DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in …

[temeculaguy]

O.K., maybe it’s true. i just did an mls of that zip code and it appears french valley is the canary in the coalmine. Tell your friend to go get his money back. There were over 300 lisings of resales between 400k and 500k in that zip code with a population of 22k. I had to break the search in two 50k chunks because 250 results is the max when searching, I have not seen that in temecula zip codes with more than twice the population, but this is 12 miles away, I can smell the blood already.

Here is what you should tell your buddy to do. Go look at this 2,873 sq ft house listed as a one year old former model at 360k, offer 320K and pay cash, no mortgage.

http://www.immobel.com/personal/1_3_1/listingDetails.do?featured_int=0&c_mtype=res&searchId=0&minprice=1&c_type=&xml=1&serverId=0&rpp=15&c_year-built=&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92563&c_city=&st=6&maxprice=400000&back1=%2Fpersonal%2F1_3_1%2FsearchResults.do&of=17414601

There were more I just grabbed one but if he is putting down 65% on 421k and wants to live in french valley he is in the ultimate pigginton position, an all cash buyer. That is of course if he can squeeze into a 2900 sq ft house.

[no_such_reality]

I see a lot of people waiting for an inflation adjusted drop. Just wondering what inflation rate do piggingtoners expect in the next 5 years ?

I’m not waiting for an inflation adjusted drop, I’m waiting for the nominal drop. Inflation adjusted is just gravy.

Basically it’s a way of us recognizing the $310K home that sold in 2001 which was bought for $300K in 1987 is actually cheaper now.

It’s also useful but difficult for adjusting my own thinking. I remember SFRs at $300K in the late 90s, adjusting for inflation, that would be $400K today.

Over the next five years, I expect about 15%. Provided we get fuel and food undercontrol, which I’m starting to have doubts about.

[no_such_reality]

I see a lot of people waiting for an inflation adjusted drop. Just wondering what inflation rate do piggingtoners expect in the next 5 years ?

I’m not waiting for an inflation adjusted drop, I’m waiting for the nominal drop. Inflation adjusted is just gravy.

Basically it’s a way of us recognizing the $310K home that sold in 2001 which was bought for $300K in 1987 is actually cheaper now.

It’s also useful but difficult for adjusting my own thinking. I remember SFRs at $300K in the late 90s, adjusting for inflation, that would be $400K today.

Over the next five years, I expect about 15%. Provided we get fuel and food undercontrol, which I’m starting to have doubts about.

[hipmatt]

Temeculaguy, the price slashing of $100k IS LEGIT, just go to the offices of Latour and Biarritz and see for yourself. I did mention that the price cuts are not reflected on the website, but I do believe that there were ads in the paper.
Or you can simple give them a call…
951) 926-0397
and
951) 325-2473

Ask them if it is true that prices have been reduced $100k and then ask them if you get any incentives, and you will hear about the $19k too.

[hipmatt]

Temeculaguy, the price slashing of $100k IS LEGIT, just go to the offices of Latour and Biarritz and see for yourself. I did mention that the price cuts are not reflected on the website, but I do believe that there were ads in the paper.
Or you can simple give them a call…
951) 926-0397
and
951) 325-2473

Ask them if it is true that prices have been reduced $100k and then ask them if you get any incentives, and you will hear about the $19k too.

[temeculaguy]

Ok, you are right, I called and talked to the salesperson at Biarritz and she confirmed the price drops and that they were in the newspaper. The 100k drop is for specific lots, standing inventory, etc. and not an across the board drop but she said they would deal on any lot so we can interpret it as a 100k drop. She also added that the taxes were 1.4 which is very low for the Temecula Valley. My apologies for being skeptical, I reserve the right to be wrong and I was because I have said before that 20% drops don’t happen in a day and that prices ratchet down over time. In my defense I have also said that there has never been this combination of circumstances with the subprime hangover and crazy appeciation so things won’t follow historical patterns.

[temeculaguy]

Ok, you are right, I called and talked to the salesperson at Biarritz and she confirmed the price drops and that they were in the newspaper. The 100k drop is for specific lots, standing inventory, etc. and not an across the board drop but she said they would deal on any lot so we can interpret it as a 100k drop. She also added that the taxes were 1.4 which is very low for the Temecula Valley. My apologies for being skeptical, I reserve the right to be wrong and I was because I have said before that 20% drops don’t happen in a day and that prices ratchet down over time. In my defense I have also said that there has never been this combination of circumstances with the subprime hangover and crazy appeciation so things won’t follow historical patterns.

[23109VC]

for those of you who looked at these DR horton properties what do you think of them?

some of the lots will back up on clinton keith..no thanks. major noice/congestion.

[23109VC]

for those of you who looked at these DR horton properties what do you think of them?

some of the lots will back up on clinton keith..no thanks. major noice/congestion.

[Bugs]

I’ll bet a lot of you guys could never have envisioned a builder dropping pricing by 15% or 25% all at once like that. The only reason I’m not surprised is because I’ve seen them do it before.

That’s why I’ve been saying that Riverside County really could see the 50% drop by the time it’s all over. Look at it this way; these builders were already donw by at least 10% off their peak pricing. If we add another 15% that adds up to 25% which by my reckoning is halfway to 50%. Moreover, the declines of the individual datapoints (volumes and prices) all seem to be picking up momentum.

Seriously, we could see another 15% drop (maybe more) by this time next year, and who among us doesn’t think this trend won’t last at least 1 more year?

[Bugs]

I’ll bet a lot of you guys could never have envisioned a builder dropping pricing by 15% or 25% all at once like that. The only reason I’m not surprised is because I’ve seen them do it before.

That’s why I’ve been saying that Riverside County really could see the 50% drop by the time it’s all over. Look at it this way; these builders were already donw by at least 10% off their peak pricing. If we add another 15% that adds up to 25% which by my reckoning is halfway to 50%. Moreover, the declines of the individual datapoints (volumes and prices) all seem to be picking up momentum.

Seriously, we could see another 15% drop (maybe more) by this time next year, and who among us doesn’t think this trend won’t last at least 1 more year?

[temeculaguy]

23109 I am probably going to swing by biarritz over the weekend if I have time, the salesperson said they had a 2900 sq ft one story for 389k, the location is too far north for me and I think Bugs is right about next year but I want to see it for myself because places like this will shock the market downward and Late this year DR horton’s south temecula 200+ units will be selling, I have to guess it’s got the same people setting the prices and they will realize that they can’t sell condos for the same price as 2900 sq sfr’s just 12 miles away. It won’t take long for these big drops to ripple through the valley because other builders will lose the few buyers out there to them with those prices. And we still aren’t there yet, more fun to come.

[temeculaguy]

23109 I am probably going to swing by biarritz over the weekend if I have time, the salesperson said they had a 2900 sq ft one story for 389k, the location is too far north for me and I think Bugs is right about next year but I want to see it for myself because places like this will shock the market downward and Late this year DR horton’s south temecula 200+ units will be selling, I have to guess it’s got the same people setting the prices and they will realize that they can’t sell condos for the same price as 2900 sq sfr’s just 12 miles away. It won’t take long for these big drops to ripple through the valley because other builders will lose the few buyers out there to them with those prices. And we still aren’t there yet, more fun to come.

[23109VC]

geez. 2900 sq ft for $389k…

that’s cheap for temecula area..and it’s upgraded as opposed to stripped? i’ll have to look at the area and see how it is. the only negative is that the whole french valley/winchester area is getting..in my opinion, to close to hemet/menifee/etc and you are too far from the freeway and other amenities in tem. winchester is full of traffic…

i mean, i live in harveston..and that’s not much further south than this DR place…but i’m right off the freeway, almost walking distance to costo…maybe a 5 min drive…same to the mall… when you are up in french valley…you are now 15 min from all this stuff..and if it’s traffic time, it could be 20-30…. not a huge difference…but that time adds up…

i’ve also noticed in general..a lot fot he winchester/french valey neighborhoods just look crappier than many of the nicer parts of temecula. they lawns are dead, th cars in the driveway look like crap – you get the feel that it’s the peple who couldn’t afford to buy…or mutliple families chpping in to buy..and the house was neglected… not every house..but the streets as a whole didn’t look well cared for.

harveston..with HOAs… seems to do a good job of keeping on top of that. i find the whole community tends to look nicely kept. many areas in south temecula are nice..and yeah, there are lots ofareas here and there that are trashy looking..

but overall, i’ve never been a big fan of that winchester area. thereas a reason why it’s cheaper…

but that price is darn low. for tha tmuch of a house… a year ago that would have been 500+

of course… if the house is 389k…and it’s almost 3000s q ft..by the time you add flooring upgrades, shutters, backyard landscaping, the ceiling fans they probaby dont’ include… and now you have speent $450k…

[23109VC]

geez. 2900 sq ft for $389k…

that’s cheap for temecula area..and it’s upgraded as opposed to stripped? i’ll have to look at the area and see how it is. the only negative is that the whole french valley/winchester area is getting..in my opinion, to close to hemet/menifee/etc and you are too far from the freeway and other amenities in tem. winchester is full of traffic…

i mean, i live in harveston..and that’s not much further south than this DR place…but i’m right off the freeway, almost walking distance to costo…maybe a 5 min drive…same to the mall… when you are up in french valley…you are now 15 min from all this stuff..and if it’s traffic time, it could be 20-30…. not a huge difference…but that time adds up…

i’ve also noticed in general..a lot fot he winchester/french valey neighborhoods just look crappier than many of the nicer parts of temecula. they lawns are dead, th cars in the driveway look like crap – you get the feel that it’s the peple who couldn’t afford to buy…or mutliple families chpping in to buy..and the house was neglected… not every house..but the streets as a whole didn’t look well cared for.

harveston..with HOAs… seems to do a good job of keeping on top of that. i find the whole community tends to look nicely kept. many areas in south temecula are nice..and yeah, there are lots ofareas here and there that are trashy looking..

but overall, i’ve never been a big fan of that winchester area. thereas a reason why it’s cheaper…

but that price is darn low. for tha tmuch of a house… a year ago that would have been 500+

of course… if the house is 389k…and it’s almost 3000s q ft..by the time you add flooring upgrades, shutters, backyard landscaping, the ceiling fans they probaby dont’ include… and now you have speent $450k…

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