- This topic has 96 replies, 17 voices, and was last updated 17 years, 6 months ago by
Bugs.
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May 27, 2007 at 6:59 AM #55187May 27, 2007 at 6:59 AM #55171
waiting hawk
ParticipantLooks like I may be getting some free drinks at others expense here soon 🙂
May 27, 2007 at 7:02 AM #55173Bugs
ParticipantWhen we were talking about this kind of thing happening on the outskirts first and working their way in, we were not guessing and we were not exagerrating.
I think there are probably a lot of people who will drive the extra 5 miles to save $100k. There are probably even more buyers who are looking at these price cuts and are coming to the conclusion that this wave isn’t stopping soon and maybe they should wait.
Anyone who bought high and is now struggling with the decision of whether or not to refi their ARM is probably deciding to throw in the towel. The combo of declining prices and ARM resets will create a vicious cycle of foreclosures and more price cuts.
May 27, 2007 at 7:02 AM #55190ParticipantWhen we were talking about this kind of thing happening on the outskirts first and working their way in, we were not guessing and we were not exagerrating.
I think there are probably a lot of people who will drive the extra 5 miles to save $100k. There are probably even more buyers who are looking at these price cuts and are coming to the conclusion that this wave isn’t stopping soon and maybe they should wait.
Anyone who bought high and is now struggling with the decision of whether or not to refi their ARM is probably deciding to throw in the towel. The combo of declining prices and ARM resets will create a vicious cycle of foreclosures and more price cuts.
May 27, 2007 at 7:49 AM #55175mydogsarelazy
ParticipantI was driving up Clinton Keith Road yesterday past a KB Home development in Wildomar and the sign-twirlers were spinning signs that said “Amazing Prices.” I guess they mean it.
JS
May 27, 2007 at 7:49 AM #55192ParticipantI was driving up Clinton Keith Road yesterday past a KB Home development in Wildomar and the sign-twirlers were spinning signs that said “Amazing Prices.” I guess they mean it.
JS
May 27, 2007 at 10:15 AM #55194latesummer2008
ParticipantWOW!! LET THE GAMES BEGIN! Desperate, that is the only word for it. And theses guys could care less, who gets in their way. We will now see a RUSH FOR THE EXITS. I have a feeling this is going to get worse than anyone could imagine. The FLIP SIDE of what went on the last 2,3,4,5,6,7,8,9 or 10 years. Any guesses on what year prices return to?
I’ll say 2000…1999…
May 27, 2007 at 10:15 AM #55210ParticipantWOW!! LET THE GAMES BEGIN! Desperate, that is the only word for it. And theses guys could care less, who gets in their way. We will now see a RUSH FOR THE EXITS. I have a feeling this is going to get worse than anyone could imagine. The FLIP SIDE of what went on the last 2,3,4,5,6,7,8,9 or 10 years. Any guesses on what year prices return to?
I’ll say 2000…1999…
May 27, 2007 at 10:27 AM #55198ParticipantEver since I ran my site I always said 2001-2002 prices seemed to make sense. Who knows once this thing gets rolling. Remember one thing, the areas that gets hit the most turn into crap holes and you may not want to live there. That is why I am looking at dirt lots in the hills. I am already seeing on craiglist rentals that say “section 8 ok”. Screw that noise. No cookie cutter section 8 people going to be livin around me and family.
May 27, 2007 at 10:27 AM #55214ParticipantEver since I ran my site I always said 2001-2002 prices seemed to make sense. Who knows once this thing gets rolling. Remember one thing, the areas that gets hit the most turn into crap holes and you may not want to live there. That is why I am looking at dirt lots in the hills. I am already seeing on craiglist rentals that say “section 8 ok”. Screw that noise. No cookie cutter section 8 people going to be livin around me and family.
May 27, 2007 at 10:29 AM #55200FormerOwner
Participant2001 would be my best guess – this is conservative. 2002-2005 is when the ridiculous price appreciation happened in Temecula and none of it was based on fundamentals.
Having said that, I wouldn’t be surprised to see 1999 pricing again though.
May 27, 2007 at 10:29 AM #55216Participant2001 would be my best guess – this is conservative. 2002-2005 is when the ridiculous price appreciation happened in Temecula and none of it was based on fundamentals.
Having said that, I wouldn’t be surprised to see 1999 pricing again though.
May 27, 2007 at 11:43 AM #55215temeculaguy
ParticipantWaiting Hawk may get those drinks ahead of schedule. You were right about French valley being easy but at this pace my guess of 12-15 months before it hits 92592 will end up long, it may get here before the year is out. There’s a stool at Kilarney’s with your name on it.
Bugs is right that some people will drive 5 more miles to save a 100k, that should help drive down the area they are driving from. It’s only a matter of time before wolf creek and redhawk have to slash prices because they are losing the few customers out there to French Valley. I visited a few of the models that I am looking at and no price declines yet (one even went up a couple thousand) but they just started building and haven’t actualy moved anyone in yet, by september when their first move ins are scheduled i wonder how many of those sold buttons will magically vanish.
May 27, 2007 at 11:43 AM #55231ParticipantWaiting Hawk may get those drinks ahead of schedule. You were right about French valley being easy but at this pace my guess of 12-15 months before it hits 92592 will end up long, it may get here before the year is out. There’s a stool at Kilarney’s with your name on it.
Bugs is right that some people will drive 5 more miles to save a 100k, that should help drive down the area they are driving from. It’s only a matter of time before wolf creek and redhawk have to slash prices because they are losing the few customers out there to French Valley. I visited a few of the models that I am looking at and no price declines yet (one even went up a couple thousand) but they just started building and haven’t actualy moved anyone in yet, by september when their first move ins are scheduled i wonder how many of those sold buttons will magically vanish.
May 27, 2007 at 11:51 AM #55219hipmatt
ParticipantKB homes do suck though.. last time I was looking at KB homes , you had to pay extra for everything… fireplaces, islands, 3rd car garages, and everything else, was not standard, and you had to pay extra for those things. By the time you added the essentials, the house was way overpriced.
Up in the IE, Lennar seems to me to be the best built, have the most standard features, and is still priced well(compared to the competition).
Temecula Guy… is also chomping at the bit to get into a home here. This is just the beginning guys, it will get worse, trying to bet the bottom in a matter of months isn’t gonna do it.. it will take a few more years, but I do agree and have said that 50% off is likely, especially up here in these areas.
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