$200K price drop on house…what’s going on in Temecula?

[temeculaguy]

The whole area will fall another 10-20% in 2008, right now there is huge disparity between the repos and the resales. I have posted some model matches on other threads for half off a neighbors exact house. Don’t pay in the 400’s for Crowne hill, get on redfin, it’s crawling with price drops and because it was built 2003-2005 it will get hit hard by the repos.

Hemingway has tandem garages but they have a great location so low 400’s is a fair price there but they are selling so slow and they have standing inventory and as Paramount pointed out, they haven’t really lowered the prices in line with the competition. They will get to the 300’s or they will fold, in a year they’ve built about 20 houses, probably sold 15, at this rate it will take them a decade to build out. They haven’t even dropped their prices 100k, around here that is considered out of touch with reality.

I disagree with paramount about the redhawk building codes, they have always been near the top echelon for design and qualilty, what you see that is below par is actually not Redhawk, don’t be fooled by realtors improperly representing a property in redhawk or using the phrase “redhawk area”. The areas that are sub par for the most part are in bridlevale, vail ranch and some other fill in tracts that are not part of the redhawk hoa. I was here when the area incorporated into the city and there is no change, in fact some of the pre-city developments were the best with a couple of exceptions (mostly things built by centex). Here’s an example of one of the dozens of redhawk/golf course view properties that have fallen below the 400 mark. These have true three car garages, not tandem.

http://www.redfin.com/stingray/do/printable-listing?listing-id=852863

This will continue into 2008 and properties like the one above will hit 300, while 400 will get you anything you want.

Morgan is already gone below 400k, here’s a 350k short but it’s a weird floorplan, 2300 sq ft 2 br, that has limited marketability, however if you don’t have kids it might be perfect.

Heres a nice one for 402k, very upgraded, if it wasnt the extreme east of Redhawk I’d throw a 300 or 350 offer at it. It’s not a short, it a true bank owned

http://www.redfin.com/stingray/do/printable-listing?listing-id=1360838

If you look around you will find that 200k off is the norm, with half off being the goal, even with the drops they are not selling, so there’s another 100k to go.

[pizzaman]

Bunny

I would agree with both TG and Paramount that another 10-20% drop is likely in 2008. The rate of decline is accelerating at this point. What I would like to add is a warning not to be too excited when you see large price drops. Two or three hundred thousand dollar drops are becoming common place and don’t necessarily mean you would be getting the best deal. Heres a listing for a house that’s listed at 325,000 which is 345,000 off its purchase price in of 670,000 in 2006.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1354595

About the house in Crowne Hill, I had to chuckle when you mentioned that the owner had some “wiggle room”. When the house is a short sale the bank would be making the decisions, chances are the owner doesn’t even have the banks OK for the 479,000.

One last thought, recently I’ve been seeing owners bouncing prices up and down to try and create the perception of value. Its important to review the listing history. If you don’t have access to the MLS you can still see it by getting a Zip Realty account. Here an example. There is a home in Temecula (37909 Pratt Rd) that recently was reduced from 1,199,500 to 788,900. Wow, a 400k drop must be a good deal right? Not so fast, heres the whole story

On Market: 262 days
Price Reduced: 05/01/07 — $989,000 to $969,000
Price Reduced: 05/04/07 — $969,000 to $949,000
Price Increased: 05/05/07 — $949,000 to $959,000
Price Reduced: 05/07/07 — $959,000 to $949,000
Price Reduced: 05/20/07 — $949,000 to $939,000
Price Reduced: 05/22/07 — $939,000 to $929,000
Price Reduced: 06/03/07 — $929,000 to $928,500
Price Reduced: 06/05/07 — $928,500 to $919,000
Price Reduced: 06/07/07 — $919,000 to $899,000
Price Increased: 06/09/07 — $899,000 to $919,000
Price Reduced: 06/12/07 — $919,000 to $909,000
Price Reduced: 06/14/07 — $909,000 to $899,000
Price Reduced: 06/19/07 — $899,000 to $898,900
Price Reduced: 06/21/07 — $898,900 to $885,000
Price Reduced: 06/24/07 — $885,000 to $884,900
Price Reduced: 06/25/07 — $884,900 to $878,900
Price Reduced: 06/28/07 — $878,900 to $868,900
Price Increased: 07/07/07 — $868,900 to $878,900
Price Reduced: 07/10/07 — $878,900 to $877,900
Price Reduced: 07/11/07 — $877,900 to $864,900
Price Reduced: 07/12/07 — $864,900 to $858,900
Price Reduced: 07/23/07 — $858,900 to $848,900
Price Reduced: 08/01/07 — $848,900 to $844,900
Price Increased: 08/02/07 — $844,900 to $854,900
Price Reduced: 08/07/07 — $854,900 to $839,000
Price Reduced: 08/09/07 — $839,000 to $838,900
Price Reduced: 08/13/07 — $838,900 to $828,900
Price Increased: 08/14/07 — $828,900 to $832,900
Price Reduced: 08/16/07 — $832,900 to $829,000
Price Reduced: 08/16/07 — $829,000 to $824,900
Price Reduced: 08/21/07 — $824,900 to $819,900
Price Reduced: 08/29/07 — $819,900 to $798,900
Price Reduced: 09/05/07 — $798,900 to $795,900
Price Reduced: 09/07/07 — $795,900 to $787,900
Price Increased: 09/10/07 — $787,900 to $829,000
Price Reduced: 10/01/07 — $829,000 to $799,000
Price Increased: 10/05/07 — $799,000 to $849,000
Price Reduced: 10/09/07 — $849,000 to $819,000
Price Reduced: 10/15/07 — $819,000 to $818,900
Price Increased: 10/16/07 — $818,900 to $848,900
Price Reduced: 10/18/07 — $848,900 to $769,000
Price Increased: 10/23/07 — $769,000 to $818,900
Price Reduced: 11/09/07 — $818,900 to $784,900
Price Increased: 11/28/07 — $784,900 to $1,199,500
Price Reduced: 12/05/07 — $1,199,500 to $788,900
Price Reduced: 12/26/07 — $788,900 to $787,900

[pizzaman]

Bunny

I would agree with both TG and Paramount that another 10-20% drop is likely in 2008. The rate of decline is accelerating at this point. What I would like to add is a warning not to be too excited when you see large price drops. Two or three hundred thousand dollar drops are becoming common place and don’t necessarily mean you would be getting the best deal. Heres a listing for a house that’s listed at 325,000 which is 345,000 off its purchase price in of 670,000 in 2006.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1354595

About the house in Crowne Hill, I had to chuckle when you mentioned that the owner had some “wiggle room”. When the house is a short sale the bank would be making the decisions, chances are the owner doesn’t even have the banks OK for the 479,000.

One last thought, recently I’ve been seeing owners bouncing prices up and down to try and create the perception of value. Its important to review the listing history. If you don’t have access to the MLS you can still see it by getting a Zip Realty account. Here an example. There is a home in Temecula (37909 Pratt Rd) that recently was reduced from 1,199,500 to 788,900. Wow, a 400k drop must be a good deal right? Not so fast, heres the whole story

On Market: 262 days
Price Reduced: 05/01/07 — $989,000 to $969,000
Price Reduced: 05/04/07 — $969,000 to $949,000
Price Increased: 05/05/07 — $949,000 to $959,000
Price Reduced: 05/07/07 — $959,000 to $949,000
Price Reduced: 05/20/07 — $949,000 to $939,000
Price Reduced: 05/22/07 — $939,000 to $929,000
Price Reduced: 06/03/07 — $929,000 to $928,500
Price Reduced: 06/05/07 — $928,500 to $919,000
Price Reduced: 06/07/07 — $919,000 to $899,000
Price Increased: 06/09/07 — $899,000 to $919,000
Price Reduced: 06/12/07 — $919,000 to $909,000
Price Reduced: 06/14/07 — $909,000 to $899,000
Price Reduced: 06/19/07 — $899,000 to $898,900
Price Reduced: 06/21/07 — $898,900 to $885,000
Price Reduced: 06/24/07 — $885,000 to $884,900
Price Reduced: 06/25/07 — $884,900 to $878,900
Price Reduced: 06/28/07 — $878,900 to $868,900
Price Increased: 07/07/07 — $868,900 to $878,900
Price Reduced: 07/10/07 — $878,900 to $877,900
Price Reduced: 07/11/07 — $877,900 to $864,900
Price Reduced: 07/12/07 — $864,900 to $858,900
Price Reduced: 07/23/07 — $858,900 to $848,900
Price Reduced: 08/01/07 — $848,900 to $844,900
Price Increased: 08/02/07 — $844,900 to $854,900
Price Reduced: 08/07/07 — $854,900 to $839,000
Price Reduced: 08/09/07 — $839,000 to $838,900
Price Reduced: 08/13/07 — $838,900 to $828,900
Price Increased: 08/14/07 — $828,900 to $832,900
Price Reduced: 08/16/07 — $832,900 to $829,000
Price Reduced: 08/16/07 — $829,000 to $824,900
Price Reduced: 08/21/07 — $824,900 to $819,900
Price Reduced: 08/29/07 — $819,900 to $798,900
Price Reduced: 09/05/07 — $798,900 to $795,900
Price Reduced: 09/07/07 — $795,900 to $787,900
Price Increased: 09/10/07 — $787,900 to $829,000
Price Reduced: 10/01/07 — $829,000 to $799,000
Price Increased: 10/05/07 — $799,000 to $849,000
Price Reduced: 10/09/07 — $849,000 to $819,000
Price Reduced: 10/15/07 — $819,000 to $818,900
Price Increased: 10/16/07 — $818,900 to $848,900
Price Reduced: 10/18/07 — $848,900 to $769,000
Price Increased: 10/23/07 — $769,000 to $818,900
Price Reduced: 11/09/07 — $818,900 to $784,900
Price Increased: 11/28/07 — $784,900 to $1,199,500
Price Reduced: 12/05/07 — $1,199,500 to $788,900
Price Reduced: 12/26/07 — $788,900 to $787,900

[pizzaman]

Bunny

I would agree with both TG and Paramount that another 10-20% drop is likely in 2008. The rate of decline is accelerating at this point. What I would like to add is a warning not to be too excited when you see large price drops. Two or three hundred thousand dollar drops are becoming common place and don’t necessarily mean you would be getting the best deal. Heres a listing for a house that’s listed at 325,000 which is 345,000 off its purchase price in of 670,000 in 2006.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1354595

About the house in Crowne Hill, I had to chuckle when you mentioned that the owner had some “wiggle room”. When the house is a short sale the bank would be making the decisions, chances are the owner doesn’t even have the banks OK for the 479,000.

One last thought, recently I’ve been seeing owners bouncing prices up and down to try and create the perception of value. Its important to review the listing history. If you don’t have access to the MLS you can still see it by getting a Zip Realty account. Here an example. There is a home in Temecula (37909 Pratt Rd) that recently was reduced from 1,199,500 to 788,900. Wow, a 400k drop must be a good deal right? Not so fast, heres the whole story

On Market: 262 days
Price Reduced: 05/01/07 — $989,000 to $969,000
Price Reduced: 05/04/07 — $969,000 to $949,000
Price Increased: 05/05/07 — $949,000 to $959,000
Price Reduced: 05/07/07 — $959,000 to $949,000
Price Reduced: 05/20/07 — $949,000 to $939,000
Price Reduced: 05/22/07 — $939,000 to $929,000
Price Reduced: 06/03/07 — $929,000 to $928,500
Price Reduced: 06/05/07 — $928,500 to $919,000
Price Reduced: 06/07/07 — $919,000 to $899,000
Price Increased: 06/09/07 — $899,000 to $919,000
Price Reduced: 06/12/07 — $919,000 to $909,000
Price Reduced: 06/14/07 — $909,000 to $899,000
Price Reduced: 06/19/07 — $899,000 to $898,900
Price Reduced: 06/21/07 — $898,900 to $885,000
Price Reduced: 06/24/07 — $885,000 to $884,900
Price Reduced: 06/25/07 — $884,900 to $878,900
Price Reduced: 06/28/07 — $878,900 to $868,900
Price Increased: 07/07/07 — $868,900 to $878,900
Price Reduced: 07/10/07 — $878,900 to $877,900
Price Reduced: 07/11/07 — $877,900 to $864,900
Price Reduced: 07/12/07 — $864,900 to $858,900
Price Reduced: 07/23/07 — $858,900 to $848,900
Price Reduced: 08/01/07 — $848,900 to $844,900
Price Increased: 08/02/07 — $844,900 to $854,900
Price Reduced: 08/07/07 — $854,900 to $839,000
Price Reduced: 08/09/07 — $839,000 to $838,900
Price Reduced: 08/13/07 — $838,900 to $828,900
Price Increased: 08/14/07 — $828,900 to $832,900
Price Reduced: 08/16/07 — $832,900 to $829,000
Price Reduced: 08/16/07 — $829,000 to $824,900
Price Reduced: 08/21/07 — $824,900 to $819,900
Price Reduced: 08/29/07 — $819,900 to $798,900
Price Reduced: 09/05/07 — $798,900 to $795,900
Price Reduced: 09/07/07 — $795,900 to $787,900
Price Increased: 09/10/07 — $787,900 to $829,000
Price Reduced: 10/01/07 — $829,000 to $799,000
Price Increased: 10/05/07 — $799,000 to $849,000
Price Reduced: 10/09/07 — $849,000 to $819,000
Price Reduced: 10/15/07 — $819,000 to $818,900
Price Increased: 10/16/07 — $818,900 to $848,900
Price Reduced: 10/18/07 — $848,900 to $769,000
Price Increased: 10/23/07 — $769,000 to $818,900
Price Reduced: 11/09/07 — $818,900 to $784,900
Price Increased: 11/28/07 — $784,900 to $1,199,500
Price Reduced: 12/05/07 — $1,199,500 to $788,900
Price Reduced: 12/26/07 — $788,900 to $787,900

[pizzaman]

Bunny

I would agree with both TG and Paramount that another 10-20% drop is likely in 2008. The rate of decline is accelerating at this point. What I would like to add is a warning not to be too excited when you see large price drops. Two or three hundred thousand dollar drops are becoming common place and don’t necessarily mean you would be getting the best deal. Heres a listing for a house that’s listed at 325,000 which is 345,000 off its purchase price in of 670,000 in 2006.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1354595

About the house in Crowne Hill, I had to chuckle when you mentioned that the owner had some “wiggle room”. When the house is a short sale the bank would be making the decisions, chances are the owner doesn’t even have the banks OK for the 479,000.

One last thought, recently I’ve been seeing owners bouncing prices up and down to try and create the perception of value. Its important to review the listing history. If you don’t have access to the MLS you can still see it by getting a Zip Realty account. Here an example. There is a home in Temecula (37909 Pratt Rd) that recently was reduced from 1,199,500 to 788,900. Wow, a 400k drop must be a good deal right? Not so fast, heres the whole story

On Market: 262 days
Price Reduced: 05/01/07 — $989,000 to $969,000
Price Reduced: 05/04/07 — $969,000 to $949,000
Price Increased: 05/05/07 — $949,000 to $959,000
Price Reduced: 05/07/07 — $959,000 to $949,000
Price Reduced: 05/20/07 — $949,000 to $939,000
Price Reduced: 05/22/07 — $939,000 to $929,000
Price Reduced: 06/03/07 — $929,000 to $928,500
Price Reduced: 06/05/07 — $928,500 to $919,000
Price Reduced: 06/07/07 — $919,000 to $899,000
Price Increased: 06/09/07 — $899,000 to $919,000
Price Reduced: 06/12/07 — $919,000 to $909,000
Price Reduced: 06/14/07 — $909,000 to $899,000
Price Reduced: 06/19/07 — $899,000 to $898,900
Price Reduced: 06/21/07 — $898,900 to $885,000
Price Reduced: 06/24/07 — $885,000 to $884,900
Price Reduced: 06/25/07 — $884,900 to $878,900
Price Reduced: 06/28/07 — $878,900 to $868,900
Price Increased: 07/07/07 — $868,900 to $878,900
Price Reduced: 07/10/07 — $878,900 to $877,900
Price Reduced: 07/11/07 — $877,900 to $864,900
Price Reduced: 07/12/07 — $864,900 to $858,900
Price Reduced: 07/23/07 — $858,900 to $848,900
Price Reduced: 08/01/07 — $848,900 to $844,900
Price Increased: 08/02/07 — $844,900 to $854,900
Price Reduced: 08/07/07 — $854,900 to $839,000
Price Reduced: 08/09/07 — $839,000 to $838,900
Price Reduced: 08/13/07 — $838,900 to $828,900
Price Increased: 08/14/07 — $828,900 to $832,900
Price Reduced: 08/16/07 — $832,900 to $829,000
Price Reduced: 08/16/07 — $829,000 to $824,900
Price Reduced: 08/21/07 — $824,900 to $819,900
Price Reduced: 08/29/07 — $819,900 to $798,900
Price Reduced: 09/05/07 — $798,900 to $795,900
Price Reduced: 09/07/07 — $795,900 to $787,900
Price Increased: 09/10/07 — $787,900 to $829,000
Price Reduced: 10/01/07 — $829,000 to $799,000
Price Increased: 10/05/07 — $799,000 to $849,000
Price Reduced: 10/09/07 — $849,000 to $819,000
Price Reduced: 10/15/07 — $819,000 to $818,900
Price Increased: 10/16/07 — $818,900 to $848,900
Price Reduced: 10/18/07 — $848,900 to $769,000
Price Increased: 10/23/07 — $769,000 to $818,900
Price Reduced: 11/09/07 — $818,900 to $784,900
Price Increased: 11/28/07 — $784,900 to $1,199,500
Price Reduced: 12/05/07 — $1,199,500 to $788,900
Price Reduced: 12/26/07 — $788,900 to $787,900

[pizzaman]

Bunny

I would agree with both TG and Paramount that another 10-20% drop is likely in 2008. The rate of decline is accelerating at this point. What I would like to add is a warning not to be too excited when you see large price drops. Two or three hundred thousand dollar drops are becoming common place and don’t necessarily mean you would be getting the best deal. Heres a listing for a house that’s listed at 325,000 which is 345,000 off its purchase price in of 670,000 in 2006.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1354595

About the house in Crowne Hill, I had to chuckle when you mentioned that the owner had some “wiggle room”. When the house is a short sale the bank would be making the decisions, chances are the owner doesn’t even have the banks OK for the 479,000.

One last thought, recently I’ve been seeing owners bouncing prices up and down to try and create the perception of value. Its important to review the listing history. If you don’t have access to the MLS you can still see it by getting a Zip Realty account. Here an example. There is a home in Temecula (37909 Pratt Rd) that recently was reduced from 1,199,500 to 788,900. Wow, a 400k drop must be a good deal right? Not so fast, heres the whole story

On Market: 262 days
Price Reduced: 05/01/07 — $989,000 to $969,000
Price Reduced: 05/04/07 — $969,000 to $949,000
Price Increased: 05/05/07 — $949,000 to $959,000
Price Reduced: 05/07/07 — $959,000 to $949,000
Price Reduced: 05/20/07 — $949,000 to $939,000
Price Reduced: 05/22/07 — $939,000 to $929,000
Price Reduced: 06/03/07 — $929,000 to $928,500
Price Reduced: 06/05/07 — $928,500 to $919,000
Price Reduced: 06/07/07 — $919,000 to $899,000
Price Increased: 06/09/07 — $899,000 to $919,000
Price Reduced: 06/12/07 — $919,000 to $909,000
Price Reduced: 06/14/07 — $909,000 to $899,000
Price Reduced: 06/19/07 — $899,000 to $898,900
Price Reduced: 06/21/07 — $898,900 to $885,000
Price Reduced: 06/24/07 — $885,000 to $884,900
Price Reduced: 06/25/07 — $884,900 to $878,900
Price Reduced: 06/28/07 — $878,900 to $868,900
Price Increased: 07/07/07 — $868,900 to $878,900
Price Reduced: 07/10/07 — $878,900 to $877,900
Price Reduced: 07/11/07 — $877,900 to $864,900
Price Reduced: 07/12/07 — $864,900 to $858,900
Price Reduced: 07/23/07 — $858,900 to $848,900
Price Reduced: 08/01/07 — $848,900 to $844,900
Price Increased: 08/02/07 — $844,900 to $854,900
Price Reduced: 08/07/07 — $854,900 to $839,000
Price Reduced: 08/09/07 — $839,000 to $838,900
Price Reduced: 08/13/07 — $838,900 to $828,900
Price Increased: 08/14/07 — $828,900 to $832,900
Price Reduced: 08/16/07 — $832,900 to $829,000
Price Reduced: 08/16/07 — $829,000 to $824,900
Price Reduced: 08/21/07 — $824,900 to $819,900
Price Reduced: 08/29/07 — $819,900 to $798,900
Price Reduced: 09/05/07 — $798,900 to $795,900
Price Reduced: 09/07/07 — $795,900 to $787,900
Price Increased: 09/10/07 — $787,900 to $829,000
Price Reduced: 10/01/07 — $829,000 to $799,000
Price Increased: 10/05/07 — $799,000 to $849,000
Price Reduced: 10/09/07 — $849,000 to $819,000
Price Reduced: 10/15/07 — $819,000 to $818,900
Price Increased: 10/16/07 — $818,900 to $848,900
Price Reduced: 10/18/07 — $848,900 to $769,000
Price Increased: 10/23/07 — $769,000 to $818,900
Price Reduced: 11/09/07 — $818,900 to $784,900
Price Increased: 11/28/07 — $784,900 to $1,199,500
Price Reduced: 12/05/07 — $1,199,500 to $788,900
Price Reduced: 12/26/07 — $788,900 to $787,900

[temeculaguy]

Pizza, if you were to plot those data points and attempt to match them to something else in the natural world, guess what they would look exactly like……….fly fishing!!!

[temeculaguy]

Pizza, if you were to plot those data points and attempt to match them to something else in the natural world, guess what they would look exactly like……….fly fishing!!!

[temeculaguy]

Pizza, if you were to plot those data points and attempt to match them to something else in the natural world, guess what they would look exactly like……….fly fishing!!!

[temeculaguy]

Pizza, if you were to plot those data points and attempt to match them to something else in the natural world, guess what they would look exactly like……….fly fishing!!!

[temeculaguy]

Pizza, if you were to plot those data points and attempt to match them to something else in the natural world, guess what they would look exactly like……….fly fishing!!!

[paramount]

I have been looking to move into a larger house for the last year or so, of course what I found is that the longer I waited the lower the prices.

I have been looking at this home since the summer, but I still think it is overpriced by 60k at a minimum:

http://redfin.com/stingray/do/printable-listing?listing-id=1089234

[paramount]

I have been looking to move into a larger house for the last year or so, of course what I found is that the longer I waited the lower the prices.

I have been looking at this home since the summer, but I still think it is overpriced by 60k at a minimum:

http://redfin.com/stingray/do/printable-listing?listing-id=1089234

[paramount]

I have been looking to move into a larger house for the last year or so, of course what I found is that the longer I waited the lower the prices.

I have been looking at this home since the summer, but I still think it is overpriced by 60k at a minimum:

http://redfin.com/stingray/do/printable-listing?listing-id=1089234

[paramount]

I have been looking to move into a larger house for the last year or so, of course what I found is that the longer I waited the lower the prices.

I have been looking at this home since the summer, but I still think it is overpriced by 60k at a minimum:

http://redfin.com/stingray/do/printable-listing?listing-id=1089234

[Author]

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