Syes: This is a real rough (and I stress rough) estimate, but I would think that approx $100/sf – 125/sf puts you right in the ballpark.
I say that only because there are REO properties that are in that range right now, or have sold at auction for that amount in both Temecula and Murrieta.
I am sure the more seasoned RE pros here will probably disagree with me, but that is my two cents.
I was at Pop Warner weight certification this morning at Chaparral HS in Temecula and I overheard at least three conversations from parents that were in the process of pulling their kids due to impending move “out of state”. Two of them were also selling vehicles, and one was trying to move a boat.
While this is anecdotal only, I think that the market up in Temecula and Murrieta is about to unwrap, and you should be positioned to pick up a nice REO property from one of the many lenders.
Speaking of which: All of the major lending players (Wells Fargo, Chase and Countrywide) maintain REO websites which list properties for sale. You can search by zip, square footage, etc. Worth a look.
