You can keep looking for $75/sf – and it will happen (if not already) in some parts of Temecula – but not Morgan Hill. That would be like prices returning to mid 1990’s levels or even earlier.
Of course you like his posts, b/c you probably want to buy a house in MH for $75/sf. Keep dreaming – if it gets that cheap we’ll all be in trouble.
I own a 1500 sq. ft. house in Paloma Del Sol – according to the $75/sq. ft. theory for Morgan Hill, that would mean my house would probably be worth around 100k.
I do see my house dropping to around 180-200k or so, but not 100k – if that happens unemployment will be through the roof and this country will truly be in trouble. That won’t be good for anybody except the Richistans.
BTW, if I had to hazard a guess, I would say most of the crime in Temecula is committed by (or related to) renters.
In fact, if my memory serves me correctly most if not all of the murders committed last year were by renters.
