TG, First, Im sorry about the people of the dirt comment. That comment was in reference to my specific experience with some of the lake elsinore, perris, sun city, romoland crowd. I have no problems with Temecula and Murrieta, its a excellent place to raise a family. In fact I bought there. But after living there for 3 years, I began to hate a lot of things about the area, like the heat, traffic and the commute.
[quote=temeculaguy]jet, I never said there are no jobs in this valley, I said that more of the commuters travel South vs North, there was no mention that all temeculans are commuters. [/quote]
There was a story in the Pres Enterprise back in 2003 about the percentage of commuters, and I “recall” it being above 65 percent of all south Riverside cities commuted into SD or LA. I also recall it saying the majority of the few decent paying jobs that were local were construction, finance, or some retail. I agree from my experience of living there with those numbers.
Would you or would you not agree that the MAJORITY of incomes required to purchase a home in Temc or Murr must come from SD or LA?
If you agree with that, then by looking at the current employment (piggintons home page) and est unemployment numbers that are coming, Temc and Murr are in trouble.
What we bought those houses back in 1999 for, was priced high then, because there was a better outlook on jobs. In fact by the gauge of dead lawns and foreclosure signs, it looks really bad. When do you think the construction industy is going to make a come back to support all those families and house prices? Not anytime soon.
It is my conclustion that Temc and Murr booms were apart of SD boom from 1999 to 2007, and the majority of buyers were people priced out of the SD market. The majority of buyers were tied to construction and finance. Therefore why is there any reason for Temc and Murr to stabilize if SD prices are going down? I doubt it.
[quote=temeculaguy]How big was your house in 1999 when you paid 150k? I[/quote]
we bought a 2200 sq ft house in Grizzly Ridge for $155K and sold it in 2003 for $290K. Again the house and schools were great, but the neighbors were W.hisky T.ango and the heat was ridiculous. We bought again in 2003 in San Marcos and sold that in 2006 because we hated that area and suspected the market was about to take a dump. We are now renting in San Elijo Hills, a 2400 sq ft house, for $2350. Our kids are getting a top notch education and were letting of landlord take the hit. The area is still way overpriced to buy, and that is why Ill be renting well into 2010.
