Thanks pizza and Allan, the point of the thread was to get your opinion on these new low listers from the banks, are they setting the new watermark and causing even more foreclosures, will the others floow them down. They are now below the builders who will have to react. Like you Pizza, I think the time is here, 2008 will be very interesting for us locals.
kev, the “Temecula is too far from Orange County and has no jobs” argument has been argued at nauseum, it is not a suburb or exurb of Orange County and Irvine is not the only place in the world with jobs. Temecula is the next town North of Fallbrook, much more closely tied to San Diego North County and I’ve run out of patience trying to explain the presense and source of money out here. I don’t work for the city and have no stake in how anyone feels about it. People who work in O.C. should not live here and commute. What I do know is that I have a large circle of friends who are all six figure folks and none of them are tied to R/E, starbucks or Costco. So for us it works and fortunately prices relative to our incomes are getting close to what they were ten years ago.
Before the boom, let’s say 1997-1999 prices, the original house I linked would be worth about 200-250k. After inflation it’s fair value today is about 250-300k. What was stupid is that they were going for 600k in 2005 and some are still listed at about that. I’m not going to buy that house, but $100 a square in the place I want to live in is a fair price and leaves me plenty of disposable income to support my disposable lifestyle.
Publicdefender, thanks for the tip, I think I’ll go long on liquor.
