How is the market in Temecula/Murrieta?

[ralphfurley]

I browse Redfin a lot in that area and have seen home prices in the Murrieta area drop since 2008 (not as much in Temecula from what I have seen).

The rates were higher back then (around 6%) and the inventory was much much higher. Though rates are lower (maybe not for long) and prices are lower, the quality of home doesn’t seem to be there any more. Anything that shows well (and is priced well) will have multiple bids on it and sell easily (most likely to the cash bidder).

I’ve seen many of the low end houses listed below 200k. Not sure what they are selling for, but if they’re any good, you can bet they are bid up or bought with cash.

I look to see every now and then if there is anything in TG’s area for sale, but it’s slim-pickens. Even Vail Ranch barely has anything. I would have turned my nose up at it two years ago, but I’ve been considering it just for the schools lately (plus a lower price point and low taxes).

Land has dropped in price within the last year. There has been a lot more acreage on sale for less than 400k. And if you wanna drive from Aguanga, you can have this beaut for $170k: =)

http://www.redfin.com/CA/Aguanga/49000-Pinto-Ct-92536/home/12515720

Things may vary from house to house, but for this Spring, if it just came on the market, shows well, and matches the comps, expect a bidding war or to have it snatched from under you with a cash offer.

[paramount]

[quote=bearvine]About the economy-

At some point you have to deploy capital, and everyone needs a place to live, but do not be fooled.

The economy as a whole will get worse, and truly the only reason why they are pushing health care reform, super train, etc. is to spend money and to hopefully create jobs and put band aids on gaping open wounds.

There are a LOT of people living in California in their homes who have not paid their mortgage in months. There are plenty who know how to play the “game” and have been there for a year to 18 months.

I can go on and on, but it is too depressing. So make what money you can, wherever you can.[/quote]

I’m more in this camp, in fact my neighbor right across the street from me I strongly suspect has been squatting for well over a year.

[paramount]

[quote=bearvine]About the economy-

At some point you have to deploy capital, and everyone needs a place to live, but do not be fooled.

The economy as a whole will get worse, and truly the only reason why they are pushing health care reform, super train, etc. is to spend money and to hopefully create jobs and put band aids on gaping open wounds.

There are a LOT of people living in California in their homes who have not paid their mortgage in months. There are plenty who know how to play the “game” and have been there for a year to 18 months.

I can go on and on, but it is too depressing. So make what money you can, wherever you can.[/quote]

I’m more in this camp, in fact my neighbor right across the street from me I strongly suspect has been squatting for well over a year.

[paramount]

[quote=bearvine]About the economy-

At some point you have to deploy capital, and everyone needs a place to live, but do not be fooled.

The economy as a whole will get worse, and truly the only reason why they are pushing health care reform, super train, etc. is to spend money and to hopefully create jobs and put band aids on gaping open wounds.

There are a LOT of people living in California in their homes who have not paid their mortgage in months. There are plenty who know how to play the “game” and have been there for a year to 18 months.

I can go on and on, but it is too depressing. So make what money you can, wherever you can.[/quote]

I’m more in this camp, in fact my neighbor right across the street from me I strongly suspect has been squatting for well over a year.

[paramount]

[quote=bearvine]About the economy-

At some point you have to deploy capital, and everyone needs a place to live, but do not be fooled.

The economy as a whole will get worse, and truly the only reason why they are pushing health care reform, super train, etc. is to spend money and to hopefully create jobs and put band aids on gaping open wounds.

There are a LOT of people living in California in their homes who have not paid their mortgage in months. There are plenty who know how to play the “game” and have been there for a year to 18 months.

I can go on and on, but it is too depressing. So make what money you can, wherever you can.[/quote]

I’m more in this camp, in fact my neighbor right across the street from me I strongly suspect has been squatting for well over a year.

[paramount]

[quote=bearvine]About the economy-

At some point you have to deploy capital, and everyone needs a place to live, but do not be fooled.

The economy as a whole will get worse, and truly the only reason why they are pushing health care reform, super train, etc. is to spend money and to hopefully create jobs and put band aids on gaping open wounds.

There are a LOT of people living in California in their homes who have not paid their mortgage in months. There are plenty who know how to play the “game” and have been there for a year to 18 months.

I can go on and on, but it is too depressing. So make what money you can, wherever you can.[/quote]

I’m more in this camp, in fact my neighbor right across the street from me I strongly suspect has been squatting for well over a year.

[burghMan]

My observations are similar to TGs and lazydogs.

I’m in Crowne Hill. Foreclosures seem to have dropped off, but there’s still short sale activity. My neighbor is actually moving up to a bigger house. His current home is the exact same model as mine and he has listed it for about 15% more than the refi appraisal I got a year ago.

It all seems strange. An eerie calm. Seems like there should have been more pain before this was over. Could it be the eye of the storm?

I think the large number of people that have stopped paying mortgages is generating some cash flow for the economy that eventually has to run out. I have no predictions for the future, but personally I’m going to be cautious.

[burghMan]

My observations are similar to TGs and lazydogs.

I’m in Crowne Hill. Foreclosures seem to have dropped off, but there’s still short sale activity. My neighbor is actually moving up to a bigger house. His current home is the exact same model as mine and he has listed it for about 15% more than the refi appraisal I got a year ago.

It all seems strange. An eerie calm. Seems like there should have been more pain before this was over. Could it be the eye of the storm?

I think the large number of people that have stopped paying mortgages is generating some cash flow for the economy that eventually has to run out. I have no predictions for the future, but personally I’m going to be cautious.

[burghMan]

My observations are similar to TGs and lazydogs.

I’m in Crowne Hill. Foreclosures seem to have dropped off, but there’s still short sale activity. My neighbor is actually moving up to a bigger house. His current home is the exact same model as mine and he has listed it for about 15% more than the refi appraisal I got a year ago.

It all seems strange. An eerie calm. Seems like there should have been more pain before this was over. Could it be the eye of the storm?

I think the large number of people that have stopped paying mortgages is generating some cash flow for the economy that eventually has to run out. I have no predictions for the future, but personally I’m going to be cautious.

[burghMan]

My observations are similar to TGs and lazydogs.

I’m in Crowne Hill. Foreclosures seem to have dropped off, but there’s still short sale activity. My neighbor is actually moving up to a bigger house. His current home is the exact same model as mine and he has listed it for about 15% more than the refi appraisal I got a year ago.

It all seems strange. An eerie calm. Seems like there should have been more pain before this was over. Could it be the eye of the storm?

I think the large number of people that have stopped paying mortgages is generating some cash flow for the economy that eventually has to run out. I have no predictions for the future, but personally I’m going to be cautious.

[burghMan]

My observations are similar to TGs and lazydogs.

I’m in Crowne Hill. Foreclosures seem to have dropped off, but there’s still short sale activity. My neighbor is actually moving up to a bigger house. His current home is the exact same model as mine and he has listed it for about 15% more than the refi appraisal I got a year ago.

It all seems strange. An eerie calm. Seems like there should have been more pain before this was over. Could it be the eye of the storm?

I think the large number of people that have stopped paying mortgages is generating some cash flow for the economy that eventually has to run out. I have no predictions for the future, but personally I’m going to be cautious.

[bearishgurl]

No offense to any Piggs here but I personally do not see a “renaissance” in Temecula or Murrieta in the near future. There may be a temporary shortage of inventory at this moment because the “pipeline” inventory has not yet begun to trickle in.

Of course, I’m not versed on all the ins and outs of North County or Riverside County (RIV). The job centers however have traditionally been in San Diego, Orange and Los Angeles Counties. Southern RIV is simply a BEDROOM community to the job centers and, unless the homeowner in RIV has a decent job in RIV or is retired, he and/or she is going to commute most likely 60 or more miles one way to work. Typically these BEDROOM communities DO NOT hold their values in downturns and for that reason RE there is NOT a good long-term investment unless purchased at a rock-bottom price. Quality-of-life issues have to be enormous for the road warrior (worker-bee) commuter in RIV. In short, RIV loses the “location, location, location” contest.

Look what happened in 1994 to Victorville and Palmdale (as BEDROOMS of San Bernardino County). Beside newspapers blown into every chain-link fence, there was so much blood in the streets that fairly new construction (foreclosed) was being sold for $40K to $140K to get it off the books. At that time, two retired homeowners on my block bought rental SFRs up there for a song. One has now retired in his former rental.

[bearishgurl]

No offense to any Piggs here but I personally do not see a “renaissance” in Temecula or Murrieta in the near future. There may be a temporary shortage of inventory at this moment because the “pipeline” inventory has not yet begun to trickle in.

Of course, I’m not versed on all the ins and outs of North County or Riverside County (RIV). The job centers however have traditionally been in San Diego, Orange and Los Angeles Counties. Southern RIV is simply a BEDROOM community to the job centers and, unless the homeowner in RIV has a decent job in RIV or is retired, he and/or she is going to commute most likely 60 or more miles one way to work. Typically these BEDROOM communities DO NOT hold their values in downturns and for that reason RE there is NOT a good long-term investment unless purchased at a rock-bottom price. Quality-of-life issues have to be enormous for the road warrior (worker-bee) commuter in RIV. In short, RIV loses the “location, location, location” contest.

Look what happened in 1994 to Victorville and Palmdale (as BEDROOMS of San Bernardino County). Beside newspapers blown into every chain-link fence, there was so much blood in the streets that fairly new construction (foreclosed) was being sold for $40K to $140K to get it off the books. At that time, two retired homeowners on my block bought rental SFRs up there for a song. One has now retired in his former rental.

[bearishgurl]

No offense to any Piggs here but I personally do not see a “renaissance” in Temecula or Murrieta in the near future. There may be a temporary shortage of inventory at this moment because the “pipeline” inventory has not yet begun to trickle in.

Of course, I’m not versed on all the ins and outs of North County or Riverside County (RIV). The job centers however have traditionally been in San Diego, Orange and Los Angeles Counties. Southern RIV is simply a BEDROOM community to the job centers and, unless the homeowner in RIV has a decent job in RIV or is retired, he and/or she is going to commute most likely 60 or more miles one way to work. Typically these BEDROOM communities DO NOT hold their values in downturns and for that reason RE there is NOT a good long-term investment unless purchased at a rock-bottom price. Quality-of-life issues have to be enormous for the road warrior (worker-bee) commuter in RIV. In short, RIV loses the “location, location, location” contest.

Look what happened in 1994 to Victorville and Palmdale (as BEDROOMS of San Bernardino County). Beside newspapers blown into every chain-link fence, there was so much blood in the streets that fairly new construction (foreclosed) was being sold for $40K to $140K to get it off the books. At that time, two retired homeowners on my block bought rental SFRs up there for a song. One has now retired in his former rental.

[bearishgurl]

No offense to any Piggs here but I personally do not see a “renaissance” in Temecula or Murrieta in the near future. There may be a temporary shortage of inventory at this moment because the “pipeline” inventory has not yet begun to trickle in.

Of course, I’m not versed on all the ins and outs of North County or Riverside County (RIV). The job centers however have traditionally been in San Diego, Orange and Los Angeles Counties. Southern RIV is simply a BEDROOM community to the job centers and, unless the homeowner in RIV has a decent job in RIV or is retired, he and/or she is going to commute most likely 60 or more miles one way to work. Typically these BEDROOM communities DO NOT hold their values in downturns and for that reason RE there is NOT a good long-term investment unless purchased at a rock-bottom price. Quality-of-life issues have to be enormous for the road warrior (worker-bee) commuter in RIV. In short, RIV loses the “location, location, location” contest.

Look what happened in 1994 to Victorville and Palmdale (as BEDROOMS of San Bernardino County). Beside newspapers blown into every chain-link fence, there was so much blood in the streets that fairly new construction (foreclosed) was being sold for $40K to $140K to get it off the books. At that time, two retired homeowners on my block bought rental SFRs up there for a song. One has now retired in his former rental.

[Author]

Posts