Half Price McMansion in 92563

[waiting hawk]

List Price: $315,000

Last Sale: 08/18/06
Sales Price: $620,000
Probably a scam house. Still these 3000sqft were over 500k there.

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=T07137166&page=1&property_type=SFR&mls=mls_so_cal&cKey=4nwlpfj7&source=MRMLS

[temeculaguy]

aaaah no ziprealty, I can barely remember my atm password, do you have this on redfin or mrmls, can you throw up the address. free beer requires free viewing.

[mgubnyc1]

This house has a Murrieta Zip but is located closser to Menifee, the house probably sold for less to the first owner in 2004. IMO the house is worth 250K tops.
the address is 29159 DENTARIA WY, Murrieta there are lots of large homes in this area that are cheap

[temeculaguy]

Oh, I found it in redfin

http://www.redfin.com/stingray/do/printable-listing?listing-id=1034383

It’s a short sale so no beer just yet, still a good find but some of the shorts I’ve seen are extremely low and I think they advertise them that way to get some traffic. One I saw was 350 and then a few weeks later was listed at 390 because obviously the bank said no the 350 when someone tried it.

You are right, it’s off Scott road and east of the 215, that’s Menifee in my book. It is actually an annexed penninsula of Murrieta but you have to get on the freeway to get to Murrieta from there and I just checked the school district website, it’s not in the Murrieta school district (Menifee Schools) and it’s not even close, it’s miles into the Menifee district, that’s a trick. That is also the mapleton tract, probably the worst hit and recently in the news for fraud and a registered child molester living there, hawk has made some videos of it before. I’ll buy almost anyone a beer for any reason but mapleton, cmon, that’s almost cheating.

[patientlywaiting]

tg, you’re right about the bait and switch sales tactics on short sales.

It also a good opportunity for the Realtors to get families’ hopes of owning a home up. Then when the bank says no to the offer, the buyers will be too emotionally exhausted to resist further. Finally, they’ll settle on the next best house to end all the work of house hunting.

[mgubnyc1]

I honestly wouldn’t be shocked if the bank accepted 315 for this house in this area at this time.

Seems this house first sold in 2004, does anyone know what the first owner paid?

[patientlywaiting]

This is a great neighborhood to watch.

Some people have argued that $100/sf construction costs + land will be the floor price of houses.

This house includes the land for $97/sf. Does that mean that the land has negative value?

[NotCranky]

“This house includes the land for $97/sf. Does that mean that the land has negative value?”

No it means it was a stupid place to build and worse yet, pay an astronomical price for a oversized house. An appropriate house for most people who can actually afford and want to live in Menifee, shennanigans put aside for the moment, is about 1200ft sq. Sooner or later those people are going to be getting a free 2000 sq. ft.

[golfproz]

I took a look around and found quite a few under $100sqft in South IE. Loads and loads of then between $100 sq/ft and $120 sqft. Most of then are the newer homes built in the last 3 or 4 years.

http://housing-kaboom.blogspot.com/2007/10/broken-100-sqft-barrier.html

[temeculaguy]

golf, I checked the link and even threw up the second post, I’ll reiterate my frustration from a year ago, those $100 a square ft houses aren’t in what I and many locals consider Temecula, they are many miles away, not one is in either Tem or Mur’s school district. I’m not talking about the wrong neighborhood but what would be in San Diego, four cities away. To put it in perspective, I just ran the mapquest from my South Temecula house to this one in what is being listed as Murrieta, 18.3 miles (listed as a 24 minute drive) The rest on that link are farther. Santee to La jolla 20.2 miles, Escondido to carlsbad 18.9 miles, these are not the same markets, they affect each other but they are not the same and it takes a while for it ripple over because they aren’t really in competition for the same buyers so it takes a few sales in between to take affect.

Seriously, if I found $100 a square in what is really my Temecula, this post might be my last and I would switch teams, write a check and sell my screen name on ebay but it’s just not reality, i wish it was. It is however a sneek preview of six months from now and a nice indicator that pain train 2.0 is on the way. I’m not knocking the research, I love it, but even us bears have to acknowledge that location is an element of real estate. I am not an R/E snob, hell I live in temecula where 90% of the posters wouldn’t live for free, but even I won’t live where these examples are, hence the low prices.

[golfproz]

I did not find any sub 100 sq/ft in Temecula. All those listed are north of there. I did find quite a few in Temecula that were in the low $120s a sq/ft. They’re creeping down and I don’t think it will be too long before Temecula joins the club. It’s still big homes though that are sub $100 sq/ft. I still doubt the smaller ones will drop that low.

[bsrsharma]

Golf – You may not find anything listed; but what they may sell for may be much different. If you are a motivated buyer and walk in with say, a check for $250K for a 2500 sqft home, it will be one stupid bank/builder/seller to say no. In times like these, the market turns into a Bazaar and list prices mean little. During RTC days, nobody blinked when an offer 100K less than list came and the house was sold (30-50% below list; good houses were 200K – 300K then)

[bsrsharma]

Golf – You may not find anything listed; but what they may sell for may be much different. If you are a motivated buyer and walk in with say, a check for $250K for a 2500 sqft home, it will be one stupid bank/builder/seller to say no. In times like these, the market turns into a Bazaar and list prices mean little. During RTC days, nobody blinked when an offer 100K less than list came and the house was sold (30-50% below list; good houses were 200K – 300K then)

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

” did not find any sub 100 sq/ft in Temecula”

The Wildomar area (the south west side next to the forest) is actually not a bad area, especially if you commute to O.C..

There are some nice views in the hills and the weather/forest/area is more South Temecual/fallbrook like.

As long as you don’t have school age kids (schools not that great in that area just yet).

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

” did not find any sub 100 sq/ft in Temecula”

The Wildomar area (the south west side next to the forest) is actually not a bad area, especially if you commute to O.C..

There are some nice views in the hills and the weather/forest/area is more South Temecual/fallbrook like.

As long as you don’t have school age kids (schools not that great in that area just yet).

[golfproz]

I did not find any sub 100 sq/ft in Temecula. All those listed are north of there. I did find quite a few in Temecula that were in the low $120s a sq/ft. They’re creeping down and I don’t think it will be too long before Temecula joins the club. It’s still big homes though that are sub $100 sq/ft. I still doubt the smaller ones will drop that low.

[aztecnology]

Temeculaguy –

Here’s one floating at $125/sqft – Looks like it’s behind the new Bevmo off Winchester, in Murrieta zip but I think its one of the areas that Temecula is thinking about annexing, and is already served by TVUSD…

http://inlandempire.craigslist.org/rfs/445250889.html

http://maps.google.com/maps?f=q&hl=en&geocode=&time=&date=&ttype=&q=39302+Sierra+La+Vida,+Murrieta,+CA&sll=37.0625,-95.677068&sspn=34.999041,59.238281&ie=UTF8&ll=33.543004,-117.146316&spn=0.017992,0.043001&t=h&z=15&om=1

[aztecnology]

Temeculaguy –

Here’s one floating at $125/sqft – Looks like it’s behind the new Bevmo off Winchester, in Murrieta zip but I think its one of the areas that Temecula is thinking about annexing, and is already served by TVUSD…

http://inlandempire.craigslist.org/rfs/445250889.html

http://maps.google.com/maps?f=q&hl=en&geocode=&time=&date=&ttype=&q=39302+Sierra+La+Vida,+Murrieta,+CA&sll=37.0625,-95.677068&sspn=34.999041,59.238281&ie=UTF8&ll=33.543004,-117.146316&spn=0.017992,0.043001&t=h&z=15&om=1

[temeculaguy]

golf, I checked the link and even threw up the second post, I’ll reiterate my frustration from a year ago, those $100 a square ft houses aren’t in what I and many locals consider Temecula, they are many miles away, not one is in either Tem or Mur’s school district. I’m not talking about the wrong neighborhood but what would be in San Diego, four cities away. To put it in perspective, I just ran the mapquest from my South Temecula house to this one in what is being listed as Murrieta, 18.3 miles (listed as a 24 minute drive) The rest on that link are farther. Santee to La jolla 20.2 miles, Escondido to carlsbad 18.9 miles, these are not the same markets, they affect each other but they are not the same and it takes a while for it ripple over because they aren’t really in competition for the same buyers so it takes a few sales in between to take affect.

Seriously, if I found $100 a square in what is really my Temecula, this post might be my last and I would switch teams, write a check and sell my screen name on ebay but it’s just not reality, i wish it was. It is however a sneek preview of six months from now and a nice indicator that pain train 2.0 is on the way. I’m not knocking the research, I love it, but even us bears have to acknowledge that location is an element of real estate. I am not an R/E snob, hell I live in temecula where 90% of the posters wouldn’t live for free, but even I won’t live where these examples are, hence the low prices.

[golfproz]

I took a look around and found quite a few under $100sqft in South IE. Loads and loads of then between $100 sq/ft and $120 sqft. Most of then are the newer homes built in the last 3 or 4 years.

http://housing-kaboom.blogspot.com/2007/10/broken-100-sqft-barrier.html

[NotCranky]

“This house includes the land for $97/sf. Does that mean that the land has negative value?”

No it means it was a stupid place to build and worse yet, pay an astronomical price for a oversized house. An appropriate house for most people who can actually afford and want to live in Menifee, shennanigans put aside for the moment, is about 1200ft sq. Sooner or later those people are going to be getting a free 2000 sq. ft.

[patientlywaiting]

This is a great neighborhood to watch.

Some people have argued that $100/sf construction costs + land will be the floor price of houses.

This house includes the land for $97/sf. Does that mean that the land has negative value?

[mgubnyc1]

I honestly wouldn’t be shocked if the bank accepted 315 for this house in this area at this time.

Seems this house first sold in 2004, does anyone know what the first owner paid?

[patientlywaiting]

tg, you’re right about the bait and switch sales tactics on short sales.

It also a good opportunity for the Realtors to get families’ hopes of owning a home up. Then when the bank says no to the offer, the buyers will be too emotionally exhausted to resist further. Finally, they’ll settle on the next best house to end all the work of house hunting.

[temeculaguy]

Oh, I found it in redfin

http://www.redfin.com/stingray/do/printable-listing?listing-id=1034383

It’s a short sale so no beer just yet, still a good find but some of the shorts I’ve seen are extremely low and I think they advertise them that way to get some traffic. One I saw was 350 and then a few weeks later was listed at 390 because obviously the bank said no the 350 when someone tried it.

You are right, it’s off Scott road and east of the 215, that’s Menifee in my book. It is actually an annexed penninsula of Murrieta but you have to get on the freeway to get to Murrieta from there and I just checked the school district website, it’s not in the Murrieta school district (Menifee Schools) and it’s not even close, it’s miles into the Menifee district, that’s a trick. That is also the mapleton tract, probably the worst hit and recently in the news for fraud and a registered child molester living there, hawk has made some videos of it before. I’ll buy almost anyone a beer for any reason but mapleton, cmon, that’s almost cheating.

[mgubnyc1]

This house has a Murrieta Zip but is located closser to Menifee, the house probably sold for less to the first owner in 2004. IMO the house is worth 250K tops.
the address is 29159 DENTARIA WY, Murrieta there are lots of large homes in this area that are cheap

[temeculaguy]

aaaah no ziprealty, I can barely remember my atm password, do you have this on redfin or mrmls, can you throw up the address. free beer requires free viewing.

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