I think it’s a better flip than a rent and hold. I’d rather get out of it quickly – before Summer ends – as I suspect there is still room to fall in this area, especially on the canyon lots.
I look at the canyon lots in Clairmont as almost a different market from the non-canyon lots.
The standard clairemont Mt. Street home (3/2, 1250 sq. ft on a 5-6,000 sq. ft lot) has come down quite a bit – maybe 15% from $525K or so. But the canyon lots are behaving more like Carmel Valley than Temecula and have been retaining their value a bit better and there aren’t many up for sale either.
