TG, I don’t know anything about Temecula. I have posted a few threads here about El Cajon condo prices. In one of those threads I pointed out how condos were selling for early 80’s prices in the late 90’s. Referring to one particular complex you advised me that below 150k would start to look attractive to investors and they will never go below 100k (120-150x rent). Here is the link:
745 E BRADLEY AVE #39, El Cajon, CA 92021**
MLS #: 071066633
El Cajon is not Temecula but I have been astonished at the speed of the price declines here. A year ago I would not have imagined 140k was possible. The all time peak of 274k just happens to be the REO in question. So there is a 50% reduction 2.5 years after the peak sale closed. (Legal number of unit is #139. Number on building is #39.)
If anyone wants to win the 50% off last sales price contest I’m sure you can get this one for 137k.
I’m now starting to look at SFR’s in the area. The price I previously thought I might pay for a nice condo will likely buy an small SFR with garage in a few years. If I buy a 2bd condo I’m thinking 2/3 to 70% off peak prices.
I’m just saying if it can happen in El Cajon it might happen there. Best wishes. Knives are sharp!
