Huge amount of Temecula area REO’s

[patientlywaiting]

Oh, OK. I get it.

$200k might not get you a 3000sf house. But at $75/sf that’s $2600sf. Very possible in my opinion.

Yeah, who knows. Time will tell.

[vizcaya]

patientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —

I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.

I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.

[vizcaya]

patientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —

I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.

I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.

[vizcaya]

patientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —

I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.

I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.

[vizcaya]

patientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —

I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.

I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.

[vizcaya]

patientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —

I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.

I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.

[paramount]

I still say $75/sf at Morgan Hill will not happen – unless we have a very deep recession.

Not all areas of Temecula and Murrieta are created equal.

Morgan Hill is a desirable place to live IMO, and we will soon be getting a regional hospital.

The market will probably over-correct, but I don’t think to that extent ($75/sf).

That would mean some houses in Morgan Hill will start at: 180k. Not going to happen, put the crack pipe down.

[paramount]

I still say $75/sf at Morgan Hill will not happen – unless we have a very deep recession.

Not all areas of Temecula and Murrieta are created equal.

Morgan Hill is a desirable place to live IMO, and we will soon be getting a regional hospital.

The market will probably over-correct, but I don’t think to that extent ($75/sf).

That would mean some houses in Morgan Hill will start at: 180k. Not going to happen, put the crack pipe down.

[paramount]

I still say $75/sf at Morgan Hill will not happen – unless we have a very deep recession.

Not all areas of Temecula and Murrieta are created equal.

Morgan Hill is a desirable place to live IMO, and we will soon be getting a regional hospital.

The market will probably over-correct, but I don’t think to that extent ($75/sf).

That would mean some houses in Morgan Hill will start at: 180k. Not going to happen, put the crack pipe down.

[paramount]

I still say $75/sf at Morgan Hill will not happen – unless we have a very deep recession.

Not all areas of Temecula and Murrieta are created equal.

Morgan Hill is a desirable place to live IMO, and we will soon be getting a regional hospital.

The market will probably over-correct, but I don’t think to that extent ($75/sf).

That would mean some houses in Morgan Hill will start at: 180k. Not going to happen, put the crack pipe down.

[paramount]

I still say $75/sf at Morgan Hill will not happen – unless we have a very deep recession.

Not all areas of Temecula and Murrieta are created equal.

Morgan Hill is a desirable place to live IMO, and we will soon be getting a regional hospital.

The market will probably over-correct, but I don’t think to that extent ($75/sf).

That would mean some houses in Morgan Hill will start at: 180k. Not going to happen, put the crack pipe down.

[golfproz]

92508 in Riverside is starting to move closer to $100 sq/ft for the price leaders. This short for instance is $101 sq/ft MLS Y800396, or this REO at $116 MLS T08023981. There are quite a few under $120 sq/ft now, when just a couple of months ago there was practically nothing under $130 sq/ft. Most of the lower priced stuff are still short sales. But a few of the REOs are under $120 sq/ft… and dropping fast.

This area was well under $100 sq/ft in 2001/2002. And I think it will be going back to that price range ($70-$80 sq/ft for the larger generic tract houses).

[golfproz]

92508 in Riverside is starting to move closer to $100 sq/ft for the price leaders. This short for instance is $101 sq/ft MLS Y800396, or this REO at $116 MLS T08023981. There are quite a few under $120 sq/ft now, when just a couple of months ago there was practically nothing under $130 sq/ft. Most of the lower priced stuff are still short sales. But a few of the REOs are under $120 sq/ft… and dropping fast.

This area was well under $100 sq/ft in 2001/2002. And I think it will be going back to that price range ($70-$80 sq/ft for the larger generic tract houses).

[golfproz]

92508 in Riverside is starting to move closer to $100 sq/ft for the price leaders. This short for instance is $101 sq/ft MLS Y800396, or this REO at $116 MLS T08023981. There are quite a few under $120 sq/ft now, when just a couple of months ago there was practically nothing under $130 sq/ft. Most of the lower priced stuff are still short sales. But a few of the REOs are under $120 sq/ft… and dropping fast.

This area was well under $100 sq/ft in 2001/2002. And I think it will be going back to that price range ($70-$80 sq/ft for the larger generic tract houses).

[golfproz]

92508 in Riverside is starting to move closer to $100 sq/ft for the price leaders. This short for instance is $101 sq/ft MLS Y800396, or this REO at $116 MLS T08023981. There are quite a few under $120 sq/ft now, when just a couple of months ago there was practically nothing under $130 sq/ft. Most of the lower priced stuff are still short sales. But a few of the REOs are under $120 sq/ft… and dropping fast.

This area was well under $100 sq/ft in 2001/2002. And I think it will be going back to that price range ($70-$80 sq/ft for the larger generic tract houses).

[Author]

Posts