The driveways are that big, you can park 8 cars on them, the problem is that sideways garages look pretty from the street until you live in one. It’s a big trend but I’ve had sideways garages and they suck for anything but bicycle storage. If you put a car in it, it takes three turns to get it out, marks the hell out of the driveway and nobody can park anywhere on the driveway or nobody can get out. But it looks good, creates shade and the kids have a ready made hocky rink without being in the street.
That one will get snatched up, I posted one for 329K a few weeks ago around the corner from this one in a far worse location and it was gone in two days. The point is, that is all that is selling and that is the comps that are being set. That bank set their price at 350k after looking at a bunch of 500k closed sales in the past twelve months, but still they saw the lowest price home of 400k hadn’t sold so 350k it is. They will be right, it will go. Next month when the next repo comes up the bank will only have the 350k to look at as the most recent sale, and they will know that things didn’t go up in price, so lower it will go. Or if it is not a golf course model, they will have to go sub 300. I firmly believe this. And if this happens in the absolute premier part of the most expensive area of Temecula, what will happen to the rest of the valley? It’s all related, it’s not a blip, it’s a trend.
look at the 1999 price that it sold for new at 250k, they aren’t that far off that now, there properties out there that want 3x their 1999 price. Whoever priced this place is a genuis, 40% mark up since 1999, 4% a year for 9 years, holy crap that is a fundamentally sound price. He or she will be beaten and quartered by their co-workers.
