Harveston down the drain

[23109VC]

Saw a home listed in Harveston – 3200 square feet, Lennar built. Nicely upgraded.

$280k. It would have sold in the 600s a year and a half ago.

I bought my 1900 sq ft home (similar level of upgrades) for $350k.

I’m hosed. Should have listed to you all. 🙁

[nostradamus]

Tell me again what area Harveston is in?

Sorry you got hosed but hope you like your house.

[lendingbubblecontinues]

you could’ve had a V8!!

[lendingbubblecontinues]

you could’ve had a V8!!

[lendingbubblecontinues]

you could’ve had a V8!!

[lendingbubblecontinues]

you could’ve had a V8!!

[lendingbubblecontinues]

you could’ve had a V8!!

[nostradamus]

Tell me again what area Harveston is in?

Sorry you got hosed but hope you like your house.

[nostradamus]

Tell me again what area Harveston is in?

Sorry you got hosed but hope you like your house.

[nostradamus]

Tell me again what area Harveston is in?

Sorry you got hosed but hope you like your house.

[nostradamus]

Tell me again what area Harveston is in?

Sorry you got hosed but hope you like your house.

[patientlywaiting]

Like the Realtors would say “you’re OK if you stay for the long-run”, “if you can afford it, hang in there and price will go up again.” I hope that’s consolation enough. (Never mind the opportunity costs)

[23109VC]

i forget the street name. it’s the section of Harveston near the large sports park…

if these houses are going down to high 200s… then it will only be a matter of time until they are ALL in this range, or even lower. wow.

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house. $hit why not!?!

i am starting to see why people who have good jobs, good income, but wind up WAY upside down, and then see a house twice as nice as theirs for $150k LESS than they owe on their house… for sale they buy it and somehow come up with SOME way to get OUT of their existing home, INTO the new one and then hose thelender on the old house.

foreclose on me.. go ahead. if you get into the PERFECT house and the paymetns are even LESS than the old payments… let your credit take the hit, live there for 10 years..

i like my house and have no problem staying there a while. the only thing that would get me thinking to dump it and move to somethig else would be if I could get into a MUCH MUCH nicer house for LESS money. there may come a point where values have dropped so much, and a person can be so upside down that they could replace their house, get MORE house, with MUCH LESS payment, LESS taxes, and some financial advisor would actually ADVISE you to walk from your house and let htem foreclose on it..even with the credit score hit…

who knows. if your house was bought for 350k, and suddenly it’s worth 200k… you are 150 negative. have NO equity, and did 100% financing..so you lose NO DOWN payment..

and you then see a bigger better house that is down the street for $250k that is twice as good as your existing house and you could buy it, save $1000/month.. BUT you’d get foreclosed on the old house.. would you do it?

[patientlywaiting]

23109VC, it comes down to that, yes, I would walk in heartbeat.

Just make sure your loan is non-recourse. I think a new law passed so that debt forgiven upon foreclosure is not taxable.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Bugs]

23109VC,

Three things….

If I remember correctly, there were several uberbears here who speculated that your place might bottom out somewheres around $225k – $250k. That hasn’t happened (yet) and it is still possible that it may not ever happen. So you should take some comfort in knowing that YOU probably arent looking at a 50% loss.

You spent a lot of effort soliciting and analyzing the information that was available at the time. If memory serves you had other considerations in there as well. No matter what, you knew what the potential downsides were and you made an informed decision. As I see it, your main job right now is to just live with your decision and be happy with it.

One sale doesn’t make a trend by itself so don’t read too much into it. I may be wrong but I think it’ll probably be a little while yet before typical pricing passes the -50% mark.

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[patientlywaiting]

esmith, what’s illegal with defaulting on your mortgage debt?

If you can’t “afford” it, then you can’t “afford” it. There are plenty of examples of people who buy a new homes and then can’t afford to carry 2 mortgages anymore. They can’t sell so they have to walk from one mortgage.

BTW, I read NYT and Krugman all the time. One of my favorite columnist.

[Eugene]

Nothing illegal with defaulting. Applying for a mortgage on the second house with the intention to foreclose on the first, that’s where things get murky. You certainly shouldn’t tell anyone that that’s what you’re going to do.

[Sandi Egan]

Regardless of legal issues, if people start doing this en masse, banks will put extra hurdles for second homes, particularly if the first one is upside-down.

[Sandi Egan]

Regardless of legal issues, if people start doing this en masse, banks will put extra hurdles for second homes, particularly if the first one is upside-down.

[Sandi Egan]

Regardless of legal issues, if people start doing this en masse, banks will put extra hurdles for second homes, particularly if the first one is upside-down.

[Sandi Egan]

Regardless of legal issues, if people start doing this en masse, banks will put extra hurdles for second homes, particularly if the first one is upside-down.

[Sandi Egan]

Regardless of legal issues, if people start doing this en masse, banks will put extra hurdles for second homes, particularly if the first one is upside-down.

[patientlywaiting]

I would buy the 2nd house. Then afterwards, “Oh my God! The market is down, I can’t sell the first house. I had no idea!! I trusted the Realtor who told me that houses never do down. I’m the victim here.”

[patientlywaiting]

I would buy the 2nd house. Then afterwards, “Oh my God! The market is down, I can’t sell the first house. I had no idea!! I trusted the Realtor who told me that houses never do down. I’m the victim here.”

[patientlywaiting]

I would buy the 2nd house. Then afterwards, “Oh my God! The market is down, I can’t sell the first house. I had no idea!! I trusted the Realtor who told me that houses never do down. I’m the victim here.”

[patientlywaiting]

I would buy the 2nd house. Then afterwards, “Oh my God! The market is down, I can’t sell the first house. I had no idea!! I trusted the Realtor who told me that houses never do down. I’m the victim here.”

[patientlywaiting]

I would buy the 2nd house. Then afterwards, “Oh my God! The market is down, I can’t sell the first house. I had no idea!! I trusted the Realtor who told me that houses never do down. I’m the victim here.”

[Eugene]

Nothing illegal with defaulting. Applying for a mortgage on the second house with the intention to foreclose on the first, that’s where things get murky. You certainly shouldn’t tell anyone that that’s what you’re going to do.

[Eugene]

Nothing illegal with defaulting. Applying for a mortgage on the second house with the intention to foreclose on the first, that’s where things get murky. You certainly shouldn’t tell anyone that that’s what you’re going to do.

[Eugene]

Nothing illegal with defaulting. Applying for a mortgage on the second house with the intention to foreclose on the first, that’s where things get murky. You certainly shouldn’t tell anyone that that’s what you’re going to do.

[Eugene]

Nothing illegal with defaulting. Applying for a mortgage on the second house with the intention to foreclose on the first, that’s where things get murky. You certainly shouldn’t tell anyone that that’s what you’re going to do.

[patientlywaiting]

esmith, what’s illegal with defaulting on your mortgage debt?

If you can’t “afford” it, then you can’t “afford” it. There are plenty of examples of people who buy a new homes and then can’t afford to carry 2 mortgages anymore. They can’t sell so they have to walk from one mortgage.

BTW, I read NYT and Krugman all the time. One of my favorite columnist.

[patientlywaiting]

esmith, what’s illegal with defaulting on your mortgage debt?

If you can’t “afford” it, then you can’t “afford” it. There are plenty of examples of people who buy a new homes and then can’t afford to carry 2 mortgages anymore. They can’t sell so they have to walk from one mortgage.

BTW, I read NYT and Krugman all the time. One of my favorite columnist.

[patientlywaiting]

esmith, what’s illegal with defaulting on your mortgage debt?

If you can’t “afford” it, then you can’t “afford” it. There are plenty of examples of people who buy a new homes and then can’t afford to carry 2 mortgages anymore. They can’t sell so they have to walk from one mortgage.

BTW, I read NYT and Krugman all the time. One of my favorite columnist.

[patientlywaiting]

esmith, what’s illegal with defaulting on your mortgage debt?

If you can’t “afford” it, then you can’t “afford” it. There are plenty of examples of people who buy a new homes and then can’t afford to carry 2 mortgages anymore. They can’t sell so they have to walk from one mortgage.

BTW, I read NYT and Krugman all the time. One of my favorite columnist.

[Sandi Egan]

Hal Varian (Berkeley prof and now chief economist at Google) puts it simply
That sounds too good to be true: make the banks absorb bubble cost. I bet if people start doing this, the regulations will follow swiftly.

[Sandi Egan]

Hal Varian (Berkeley prof and now chief economist at Google) puts it simply
That sounds too good to be true: make the banks absorb bubble cost. I bet if people start doing this, the regulations will follow swiftly.

[Sandi Egan]

Hal Varian (Berkeley prof and now chief economist at Google) puts it simply
That sounds too good to be true: make the banks absorb bubble cost. I bet if people start doing this, the regulations will follow swiftly.

[Sandi Egan]

Hal Varian (Berkeley prof and now chief economist at Google) puts it simply
That sounds too good to be true: make the banks absorb bubble cost. I bet if people start doing this, the regulations will follow swiftly.

[Sandi Egan]

Hal Varian (Berkeley prof and now chief economist at Google) puts it simply
That sounds too good to be true: make the banks absorb bubble cost. I bet if people start doing this, the regulations will follow swiftly.

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[Eugene]

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house.

You can’t do that, it’s illegal.

What you can do though, buy one of those when they hit 250k with the intent to make it your primary residence and rent out your older house. Then after a few months of trying to rent it out, you can walk.

P.S.

“Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.

And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me. ”

[patientlywaiting]

23109VC, it comes down to that, yes, I would walk in heartbeat.

Just make sure your loan is non-recourse. I think a new law passed so that debt forgiven upon foreclosure is not taxable.

[patientlywaiting]

23109VC, it comes down to that, yes, I would walk in heartbeat.

Just make sure your loan is non-recourse. I think a new law passed so that debt forgiven upon foreclosure is not taxable.

[patientlywaiting]

23109VC, it comes down to that, yes, I would walk in heartbeat.

Just make sure your loan is non-recourse. I think a new law passed so that debt forgiven upon foreclosure is not taxable.

[patientlywaiting]

23109VC, it comes down to that, yes, I would walk in heartbeat.

Just make sure your loan is non-recourse. I think a new law passed so that debt forgiven upon foreclosure is not taxable.

[23109VC]

i forget the street name. it’s the section of Harveston near the large sports park…

if these houses are going down to high 200s… then it will only be a matter of time until they are ALL in this range, or even lower. wow.

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house. $hit why not!?!

i am starting to see why people who have good jobs, good income, but wind up WAY upside down, and then see a house twice as nice as theirs for $150k LESS than they owe on their house… for sale they buy it and somehow come up with SOME way to get OUT of their existing home, INTO the new one and then hose thelender on the old house.

foreclose on me.. go ahead. if you get into the PERFECT house and the paymetns are even LESS than the old payments… let your credit take the hit, live there for 10 years..

i like my house and have no problem staying there a while. the only thing that would get me thinking to dump it and move to somethig else would be if I could get into a MUCH MUCH nicer house for LESS money. there may come a point where values have dropped so much, and a person can be so upside down that they could replace their house, get MORE house, with MUCH LESS payment, LESS taxes, and some financial advisor would actually ADVISE you to walk from your house and let htem foreclose on it..even with the credit score hit…

who knows. if your house was bought for 350k, and suddenly it’s worth 200k… you are 150 negative. have NO equity, and did 100% financing..so you lose NO DOWN payment..

and you then see a bigger better house that is down the street for $250k that is twice as good as your existing house and you could buy it, save $1000/month.. BUT you’d get foreclosed on the old house.. would you do it?

[23109VC]

i forget the street name. it’s the section of Harveston near the large sports park…

if these houses are going down to high 200s… then it will only be a matter of time until they are ALL in this range, or even lower. wow.

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house. $hit why not!?!

i am starting to see why people who have good jobs, good income, but wind up WAY upside down, and then see a house twice as nice as theirs for $150k LESS than they owe on their house… for sale they buy it and somehow come up with SOME way to get OUT of their existing home, INTO the new one and then hose thelender on the old house.

foreclose on me.. go ahead. if you get into the PERFECT house and the paymetns are even LESS than the old payments… let your credit take the hit, live there for 10 years..

i like my house and have no problem staying there a while. the only thing that would get me thinking to dump it and move to somethig else would be if I could get into a MUCH MUCH nicer house for LESS money. there may come a point where values have dropped so much, and a person can be so upside down that they could replace their house, get MORE house, with MUCH LESS payment, LESS taxes, and some financial advisor would actually ADVISE you to walk from your house and let htem foreclose on it..even with the credit score hit…

who knows. if your house was bought for 350k, and suddenly it’s worth 200k… you are 150 negative. have NO equity, and did 100% financing..so you lose NO DOWN payment..

and you then see a bigger better house that is down the street for $250k that is twice as good as your existing house and you could buy it, save $1000/month.. BUT you’d get foreclosed on the old house.. would you do it?

[23109VC]

i forget the street name. it’s the section of Harveston near the large sports park…

if these houses are going down to high 200s… then it will only be a matter of time until they are ALL in this range, or even lower. wow.

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house. $hit why not!?!

i am starting to see why people who have good jobs, good income, but wind up WAY upside down, and then see a house twice as nice as theirs for $150k LESS than they owe on their house… for sale they buy it and somehow come up with SOME way to get OUT of their existing home, INTO the new one and then hose thelender on the old house.

foreclose on me.. go ahead. if you get into the PERFECT house and the paymetns are even LESS than the old payments… let your credit take the hit, live there for 10 years..

i like my house and have no problem staying there a while. the only thing that would get me thinking to dump it and move to somethig else would be if I could get into a MUCH MUCH nicer house for LESS money. there may come a point where values have dropped so much, and a person can be so upside down that they could replace their house, get MORE house, with MUCH LESS payment, LESS taxes, and some financial advisor would actually ADVISE you to walk from your house and let htem foreclose on it..even with the credit score hit…

who knows. if your house was bought for 350k, and suddenly it’s worth 200k… you are 150 negative. have NO equity, and did 100% financing..so you lose NO DOWN payment..

and you then see a bigger better house that is down the street for $250k that is twice as good as your existing house and you could buy it, save $1000/month.. BUT you’d get foreclosed on the old house.. would you do it?

[23109VC]

i forget the street name. it’s the section of Harveston near the large sports park…

if these houses are going down to high 200s… then it will only be a matter of time until they are ALL in this range, or even lower. wow.

almost makes me think about just buying one of these when they hit 250k, and then just WALK from my house. $hit why not!?!

i am starting to see why people who have good jobs, good income, but wind up WAY upside down, and then see a house twice as nice as theirs for $150k LESS than they owe on their house… for sale they buy it and somehow come up with SOME way to get OUT of their existing home, INTO the new one and then hose thelender on the old house.

foreclose on me.. go ahead. if you get into the PERFECT house and the paymetns are even LESS than the old payments… let your credit take the hit, live there for 10 years..

i like my house and have no problem staying there a while. the only thing that would get me thinking to dump it and move to somethig else would be if I could get into a MUCH MUCH nicer house for LESS money. there may come a point where values have dropped so much, and a person can be so upside down that they could replace their house, get MORE house, with MUCH LESS payment, LESS taxes, and some financial advisor would actually ADVISE you to walk from your house and let htem foreclose on it..even with the credit score hit…

who knows. if your house was bought for 350k, and suddenly it’s worth 200k… you are 150 negative. have NO equity, and did 100% financing..so you lose NO DOWN payment..

and you then see a bigger better house that is down the street for $250k that is twice as good as your existing house and you could buy it, save $1000/month.. BUT you’d get foreclosed on the old house.. would you do it?

[patientlywaiting]

Like the Realtors would say “you’re OK if you stay for the long-run”, “if you can afford it, hang in there and price will go up again.” I hope that’s consolation enough. (Never mind the opportunity costs)

[patientlywaiting]

Like the Realtors would say “you’re OK if you stay for the long-run”, “if you can afford it, hang in there and price will go up again.” I hope that’s consolation enough. (Never mind the opportunity costs)

[patientlywaiting]

Like the Realtors would say “you’re OK if you stay for the long-run”, “if you can afford it, hang in there and price will go up again.” I hope that’s consolation enough. (Never mind the opportunity costs)

[patientlywaiting]

Like the Realtors would say “you’re OK if you stay for the long-run”, “if you can afford it, hang in there and price will go up again.” I hope that’s consolation enough. (Never mind the opportunity costs)

[gn]

Do you have an MLS# for this listing ?

[gn]

Do you have an MLS# for this listing ?

[gn]

Do you have an MLS# for this listing ?

[gn]

Do you have an MLS# for this listing ?

[gn]

Do you have an MLS# for this listing ?

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[Noob]

I looked on Redfin. I could not find a house on the market described as 3200 sqft and asking $280k.

[temeculaguy]

Hats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.

I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.

I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.

[Sandi Egan]

@tg
Either I am the luckiest guy in the world, or you have never been married. 🙂

[23109VC]

yeah I solicited advice here before I bought. We bought knowing it could go down, and we CAN be in it for the longhaul, but honestly, we dind’t think it would go donw this low. we figured it would come down to about what we paid for it. so we anticipated a decline, but we underestimated it’s severity. 🙂

I’ll have to lookup the MLS listing from home. My wife found it, not me. But I saw it. I couldn’t believe it.

My situation WAS no downpayment, but high income. I earn close to 150k/year but I did not have anythign saved. i have a stay at home wife, and a large student loan. i would NOT have a substantial down payment in 6-12 months.

I am considering this though. I have parents who are about to retire. They have a sizable amount of cash/savings as well as their own house in a high $$ part of San Diego that they may sell. they are considering selling, renting a while, or buying once stuff bottoms out, but buying in a cheaper area like temecula, murrieta. they are about to “retire” and want to downsize their lifestyle/expenses.

I had considered getting THEM to buy one of thse mcmansion homes if/when they bottom out…say one of thse houses that used to be 600k sells for 200k or something unspeakably cheap. they buy it for cash – which they could easily do. then they “sell” it to me by acting as the lender, and I write up a note and make my house payments to them. they get some stable monlthly investment income return on their money, I get a bigger house with a lower payment, then I “try to rent out my odl house but it won’t rent so i have to walk away”….

i wind up in a house owned by my parents, not the bank, and just make payment to them. i’d still get a tax writeoff b/c it’s interest… and they would get monthly income to use in retirement.

seems like a win win. it just depends on how low it goes.

i like my house. don’t get me wrong. i really like it. it has everythign I need. I epoxied my garage floors, I installed nice storage systems in the garage, it has very nicelandscaping, a fairly private lot that is great for sipping wine or smoking cigars, I can walk to the pool… it has a nice cutou niche for my 58″ plasma tv… Call of Duty 4 for the PS3 looks awesome on a 58” tv BTW)… it has granite, nice tile, fans…blah blah blah. it’s your typical cookie cutter lennar house wtih a lt of goodies. I like it. i come home, and I am happy to be there. so it’s not like i hate my house, hate my stuff, and feel miserable every time I come home.

but i’m not so emotionally attached to my house that I would stay in it NO MATTER WHAT.

if I sat down with some financial guru, and lets assume that stuff goes WAY down even more, and that my house is like $200k negative…and I could literally by the house nextore for half… and I *could* find a way to GET INTO that house…and cut my monthly housing costs SUBSTANTIALLY… then that money I save can go to put more away for later, or for kids college, or a Porsche…or whatever… but it that financial guru told me DUMP YOUR HOUSE OR YOUR STUPID… then i’d dump it and walk.

that’s where I stand. i like my house. i like my neighborhood. but when I see prices go down so much, it makes me wonder if I could save a TON of money by moving. At the time I bought, I didn’t feel that renting was a cheaper alternative…it might have bee a bit cheaper, but not a ton.

buying a house at 280k…. for 3200 sq ft.. makes me start to think that buying that sucker might be cheaper than renting it. and when it gets that walking away from my house and eithe renting or buying another one will start to save me not a couple hundred.. .but a THOUSAND or MORE per month, it’s gonna be pretty hard to convince myself to stay

[gn]

23109VC,

That’s a very clever plan (having your parents acting as a mortgage lender to bypass the scrutiny of an institutional lender). There is a small “penalty” for doing this:

Since the house will change hands twice, there are additional transaction fees. But, since the sale from your parents to you is a “private party sale” (i.e. no broker/realtor commisions), the fees should be much less.

Your situation is a “special case” because not everyone who is upside down has parents who have the financial resources to buy a house with cash.

[paramount]

I think the title should be “Temecula down the drain”

Housing prices crashing, crime in Temecula has become a real issue – I can no longer recommend Temecula to anyone.

[Nor-LA-SD-guy]

Nor-La-SD-Guy
Old Post

Like the SEH for 535K post that never go into escrow,

Sorry, seems I misread the MLS in this SEH , It is in escrow as far as I can tell.

If it closes at this price, My personal opioin is the buyer really got a good deal (as the statment in the first post said I meant no offense to anyone).

[TheBreeze]

With half the homes in Temecula being bank-owned and vacant, I would expect crime to go up significantly. Why cook meth in some trailer in the middle of a national forest when you can do it in a nice comfy vacant house?

All those vacant homes are like a siren call to criminals. And you can expect a big property tax revenue drop-off as well. How is Temecula going to pay for all those cops when the the tax revenue base goes to 1/3 or less of its current level? And who do you think your neighbors are going to be when prices get down to the $200K level?

I would only consider buying a rental in Temecula. No way I’d consider buying a place to live there long-term until this whole thing shakes out. The neighborhood characteristics in Temecula could change significantly over the next few years and I wouldn’t want to be stuck there watching it happen.

[4plexowner]

Hard to imagine that we will ever be scraping vacant homes in San Diego county but the precedent has and is being set as we speak:

The city of Macon considers more than 260 houses to be such eyesores that it went through the time-consuming legal process of getting them condemned so they can be demolished.

http://www.macon.com/198/story/269960.html

Brown last year announced a ‘5 in 5’ plan with a goal of demolishing 5,000 vacant structures in five years. The city will put up $20 million of the $100 million cost, ask the state for $60 million and the federal government for $15 million.

http://www.forbes.com/markets/feeds/afx/2008/02/05/afx4618254.html

On his demolition list sit 900 fire-damaged, dilapidated and unsecured vacant homes. He estimates thousands more sit vacant.

http://www.vindy.com/news/2008/feb/12/getting-rid-urban-blight/

In Cleveland, there are so many vacant bank-owned homes that officials are considering demolition in some areas.

http://www.signonsandiego.com/news/business/20080217-9999-1n17landbank.html

[4plexowner]

Hard to imagine that we will ever be scraping vacant homes in San Diego county but the precedent has and is being set as we speak:

The city of Macon considers more than 260 houses to be such eyesores that it went through the time-consuming legal process of getting them condemned so they can be demolished.

http://www.macon.com/198/story/269960.html

Brown last year announced a ‘5 in 5’ plan with a goal of demolishing 5,000 vacant structures in five years. The city will put up $20 million of the $100 million cost, ask the state for $60 million and the federal government for $15 million.

http://www.forbes.com/markets/feeds/afx/2008/02/05/afx4618254.html

On his demolition list sit 900 fire-damaged, dilapidated and unsecured vacant homes. He estimates thousands more sit vacant.

http://www.vindy.com/news/2008/feb/12/getting-rid-urban-blight/

In Cleveland, there are so many vacant bank-owned homes that officials are considering demolition in some areas.

http://www.signonsandiego.com/news/business/20080217-9999-1n17landbank.html

[4plexowner]

Hard to imagine that we will ever be scraping vacant homes in San Diego county but the precedent has and is being set as we speak:

The city of Macon considers more than 260 houses to be such eyesores that it went through the time-consuming legal process of getting them condemned so they can be demolished.

http://www.macon.com/198/story/269960.html

Brown last year announced a ‘5 in 5’ plan with a goal of demolishing 5,000 vacant structures in five years. The city will put up $20 million of the $100 million cost, ask the state for $60 million and the federal government for $15 million.

http://www.forbes.com/markets/feeds/afx/2008/02/05/afx4618254.html

On his demolition list sit 900 fire-damaged, dilapidated and unsecured vacant homes. He estimates thousands more sit vacant.

http://www.vindy.com/news/2008/feb/12/getting-rid-urban-blight/

In Cleveland, there are so many vacant bank-owned homes that officials are considering demolition in some areas.

http://www.signonsandiego.com/news/business/20080217-9999-1n17landbank.html

[4plexowner]

Hard to imagine that we will ever be scraping vacant homes in San Diego county but the precedent has and is being set as we speak:

The city of Macon considers more than 260 houses to be such eyesores that it went through the time-consuming legal process of getting them condemned so they can be demolished.

http://www.macon.com/198/story/269960.html

Brown last year announced a ‘5 in 5’ plan with a goal of demolishing 5,000 vacant structures in five years. The city will put up $20 million of the $100 million cost, ask the state for $60 million and the federal government for $15 million.

http://www.forbes.com/markets/feeds/afx/2008/02/05/afx4618254.html

On his demolition list sit 900 fire-damaged, dilapidated and unsecured vacant homes. He estimates thousands more sit vacant.

http://www.vindy.com/news/2008/feb/12/getting-rid-urban-blight/

In Cleveland, there are so many vacant bank-owned homes that officials are considering demolition in some areas.

http://www.signonsandiego.com/news/business/20080217-9999-1n17landbank.html

[4plexowner]

Hard to imagine that we will ever be scraping vacant homes in San Diego county but the precedent has and is being set as we speak:

The city of Macon considers more than 260 houses to be such eyesores that it went through the time-consuming legal process of getting them condemned so they can be demolished.

http://www.macon.com/198/story/269960.html

Brown last year announced a ‘5 in 5’ plan with a goal of demolishing 5,000 vacant structures in five years. The city will put up $20 million of the $100 million cost, ask the state for $60 million and the federal government for $15 million.

http://www.forbes.com/markets/feeds/afx/2008/02/05/afx4618254.html

On his demolition list sit 900 fire-damaged, dilapidated and unsecured vacant homes. He estimates thousands more sit vacant.

http://www.vindy.com/news/2008/feb/12/getting-rid-urban-blight/

In Cleveland, there are so many vacant bank-owned homes that officials are considering demolition in some areas.

http://www.signonsandiego.com/news/business/20080217-9999-1n17landbank.html

[Anonymous]

Great…we want this bubble to crash hard so we can pick up huge properties dirt cheap, but don’t want the price to come down TOO much as to attract undesirables. Now I’m getting a headache. 🙂

[vizcaya]

I want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.

I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.

[vizcaya]

I want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.

I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.

[vizcaya]

I want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.

I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.

[vizcaya]

I want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.

I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.

[vizcaya]

I want prices to fall to year 2000 levels, so I can pick up a cheap home to rent out. I do not care if there are “undesirables” in the area, I wont be living there.

I am sure at least half of the people that browse this board are allready homeowners, and are waiting for the bottom to pick-up a investment property.

[Anonymous]

Great…we want this bubble to crash hard so we can pick up huge properties dirt cheap, but don’t want the price to come down TOO much as to attract undesirables. Now I’m getting a headache. 🙂

[Anonymous]

Great…we want this bubble to crash hard so we can pick up huge properties dirt cheap, but don’t want the price to come down TOO much as to attract undesirables. Now I’m getting a headache. 🙂

[Anonymous]

Great…we want this bubble to crash hard so we can pick up huge properties dirt cheap, but don’t want the price to come down TOO much as to attract undesirables. Now I’m getting a headache. 🙂

[Anonymous]

Great…we want this bubble to crash hard so we can pick up huge properties dirt cheap, but don’t want the price to come down TOO much as to attract undesirables. Now I’m getting a headache. 🙂

[TheBreeze]

With half the homes in Temecula being bank-owned and vacant, I would expect crime to go up significantly. Why cook meth in some trailer in the middle of a national forest when you can do it in a nice comfy vacant house?

All those vacant homes are like a siren call to criminals. And you can expect a big property tax revenue drop-off as well. How is Temecula going to pay for all those cops when the the tax revenue base goes to 1/3 or less of its current level? And who do you think your neighbors are going to be when prices get down to the $200K level?

I would only consider buying a rental in Temecula. No way I’d consider buying a place to live there long-term until this whole thing shakes out. The neighborhood characteristics in Temecula could change significantly over the next few years and I wouldn’t want to be stuck there watching it happen.

[TheBreeze]

With half the homes in Temecula being bank-owned and vacant, I would expect crime to go up significantly. Why cook meth in some trailer in the middle of a national forest when you can do it in a nice comfy vacant house?

All those vacant homes are like a siren call to criminals. And you can expect a big property tax revenue drop-off as well. How is Temecula going to pay for all those cops when the the tax revenue base goes to 1/3 or less of its current level? And who do you think your neighbors are going to be when prices get down to the $200K level?

I would only consider buying a rental in Temecula. No way I’d consider buying a place to live there long-term until this whole thing shakes out. The neighborhood characteristics in Temecula could change significantly over the next few years and I wouldn’t want to be stuck there watching it happen.

[TheBreeze]

With half the homes in Temecula being bank-owned and vacant, I would expect crime to go up significantly. Why cook meth in some trailer in the middle of a national forest when you can do it in a nice comfy vacant house?

All those vacant homes are like a siren call to criminals. And you can expect a big property tax revenue drop-off as well. How is Temecula going to pay for all those cops when the the tax revenue base goes to 1/3 or less of its current level? And who do you think your neighbors are going to be when prices get down to the $200K level?

I would only consider buying a rental in Temecula. No way I’d consider buying a place to live there long-term until this whole thing shakes out. The neighborhood characteristics in Temecula could change significantly over the next few years and I wouldn’t want to be stuck there watching it happen.

[TheBreeze]

With half the homes in Temecula being bank-owned and vacant, I would expect crime to go up significantly. Why cook meth in some trailer in the middle of a national forest when you can do it in a nice comfy vacant house?

All those vacant homes are like a siren call to criminals. And you can expect a big property tax revenue drop-off as well. How is Temecula going to pay for all those cops when the the tax revenue base goes to 1/3 or less of its current level? And who do you think your neighbors are going to be when prices get down to the $200K level?

I would only consider buying a rental in Temecula. No way I’d consider buying a place to live there long-term until this whole thing shakes out. The neighborhood characteristics in Temecula could change significantly over the next few years and I wouldn’t want to be stuck there watching it happen.

[Nor-LA-SD-guy]

Nor-La-SD-Guy
Old Post

Like the SEH for 535K post that never go into escrow,

Sorry, seems I misread the MLS in this SEH , It is in escrow as far as I can tell.

If it closes at this price, My personal opioin is the buyer really got a good deal (as the statment in the first post said I meant no offense to anyone).

[Nor-LA-SD-guy]

Nor-La-SD-Guy
Old Post

Like the SEH for 535K post that never go into escrow,

Sorry, seems I misread the MLS in this SEH , It is in escrow as far as I can tell.

If it closes at this price, My personal opioin is the buyer really got a good deal (as the statment in the first post said I meant no offense to anyone).

[Nor-LA-SD-guy]

Nor-La-SD-Guy
Old Post

Like the SEH for 535K post that never go into escrow,

Sorry, seems I misread the MLS in this SEH , It is in escrow as far as I can tell.

If it closes at this price, My personal opioin is the buyer really got a good deal (as the statment in the first post said I meant no offense to anyone).

[Nor-LA-SD-guy]

Nor-La-SD-Guy
Old Post

Like the SEH for 535K post that never go into escrow,

Sorry, seems I misread the MLS in this SEH , It is in escrow as far as I can tell.

If it closes at this price, My personal opioin is the buyer really got a good deal (as the statment in the first post said I meant no offense to anyone).

[paramount]

I think the title should be “Temecula down the drain”

Housing prices crashing, crime in Temecula has become a real issue – I can no longer recommend Temecula to anyone.

[paramount]

I think the title should be “Temecula down the drain”

Housing prices crashing, crime in Temecula has become a real issue – I can no longer recommend Temecula to anyone.

[paramount]

I think the title should be “Temecula down the drain”

Housing prices crashing, crime in Temecula has become a real issue – I can no longer recommend Temecula to anyone.

[paramount]

I think the title should be “Temecula down the drain”

Housing prices crashing, crime in Temecula has become a real issue – I can no longer recommend Temecula to anyone.

[gn]

23109VC,

That’s a very clever plan (having your parents acting as a mortgage lender to bypass the scrutiny of an institutional lender). There is a small “penalty” for doing this:

Since the house will change hands twice, there are additional transaction fees. But, since the sale from your parents to you is a “private party sale” (i.e. no broker/realtor commisions), the fees should be much less.

Your situation is a “special case” because not everyone who is upside down has parents who have the financial resources to buy a house with cash.

[gn]

23109VC,

That’s a very clever plan (having your parents acting as a mortgage lender to bypass the scrutiny of an institutional lender). There is a small “penalty” for doing this:

Since the house will change hands twice, there are additional transaction fees. But, since the sale from your parents to you is a “private party sale” (i.e. no broker/realtor commisions), the fees should be much less.

Your situation is a “special case” because not everyone who is upside down has parents who have the financial resources to buy a house with cash.

[gn]

23109VC,

That’s a very clever plan (having your parents acting as a mortgage lender to bypass the scrutiny of an institutional lender). There is a small “penalty” for doing this:

Since the house will change hands twice, there are additional transaction fees. But, since the sale from your parents to you is a “private party sale” (i.e. no broker/realtor commisions), the fees should be much less.

Your situation is a “special case” because not everyone who is upside down has parents who have the financial resources to buy a house with cash.

[gn]

23109VC,

That’s a very clever plan (having your parents acting as a mortgage lender to bypass the scrutiny of an institutional lender). There is a small “penalty” for doing this:

Since the house will change hands twice, there are additional transaction fees. But, since the sale from your parents to you is a “private party sale” (i.e. no broker/realtor commisions), the fees should be much less.

Your situation is a “special case” because not everyone who is upside down has parents who have the financial resources to buy a house with cash.

[vizcaya]

I also did not expect prices to fall this much this soon. I did as much research as I could before I purchased my home late last year, and I estimated that the bottom would be about 30% from peak. Knowing this I purchased a bank owned home that was about 30% below peak(mid 2005 pricing). Prices are currently at about the price I paid. With no real bottom in site, it looks like there will be another 20% drop before prices bottom in my area.

I am here for at least 10-15 years. Therefore the bottom of the cycle will not hurt me. I did lose about $120k in opportunity cost. But since I sold my last home in this same area at peak, I used that money as a down payment, therefore the $120k was bubble money.

[vizcaya]

I also did not expect prices to fall this much this soon. I did as much research as I could before I purchased my home late last year, and I estimated that the bottom would be about 30% from peak. Knowing this I purchased a bank owned home that was about 30% below peak(mid 2005 pricing). Prices are currently at about the price I paid. With no real bottom in site, it looks like there will be another 20% drop before prices bottom in my area.

I am here for at least 10-15 years. Therefore the bottom of the cycle will not hurt me. I did lose about $120k in opportunity cost. But since I sold my last home in this same area at peak, I used that money as a down payment, therefore the $120k was bubble money.

[vizcaya]

I also did not expect prices to fall this much this soon. I did as much research as I could before I purchased my home late last year, and I estimated that the bottom would be about 30% from peak. Knowing this I purchased a bank owned home that was about 30% below peak(mid 2005 pricing). Prices are currently at about the price I paid. With no real bottom in site, it looks like there will be another 20% drop before prices bottom in my area.

I am here for at least 10-15 years. Therefore the bottom of the cycle will not hurt me. I did lose about $120k in opportunity cost. But since I sold my last home in this same area at peak, I used that money as a down payment, therefore the $120k was bubble money.

[vizcaya]

I also did not expect prices to fall this much this soon. I did as much research as I could before I purchased my home late last year, and I estimated that the bottom would be about 30% from peak. Knowing this I purchased a bank owned home that was about 30% below peak(mid 2005 pricing). Prices are currently at about the price I paid. With no real bottom in site, it looks like there will be another 20% drop before prices bottom in my area.

I am here for at least 10-15 years. Therefore the bottom of the cycle will not hurt me. I did lose about $120k in opportunity cost. But since I sold my last home in this same area at peak, I used that money as a down payment, therefore the $120k was bubble money.

[vizcaya]

I also did not expect prices to fall this much this soon. I did as much research as I could before I purchased my home late last year, and I estimated that the bottom would be about 30% from peak. Knowing this I purchased a bank owned home that was about 30% below peak(mid 2005 pricing). Prices are currently at about the price I paid. With no real bottom in site, it looks like there will be another 20% drop before prices bottom in my area.

I am here for at least 10-15 years. Therefore the bottom of the cycle will not hurt me. I did lose about $120k in opportunity cost. But since I sold my last home in this same area at peak, I used that money as a down payment, therefore the $120k was bubble money.

[23109VC]

yeah I solicited advice here before I bought. We bought knowing it could go down, and we CAN be in it for the longhaul, but honestly, we dind’t think it would go donw this low. we figured it would come down to about what we paid for it. so we anticipated a decline, but we underestimated it’s severity. 🙂

I’ll have to lookup the MLS listing from home. My wife found it, not me. But I saw it. I couldn’t believe it.

My situation WAS no downpayment, but high income. I earn close to 150k/year but I did not have anythign saved. i have a stay at home wife, and a large student loan. i would NOT have a substantial down payment in 6-12 months.

I am considering this though. I have parents who are about to retire. They have a sizable amount of cash/savings as well as their own house in a high $$ part of San Diego that they may sell. they are considering selling, renting a while, or buying once stuff bottoms out, but buying in a cheaper area like temecula, murrieta. they are about to “retire” and want to downsize their lifestyle/expenses.

I had considered getting THEM to buy one of thse mcmansion homes if/when they bottom out…say one of thse houses that used to be 600k sells for 200k or something unspeakably cheap. they buy it for cash – which they could easily do. then they “sell” it to me by acting as the lender, and I write up a note and make my house payments to them. they get some stable monlthly investment income return on their money, I get a bigger house with a lower payment, then I “try to rent out my odl house but it won’t rent so i have to walk away”….

i wind up in a house owned by my parents, not the bank, and just make payment to them. i’d still get a tax writeoff b/c it’s interest… and they would get monthly income to use in retirement.

seems like a win win. it just depends on how low it goes.

i like my house. don’t get me wrong. i really like it. it has everythign I need. I epoxied my garage floors, I installed nice storage systems in the garage, it has very nicelandscaping, a fairly private lot that is great for sipping wine or smoking cigars, I can walk to the pool… it has a nice cutou niche for my 58″ plasma tv… Call of Duty 4 for the PS3 looks awesome on a 58” tv BTW)… it has granite, nice tile, fans…blah blah blah. it’s your typical cookie cutter lennar house wtih a lt of goodies. I like it. i come home, and I am happy to be there. so it’s not like i hate my house, hate my stuff, and feel miserable every time I come home.

but i’m not so emotionally attached to my house that I would stay in it NO MATTER WHAT.

if I sat down with some financial guru, and lets assume that stuff goes WAY down even more, and that my house is like $200k negative…and I could literally by the house nextore for half… and I *could* find a way to GET INTO that house…and cut my monthly housing costs SUBSTANTIALLY… then that money I save can go to put more away for later, or for kids college, or a Porsche…or whatever… but it that financial guru told me DUMP YOUR HOUSE OR YOUR STUPID… then i’d dump it and walk.

that’s where I stand. i like my house. i like my neighborhood. but when I see prices go down so much, it makes me wonder if I could save a TON of money by moving. At the time I bought, I didn’t feel that renting was a cheaper alternative…it might have bee a bit cheaper, but not a ton.

buying a house at 280k…. for 3200 sq ft.. makes me start to think that buying that sucker might be cheaper than renting it. and when it gets that walking away from my house and eithe renting or buying another one will start to save me not a couple hundred.. .but a THOUSAND or MORE per month, it’s gonna be pretty hard to convince myself to stay

[23109VC]

yeah I solicited advice here before I bought. We bought knowing it could go down, and we CAN be in it for the longhaul, but honestly, we dind’t think it would go donw this low. we figured it would come down to about what we paid for it. so we anticipated a decline, but we underestimated it’s severity. 🙂

I’ll have to lookup the MLS listing from home. My wife found it, not me. But I saw it. I couldn’t believe it.

My situation WAS no downpayment, but high income. I earn close to 150k/year but I did not have anythign saved. i have a stay at home wife, and a large student loan. i would NOT have a substantial down payment in 6-12 months.

I am considering this though. I have parents who are about to retire. They have a sizable amount of cash/savings as well as their own house in a high $$ part of San Diego that they may sell. they are considering selling, renting a while, or buying once stuff bottoms out, but buying in a cheaper area like temecula, murrieta. they are about to “retire” and want to downsize their lifestyle/expenses.

I had considered getting THEM to buy one of thse mcmansion homes if/when they bottom out…say one of thse houses that used to be 600k sells for 200k or something unspeakably cheap. they buy it for cash – which they could easily do. then they “sell” it to me by acting as the lender, and I write up a note and make my house payments to them. they get some stable monlthly investment income return on their money, I get a bigger house with a lower payment, then I “try to rent out my odl house but it won’t rent so i have to walk away”….

i wind up in a house owned by my parents, not the bank, and just make payment to them. i’d still get a tax writeoff b/c it’s interest… and they would get monthly income to use in retirement.

seems like a win win. it just depends on how low it goes.

i like my house. don’t get me wrong. i really like it. it has everythign I need. I epoxied my garage floors, I installed nice storage systems in the garage, it has very nicelandscaping, a fairly private lot that is great for sipping wine or smoking cigars, I can walk to the pool… it has a nice cutou niche for my 58″ plasma tv… Call of Duty 4 for the PS3 looks awesome on a 58” tv BTW)… it has granite, nice tile, fans…blah blah blah. it’s your typical cookie cutter lennar house wtih a lt of goodies. I like it. i come home, and I am happy to be there. so it’s not like i hate my house, hate my stuff, and feel miserable every time I come home.

but i’m not so emotionally attached to my house that I would stay in it NO MATTER WHAT.

if I sat down with some financial guru, and lets assume that stuff goes WAY down even more, and that my house is like $200k negative…and I could literally by the house nextore for half… and I *could* find a way to GET INTO that house…and cut my monthly housing costs SUBSTANTIALLY… then that money I save can go to put more away for later, or for kids college, or a Porsche…or whatever… but it that financial guru told me DUMP YOUR HOUSE OR YOUR STUPID… then i’d dump it and walk.

that’s where I stand. i like my house. i like my neighborhood. but when I see prices go down so much, it makes me wonder if I could save a TON of money by moving. At the time I bought, I didn’t feel that renting was a cheaper alternative…it might have bee a bit cheaper, but not a ton.

buying a house at 280k…. for 3200 sq ft.. makes me start to think that buying that sucker might be cheaper than renting it. and when it gets that walking away from my house and eithe renting or buying another one will start to save me not a couple hundred.. .but a THOUSAND or MORE per month, it’s gonna be pretty hard to convince myself to stay

[23109VC]

yeah I solicited advice here before I bought. We bought knowing it could go down, and we CAN be in it for the longhaul, but honestly, we dind’t think it would go donw this low. we figured it would come down to about what we paid for it. so we anticipated a decline, but we underestimated it’s severity. 🙂

I’ll have to lookup the MLS listing from home. My wife found it, not me. But I saw it. I couldn’t believe it.

My situation WAS no downpayment, but high income. I earn close to 150k/year but I did not have anythign saved. i have a stay at home wife, and a large student loan. i would NOT have a substantial down payment in 6-12 months.

I am considering this though. I have parents who are about to retire. They have a sizable amount of cash/savings as well as their own house in a high $$ part of San Diego that they may sell. they are considering selling, renting a while, or buying once stuff bottoms out, but buying in a cheaper area like temecula, murrieta. they are about to “retire” and want to downsize their lifestyle/expenses.

I had considered getting THEM to buy one of thse mcmansion homes if/when they bottom out…say one of thse houses that used to be 600k sells for 200k or something unspeakably cheap. they buy it for cash – which they could easily do. then they “sell” it to me by acting as the lender, and I write up a note and make my house payments to them. they get some stable monlthly investment income return on their money, I get a bigger house with a lower payment, then I “try to rent out my odl house but it won’t rent so i have to walk away”….

i wind up in a house owned by my parents, not the bank, and just make payment to them. i’d still get a tax writeoff b/c it’s interest… and they would get monthly income to use in retirement.

seems like a win win. it just depends on how low it goes.

i like my house. don’t get me wrong. i really like it. it has everythign I need. I epoxied my garage floors, I installed nice storage systems in the garage, it has very nicelandscaping, a fairly private lot that is great for sipping wine or smoking cigars, I can walk to the pool… it has a nice cutou niche for my 58″ plasma tv… Call of Duty 4 for the PS3 looks awesome on a 58” tv BTW)… it has granite, nice tile, fans…blah blah blah. it’s your typical cookie cutter lennar house wtih a lt of goodies. I like it. i come home, and I am happy to be there. so it’s not like i hate my house, hate my stuff, and feel miserable every time I come home.

but i’m not so emotionally attached to my house that I would stay in it NO MATTER WHAT.

if I sat down with some financial guru, and lets assume that stuff goes WAY down even more, and that my house is like $200k negative…and I could literally by the house nextore for half… and I *could* find a way to GET INTO that house…and cut my monthly housing costs SUBSTANTIALLY… then that money I save can go to put more away for later, or for kids college, or a Porsche…or whatever… but it that financial guru told me DUMP YOUR HOUSE OR YOUR STUPID… then i’d dump it and walk.

that’s where I stand. i like my house. i like my neighborhood. but when I see prices go down so much, it makes me wonder if I could save a TON of money by moving. At the time I bought, I didn’t feel that renting was a cheaper alternative…it might have bee a bit cheaper, but not a ton.

buying a house at 280k…. for 3200 sq ft.. makes me start to think that buying that sucker might be cheaper than renting it. and when it gets that walking away from my house and eithe renting or buying another one will start to save me not a couple hundred.. .but a THOUSAND or MORE per month, it’s gonna be pretty hard to convince myself to stay

[23109VC]

yeah I solicited advice here before I bought. We bought knowing it could go down, and we CAN be in it for the longhaul, but honestly, we dind’t think it would go donw this low. we figured it would come down to about what we paid for it. so we anticipated a decline, but we underestimated it’s severity. 🙂

I’ll have to lookup the MLS listing from home. My wife found it, not me. But I saw it. I couldn’t believe it.

My situation WAS no downpayment, but high income. I earn close to 150k/year but I did not have anythign saved. i have a stay at home wife, and a large student loan. i would NOT have a substantial down payment in 6-12 months.

I am considering this though. I have parents who are about to retire. They have a sizable amount of cash/savings as well as their own house in a high $$ part of San Diego that they may sell. they are considering selling, renting a while, or buying once stuff bottoms out, but buying in a cheaper area like temecula, murrieta. they are about to “retire” and want to downsize their lifestyle/expenses.

I had considered getting THEM to buy one of thse mcmansion homes if/when they bottom out…say one of thse houses that used to be 600k sells for 200k or something unspeakably cheap. they buy it for cash – which they could easily do. then they “sell” it to me by acting as the lender, and I write up a note and make my house payments to them. they get some stable monlthly investment income return on their money, I get a bigger house with a lower payment, then I “try to rent out my odl house but it won’t rent so i have to walk away”….

i wind up in a house owned by my parents, not the bank, and just make payment to them. i’d still get a tax writeoff b/c it’s interest… and they would get monthly income to use in retirement.

seems like a win win. it just depends on how low it goes.

i like my house. don’t get me wrong. i really like it. it has everythign I need. I epoxied my garage floors, I installed nice storage systems in the garage, it has very nicelandscaping, a fairly private lot that is great for sipping wine or smoking cigars, I can walk to the pool… it has a nice cutou niche for my 58″ plasma tv… Call of Duty 4 for the PS3 looks awesome on a 58” tv BTW)… it has granite, nice tile, fans…blah blah blah. it’s your typical cookie cutter lennar house wtih a lt of goodies. I like it. i come home, and I am happy to be there. so it’s not like i hate my house, hate my stuff, and feel miserable every time I come home.

but i’m not so emotionally attached to my house that I would stay in it NO MATTER WHAT.

if I sat down with some financial guru, and lets assume that stuff goes WAY down even more, and that my house is like $200k negative…and I could literally by the house nextore for half… and I *could* find a way to GET INTO that house…and cut my monthly housing costs SUBSTANTIALLY… then that money I save can go to put more away for later, or for kids college, or a Porsche…or whatever… but it that financial guru told me DUMP YOUR HOUSE OR YOUR STUPID… then i’d dump it and walk.

that’s where I stand. i like my house. i like my neighborhood. but when I see prices go down so much, it makes me wonder if I could save a TON of money by moving. At the time I bought, I didn’t feel that renting was a cheaper alternative…it might have bee a bit cheaper, but not a ton.

buying a house at 280k…. for 3200 sq ft.. makes me start to think that buying that sucker might be cheaper than renting it. and when it gets that walking away from my house and eithe renting or buying another one will start to save me not a couple hundred.. .but a THOUSAND or MORE per month, it’s gonna be pretty hard to convince myself to stay

[Sandi Egan]

@tg
Either I am the luckiest guy in the world, or you have never been married. 🙂

[Sandi Egan]

@tg
Either I am the luckiest guy in the world, or you have never been married. 🙂

[Sandi Egan]

@tg
Either I am the luckiest guy in the world, or you have never been married. 🙂

[Sandi Egan]

@tg
Either I am the luckiest guy in the world, or you have never been married. 🙂

[temeculaguy]

Hats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.

I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.

I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.

[temeculaguy]

Hats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.

I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.

I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.

[temeculaguy]

Hats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.

I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.

I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.

[temeculaguy]

Hats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.

I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.

I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.

[atr]

I am new to this forum, so I will admit right off that I am no expert. However, I have been lurking for several months, and as my husband and I have been considering settling in Temecula, I have read many of the posts about this area.

My two cents on your situation 23109VC is this: If you continue to read real estate forums and post about your situation, there must have been SOME part of you that didn’t feel good about your house purchase last year. If so, then why did you buy in the first place? You clearly pained over your situation, and then did what you believed to be right for you and your family. You also claim that you are not emotionally attached to your house, but clearly you are emotionally attached to the situation. So now that you have done what you did, why not live in your house, ignore real estate prices, stay away from the forums, and live your life? From your own statements, you make enough money to be able to afford what you paid for it. Enjoy your house, enjoy your family, and move on. I guess if you can’t, then you’ll do whatever you feel you have to. But make no mistake, it IS an emotional choice, and not merely a financial one. I do applaud you for being honest about it, because it gives insight into the mindset of many in your situation.

My fear that I could not “let go” of doing real estate research and quit tracking the market is why I can not and will not buy right now. Until I can buy a house and be confident that I won’t have to obsessively track the market, I will not buy. We sold our house elsewhere in CA in 2007, and it took eleven months and many price drops to do so. I am not anxious to jump in again anytime soon.

And an aside to temeculaguy. . .there are many witty folks on this site, but you never fail to make me giggle, and I frequently read some of your posts out loud to my husband. I am not applying to be your stalker, but just wanted to give you a hiya and some thanks for injecting regular humor into this subject.

[paramount]

Crime stats? I might have been able to provide some, but in the last 6 months I have lost count on the number of murders and robberies in Temecula.

[Anonymous]

I’m a little confused here, not too long ago TG posted about how Temecula has the most cops per capita, second only to Carlsbad, now Temecula is south central L.A.?

[hipmatt]

As a self professed expert on Harveston… I can say that I doubt there is a 3200sqft home in there for under $300k. The best $ per foot in Harveston is this….
http://redfin.com/stingray/do/printable-listing?listing-id=1275228

Now, I’m not saying that this won’t ever happen, in fact I think it is more likely than not to happen, but unlikely right now. We have a few more years of this you know.

[Anonymous]

23109V, I’m not trying to be cruel, but you were warned by several people on this board (including your Temecula neighbors) what was likely to happen regarding house prices. You refused to listen.

[scaredyclassic]

temecula/murrieta is NOT a crime haven. Yet. i don’t know what the future will bring, but it’s low crime. I know. I’m not an expert on many things, but this is one of my areas of expertise. It is NOT a high or even medium high crime area. Few criminal cases arise in temecula. Very few.

Drink Heavily.

[scaredyclassic]

temecula/murrieta is NOT a crime haven. Yet. i don’t know what the future will bring, but it’s low crime. I know. I’m not an expert on many things, but this is one of my areas of expertise. It is NOT a high or even medium high crime area. Few criminal cases arise in temecula. Very few.

Drink Heavily.

[scaredyclassic]

temecula/murrieta is NOT a crime haven. Yet. i don’t know what the future will bring, but it’s low crime. I know. I’m not an expert on many things, but this is one of my areas of expertise. It is NOT a high or even medium high crime area. Few criminal cases arise in temecula. Very few.

Drink Heavily.

[scaredyclassic]

temecula/murrieta is NOT a crime haven. Yet. i don’t know what the future will bring, but it’s low crime. I know. I’m not an expert on many things, but this is one of my areas of expertise. It is NOT a high or even medium high crime area. Few criminal cases arise in temecula. Very few.

Drink Heavily.

[scaredyclassic]

temecula/murrieta is NOT a crime haven. Yet. i don’t know what the future will bring, but it’s low crime. I know. I’m not an expert on many things, but this is one of my areas of expertise. It is NOT a high or even medium high crime area. Few criminal cases arise in temecula. Very few.

Drink Heavily.

[Anonymous]

23109V, I’m not trying to be cruel, but you were warned by several people on this board (including your Temecula neighbors) what was likely to happen regarding house prices. You refused to listen.

[Anonymous]

23109V, I’m not trying to be cruel, but you were warned by several people on this board (including your Temecula neighbors) what was likely to happen regarding house prices. You refused to listen.

[Anonymous]

23109V, I’m not trying to be cruel, but you were warned by several people on this board (including your Temecula neighbors) what was likely to happen regarding house prices. You refused to listen.

[Anonymous]

23109V, I’m not trying to be cruel, but you were warned by several people on this board (including your Temecula neighbors) what was likely to happen regarding house prices. You refused to listen.

[temeculaguy]

Sandi, I have been married so you must be the luckiest guy in the world, nuff said, suprised you have the strength to type.

23109, you never said you CAN be in for the long haul all those months of posting, you talked youself into saying you “WERE” in it for the long haul. You didn’t believe us but you also didn’t get in at peak so you will not have to be at the bottom for as long as others, ride it out, let it burn in so than maybe next time you don’t decieve yourself, it’s an expensive lesson, you got off cheap. You also were making 150k and paying 1500 in rent but not saving anything so no matter what your payment is, there is a money management lesson that you need to learn while there is still time young Jedi. 58″ tv and video games, hmmmm. Dude you are inches from shopping for an H2 (inside joke to a friend), the difference is my friend got rich then played the game, you are playing the game to get rich.

To everyone asking, I should say that crime is an epidemic because I am betting on the fall but I am also afflicted with honesty, don’t fret or believe the hype, crime is not out of control in temecula. Just like there is doubt that 23109 found a house for so little (I think it may have been a short or a typo, thats a little too low for harveston) is also why a few murders in the newspaper don’t spell a crime wave. Two domestics and a third that was a San Diego case that spilled into Temecula doesn’t exactly get me nervous but the press always leaves that stuff out because they love getting you excited. Of the three I know of one was an adult son from Nevada who drove to Temecula and Shot his dad, stepmom and stepsiters then himself. If I live two streets away, how does that endanger me. The one in french valley was husband/wife murder suicide, again I’m safe, one of the few benefits of being divorced. The third was a Fallbrook gang member and a casino employee seen in an argument in a Valley Center casino, gang member follows the man home and shoots him in the parking lot, the man happened to live in an apartment in Temecula. That is the only one that concerns me because I argue with gang members in casinos sometimes, so I may have to move somewhere safer or just stop doing that.

Like always, a few examples never tell the story, I like the numbers, the averages, the odds, but then again, I could care less what anyone thinks because I’m not selling, I’m buying. I appreciate public defender throwing in his 2 cents and can think of no better person to ask the temperature than the guy with the thermometer.

atr, thanks, do post more for two reasons, I love compliments and your analysis was pretty damn good for a first timer, you’ve got game and if you change your mind the stalker position is still vacant and my paparazzi just quit.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

No expert claim here, But My theory on this RE bust is this,

RE prices will stabilize at the maximum collective unhappiness Level,

Ie.. At the price where owners hoping for the return to 2005 highs give up hope,

And at the price that will still be too expensive for most to afford (except maybe Temecula valley and like areas where I think we are already seeing some good buying points here and there in My opinion ).

Good luck to all.

[patientlywaiting]

Hipmatt, $104/sf including the land is a pretty good deal already (although I think it’ll go much lower in Temecula). I know someone who build a house in Riverside for $130/sf excluding the land. His house is custom but I would say that it’s no better than a tract house.

BTW, SD Realtor, what are you advising your clients on homeowners’ insurance, dwelling coverage portion, for a typical suburban tract house?

[SD Realtor]

VC sorry to hear about your reticence. However no pity. I was one of those who advised you that whatever you did, be prepared for more depreciation. One can never identify the bottom but certainly one indicator would be volume leveling off… so if you walk away or work out the plan with your parents or whatever you do, if you do buy again, perhaps waiting until volume levels off would be a good thing.

To not realize that Temecula is on the heavy side of slope down is a large miss on your part. The fact is that Temecula/Riverside and other outlying areas will indeed bottom out sooner then more desireable areas. However when they do bottom I would expect them to stay flat for awhile and stay in a narrow range that will be defined by the investor participation to scoop up properties for rentals because raw buyer demand will not be sufficient out there.

PW – My advice for clients (who are buyers) is for them to scrub out a THOROUGH budget for the costs of owning the home. Regardless of whether it is owner occupied or a rental. Neglecting all the recurring costs one is saddled with for owning a home is not an option.

As far as building a home out in Temec or anywhere out there, I believe (like you I think) that it will indeed go low enough that you can get as good as, or close to the pricing of a build yourself and there is ALOT less hassle involved.

SD Realtor

[patientlywaiting]

SD Realtor, my question was: how much of dwelling replacement insurance coverage homeowners should carry on their homes? If replacement cost (to build a new house on owned land) is less than $130/sf it would be foolish to be over-insured. I was thinking that new buyers need to obtain HO insurance and they might ask you what coverage they should carry.

Vizcaya, 10 or 15 years might just about get you even. Don’t forget inflation, and ownership premium. Even if house prices recover to previous levels, those two factors alone will result in heavy losses to the people who stuck it out. That’s not to mention that they end-up with 15-year-old houses that will need repairs while the newer houses will have better technology such a new appliances and perhaps the latest tech gizmos such as fiber optics and solar panels.

During the recession, I expect heavy out-migration from high cost areas such as San Diego, perhaps proportionately more than we had in the early 1990s recession.

[AK]

You may be “hosed” by simple checkbook analysis. But you’re quite a bit less hosed than the people who bought at the top of the market … and it seems there are quite a few of them.

And while there are a number of 2500+ sf houses on the market for less than $300K, trashed REOs and other brown-lawn specials seem to be overrepresented, at least from what I’ve seen on Redfin.

You have a house that you like, and it’s within your means. Please. Be happy.

[AK]

You may be “hosed” by simple checkbook analysis. But you’re quite a bit less hosed than the people who bought at the top of the market … and it seems there are quite a few of them.

And while there are a number of 2500+ sf houses on the market for less than $300K, trashed REOs and other brown-lawn specials seem to be overrepresented, at least from what I’ve seen on Redfin.

You have a house that you like, and it’s within your means. Please. Be happy.

[AK]

You may be “hosed” by simple checkbook analysis. But you’re quite a bit less hosed than the people who bought at the top of the market … and it seems there are quite a few of them.

And while there are a number of 2500+ sf houses on the market for less than $300K, trashed REOs and other brown-lawn specials seem to be overrepresented, at least from what I’ve seen on Redfin.

You have a house that you like, and it’s within your means. Please. Be happy.

[AK]

You may be “hosed” by simple checkbook analysis. But you’re quite a bit less hosed than the people who bought at the top of the market … and it seems there are quite a few of them.

And while there are a number of 2500+ sf houses on the market for less than $300K, trashed REOs and other brown-lawn specials seem to be overrepresented, at least from what I’ve seen on Redfin.

You have a house that you like, and it’s within your means. Please. Be happy.

[AK]

You may be “hosed” by simple checkbook analysis. But you’re quite a bit less hosed than the people who bought at the top of the market … and it seems there are quite a few of them.

And while there are a number of 2500+ sf houses on the market for less than $300K, trashed REOs and other brown-lawn specials seem to be overrepresented, at least from what I’ve seen on Redfin.

You have a house that you like, and it’s within your means. Please. Be happy.

[SD Realtor]

PW sorry for being dense and not reading your question correctly. Actually most of my clients are more adept buyers. They are working with me mainly because of the rebate or from personal referrals so they do not require any sort of advice in that area. The question is a bit trickier because for me to say use a replacement cost of x$ based on a quite from a contractor would be a liability for me. The problem is that this sort of analysis is much to volatile and will change based on demand and who knows if joe contractor I got that quote from will be around. I understand your point and it makes sense but my advice would be to use a replacement cost based on the current comps MINUS the assessment of the land that can be gained from your property tax statement. Is that accurate? mmmm I would say it is debateable. Can it lead to overinsured valuations? YES. Is it better to be overinsured rather then underinsured? YES.

I like your point and for more sophisticated homeowners like yourself, it is more then likely the way to go. Additionally homeowners neglect that they should absolutely reassess the amount of coverage they have on the dwelling each year and adjust that value each year based on the direction of the market.

Do I have time to do that for my rentals? Heck no…

Those who give good advice rarely follow it…

[paramount]

Just a second TG…

I think you left out at least one murder that took place recently in an apt. complex in Temecula (still no arrests as I recall), and also the young girl who was left to die on the streets just this past week. Overall there were 7 murders and 38 robberies in Temecula during 2007.

I have lived in Temecula long enough to know when crime is on the rise – maybe recent crime is an anomaly, and then again maybe not…

[temeculaguy]

It’s very likely I missed one, I don’t always read the newspaper but I did mention the one in an apartment complex, that was the follow home from Harrahs by the fallbrook gang member. The other one you mentioned doesn’t stat as a murder just yet because she is in the hospital and don’t dramatize it with “left to die” people called the police and ambulance right away. The synopsis is that two boys were fighting over her, she tried to intervene, got pushed or hit, hit her head on the curb and is now on life support, tragedy, but hardly something that can attributed to a specific area, these things happen, high school boys fight every day, I did and I grew up in one of the nicest places known and even as a boy I remember a kid who got into a high school fight, got hit once and somehow died. But we didn’t pack up and move because it was unsafe for me to be raised there.

Do what you like, move somewhere else, I don’t care, but it would be irrational. Is Sabre springs/Scripps unsafe because of the Westerfield case? In reality it is probably safer now, but in the months that followed people moved out because of fear and there were bargains to be had in that neighborhood. How about Rancho Santa Fe after Heavans Gate, the worst mass suicide in the country’s history? Does it make you fear you will join a cult and kill yourself? Or Brentwood after O.J. Simpson. You have to look at cases specifically and realize the risk factors. No matter where you live, if you have a crazy spouse or ex-spouse, or a crazy relative who owns a gun, isn’t taking their medication and is mad at you, it really doesn’t matter where you live. Since almost every case that has you worried has some sort of domestic angle and 4 of the cases was a single event, be careful who you live with rather than where you live.

I also won’t argue that during my almost 20 years here, it hasn’t gotten worse or at least the volume hasn’t risen. When there were 30k people here, there was less to read about. Now that the valley has more than 300k, 100k in Temecula city limits alone. It would seem like there are ten times more incidents,there should be, but that isn’t how you measure risk, you measure crimes per thousand residents, not totals.

[paramount]

If a person knocks another person down, and the person knocked down is unconscious/not breathing as a result and the perp then leaves the scene with no other persons around – that comes under the category of left to die IMO. It just so happened a neighbor not involved in the incident came to her aid.

That neighbor also stated there had been more graffiti on community walls among other incidents. I’m calling for a crackdown on crime in Temecula – including gang activity before it gets out of control.

Two summers ago Paloma Del Sol was on lock down for ~ 2hours due to gang activity. I’ve had enough – zero tolerance.

And just for the record – I don’t care that you don’t care. Unlike some other wack jobs on this forum, I appreciate your comments but don’t worship TG.

[hipmatt]

I have lived in Temecula since 1990. Yes it was a smaller town then, but crime has gotten much worse since then. It is still a safe community, relative to other areas, but not like it was 18 years ago. Seems like there is a bank robbery in the valley once a month these days. My home in Harveston was vandalized, and vehicle theft has risen dramatically as well.

I knew one of the murder victims personally you were talking about in the murder/suicide, and while it didn’t have anything to do with gangs or the local environment, there have been more of these events lately. There was a mans body found somewhere by Jack in the Box on Jefferson within the last year. Some friends I know that work loss prevention at 2 different large box retailers in Temecula have told me that theft is up. Fraud and counterfeiting is up too. And since I don’t visit Pechanga and Pala, but twice a year or so, I haven’t been keeping up on the casino related crime, but to speculate, I bet that they keep most of that bad stuff under the carpet. Bad PR for those places would result in BIG losses for the casinos. I have seen a big brawl once at round bar (Pechanga)though.

Lately, I have lost some faith in the local PD’s ability to perform their duties.
http://www.nctimes.com/articles/2008/02/09/news/californian/temecula/21_79_342_8_08.txt
http://www.topix.net/forum/city/temecula-ca/TCF22JT07ETMI4H9D
http://www.pe.com/localnews/temecula/stories/PE_News_Local_S_sdead15.326a8db.html

[waiting for bottom]

This is for the guy (Nor_LA_SD Guy) who was questioned the $530K SEH house going in to escrow. Next time you acuse me of providing misleading info, check your facts.

http://www.sdlookup.com/MLS-081009826-1085_Brightwood_San_Marcos_CA_92078

Or this one bought for $944K in 2005 now selling for $650K.

http://www.sdlookup.com/MLS-086008651-1508_Clifftop_Ave_San_Marcos_CA_92078

Do you think the market isn’t falling?

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Never said prices were not falling.

Just my opinion but that one for 650K will probably sell.

Good luck to you.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Never said prices were not falling.

Just my opinion but that one for 650K will probably sell.

Good luck to you.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Never said prices were not falling.

Just my opinion but that one for 650K will probably sell.

Good luck to you.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Never said prices were not falling.

Just my opinion but that one for 650K will probably sell.

Good luck to you.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Never said prices were not falling.

Just my opinion but that one for 650K will probably sell.

Good luck to you.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Also Sorry,
Seems you were correct on the SEH MLS.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Also Sorry,
Seems you were correct on the SEH MLS.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Also Sorry,
Seems you were correct on the SEH MLS.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Also Sorry,
Seems you were correct on the SEH MLS.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

Waiting,

Also Sorry,
Seems you were correct on the SEH MLS.

[waiting for bottom]

This is for the guy (Nor_LA_SD Guy) who was questioned the $530K SEH house going in to escrow. Next time you acuse me of providing misleading info, check your facts.

http://www.sdlookup.com/MLS-081009826-1085_Brightwood_San_Marcos_CA_92078

Or this one bought for $944K in 2005 now selling for $650K.

http://www.sdlookup.com/MLS-086008651-1508_Clifftop_Ave_San_Marcos_CA_92078

Do you think the market isn’t falling?

[waiting for bottom]

This is for the guy (Nor_LA_SD Guy) who was questioned the $530K SEH house going in to escrow. Next time you acuse me of providing misleading info, check your facts.

http://www.sdlookup.com/MLS-081009826-1085_Brightwood_San_Marcos_CA_92078

Or this one bought for $944K in 2005 now selling for $650K.

http://www.sdlookup.com/MLS-086008651-1508_Clifftop_Ave_San_Marcos_CA_92078

Do you think the market isn’t falling?

[waiting for bottom]

This is for the guy (Nor_LA_SD Guy) who was questioned the $530K SEH house going in to escrow. Next time you acuse me of providing misleading info, check your facts.

http://www.sdlookup.com/MLS-081009826-1085_Brightwood_San_Marcos_CA_92078

Or this one bought for $944K in 2005 now selling for $650K.

http://www.sdlookup.com/MLS-086008651-1508_Clifftop_Ave_San_Marcos_CA_92078

Do you think the market isn’t falling?

[waiting for bottom]

This is for the guy (Nor_LA_SD Guy) who was questioned the $530K SEH house going in to escrow. Next time you acuse me of providing misleading info, check your facts.

http://www.sdlookup.com/MLS-081009826-1085_Brightwood_San_Marcos_CA_92078

Or this one bought for $944K in 2005 now selling for $650K.

http://www.sdlookup.com/MLS-086008651-1508_Clifftop_Ave_San_Marcos_CA_92078

Do you think the market isn’t falling?

[hipmatt]

I have lived in Temecula since 1990. Yes it was a smaller town then, but crime has gotten much worse since then. It is still a safe community, relative to other areas, but not like it was 18 years ago. Seems like there is a bank robbery in the valley once a month these days. My home in Harveston was vandalized, and vehicle theft has risen dramatically as well.

I knew one of the murder victims personally you were talking about in the murder/suicide, and while it didn’t have anything to do with gangs or the local environment, there have been more of these events lately. There was a mans body found somewhere by Jack in the Box on Jefferson within the last year. Some friends I know that work loss prevention at 2 different large box retailers in Temecula have told me that theft is up. Fraud and counterfeiting is up too. And since I don’t visit Pechanga and Pala, but twice a year or so, I haven’t been keeping up on the casino related crime, but to speculate, I bet that they keep most of that bad stuff under the carpet. Bad PR for those places would result in BIG losses for the casinos. I have seen a big brawl once at round bar (Pechanga)though.

Lately, I have lost some faith in the local PD’s ability to perform their duties.
http://www.nctimes.com/articles/2008/02/09/news/californian/temecula/21_79_342_8_08.txt
http://www.topix.net/forum/city/temecula-ca/TCF22JT07ETMI4H9D
http://www.pe.com/localnews/temecula/stories/PE_News_Local_S_sdead15.326a8db.html

[hipmatt]

I have lived in Temecula since 1990. Yes it was a smaller town then, but crime has gotten much worse since then. It is still a safe community, relative to other areas, but not like it was 18 years ago. Seems like there is a bank robbery in the valley once a month these days. My home in Harveston was vandalized, and vehicle theft has risen dramatically as well.

I knew one of the murder victims personally you were talking about in the murder/suicide, and while it didn’t have anything to do with gangs or the local environment, there have been more of these events lately. There was a mans body found somewhere by Jack in the Box on Jefferson within the last year. Some friends I know that work loss prevention at 2 different large box retailers in Temecula have told me that theft is up. Fraud and counterfeiting is up too. And since I don’t visit Pechanga and Pala, but twice a year or so, I haven’t been keeping up on the casino related crime, but to speculate, I bet that they keep most of that bad stuff under the carpet. Bad PR for those places would result in BIG losses for the casinos. I have seen a big brawl once at round bar (Pechanga)though.

Lately, I have lost some faith in the local PD’s ability to perform their duties.
http://www.nctimes.com/articles/2008/02/09/news/californian/temecula/21_79_342_8_08.txt
http://www.topix.net/forum/city/temecula-ca/TCF22JT07ETMI4H9D
http://www.pe.com/localnews/temecula/stories/PE_News_Local_S_sdead15.326a8db.html

[hipmatt]

I have lived in Temecula since 1990. Yes it was a smaller town then, but crime has gotten much worse since then. It is still a safe community, relative to other areas, but not like it was 18 years ago. Seems like there is a bank robbery in the valley once a month these days. My home in Harveston was vandalized, and vehicle theft has risen dramatically as well.

I knew one of the murder victims personally you were talking about in the murder/suicide, and while it didn’t have anything to do with gangs or the local environment, there have been more of these events lately. There was a mans body found somewhere by Jack in the Box on Jefferson within the last year. Some friends I know that work loss prevention at 2 different large box retailers in Temecula have told me that theft is up. Fraud and counterfeiting is up too. And since I don’t visit Pechanga and Pala, but twice a year or so, I haven’t been keeping up on the casino related crime, but to speculate, I bet that they keep most of that bad stuff under the carpet. Bad PR for those places would result in BIG losses for the casinos. I have seen a big brawl once at round bar (Pechanga)though.

Lately, I have lost some faith in the local PD’s ability to perform their duties.
http://www.nctimes.com/articles/2008/02/09/news/californian/temecula/21_79_342_8_08.txt
http://www.topix.net/forum/city/temecula-ca/TCF22JT07ETMI4H9D
http://www.pe.com/localnews/temecula/stories/PE_News_Local_S_sdead15.326a8db.html

[hipmatt]

I have lived in Temecula since 1990. Yes it was a smaller town then, but crime has gotten much worse since then. It is still a safe community, relative to other areas, but not like it was 18 years ago. Seems like there is a bank robbery in the valley once a month these days. My home in Harveston was vandalized, and vehicle theft has risen dramatically as well.

I knew one of the murder victims personally you were talking about in the murder/suicide, and while it didn’t have anything to do with gangs or the local environment, there have been more of these events lately. There was a mans body found somewhere by Jack in the Box on Jefferson within the last year. Some friends I know that work loss prevention at 2 different large box retailers in Temecula have told me that theft is up. Fraud and counterfeiting is up too. And since I don’t visit Pechanga and Pala, but twice a year or so, I haven’t been keeping up on the casino related crime, but to speculate, I bet that they keep most of that bad stuff under the carpet. Bad PR for those places would result in BIG losses for the casinos. I have seen a big brawl once at round bar (Pechanga)though.

Lately, I have lost some faith in the local PD’s ability to perform their duties.
http://www.nctimes.com/articles/2008/02/09/news/californian/temecula/21_79_342_8_08.txt
http://www.topix.net/forum/city/temecula-ca/TCF22JT07ETMI4H9D
http://www.pe.com/localnews/temecula/stories/PE_News_Local_S_sdead15.326a8db.html

[paramount]

If a person knocks another person down, and the person knocked down is unconscious/not breathing as a result and the perp then leaves the scene with no other persons around – that comes under the category of left to die IMO. It just so happened a neighbor not involved in the incident came to her aid.

That neighbor also stated there had been more graffiti on community walls among other incidents. I’m calling for a crackdown on crime in Temecula – including gang activity before it gets out of control.

Two summers ago Paloma Del Sol was on lock down for ~ 2hours due to gang activity. I’ve had enough – zero tolerance.

And just for the record – I don’t care that you don’t care. Unlike some other wack jobs on this forum, I appreciate your comments but don’t worship TG.

[paramount]

If a person knocks another person down, and the person knocked down is unconscious/not breathing as a result and the perp then leaves the scene with no other persons around – that comes under the category of left to die IMO. It just so happened a neighbor not involved in the incident came to her aid.

That neighbor also stated there had been more graffiti on community walls among other incidents. I’m calling for a crackdown on crime in Temecula – including gang activity before it gets out of control.

Two summers ago Paloma Del Sol was on lock down for ~ 2hours due to gang activity. I’ve had enough – zero tolerance.

And just for the record – I don’t care that you don’t care. Unlike some other wack jobs on this forum, I appreciate your comments but don’t worship TG.

[paramount]

If a person knocks another person down, and the person knocked down is unconscious/not breathing as a result and the perp then leaves the scene with no other persons around – that comes under the category of left to die IMO. It just so happened a neighbor not involved in the incident came to her aid.

That neighbor also stated there had been more graffiti on community walls among other incidents. I’m calling for a crackdown on crime in Temecula – including gang activity before it gets out of control.

Two summers ago Paloma Del Sol was on lock down for ~ 2hours due to gang activity. I’ve had enough – zero tolerance.

And just for the record – I don’t care that you don’t care. Unlike some other wack jobs on this forum, I appreciate your comments but don’t worship TG.

[paramount]

If a person knocks another person down, and the person knocked down is unconscious/not breathing as a result and the perp then leaves the scene with no other persons around – that comes under the category of left to die IMO. It just so happened a neighbor not involved in the incident came to her aid.

That neighbor also stated there had been more graffiti on community walls among other incidents. I’m calling for a crackdown on crime in Temecula – including gang activity before it gets out of control.

Two summers ago Paloma Del Sol was on lock down for ~ 2hours due to gang activity. I’ve had enough – zero tolerance.

And just for the record – I don’t care that you don’t care. Unlike some other wack jobs on this forum, I appreciate your comments but don’t worship TG.

[temeculaguy]

It’s very likely I missed one, I don’t always read the newspaper but I did mention the one in an apartment complex, that was the follow home from Harrahs by the fallbrook gang member. The other one you mentioned doesn’t stat as a murder just yet because she is in the hospital and don’t dramatize it with “left to die” people called the police and ambulance right away. The synopsis is that two boys were fighting over her, she tried to intervene, got pushed or hit, hit her head on the curb and is now on life support, tragedy, but hardly something that can attributed to a specific area, these things happen, high school boys fight every day, I did and I grew up in one of the nicest places known and even as a boy I remember a kid who got into a high school fight, got hit once and somehow died. But we didn’t pack up and move because it was unsafe for me to be raised there.

Do what you like, move somewhere else, I don’t care, but it would be irrational. Is Sabre springs/Scripps unsafe because of the Westerfield case? In reality it is probably safer now, but in the months that followed people moved out because of fear and there were bargains to be had in that neighborhood. How about Rancho Santa Fe after Heavans Gate, the worst mass suicide in the country’s history? Does it make you fear you will join a cult and kill yourself? Or Brentwood after O.J. Simpson. You have to look at cases specifically and realize the risk factors. No matter where you live, if you have a crazy spouse or ex-spouse, or a crazy relative who owns a gun, isn’t taking their medication and is mad at you, it really doesn’t matter where you live. Since almost every case that has you worried has some sort of domestic angle and 4 of the cases was a single event, be careful who you live with rather than where you live.

I also won’t argue that during my almost 20 years here, it hasn’t gotten worse or at least the volume hasn’t risen. When there were 30k people here, there was less to read about. Now that the valley has more than 300k, 100k in Temecula city limits alone. It would seem like there are ten times more incidents,there should be, but that isn’t how you measure risk, you measure crimes per thousand residents, not totals.

[temeculaguy]

It’s very likely I missed one, I don’t always read the newspaper but I did mention the one in an apartment complex, that was the follow home from Harrahs by the fallbrook gang member. The other one you mentioned doesn’t stat as a murder just yet because she is in the hospital and don’t dramatize it with “left to die” people called the police and ambulance right away. The synopsis is that two boys were fighting over her, she tried to intervene, got pushed or hit, hit her head on the curb and is now on life support, tragedy, but hardly something that can attributed to a specific area, these things happen, high school boys fight every day, I did and I grew up in one of the nicest places known and even as a boy I remember a kid who got into a high school fight, got hit once and somehow died. But we didn’t pack up and move because it was unsafe for me to be raised there.

Do what you like, move somewhere else, I don’t care, but it would be irrational. Is Sabre springs/Scripps unsafe because of the Westerfield case? In reality it is probably safer now, but in the months that followed people moved out because of fear and there were bargains to be had in that neighborhood. How about Rancho Santa Fe after Heavans Gate, the worst mass suicide in the country’s history? Does it make you fear you will join a cult and kill yourself? Or Brentwood after O.J. Simpson. You have to look at cases specifically and realize the risk factors. No matter where you live, if you have a crazy spouse or ex-spouse, or a crazy relative who owns a gun, isn’t taking their medication and is mad at you, it really doesn’t matter where you live. Since almost every case that has you worried has some sort of domestic angle and 4 of the cases was a single event, be careful who you live with rather than where you live.

I also won’t argue that during my almost 20 years here, it hasn’t gotten worse or at least the volume hasn’t risen. When there were 30k people here, there was less to read about. Now that the valley has more than 300k, 100k in Temecula city limits alone. It would seem like there are ten times more incidents,there should be, but that isn’t how you measure risk, you measure crimes per thousand residents, not totals.

[temeculaguy]

It’s very likely I missed one, I don’t always read the newspaper but I did mention the one in an apartment complex, that was the follow home from Harrahs by the fallbrook gang member. The other one you mentioned doesn’t stat as a murder just yet because she is in the hospital and don’t dramatize it with “left to die” people called the police and ambulance right away. The synopsis is that two boys were fighting over her, she tried to intervene, got pushed or hit, hit her head on the curb and is now on life support, tragedy, but hardly something that can attributed to a specific area, these things happen, high school boys fight every day, I did and I grew up in one of the nicest places known and even as a boy I remember a kid who got into a high school fight, got hit once and somehow died. But we didn’t pack up and move because it was unsafe for me to be raised there.

Do what you like, move somewhere else, I don’t care, but it would be irrational. Is Sabre springs/Scripps unsafe because of the Westerfield case? In reality it is probably safer now, but in the months that followed people moved out because of fear and there were bargains to be had in that neighborhood. How about Rancho Santa Fe after Heavans Gate, the worst mass suicide in the country’s history? Does it make you fear you will join a cult and kill yourself? Or Brentwood after O.J. Simpson. You have to look at cases specifically and realize the risk factors. No matter where you live, if you have a crazy spouse or ex-spouse, or a crazy relative who owns a gun, isn’t taking their medication and is mad at you, it really doesn’t matter where you live. Since almost every case that has you worried has some sort of domestic angle and 4 of the cases was a single event, be careful who you live with rather than where you live.

I also won’t argue that during my almost 20 years here, it hasn’t gotten worse or at least the volume hasn’t risen. When there were 30k people here, there was less to read about. Now that the valley has more than 300k, 100k in Temecula city limits alone. It would seem like there are ten times more incidents,there should be, but that isn’t how you measure risk, you measure crimes per thousand residents, not totals.

[temeculaguy]

It’s very likely I missed one, I don’t always read the newspaper but I did mention the one in an apartment complex, that was the follow home from Harrahs by the fallbrook gang member. The other one you mentioned doesn’t stat as a murder just yet because she is in the hospital and don’t dramatize it with “left to die” people called the police and ambulance right away. The synopsis is that two boys were fighting over her, she tried to intervene, got pushed or hit, hit her head on the curb and is now on life support, tragedy, but hardly something that can attributed to a specific area, these things happen, high school boys fight every day, I did and I grew up in one of the nicest places known and even as a boy I remember a kid who got into a high school fight, got hit once and somehow died. But we didn’t pack up and move because it was unsafe for me to be raised there.

Do what you like, move somewhere else, I don’t care, but it would be irrational. Is Sabre springs/Scripps unsafe because of the Westerfield case? In reality it is probably safer now, but in the months that followed people moved out because of fear and there were bargains to be had in that neighborhood. How about Rancho Santa Fe after Heavans Gate, the worst mass suicide in the country’s history? Does it make you fear you will join a cult and kill yourself? Or Brentwood after O.J. Simpson. You have to look at cases specifically and realize the risk factors. No matter where you live, if you have a crazy spouse or ex-spouse, or a crazy relative who owns a gun, isn’t taking their medication and is mad at you, it really doesn’t matter where you live. Since almost every case that has you worried has some sort of domestic angle and 4 of the cases was a single event, be careful who you live with rather than where you live.

I also won’t argue that during my almost 20 years here, it hasn’t gotten worse or at least the volume hasn’t risen. When there were 30k people here, there was less to read about. Now that the valley has more than 300k, 100k in Temecula city limits alone. It would seem like there are ten times more incidents,there should be, but that isn’t how you measure risk, you measure crimes per thousand residents, not totals.

[paramount]

Just a second TG…

I think you left out at least one murder that took place recently in an apt. complex in Temecula (still no arrests as I recall), and also the young girl who was left to die on the streets just this past week. Overall there were 7 murders and 38 robberies in Temecula during 2007.

I have lived in Temecula long enough to know when crime is on the rise – maybe recent crime is an anomaly, and then again maybe not…

[paramount]

Just a second TG…

I think you left out at least one murder that took place recently in an apt. complex in Temecula (still no arrests as I recall), and also the young girl who was left to die on the streets just this past week. Overall there were 7 murders and 38 robberies in Temecula during 2007.

I have lived in Temecula long enough to know when crime is on the rise – maybe recent crime is an anomaly, and then again maybe not…

[paramount]

Just a second TG…

I think you left out at least one murder that took place recently in an apt. complex in Temecula (still no arrests as I recall), and also the young girl who was left to die on the streets just this past week. Overall there were 7 murders and 38 robberies in Temecula during 2007.

I have lived in Temecula long enough to know when crime is on the rise – maybe recent crime is an anomaly, and then again maybe not…

[paramount]

Just a second TG…

I think you left out at least one murder that took place recently in an apt. complex in Temecula (still no arrests as I recall), and also the young girl who was left to die on the streets just this past week. Overall there were 7 murders and 38 robberies in Temecula during 2007.

I have lived in Temecula long enough to know when crime is on the rise – maybe recent crime is an anomaly, and then again maybe not…

[SD Realtor]

PW sorry for being dense and not reading your question correctly. Actually most of my clients are more adept buyers. They are working with me mainly because of the rebate or from personal referrals so they do not require any sort of advice in that area. The question is a bit trickier because for me to say use a replacement cost of x$ based on a quite from a contractor would be a liability for me. The problem is that this sort of analysis is much to volatile and will change based on demand and who knows if joe contractor I got that quote from will be around. I understand your point and it makes sense but my advice would be to use a replacement cost based on the current comps MINUS the assessment of the land that can be gained from your property tax statement. Is that accurate? mmmm I would say it is debateable. Can it lead to overinsured valuations? YES. Is it better to be overinsured rather then underinsured? YES.

I like your point and for more sophisticated homeowners like yourself, it is more then likely the way to go. Additionally homeowners neglect that they should absolutely reassess the amount of coverage they have on the dwelling each year and adjust that value each year based on the direction of the market.

Do I have time to do that for my rentals? Heck no…

Those who give good advice rarely follow it…

[SD Realtor]

PW sorry for being dense and not reading your question correctly. Actually most of my clients are more adept buyers. They are working with me mainly because of the rebate or from personal referrals so they do not require any sort of advice in that area. The question is a bit trickier because for me to say use a replacement cost of x$ based on a quite from a contractor would be a liability for me. The problem is that this sort of analysis is much to volatile and will change based on demand and who knows if joe contractor I got that quote from will be around. I understand your point and it makes sense but my advice would be to use a replacement cost based on the current comps MINUS the assessment of the land that can be gained from your property tax statement. Is that accurate? mmmm I would say it is debateable. Can it lead to overinsured valuations? YES. Is it better to be overinsured rather then underinsured? YES.

I like your point and for more sophisticated homeowners like yourself, it is more then likely the way to go. Additionally homeowners neglect that they should absolutely reassess the amount of coverage they have on the dwelling each year and adjust that value each year based on the direction of the market.

Do I have time to do that for my rentals? Heck no…

Those who give good advice rarely follow it…

[SD Realtor]

PW sorry for being dense and not reading your question correctly. Actually most of my clients are more adept buyers. They are working with me mainly because of the rebate or from personal referrals so they do not require any sort of advice in that area. The question is a bit trickier because for me to say use a replacement cost of x$ based on a quite from a contractor would be a liability for me. The problem is that this sort of analysis is much to volatile and will change based on demand and who knows if joe contractor I got that quote from will be around. I understand your point and it makes sense but my advice would be to use a replacement cost based on the current comps MINUS the assessment of the land that can be gained from your property tax statement. Is that accurate? mmmm I would say it is debateable. Can it lead to overinsured valuations? YES. Is it better to be overinsured rather then underinsured? YES.

I like your point and for more sophisticated homeowners like yourself, it is more then likely the way to go. Additionally homeowners neglect that they should absolutely reassess the amount of coverage they have on the dwelling each year and adjust that value each year based on the direction of the market.

Do I have time to do that for my rentals? Heck no…

Those who give good advice rarely follow it…

[SD Realtor]

PW sorry for being dense and not reading your question correctly. Actually most of my clients are more adept buyers. They are working with me mainly because of the rebate or from personal referrals so they do not require any sort of advice in that area. The question is a bit trickier because for me to say use a replacement cost of x$ based on a quite from a contractor would be a liability for me. The problem is that this sort of analysis is much to volatile and will change based on demand and who knows if joe contractor I got that quote from will be around. I understand your point and it makes sense but my advice would be to use a replacement cost based on the current comps MINUS the assessment of the land that can be gained from your property tax statement. Is that accurate? mmmm I would say it is debateable. Can it lead to overinsured valuations? YES. Is it better to be overinsured rather then underinsured? YES.

I like your point and for more sophisticated homeowners like yourself, it is more then likely the way to go. Additionally homeowners neglect that they should absolutely reassess the amount of coverage they have on the dwelling each year and adjust that value each year based on the direction of the market.

Do I have time to do that for my rentals? Heck no…

Those who give good advice rarely follow it…

[patientlywaiting]

SD Realtor, my question was: how much of dwelling replacement insurance coverage homeowners should carry on their homes? If replacement cost (to build a new house on owned land) is less than $130/sf it would be foolish to be over-insured. I was thinking that new buyers need to obtain HO insurance and they might ask you what coverage they should carry.

Vizcaya, 10 or 15 years might just about get you even. Don’t forget inflation, and ownership premium. Even if house prices recover to previous levels, those two factors alone will result in heavy losses to the people who stuck it out. That’s not to mention that they end-up with 15-year-old houses that will need repairs while the newer houses will have better technology such a new appliances and perhaps the latest tech gizmos such as fiber optics and solar panels.

During the recession, I expect heavy out-migration from high cost areas such as San Diego, perhaps proportionately more than we had in the early 1990s recession.

[patientlywaiting]

SD Realtor, my question was: how much of dwelling replacement insurance coverage homeowners should carry on their homes? If replacement cost (to build a new house on owned land) is less than $130/sf it would be foolish to be over-insured. I was thinking that new buyers need to obtain HO insurance and they might ask you what coverage they should carry.

Vizcaya, 10 or 15 years might just about get you even. Don’t forget inflation, and ownership premium. Even if house prices recover to previous levels, those two factors alone will result in heavy losses to the people who stuck it out. That’s not to mention that they end-up with 15-year-old houses that will need repairs while the newer houses will have better technology such a new appliances and perhaps the latest tech gizmos such as fiber optics and solar panels.

During the recession, I expect heavy out-migration from high cost areas such as San Diego, perhaps proportionately more than we had in the early 1990s recession.

[patientlywaiting]

SD Realtor, my question was: how much of dwelling replacement insurance coverage homeowners should carry on their homes? If replacement cost (to build a new house on owned land) is less than $130/sf it would be foolish to be over-insured. I was thinking that new buyers need to obtain HO insurance and they might ask you what coverage they should carry.

Vizcaya, 10 or 15 years might just about get you even. Don’t forget inflation, and ownership premium. Even if house prices recover to previous levels, those two factors alone will result in heavy losses to the people who stuck it out. That’s not to mention that they end-up with 15-year-old houses that will need repairs while the newer houses will have better technology such a new appliances and perhaps the latest tech gizmos such as fiber optics and solar panels.

During the recession, I expect heavy out-migration from high cost areas such as San Diego, perhaps proportionately more than we had in the early 1990s recession.

[patientlywaiting]

SD Realtor, my question was: how much of dwelling replacement insurance coverage homeowners should carry on their homes? If replacement cost (to build a new house on owned land) is less than $130/sf it would be foolish to be over-insured. I was thinking that new buyers need to obtain HO insurance and they might ask you what coverage they should carry.

Vizcaya, 10 or 15 years might just about get you even. Don’t forget inflation, and ownership premium. Even if house prices recover to previous levels, those two factors alone will result in heavy losses to the people who stuck it out. That’s not to mention that they end-up with 15-year-old houses that will need repairs while the newer houses will have better technology such a new appliances and perhaps the latest tech gizmos such as fiber optics and solar panels.

During the recession, I expect heavy out-migration from high cost areas such as San Diego, perhaps proportionately more than we had in the early 1990s recession.

[SD Realtor]

VC sorry to hear about your reticence. However no pity. I was one of those who advised you that whatever you did, be prepared for more depreciation. One can never identify the bottom but certainly one indicator would be volume leveling off… so if you walk away or work out the plan with your parents or whatever you do, if you do buy again, perhaps waiting until volume levels off would be a good thing.

To not realize that Temecula is on the heavy side of slope down is a large miss on your part. The fact is that Temecula/Riverside and other outlying areas will indeed bottom out sooner then more desireable areas. However when they do bottom I would expect them to stay flat for awhile and stay in a narrow range that will be defined by the investor participation to scoop up properties for rentals because raw buyer demand will not be sufficient out there.

PW – My advice for clients (who are buyers) is for them to scrub out a THOROUGH budget for the costs of owning the home. Regardless of whether it is owner occupied or a rental. Neglecting all the recurring costs one is saddled with for owning a home is not an option.

As far as building a home out in Temec or anywhere out there, I believe (like you I think) that it will indeed go low enough that you can get as good as, or close to the pricing of a build yourself and there is ALOT less hassle involved.

SD Realtor

[SD Realtor]

VC sorry to hear about your reticence. However no pity. I was one of those who advised you that whatever you did, be prepared for more depreciation. One can never identify the bottom but certainly one indicator would be volume leveling off… so if you walk away or work out the plan with your parents or whatever you do, if you do buy again, perhaps waiting until volume levels off would be a good thing.

To not realize that Temecula is on the heavy side of slope down is a large miss on your part. The fact is that Temecula/Riverside and other outlying areas will indeed bottom out sooner then more desireable areas. However when they do bottom I would expect them to stay flat for awhile and stay in a narrow range that will be defined by the investor participation to scoop up properties for rentals because raw buyer demand will not be sufficient out there.

PW – My advice for clients (who are buyers) is for them to scrub out a THOROUGH budget for the costs of owning the home. Regardless of whether it is owner occupied or a rental. Neglecting all the recurring costs one is saddled with for owning a home is not an option.

As far as building a home out in Temec or anywhere out there, I believe (like you I think) that it will indeed go low enough that you can get as good as, or close to the pricing of a build yourself and there is ALOT less hassle involved.

SD Realtor

[SD Realtor]

VC sorry to hear about your reticence. However no pity. I was one of those who advised you that whatever you did, be prepared for more depreciation. One can never identify the bottom but certainly one indicator would be volume leveling off… so if you walk away or work out the plan with your parents or whatever you do, if you do buy again, perhaps waiting until volume levels off would be a good thing.

To not realize that Temecula is on the heavy side of slope down is a large miss on your part. The fact is that Temecula/Riverside and other outlying areas will indeed bottom out sooner then more desireable areas. However when they do bottom I would expect them to stay flat for awhile and stay in a narrow range that will be defined by the investor participation to scoop up properties for rentals because raw buyer demand will not be sufficient out there.

PW – My advice for clients (who are buyers) is for them to scrub out a THOROUGH budget for the costs of owning the home. Regardless of whether it is owner occupied or a rental. Neglecting all the recurring costs one is saddled with for owning a home is not an option.

As far as building a home out in Temec or anywhere out there, I believe (like you I think) that it will indeed go low enough that you can get as good as, or close to the pricing of a build yourself and there is ALOT less hassle involved.

SD Realtor

[SD Realtor]

VC sorry to hear about your reticence. However no pity. I was one of those who advised you that whatever you did, be prepared for more depreciation. One can never identify the bottom but certainly one indicator would be volume leveling off… so if you walk away or work out the plan with your parents or whatever you do, if you do buy again, perhaps waiting until volume levels off would be a good thing.

To not realize that Temecula is on the heavy side of slope down is a large miss on your part. The fact is that Temecula/Riverside and other outlying areas will indeed bottom out sooner then more desireable areas. However when they do bottom I would expect them to stay flat for awhile and stay in a narrow range that will be defined by the investor participation to scoop up properties for rentals because raw buyer demand will not be sufficient out there.

PW – My advice for clients (who are buyers) is for them to scrub out a THOROUGH budget for the costs of owning the home. Regardless of whether it is owner occupied or a rental. Neglecting all the recurring costs one is saddled with for owning a home is not an option.

As far as building a home out in Temec or anywhere out there, I believe (like you I think) that it will indeed go low enough that you can get as good as, or close to the pricing of a build yourself and there is ALOT less hassle involved.

SD Realtor

[patientlywaiting]

Hipmatt, $104/sf including the land is a pretty good deal already (although I think it’ll go much lower in Temecula). I know someone who build a house in Riverside for $130/sf excluding the land. His house is custom but I would say that it’s no better than a tract house.

BTW, SD Realtor, what are you advising your clients on homeowners’ insurance, dwelling coverage portion, for a typical suburban tract house?

[patientlywaiting]

Hipmatt, $104/sf including the land is a pretty good deal already (although I think it’ll go much lower in Temecula). I know someone who build a house in Riverside for $130/sf excluding the land. His house is custom but I would say that it’s no better than a tract house.

BTW, SD Realtor, what are you advising your clients on homeowners’ insurance, dwelling coverage portion, for a typical suburban tract house?

[patientlywaiting]

Hipmatt, $104/sf including the land is a pretty good deal already (although I think it’ll go much lower in Temecula). I know someone who build a house in Riverside for $130/sf excluding the land. His house is custom but I would say that it’s no better than a tract house.

BTW, SD Realtor, what are you advising your clients on homeowners’ insurance, dwelling coverage portion, for a typical suburban tract house?

[patientlywaiting]

Hipmatt, $104/sf including the land is a pretty good deal already (although I think it’ll go much lower in Temecula). I know someone who build a house in Riverside for $130/sf excluding the land. His house is custom but I would say that it’s no better than a tract house.

BTW, SD Realtor, what are you advising your clients on homeowners’ insurance, dwelling coverage portion, for a typical suburban tract house?

[Nor-LA-SD-guy]

Nor-La-SD-Guy

No expert claim here, But My theory on this RE bust is this,

RE prices will stabilize at the maximum collective unhappiness Level,

Ie.. At the price where owners hoping for the return to 2005 highs give up hope,

And at the price that will still be too expensive for most to afford (except maybe Temecula valley and like areas where I think we are already seeing some good buying points here and there in My opinion ).

Good luck to all.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

No expert claim here, But My theory on this RE bust is this,

RE prices will stabilize at the maximum collective unhappiness Level,

Ie.. At the price where owners hoping for the return to 2005 highs give up hope,

And at the price that will still be too expensive for most to afford (except maybe Temecula valley and like areas where I think we are already seeing some good buying points here and there in My opinion ).

Good luck to all.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

No expert claim here, But My theory on this RE bust is this,

RE prices will stabilize at the maximum collective unhappiness Level,

Ie.. At the price where owners hoping for the return to 2005 highs give up hope,

And at the price that will still be too expensive for most to afford (except maybe Temecula valley and like areas where I think we are already seeing some good buying points here and there in My opinion ).

Good luck to all.

[Nor-LA-SD-guy]

Nor-La-SD-Guy

No expert claim here, But My theory on this RE bust is this,

RE prices will stabilize at the maximum collective unhappiness Level,

Ie.. At the price where owners hoping for the return to 2005 highs give up hope,

And at the price that will still be too expensive for most to afford (except maybe Temecula valley and like areas where I think we are already seeing some good buying points here and there in My opinion ).

Good luck to all.

[temeculaguy]

Sandi, I have been married so you must be the luckiest guy in the world, nuff said, suprised you have the strength to type.

23109, you never said you CAN be in for the long haul all those months of posting, you talked youself into saying you “WERE” in it for the long haul. You didn’t believe us but you also didn’t get in at peak so you will not have to be at the bottom for as long as others, ride it out, let it burn in so than maybe next time you don’t decieve yourself, it’s an expensive lesson, you got off cheap. You also were making 150k and paying 1500 in rent but not saving anything so no matter what your payment is, there is a money management lesson that you need to learn while there is still time young Jedi. 58″ tv and video games, hmmmm. Dude you are inches from shopping for an H2 (inside joke to a friend), the difference is my friend got rich then played the game, you are playing the game to get rich.

To everyone asking, I should say that crime is an epidemic because I am betting on the fall but I am also afflicted with honesty, don’t fret or believe the hype, crime is not out of control in temecula. Just like there is doubt that 23109 found a house for so little (I think it may have been a short or a typo, thats a little too low for harveston) is also why a few murders in the newspaper don’t spell a crime wave. Two domestics and a third that was a San Diego case that spilled into Temecula doesn’t exactly get me nervous but the press always leaves that stuff out because they love getting you excited. Of the three I know of one was an adult son from Nevada who drove to Temecula and Shot his dad, stepmom and stepsiters then himself. If I live two streets away, how does that endanger me. The one in french valley was husband/wife murder suicide, again I’m safe, one of the few benefits of being divorced. The third was a Fallbrook gang member and a casino employee seen in an argument in a Valley Center casino, gang member follows the man home and shoots him in the parking lot, the man happened to live in an apartment in Temecula. That is the only one that concerns me because I argue with gang members in casinos sometimes, so I may have to move somewhere safer or just stop doing that.

Like always, a few examples never tell the story, I like the numbers, the averages, the odds, but then again, I could care less what anyone thinks because I’m not selling, I’m buying. I appreciate public defender throwing in his 2 cents and can think of no better person to ask the temperature than the guy with the thermometer.

atr, thanks, do post more for two reasons, I love compliments and your analysis was pretty damn good for a first timer, you’ve got game and if you change your mind the stalker position is still vacant and my paparazzi just quit.

[temeculaguy]

Sandi, I have been married so you must be the luckiest guy in the world, nuff said, suprised you have the strength to type.

23109, you never said you CAN be in for the long haul all those months of posting, you talked youself into saying you “WERE” in it for the long haul. You didn’t believe us but you also didn’t get in at peak so you will not have to be at the bottom for as long as others, ride it out, let it burn in so than maybe next time you don’t decieve yourself, it’s an expensive lesson, you got off cheap. You also were making 150k and paying 1500 in rent but not saving anything so no matter what your payment is, there is a money management lesson that you need to learn while there is still time young Jedi. 58″ tv and video games, hmmmm. Dude you are inches from shopping for an H2 (inside joke to a friend), the difference is my friend got rich then played the game, you are playing the game to get rich.

To everyone asking, I should say that crime is an epidemic because I am betting on the fall but I am also afflicted with honesty, don’t fret or believe the hype, crime is not out of control in temecula. Just like there is doubt that 23109 found a house for so little (I think it may have been a short or a typo, thats a little too low for harveston) is also why a few murders in the newspaper don’t spell a crime wave. Two domestics and a third that was a San Diego case that spilled into Temecula doesn’t exactly get me nervous but the press always leaves that stuff out because they love getting you excited. Of the three I know of one was an adult son from Nevada who drove to Temecula and Shot his dad, stepmom and stepsiters then himself. If I live two streets away, how does that endanger me. The one in french valley was husband/wife murder suicide, again I’m safe, one of the few benefits of being divorced. The third was a Fallbrook gang member and a casino employee seen in an argument in a Valley Center casino, gang member follows the man home and shoots him in the parking lot, the man happened to live in an apartment in Temecula. That is the only one that concerns me because I argue with gang members in casinos sometimes, so I may have to move somewhere safer or just stop doing that.

Like always, a few examples never tell the story, I like the numbers, the averages, the odds, but then again, I could care less what anyone thinks because I’m not selling, I’m buying. I appreciate public defender throwing in his 2 cents and can think of no better person to ask the temperature than the guy with the thermometer.

atr, thanks, do post more for two reasons, I love compliments and your analysis was pretty damn good for a first timer, you’ve got game and if you change your mind the stalker position is still vacant and my paparazzi just quit.

[temeculaguy]

Sandi, I have been married so you must be the luckiest guy in the world, nuff said, suprised you have the strength to type.

23109, you never said you CAN be in for the long haul all those months of posting, you talked youself into saying you “WERE” in it for the long haul. You didn’t believe us but you also didn’t get in at peak so you will not have to be at the bottom for as long as others, ride it out, let it burn in so than maybe next time you don’t decieve yourself, it’s an expensive lesson, you got off cheap. You also were making 150k and paying 1500 in rent but not saving anything so no matter what your payment is, there is a money management lesson that you need to learn while there is still time young Jedi. 58″ tv and video games, hmmmm. Dude you are inches from shopping for an H2 (inside joke to a friend), the difference is my friend got rich then played the game, you are playing the game to get rich.

To everyone asking, I should say that crime is an epidemic because I am betting on the fall but I am also afflicted with honesty, don’t fret or believe the hype, crime is not out of control in temecula. Just like there is doubt that 23109 found a house for so little (I think it may have been a short or a typo, thats a little too low for harveston) is also why a few murders in the newspaper don’t spell a crime wave. Two domestics and a third that was a San Diego case that spilled into Temecula doesn’t exactly get me nervous but the press always leaves that stuff out because they love getting you excited. Of the three I know of one was an adult son from Nevada who drove to Temecula and Shot his dad, stepmom and stepsiters then himself. If I live two streets away, how does that endanger me. The one in french valley was husband/wife murder suicide, again I’m safe, one of the few benefits of being divorced. The third was a Fallbrook gang member and a casino employee seen in an argument in a Valley Center casino, gang member follows the man home and shoots him in the parking lot, the man happened to live in an apartment in Temecula. That is the only one that concerns me because I argue with gang members in casinos sometimes, so I may have to move somewhere safer or just stop doing that.

Like always, a few examples never tell the story, I like the numbers, the averages, the odds, but then again, I could care less what anyone thinks because I’m not selling, I’m buying. I appreciate public defender throwing in his 2 cents and can think of no better person to ask the temperature than the guy with the thermometer.

atr, thanks, do post more for two reasons, I love compliments and your analysis was pretty damn good for a first timer, you’ve got game and if you change your mind the stalker position is still vacant and my paparazzi just quit.

[temeculaguy]

Sandi, I have been married so you must be the luckiest guy in the world, nuff said, suprised you have the strength to type.

23109, you never said you CAN be in for the long haul all those months of posting, you talked youself into saying you “WERE” in it for the long haul. You didn’t believe us but you also didn’t get in at peak so you will not have to be at the bottom for as long as others, ride it out, let it burn in so than maybe next time you don’t decieve yourself, it’s an expensive lesson, you got off cheap. You also were making 150k and paying 1500 in rent but not saving anything so no matter what your payment is, there is a money management lesson that you need to learn while there is still time young Jedi. 58″ tv and video games, hmmmm. Dude you are inches from shopping for an H2 (inside joke to a friend), the difference is my friend got rich then played the game, you are playing the game to get rich.

To everyone asking, I should say that crime is an epidemic because I am betting on the fall but I am also afflicted with honesty, don’t fret or believe the hype, crime is not out of control in temecula. Just like there is doubt that 23109 found a house for so little (I think it may have been a short or a typo, thats a little too low for harveston) is also why a few murders in the newspaper don’t spell a crime wave. Two domestics and a third that was a San Diego case that spilled into Temecula doesn’t exactly get me nervous but the press always leaves that stuff out because they love getting you excited. Of the three I know of one was an adult son from Nevada who drove to Temecula and Shot his dad, stepmom and stepsiters then himself. If I live two streets away, how does that endanger me. The one in french valley was husband/wife murder suicide, again I’m safe, one of the few benefits of being divorced. The third was a Fallbrook gang member and a casino employee seen in an argument in a Valley Center casino, gang member follows the man home and shoots him in the parking lot, the man happened to live in an apartment in Temecula. That is the only one that concerns me because I argue with gang members in casinos sometimes, so I may have to move somewhere safer or just stop doing that.

Like always, a few examples never tell the story, I like the numbers, the averages, the odds, but then again, I could care less what anyone thinks because I’m not selling, I’m buying. I appreciate public defender throwing in his 2 cents and can think of no better person to ask the temperature than the guy with the thermometer.

atr, thanks, do post more for two reasons, I love compliments and your analysis was pretty damn good for a first timer, you’ve got game and if you change your mind the stalker position is still vacant and my paparazzi just quit.

[hipmatt]

As a self professed expert on Harveston… I can say that I doubt there is a 3200sqft home in there for under $300k. The best $ per foot in Harveston is this….
http://redfin.com/stingray/do/printable-listing?listing-id=1275228

Now, I’m not saying that this won’t ever happen, in fact I think it is more likely than not to happen, but unlikely right now. We have a few more years of this you know.

[hipmatt]

As a self professed expert on Harveston… I can say that I doubt there is a 3200sqft home in there for under $300k. The best $ per foot in Harveston is this….
http://redfin.com/stingray/do/printable-listing?listing-id=1275228

Now, I’m not saying that this won’t ever happen, in fact I think it is more likely than not to happen, but unlikely right now. We have a few more years of this you know.

[hipmatt]

As a self professed expert on Harveston… I can say that I doubt there is a 3200sqft home in there for under $300k. The best $ per foot in Harveston is this….
http://redfin.com/stingray/do/printable-listing?listing-id=1275228

Now, I’m not saying that this won’t ever happen, in fact I think it is more likely than not to happen, but unlikely right now. We have a few more years of this you know.

[hipmatt]

As a self professed expert on Harveston… I can say that I doubt there is a 3200sqft home in there for under $300k. The best $ per foot in Harveston is this….
http://redfin.com/stingray/do/printable-listing?listing-id=1275228

Now, I’m not saying that this won’t ever happen, in fact I think it is more likely than not to happen, but unlikely right now. We have a few more years of this you know.

[Anonymous]

I’m a little confused here, not too long ago TG posted about how Temecula has the most cops per capita, second only to Carlsbad, now Temecula is south central L.A.?

[Anonymous]

I’m a little confused here, not too long ago TG posted about how Temecula has the most cops per capita, second only to Carlsbad, now Temecula is south central L.A.?

[Anonymous]

I’m a little confused here, not too long ago TG posted about how Temecula has the most cops per capita, second only to Carlsbad, now Temecula is south central L.A.?

[Anonymous]

I’m a little confused here, not too long ago TG posted about how Temecula has the most cops per capita, second only to Carlsbad, now Temecula is south central L.A.?

[paramount]

Crime stats? I might have been able to provide some, but in the last 6 months I have lost count on the number of murders and robberies in Temecula.

[paramount]

Crime stats? I might have been able to provide some, but in the last 6 months I have lost count on the number of murders and robberies in Temecula.

[paramount]

Crime stats? I might have been able to provide some, but in the last 6 months I have lost count on the number of murders and robberies in Temecula.

[paramount]

Crime stats? I might have been able to provide some, but in the last 6 months I have lost count on the number of murders and robberies in Temecula.

[drunkle]

what are the odds that a year from now, you’ll be posting the same thing… “houses are now 50k, criminals and drug addicts are everywhere and i’ve lost my job to boot! how do i buy a trailer home and ditch my current mort onto my folks? tell me what to do, i’m not going to listen anyway and i’m just here trying to convince myself that i’m doing the right thing!”

[23109VC]

These kinds of comments are uncalled for…. I expect more from the people here..

Anyway… some of you may have misunderstood my posts, or perhaps I failed to articulate my situation properly.

I am not in some sort of a frantic state and trying to unload my home. I like my house. I would have no problem living in it for the next 10 years… maybe I will. I don’t know.

I did consult a lot of people here for advice, and a fair amount of you said to NOT buy. I sought advice from other places too. I got a variety of opinions. Many of the educated, well informed, and trusted people I talked to felt the deal I was offered was too good to pass up. Many of you here at Piggington told me to forget about it. Everyone has an opinion. My wife and I did a LOT of thinking about the ups and downs and we ultimately chose to buy. We knew we might wind up upside down.

Candidly, we thought that if we wound up upside down that it would not be by that much. We felt that getting the house at 350k was a good deal, and that at worst, our house would fall to the very high 200s or low 300s. We never seriously thought it would fall to the low 200s. Now wtih the way things are looking, it seems that it may in fact fall that low.

So at the time, we made the best decision we could given the information we had at the time. Now things seem to be changing into a scenario we seriously did not consider a reality.

If our house falls down to 275k…and I owe 350k… I’m not gonna run out and try to dump it. The hassle, etc of it all simply would not be worth it.

BUT if my house is suddenly worth $150, and I owe $350… and I’m facing a $200,000 negative.. then maybe the SMART thing to do would be to get out of it, walk away, or in some other fashion get rid of the house.

I’m not looknig to do anything crooked, illegal, or underhanded. I’m simply trying to make an educated decision. In hindsight, I should not have bougth when I did.

BUt, if houses get so cheap, that you could buy a house identical to mine – with the nice location, nice yard, nice upgrades, etc.. for $200k less than I owe on mine, then maybe the “experts” would say to walk away.

I’m not motivated by greed, or a desire to just get something for nothing..just to make a good decision given the current situation. as times change, so will what is the best thing to do.

we all make decisions in life. when I graduated from school and took my first job, I had several offers, some in different parts of the state – i made the best decision I could at the time. maybe I should have chosen a different job back then, maybe not. no one can say for sure. i can’t go back and change my decisiont o buy the house. but I do feel that when I made the decision, we felt it was the right thing to do. so I don’t regret what I did, in light of the info I had at the time.

HIndsight is 20/20. and while many of you here will say that I neglected to listen – I did listen. but I didn’t just listen to you all here. keep in mind, this is some real estate blog…with names…I have no idea who you all are. some of you are probably well informed and affluent and know your stuff. some peole here could be pulling info out of thin air and just running their mouths. I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision. so I took the info here, and put it in teh pot with everything else. but never did I just say “i’m going to do whatever the random people n Piggington say to do”… maybe in hindsight I should have… but at the time, given my situation, given the info I had, I stillt hink I made the right decision…you have to look at decisions in the time/context which they are made.

it’s like Iraq. back when the deicsion to invade was made, a lot of people supported it. now in 2008, a lot of those people who said they supported it, would go back in time and say NO WAY. but back then – the info available was different. decisions are only as good as the info upon which they are based.

not trying to say I made the BEST decision…obviouslyt eh current market conditions show I did nto. but at the time, I think I made an informed one. given ALL the info I had.

so…now that I find myself in a declining market…I have to project what I will do. will I ride it out? maybe. it all depends on where the market goes. if it goes down a bit more, then I would probaby be well advised to sit tight and enjoy my nice clean house and not fret about prices etc.

but if prices fall to the bottom of the earth, and my house is 200k upside down, then maybe the smartest thing to do would be to get rid of it. i don’t know.

life is full of ups and downs. i never let the downs get me too down, because there will always be ups to counter them. and in the end, the most important thing is my family, my kids, and our health. All that is good. I know people who are doing far better than I am financially and I have seen them lose their health or their family due to not focusing on what is really important. so while I may post here, and ask questions, I don’t lie awake at ngiht worrying about the market and my houses value.

I am just a guy trying to do the best for his family. I make deicions based on the info I have, and sometime I make good ones and sometimes I make bad ones.

I married a wonderful woman – one of the best decisions I ever made was to marry her. I’d much rather have nailed that decision and mess up the house decision than the reverse. 🙂

as to crime – Temecula is no worse than anywhere else if you consider the socioeconomic levels of the population. You won’t get the volume of 187s in Scripps Ranch compared to Temecula or Murrieta, but that’s partially b/c Scripps has much much LESS n terms of low end housing – whereas Tem/Murr have more variation. Tem/Mur have a lot of nice areas where you find small amounts of crime/crappy people, but also numerous apartments/condos/lower end housing that attracts these types.

If you can afford to live in Scripps Ranch, I’d pick that over Temecula. If you can’t afford Scripps, but could afford a nice part of Temeulca, and had to choose between that or a run down part of Mira Mesa…I’d take Temecula.

But the bottom line is you will find crime everywhere that there are people.

[Anonymous]

23109VC: I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision.

VC, these “professionals” were not your friend. These people wanted to get paid . End of story. They knew that if you waited just a little longer, you could get a much better deal. They just neglected to tell you that. I’m not trying to be cruel, but next time think for yourself so you will be less likely to be taken advantage of. You had the same data available to you that all of us do.

To those complaining about the crime: there isn’t a lot of crime in Temecula. I moved here from LA county so I should know. If the Temecula police worked in LA County, they would be scared out of their mind-which is why they don’t work there. I’ve never had any problems here and I sincerely believe it’s a nice, safe place to raise children.

[patientlywaiting]

I think that most Realtors would agree with Hillary Clinton. You make the best decision at the moment based on the information provided by people who should know. Never mind your own judgement and your own research on whether the decision is warranted.

[patientlywaiting]

I think that most Realtors would agree with Hillary Clinton. You make the best decision at the moment based on the information provided by people who should know. Never mind your own judgement and your own research on whether the decision is warranted.

[patientlywaiting]

I think that most Realtors would agree with Hillary Clinton. You make the best decision at the moment based on the information provided by people who should know. Never mind your own judgement and your own research on whether the decision is warranted.

[patientlywaiting]

I think that most Realtors would agree with Hillary Clinton. You make the best decision at the moment based on the information provided by people who should know. Never mind your own judgement and your own research on whether the decision is warranted.

[patientlywaiting]

I think that most Realtors would agree with Hillary Clinton. You make the best decision at the moment based on the information provided by people who should know. Never mind your own judgement and your own research on whether the decision is warranted.

[Anonymous]

23109VC: I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision.

VC, these “professionals” were not your friend. These people wanted to get paid . End of story. They knew that if you waited just a little longer, you could get a much better deal. They just neglected to tell you that. I’m not trying to be cruel, but next time think for yourself so you will be less likely to be taken advantage of. You had the same data available to you that all of us do.

To those complaining about the crime: there isn’t a lot of crime in Temecula. I moved here from LA county so I should know. If the Temecula police worked in LA County, they would be scared out of their mind-which is why they don’t work there. I’ve never had any problems here and I sincerely believe it’s a nice, safe place to raise children.

[Anonymous]

23109VC: I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision.

VC, these “professionals” were not your friend. These people wanted to get paid . End of story. They knew that if you waited just a little longer, you could get a much better deal. They just neglected to tell you that. I’m not trying to be cruel, but next time think for yourself so you will be less likely to be taken advantage of. You had the same data available to you that all of us do.

To those complaining about the crime: there isn’t a lot of crime in Temecula. I moved here from LA county so I should know. If the Temecula police worked in LA County, they would be scared out of their mind-which is why they don’t work there. I’ve never had any problems here and I sincerely believe it’s a nice, safe place to raise children.

[Anonymous]

23109VC: I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision.

VC, these “professionals” were not your friend. These people wanted to get paid . End of story. They knew that if you waited just a little longer, you could get a much better deal. They just neglected to tell you that. I’m not trying to be cruel, but next time think for yourself so you will be less likely to be taken advantage of. You had the same data available to you that all of us do.

To those complaining about the crime: there isn’t a lot of crime in Temecula. I moved here from LA county so I should know. If the Temecula police worked in LA County, they would be scared out of their mind-which is why they don’t work there. I’ve never had any problems here and I sincerely believe it’s a nice, safe place to raise children.

[Anonymous]

23109VC: I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision.

VC, these “professionals” were not your friend. These people wanted to get paid . End of story. They knew that if you waited just a little longer, you could get a much better deal. They just neglected to tell you that. I’m not trying to be cruel, but next time think for yourself so you will be less likely to be taken advantage of. You had the same data available to you that all of us do.

To those complaining about the crime: there isn’t a lot of crime in Temecula. I moved here from LA county so I should know. If the Temecula police worked in LA County, they would be scared out of their mind-which is why they don’t work there. I’ve never had any problems here and I sincerely believe it’s a nice, safe place to raise children.

[gn]

23109VC,

Here’s a house similar to the one you bought for $350k. The seller is asking $300k, I wonder what it might sell for in today’s market.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1537536

[gn]

23109VC,

Here’s a house similar to the one you bought for $350k. The seller is asking $300k, I wonder what it might sell for in today’s market.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1537536

[gn]

23109VC,

Here’s a house similar to the one you bought for $350k. The seller is asking $300k, I wonder what it might sell for in today’s market.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1537536

[gn]

23109VC,

Here’s a house similar to the one you bought for $350k. The seller is asking $300k, I wonder what it might sell for in today’s market.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1537536

[gn]

23109VC,

Here’s a house similar to the one you bought for $350k. The seller is asking $300k, I wonder what it might sell for in today’s market.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1537536

[23109VC]

These kinds of comments are uncalled for…. I expect more from the people here..

Anyway… some of you may have misunderstood my posts, or perhaps I failed to articulate my situation properly.

I am not in some sort of a frantic state and trying to unload my home. I like my house. I would have no problem living in it for the next 10 years… maybe I will. I don’t know.

I did consult a lot of people here for advice, and a fair amount of you said to NOT buy. I sought advice from other places too. I got a variety of opinions. Many of the educated, well informed, and trusted people I talked to felt the deal I was offered was too good to pass up. Many of you here at Piggington told me to forget about it. Everyone has an opinion. My wife and I did a LOT of thinking about the ups and downs and we ultimately chose to buy. We knew we might wind up upside down.

Candidly, we thought that if we wound up upside down that it would not be by that much. We felt that getting the house at 350k was a good deal, and that at worst, our house would fall to the very high 200s or low 300s. We never seriously thought it would fall to the low 200s. Now wtih the way things are looking, it seems that it may in fact fall that low.

So at the time, we made the best decision we could given the information we had at the time. Now things seem to be changing into a scenario we seriously did not consider a reality.

If our house falls down to 275k…and I owe 350k… I’m not gonna run out and try to dump it. The hassle, etc of it all simply would not be worth it.

BUT if my house is suddenly worth $150, and I owe $350… and I’m facing a $200,000 negative.. then maybe the SMART thing to do would be to get out of it, walk away, or in some other fashion get rid of the house.

I’m not looknig to do anything crooked, illegal, or underhanded. I’m simply trying to make an educated decision. In hindsight, I should not have bougth when I did.

BUt, if houses get so cheap, that you could buy a house identical to mine – with the nice location, nice yard, nice upgrades, etc.. for $200k less than I owe on mine, then maybe the “experts” would say to walk away.

I’m not motivated by greed, or a desire to just get something for nothing..just to make a good decision given the current situation. as times change, so will what is the best thing to do.

we all make decisions in life. when I graduated from school and took my first job, I had several offers, some in different parts of the state – i made the best decision I could at the time. maybe I should have chosen a different job back then, maybe not. no one can say for sure. i can’t go back and change my decisiont o buy the house. but I do feel that when I made the decision, we felt it was the right thing to do. so I don’t regret what I did, in light of the info I had at the time.

HIndsight is 20/20. and while many of you here will say that I neglected to listen – I did listen. but I didn’t just listen to you all here. keep in mind, this is some real estate blog…with names…I have no idea who you all are. some of you are probably well informed and affluent and know your stuff. some peole here could be pulling info out of thin air and just running their mouths. I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision. so I took the info here, and put it in teh pot with everything else. but never did I just say “i’m going to do whatever the random people n Piggington say to do”… maybe in hindsight I should have… but at the time, given my situation, given the info I had, I stillt hink I made the right decision…you have to look at decisions in the time/context which they are made.

it’s like Iraq. back when the deicsion to invade was made, a lot of people supported it. now in 2008, a lot of those people who said they supported it, would go back in time and say NO WAY. but back then – the info available was different. decisions are only as good as the info upon which they are based.

not trying to say I made the BEST decision…obviouslyt eh current market conditions show I did nto. but at the time, I think I made an informed one. given ALL the info I had.

so…now that I find myself in a declining market…I have to project what I will do. will I ride it out? maybe. it all depends on where the market goes. if it goes down a bit more, then I would probaby be well advised to sit tight and enjoy my nice clean house and not fret about prices etc.

but if prices fall to the bottom of the earth, and my house is 200k upside down, then maybe the smartest thing to do would be to get rid of it. i don’t know.

life is full of ups and downs. i never let the downs get me too down, because there will always be ups to counter them. and in the end, the most important thing is my family, my kids, and our health. All that is good. I know people who are doing far better than I am financially and I have seen them lose their health or their family due to not focusing on what is really important. so while I may post here, and ask questions, I don’t lie awake at ngiht worrying about the market and my houses value.

I am just a guy trying to do the best for his family. I make deicions based on the info I have, and sometime I make good ones and sometimes I make bad ones.

I married a wonderful woman – one of the best decisions I ever made was to marry her. I’d much rather have nailed that decision and mess up the house decision than the reverse. 🙂

as to crime – Temecula is no worse than anywhere else if you consider the socioeconomic levels of the population. You won’t get the volume of 187s in Scripps Ranch compared to Temecula or Murrieta, but that’s partially b/c Scripps has much much LESS n terms of low end housing – whereas Tem/Murr have more variation. Tem/Mur have a lot of nice areas where you find small amounts of crime/crappy people, but also numerous apartments/condos/lower end housing that attracts these types.

If you can afford to live in Scripps Ranch, I’d pick that over Temecula. If you can’t afford Scripps, but could afford a nice part of Temeulca, and had to choose between that or a run down part of Mira Mesa…I’d take Temecula.

But the bottom line is you will find crime everywhere that there are people.

[23109VC]

These kinds of comments are uncalled for…. I expect more from the people here..

Anyway… some of you may have misunderstood my posts, or perhaps I failed to articulate my situation properly.

I am not in some sort of a frantic state and trying to unload my home. I like my house. I would have no problem living in it for the next 10 years… maybe I will. I don’t know.

I did consult a lot of people here for advice, and a fair amount of you said to NOT buy. I sought advice from other places too. I got a variety of opinions. Many of the educated, well informed, and trusted people I talked to felt the deal I was offered was too good to pass up. Many of you here at Piggington told me to forget about it. Everyone has an opinion. My wife and I did a LOT of thinking about the ups and downs and we ultimately chose to buy. We knew we might wind up upside down.

Candidly, we thought that if we wound up upside down that it would not be by that much. We felt that getting the house at 350k was a good deal, and that at worst, our house would fall to the very high 200s or low 300s. We never seriously thought it would fall to the low 200s. Now wtih the way things are looking, it seems that it may in fact fall that low.

So at the time, we made the best decision we could given the information we had at the time. Now things seem to be changing into a scenario we seriously did not consider a reality.

If our house falls down to 275k…and I owe 350k… I’m not gonna run out and try to dump it. The hassle, etc of it all simply would not be worth it.

BUT if my house is suddenly worth $150, and I owe $350… and I’m facing a $200,000 negative.. then maybe the SMART thing to do would be to get out of it, walk away, or in some other fashion get rid of the house.

I’m not looknig to do anything crooked, illegal, or underhanded. I’m simply trying to make an educated decision. In hindsight, I should not have bougth when I did.

BUt, if houses get so cheap, that you could buy a house identical to mine – with the nice location, nice yard, nice upgrades, etc.. for $200k less than I owe on mine, then maybe the “experts” would say to walk away.

I’m not motivated by greed, or a desire to just get something for nothing..just to make a good decision given the current situation. as times change, so will what is the best thing to do.

we all make decisions in life. when I graduated from school and took my first job, I had several offers, some in different parts of the state – i made the best decision I could at the time. maybe I should have chosen a different job back then, maybe not. no one can say for sure. i can’t go back and change my decisiont o buy the house. but I do feel that when I made the decision, we felt it was the right thing to do. so I don’t regret what I did, in light of the info I had at the time.

HIndsight is 20/20. and while many of you here will say that I neglected to listen – I did listen. but I didn’t just listen to you all here. keep in mind, this is some real estate blog…with names…I have no idea who you all are. some of you are probably well informed and affluent and know your stuff. some peole here could be pulling info out of thin air and just running their mouths. I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision. so I took the info here, and put it in teh pot with everything else. but never did I just say “i’m going to do whatever the random people n Piggington say to do”… maybe in hindsight I should have… but at the time, given my situation, given the info I had, I stillt hink I made the right decision…you have to look at decisions in the time/context which they are made.

it’s like Iraq. back when the deicsion to invade was made, a lot of people supported it. now in 2008, a lot of those people who said they supported it, would go back in time and say NO WAY. but back then – the info available was different. decisions are only as good as the info upon which they are based.

not trying to say I made the BEST decision…obviouslyt eh current market conditions show I did nto. but at the time, I think I made an informed one. given ALL the info I had.

so…now that I find myself in a declining market…I have to project what I will do. will I ride it out? maybe. it all depends on where the market goes. if it goes down a bit more, then I would probaby be well advised to sit tight and enjoy my nice clean house and not fret about prices etc.

but if prices fall to the bottom of the earth, and my house is 200k upside down, then maybe the smartest thing to do would be to get rid of it. i don’t know.

life is full of ups and downs. i never let the downs get me too down, because there will always be ups to counter them. and in the end, the most important thing is my family, my kids, and our health. All that is good. I know people who are doing far better than I am financially and I have seen them lose their health or their family due to not focusing on what is really important. so while I may post here, and ask questions, I don’t lie awake at ngiht worrying about the market and my houses value.

I am just a guy trying to do the best for his family. I make deicions based on the info I have, and sometime I make good ones and sometimes I make bad ones.

I married a wonderful woman – one of the best decisions I ever made was to marry her. I’d much rather have nailed that decision and mess up the house decision than the reverse. 🙂

as to crime – Temecula is no worse than anywhere else if you consider the socioeconomic levels of the population. You won’t get the volume of 187s in Scripps Ranch compared to Temecula or Murrieta, but that’s partially b/c Scripps has much much LESS n terms of low end housing – whereas Tem/Murr have more variation. Tem/Mur have a lot of nice areas where you find small amounts of crime/crappy people, but also numerous apartments/condos/lower end housing that attracts these types.

If you can afford to live in Scripps Ranch, I’d pick that over Temecula. If you can’t afford Scripps, but could afford a nice part of Temeulca, and had to choose between that or a run down part of Mira Mesa…I’d take Temecula.

But the bottom line is you will find crime everywhere that there are people.

[23109VC]

These kinds of comments are uncalled for…. I expect more from the people here..

Anyway… some of you may have misunderstood my posts, or perhaps I failed to articulate my situation properly.

I am not in some sort of a frantic state and trying to unload my home. I like my house. I would have no problem living in it for the next 10 years… maybe I will. I don’t know.

I did consult a lot of people here for advice, and a fair amount of you said to NOT buy. I sought advice from other places too. I got a variety of opinions. Many of the educated, well informed, and trusted people I talked to felt the deal I was offered was too good to pass up. Many of you here at Piggington told me to forget about it. Everyone has an opinion. My wife and I did a LOT of thinking about the ups and downs and we ultimately chose to buy. We knew we might wind up upside down.

Candidly, we thought that if we wound up upside down that it would not be by that much. We felt that getting the house at 350k was a good deal, and that at worst, our house would fall to the very high 200s or low 300s. We never seriously thought it would fall to the low 200s. Now wtih the way things are looking, it seems that it may in fact fall that low.

So at the time, we made the best decision we could given the information we had at the time. Now things seem to be changing into a scenario we seriously did not consider a reality.

If our house falls down to 275k…and I owe 350k… I’m not gonna run out and try to dump it. The hassle, etc of it all simply would not be worth it.

BUT if my house is suddenly worth $150, and I owe $350… and I’m facing a $200,000 negative.. then maybe the SMART thing to do would be to get out of it, walk away, or in some other fashion get rid of the house.

I’m not looknig to do anything crooked, illegal, or underhanded. I’m simply trying to make an educated decision. In hindsight, I should not have bougth when I did.

BUt, if houses get so cheap, that you could buy a house identical to mine – with the nice location, nice yard, nice upgrades, etc.. for $200k less than I owe on mine, then maybe the “experts” would say to walk away.

I’m not motivated by greed, or a desire to just get something for nothing..just to make a good decision given the current situation. as times change, so will what is the best thing to do.

we all make decisions in life. when I graduated from school and took my first job, I had several offers, some in different parts of the state – i made the best decision I could at the time. maybe I should have chosen a different job back then, maybe not. no one can say for sure. i can’t go back and change my decisiont o buy the house. but I do feel that when I made the decision, we felt it was the right thing to do. so I don’t regret what I did, in light of the info I had at the time.

HIndsight is 20/20. and while many of you here will say that I neglected to listen – I did listen. but I didn’t just listen to you all here. keep in mind, this is some real estate blog…with names…I have no idea who you all are. some of you are probably well informed and affluent and know your stuff. some peole here could be pulling info out of thin air and just running their mouths. I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision. so I took the info here, and put it in teh pot with everything else. but never did I just say “i’m going to do whatever the random people n Piggington say to do”… maybe in hindsight I should have… but at the time, given my situation, given the info I had, I stillt hink I made the right decision…you have to look at decisions in the time/context which they are made.

it’s like Iraq. back when the deicsion to invade was made, a lot of people supported it. now in 2008, a lot of those people who said they supported it, would go back in time and say NO WAY. but back then – the info available was different. decisions are only as good as the info upon which they are based.

not trying to say I made the BEST decision…obviouslyt eh current market conditions show I did nto. but at the time, I think I made an informed one. given ALL the info I had.

so…now that I find myself in a declining market…I have to project what I will do. will I ride it out? maybe. it all depends on where the market goes. if it goes down a bit more, then I would probaby be well advised to sit tight and enjoy my nice clean house and not fret about prices etc.

but if prices fall to the bottom of the earth, and my house is 200k upside down, then maybe the smartest thing to do would be to get rid of it. i don’t know.

life is full of ups and downs. i never let the downs get me too down, because there will always be ups to counter them. and in the end, the most important thing is my family, my kids, and our health. All that is good. I know people who are doing far better than I am financially and I have seen them lose their health or their family due to not focusing on what is really important. so while I may post here, and ask questions, I don’t lie awake at ngiht worrying about the market and my houses value.

I am just a guy trying to do the best for his family. I make deicions based on the info I have, and sometime I make good ones and sometimes I make bad ones.

I married a wonderful woman – one of the best decisions I ever made was to marry her. I’d much rather have nailed that decision and mess up the house decision than the reverse. 🙂

as to crime – Temecula is no worse than anywhere else if you consider the socioeconomic levels of the population. You won’t get the volume of 187s in Scripps Ranch compared to Temecula or Murrieta, but that’s partially b/c Scripps has much much LESS n terms of low end housing – whereas Tem/Murr have more variation. Tem/Mur have a lot of nice areas where you find small amounts of crime/crappy people, but also numerous apartments/condos/lower end housing that attracts these types.

If you can afford to live in Scripps Ranch, I’d pick that over Temecula. If you can’t afford Scripps, but could afford a nice part of Temeulca, and had to choose between that or a run down part of Mira Mesa…I’d take Temecula.

But the bottom line is you will find crime everywhere that there are people.

[23109VC]

These kinds of comments are uncalled for…. I expect more from the people here..

Anyway… some of you may have misunderstood my posts, or perhaps I failed to articulate my situation properly.

I am not in some sort of a frantic state and trying to unload my home. I like my house. I would have no problem living in it for the next 10 years… maybe I will. I don’t know.

I did consult a lot of people here for advice, and a fair amount of you said to NOT buy. I sought advice from other places too. I got a variety of opinions. Many of the educated, well informed, and trusted people I talked to felt the deal I was offered was too good to pass up. Many of you here at Piggington told me to forget about it. Everyone has an opinion. My wife and I did a LOT of thinking about the ups and downs and we ultimately chose to buy. We knew we might wind up upside down.

Candidly, we thought that if we wound up upside down that it would not be by that much. We felt that getting the house at 350k was a good deal, and that at worst, our house would fall to the very high 200s or low 300s. We never seriously thought it would fall to the low 200s. Now wtih the way things are looking, it seems that it may in fact fall that low.

So at the time, we made the best decision we could given the information we had at the time. Now things seem to be changing into a scenario we seriously did not consider a reality.

If our house falls down to 275k…and I owe 350k… I’m not gonna run out and try to dump it. The hassle, etc of it all simply would not be worth it.

BUT if my house is suddenly worth $150, and I owe $350… and I’m facing a $200,000 negative.. then maybe the SMART thing to do would be to get out of it, walk away, or in some other fashion get rid of the house.

I’m not looknig to do anything crooked, illegal, or underhanded. I’m simply trying to make an educated decision. In hindsight, I should not have bougth when I did.

BUt, if houses get so cheap, that you could buy a house identical to mine – with the nice location, nice yard, nice upgrades, etc.. for $200k less than I owe on mine, then maybe the “experts” would say to walk away.

I’m not motivated by greed, or a desire to just get something for nothing..just to make a good decision given the current situation. as times change, so will what is the best thing to do.

we all make decisions in life. when I graduated from school and took my first job, I had several offers, some in different parts of the state – i made the best decision I could at the time. maybe I should have chosen a different job back then, maybe not. no one can say for sure. i can’t go back and change my decisiont o buy the house. but I do feel that when I made the decision, we felt it was the right thing to do. so I don’t regret what I did, in light of the info I had at the time.

HIndsight is 20/20. and while many of you here will say that I neglected to listen – I did listen. but I didn’t just listen to you all here. keep in mind, this is some real estate blog…with names…I have no idea who you all are. some of you are probably well informed and affluent and know your stuff. some peole here could be pulling info out of thin air and just running their mouths. I also took advice from professionals, brokers, realtors, friends, people who are in positions to make an educated decision. so I took the info here, and put it in teh pot with everything else. but never did I just say “i’m going to do whatever the random people n Piggington say to do”… maybe in hindsight I should have… but at the time, given my situation, given the info I had, I stillt hink I made the right decision…you have to look at decisions in the time/context which they are made.

it’s like Iraq. back when the deicsion to invade was made, a lot of people supported it. now in 2008, a lot of those people who said they supported it, would go back in time and say NO WAY. but back then – the info available was different. decisions are only as good as the info upon which they are based.

not trying to say I made the BEST decision…obviouslyt eh current market conditions show I did nto. but at the time, I think I made an informed one. given ALL the info I had.

so…now that I find myself in a declining market…I have to project what I will do. will I ride it out? maybe. it all depends on where the market goes. if it goes down a bit more, then I would probaby be well advised to sit tight and enjoy my nice clean house and not fret about prices etc.

but if prices fall to the bottom of the earth, and my house is 200k upside down, then maybe the smartest thing to do would be to get rid of it. i don’t know.

life is full of ups and downs. i never let the downs get me too down, because there will always be ups to counter them. and in the end, the most important thing is my family, my kids, and our health. All that is good. I know people who are doing far better than I am financially and I have seen them lose their health or their family due to not focusing on what is really important. so while I may post here, and ask questions, I don’t lie awake at ngiht worrying about the market and my houses value.

I am just a guy trying to do the best for his family. I make deicions based on the info I have, and sometime I make good ones and sometimes I make bad ones.

I married a wonderful woman – one of the best decisions I ever made was to marry her. I’d much rather have nailed that decision and mess up the house decision than the reverse. 🙂

as to crime – Temecula is no worse than anywhere else if you consider the socioeconomic levels of the population. You won’t get the volume of 187s in Scripps Ranch compared to Temecula or Murrieta, but that’s partially b/c Scripps has much much LESS n terms of low end housing – whereas Tem/Murr have more variation. Tem/Mur have a lot of nice areas where you find small amounts of crime/crappy people, but also numerous apartments/condos/lower end housing that attracts these types.

If you can afford to live in Scripps Ranch, I’d pick that over Temecula. If you can’t afford Scripps, but could afford a nice part of Temeulca, and had to choose between that or a run down part of Mira Mesa…I’d take Temecula.

But the bottom line is you will find crime everywhere that there are people.

[drunkle]

what are the odds that a year from now, you’ll be posting the same thing… “houses are now 50k, criminals and drug addicts are everywhere and i’ve lost my job to boot! how do i buy a trailer home and ditch my current mort onto my folks? tell me what to do, i’m not going to listen anyway and i’m just here trying to convince myself that i’m doing the right thing!”

[drunkle]

what are the odds that a year from now, you’ll be posting the same thing… “houses are now 50k, criminals and drug addicts are everywhere and i’ve lost my job to boot! how do i buy a trailer home and ditch my current mort onto my folks? tell me what to do, i’m not going to listen anyway and i’m just here trying to convince myself that i’m doing the right thing!”

[drunkle]

what are the odds that a year from now, you’ll be posting the same thing… “houses are now 50k, criminals and drug addicts are everywhere and i’ve lost my job to boot! how do i buy a trailer home and ditch my current mort onto my folks? tell me what to do, i’m not going to listen anyway and i’m just here trying to convince myself that i’m doing the right thing!”

[drunkle]

what are the odds that a year from now, you’ll be posting the same thing… “houses are now 50k, criminals and drug addicts are everywhere and i’ve lost my job to boot! how do i buy a trailer home and ditch my current mort onto my folks? tell me what to do, i’m not going to listen anyway and i’m just here trying to convince myself that i’m doing the right thing!”

[atr]

I am new to this forum, so I will admit right off that I am no expert. However, I have been lurking for several months, and as my husband and I have been considering settling in Temecula, I have read many of the posts about this area.

My two cents on your situation 23109VC is this: If you continue to read real estate forums and post about your situation, there must have been SOME part of you that didn’t feel good about your house purchase last year. If so, then why did you buy in the first place? You clearly pained over your situation, and then did what you believed to be right for you and your family. You also claim that you are not emotionally attached to your house, but clearly you are emotionally attached to the situation. So now that you have done what you did, why not live in your house, ignore real estate prices, stay away from the forums, and live your life? From your own statements, you make enough money to be able to afford what you paid for it. Enjoy your house, enjoy your family, and move on. I guess if you can’t, then you’ll do whatever you feel you have to. But make no mistake, it IS an emotional choice, and not merely a financial one. I do applaud you for being honest about it, because it gives insight into the mindset of many in your situation.

My fear that I could not “let go” of doing real estate research and quit tracking the market is why I can not and will not buy right now. Until I can buy a house and be confident that I won’t have to obsessively track the market, I will not buy. We sold our house elsewhere in CA in 2007, and it took eleven months and many price drops to do so. I am not anxious to jump in again anytime soon.

And an aside to temeculaguy. . .there are many witty folks on this site, but you never fail to make me giggle, and I frequently read some of your posts out loud to my husband. I am not applying to be your stalker, but just wanted to give you a hiya and some thanks for injecting regular humor into this subject.

[atr]

I am new to this forum, so I will admit right off that I am no expert. However, I have been lurking for several months, and as my husband and I have been considering settling in Temecula, I have read many of the posts about this area.

My two cents on your situation 23109VC is this: If you continue to read real estate forums and post about your situation, there must have been SOME part of you that didn’t feel good about your house purchase last year. If so, then why did you buy in the first place? You clearly pained over your situation, and then did what you believed to be right for you and your family. You also claim that you are not emotionally attached to your house, but clearly you are emotionally attached to the situation. So now that you have done what you did, why not live in your house, ignore real estate prices, stay away from the forums, and live your life? From your own statements, you make enough money to be able to afford what you paid for it. Enjoy your house, enjoy your family, and move on. I guess if you can’t, then you’ll do whatever you feel you have to. But make no mistake, it IS an emotional choice, and not merely a financial one. I do applaud you for being honest about it, because it gives insight into the mindset of many in your situation.

My fear that I could not “let go” of doing real estate research and quit tracking the market is why I can not and will not buy right now. Until I can buy a house and be confident that I won’t have to obsessively track the market, I will not buy. We sold our house elsewhere in CA in 2007, and it took eleven months and many price drops to do so. I am not anxious to jump in again anytime soon.

And an aside to temeculaguy. . .there are many witty folks on this site, but you never fail to make me giggle, and I frequently read some of your posts out loud to my husband. I am not applying to be your stalker, but just wanted to give you a hiya and some thanks for injecting regular humor into this subject.

[atr]

I am new to this forum, so I will admit right off that I am no expert. However, I have been lurking for several months, and as my husband and I have been considering settling in Temecula, I have read many of the posts about this area.

My two cents on your situation 23109VC is this: If you continue to read real estate forums and post about your situation, there must have been SOME part of you that didn’t feel good about your house purchase last year. If so, then why did you buy in the first place? You clearly pained over your situation, and then did what you believed to be right for you and your family. You also claim that you are not emotionally attached to your house, but clearly you are emotionally attached to the situation. So now that you have done what you did, why not live in your house, ignore real estate prices, stay away from the forums, and live your life? From your own statements, you make enough money to be able to afford what you paid for it. Enjoy your house, enjoy your family, and move on. I guess if you can’t, then you’ll do whatever you feel you have to. But make no mistake, it IS an emotional choice, and not merely a financial one. I do applaud you for being honest about it, because it gives insight into the mindset of many in your situation.

My fear that I could not “let go” of doing real estate research and quit tracking the market is why I can not and will not buy right now. Until I can buy a house and be confident that I won’t have to obsessively track the market, I will not buy. We sold our house elsewhere in CA in 2007, and it took eleven months and many price drops to do so. I am not anxious to jump in again anytime soon.

And an aside to temeculaguy. . .there are many witty folks on this site, but you never fail to make me giggle, and I frequently read some of your posts out loud to my husband. I am not applying to be your stalker, but just wanted to give you a hiya and some thanks for injecting regular humor into this subject.

[atr]

I am new to this forum, so I will admit right off that I am no expert. However, I have been lurking for several months, and as my husband and I have been considering settling in Temecula, I have read many of the posts about this area.

My two cents on your situation 23109VC is this: If you continue to read real estate forums and post about your situation, there must have been SOME part of you that didn’t feel good about your house purchase last year. If so, then why did you buy in the first place? You clearly pained over your situation, and then did what you believed to be right for you and your family. You also claim that you are not emotionally attached to your house, but clearly you are emotionally attached to the situation. So now that you have done what you did, why not live in your house, ignore real estate prices, stay away from the forums, and live your life? From your own statements, you make enough money to be able to afford what you paid for it. Enjoy your house, enjoy your family, and move on. I guess if you can’t, then you’ll do whatever you feel you have to. But make no mistake, it IS an emotional choice, and not merely a financial one. I do applaud you for being honest about it, because it gives insight into the mindset of many in your situation.

My fear that I could not “let go” of doing real estate research and quit tracking the market is why I can not and will not buy right now. Until I can buy a house and be confident that I won’t have to obsessively track the market, I will not buy. We sold our house elsewhere in CA in 2007, and it took eleven months and many price drops to do so. I am not anxious to jump in again anytime soon.

And an aside to temeculaguy. . .there are many witty folks on this site, but you never fail to make me giggle, and I frequently read some of your posts out loud to my husband. I am not applying to be your stalker, but just wanted to give you a hiya and some thanks for injecting regular humor into this subject.

[Author]

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