i was looking for a hoseu to rent about one year ago, a nice 3 BD or 4 BD home was in the 1600-1800 range. now the same house is 1800-2100.
the house i currently rent is on the “small” side for temecual,, it’s “only” 1900 sq ft.. and it was listed at 1400… now for $1400 you might get a 2 bedroom aprt. to rent an equivalent house now, i’d expect to pay 1800 minimum.
i’ve looked hard lately in this area and most houses athat re unde 1800/month are what i would consider “stripped” homes…lineleum, no appliances, crummier areas. if you find a well optioned home, loaded wtih upgrades… tile, granite, appliances, nice location, landscaping – you’re looking at 1800-2000/month minimum.
using a 200x rent at 1800/month you wind up with many of these SFR houses in temecula area selling at 360000.
right now, many of these hoems ar elisting at 450-500.
on a side – there are two houses for sale near me – they are on the same street – exact same house – almost identical in terms of upgrades….you would take one or the other – neither is any better than the other.
one listing for $475k.
the other is a short sale advertised on MLS at $399. bet the guy selling at 475k is PISSED….
i think pricing in temecula for thse homes will bottom out near 300-350k….
i don’t see these ultra fixed up himes in nice parts of temecula selling for 200-250 or even 275k…
to be that cheap they would need to rent out at 1300/month or something…and apartmetns are more than that right now.
