Chasing The market Down In Vintage Reserve Murrieta

[Allan from Fallbrook]

TG: There are more and more of these popping up every day, as you said. I think the banks are trying to be careful, and parsing these out slowly so as not to flood the market, but at some point the floodgates are gonna burst.

BTW, my Raiders just tied your Chargers. Yeah, it probably won’t hold, but c’mon dude, let me have a little joy where I can find it.

[pizzaman]

Its interesting to watch this collapse as it moves from North to South in this area. The northern fringes (Hemet, Menifee, French Valley, Wildomar) have been leading the way. It was just a few months ago that they broke the $100 psf barrier. Now we are starting to see sub $90 http://www.redfin.com/stingray/do/printable-listing?listing-id=1289824 in these areas and the sub $100psf is moving into northeast Murrieta (92563). Murrieta 92562 and the Temecula zips are next up.
We are into 2002 numbers in the outlying areas. If we continue at the current pace of decline we should see 2001 numbers sometime in 2008. That would put Temecula and Murrieta into the $80’s psf range.

[pizzaman]

Its interesting to watch this collapse as it moves from North to South in this area. The northern fringes (Hemet, Menifee, French Valley, Wildomar) have been leading the way. It was just a few months ago that they broke the $100 psf barrier. Now we are starting to see sub $90 http://www.redfin.com/stingray/do/printable-listing?listing-id=1289824 in these areas and the sub $100psf is moving into northeast Murrieta (92563). Murrieta 92562 and the Temecula zips are next up.
We are into 2002 numbers in the outlying areas. If we continue at the current pace of decline we should see 2001 numbers sometime in 2008. That would put Temecula and Murrieta into the $80’s psf range.

[pizzaman]

Its interesting to watch this collapse as it moves from North to South in this area. The northern fringes (Hemet, Menifee, French Valley, Wildomar) have been leading the way. It was just a few months ago that they broke the $100 psf barrier. Now we are starting to see sub $90 http://www.redfin.com/stingray/do/printable-listing?listing-id=1289824 in these areas and the sub $100psf is moving into northeast Murrieta (92563). Murrieta 92562 and the Temecula zips are next up.
We are into 2002 numbers in the outlying areas. If we continue at the current pace of decline we should see 2001 numbers sometime in 2008. That would put Temecula and Murrieta into the $80’s psf range.

[pizzaman]

Its interesting to watch this collapse as it moves from North to South in this area. The northern fringes (Hemet, Menifee, French Valley, Wildomar) have been leading the way. It was just a few months ago that they broke the $100 psf barrier. Now we are starting to see sub $90 http://www.redfin.com/stingray/do/printable-listing?listing-id=1289824 in these areas and the sub $100psf is moving into northeast Murrieta (92563). Murrieta 92562 and the Temecula zips are next up.
We are into 2002 numbers in the outlying areas. If we continue at the current pace of decline we should see 2001 numbers sometime in 2008. That would put Temecula and Murrieta into the $80’s psf range.

[pizzaman]

Its interesting to watch this collapse as it moves from North to South in this area. The northern fringes (Hemet, Menifee, French Valley, Wildomar) have been leading the way. It was just a few months ago that they broke the $100 psf barrier. Now we are starting to see sub $90 http://www.redfin.com/stingray/do/printable-listing?listing-id=1289824 in these areas and the sub $100psf is moving into northeast Murrieta (92563). Murrieta 92562 and the Temecula zips are next up.
We are into 2002 numbers in the outlying areas. If we continue at the current pace of decline we should see 2001 numbers sometime in 2008. That would put Temecula and Murrieta into the $80’s psf range.

[temeculaguy]

You are right Pizza, It’s like watching the radar on the weather channel. I see examples up North like this one in Elsinore for half price in two years and then see them get to North Murrieta. It’s contained to the high 3000 and low 4000 sq ft to see those ppsf, but that will trickle down into the 2000 sq foot range.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1364460

The paradox is the high rents, there are so many vacants that the available housing is under utilized. I’m looking at rents and there isn’t anything desirable over 1500 sq ft for $1500 South of the 79. There are a bazillion places for 2000-2500 because that is what they need as lanlords to survive because they owe 500k+, investors are just not buying the repos and turning them into rentals. I want to wait for the sub $100 a square to hit but I think rent while I wait will cost more than buying.

[temeculaguy]

You are right Pizza, It’s like watching the radar on the weather channel. I see examples up North like this one in Elsinore for half price in two years and then see them get to North Murrieta. It’s contained to the high 3000 and low 4000 sq ft to see those ppsf, but that will trickle down into the 2000 sq foot range.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1364460

The paradox is the high rents, there are so many vacants that the available housing is under utilized. I’m looking at rents and there isn’t anything desirable over 1500 sq ft for $1500 South of the 79. There are a bazillion places for 2000-2500 because that is what they need as lanlords to survive because they owe 500k+, investors are just not buying the repos and turning them into rentals. I want to wait for the sub $100 a square to hit but I think rent while I wait will cost more than buying.

[temeculaguy]

You are right Pizza, It’s like watching the radar on the weather channel. I see examples up North like this one in Elsinore for half price in two years and then see them get to North Murrieta. It’s contained to the high 3000 and low 4000 sq ft to see those ppsf, but that will trickle down into the 2000 sq foot range.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1364460

The paradox is the high rents, there are so many vacants that the available housing is under utilized. I’m looking at rents and there isn’t anything desirable over 1500 sq ft for $1500 South of the 79. There are a bazillion places for 2000-2500 because that is what they need as lanlords to survive because they owe 500k+, investors are just not buying the repos and turning them into rentals. I want to wait for the sub $100 a square to hit but I think rent while I wait will cost more than buying.

[temeculaguy]

You are right Pizza, It’s like watching the radar on the weather channel. I see examples up North like this one in Elsinore for half price in two years and then see them get to North Murrieta. It’s contained to the high 3000 and low 4000 sq ft to see those ppsf, but that will trickle down into the 2000 sq foot range.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1364460

The paradox is the high rents, there are so many vacants that the available housing is under utilized. I’m looking at rents and there isn’t anything desirable over 1500 sq ft for $1500 South of the 79. There are a bazillion places for 2000-2500 because that is what they need as lanlords to survive because they owe 500k+, investors are just not buying the repos and turning them into rentals. I want to wait for the sub $100 a square to hit but I think rent while I wait will cost more than buying.

[temeculaguy]

You are right Pizza, It’s like watching the radar on the weather channel. I see examples up North like this one in Elsinore for half price in two years and then see them get to North Murrieta. It’s contained to the high 3000 and low 4000 sq ft to see those ppsf, but that will trickle down into the 2000 sq foot range.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1364460

The paradox is the high rents, there are so many vacants that the available housing is under utilized. I’m looking at rents and there isn’t anything desirable over 1500 sq ft for $1500 South of the 79. There are a bazillion places for 2000-2500 because that is what they need as lanlords to survive because they owe 500k+, investors are just not buying the repos and turning them into rentals. I want to wait for the sub $100 a square to hit but I think rent while I wait will cost more than buying.

[Allan from Fallbrook]

pizzaman/TG: Do you really think we will see $80/sf in Temecula? At that price, I would consider buying something if it penciled as a rental.

TG: You are my resident Temecula expert, so I am curious as to your thoughts as to where the eventual $/sf pricing will land.

[Allan from Fallbrook]

pizzaman/TG: Do you really think we will see $80/sf in Temecula? At that price, I would consider buying something if it penciled as a rental.

TG: You are my resident Temecula expert, so I am curious as to your thoughts as to where the eventual $/sf pricing will land.

[Allan from Fallbrook]

pizzaman/TG: Do you really think we will see $80/sf in Temecula? At that price, I would consider buying something if it penciled as a rental.

TG: You are my resident Temecula expert, so I am curious as to your thoughts as to where the eventual $/sf pricing will land.

[Allan from Fallbrook]

pizzaman/TG: Do you really think we will see $80/sf in Temecula? At that price, I would consider buying something if it penciled as a rental.

TG: You are my resident Temecula expert, so I am curious as to your thoughts as to where the eventual $/sf pricing will land.

[Author]

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