multiple offers in Temecula

[cashflow]

So recently we’ve heard that the activity level on home buying has picked up in Temecula. Anyone else have any insight to this? I’m a bit surprised, but have even heard that there are multiple offers on some of the better priced homes.

I am wondering if anyone has any further insight and where they think this is headed.

I personally think we are in for more price depreciation there, but am a bit surprised by this uptick in demand.

[sc_alum]

long time lurker, first time poster…

As a t-mec resident, I can vouch for the multiple offer scenario, but only for quality properties that are listed under 100$/sq ft. Unfortunately, most folks havent realized that they missed the boat on pricing, so there’s just a huge disparity out there in terms of listing amounts.

[recordsclerk]

I think you are going to see some activity in the area’s that have been hit the hardest. I don’t see this as being at or near the bottom, but this is going to put pressure on the more centralized sought after areas. Temecula, Chula Vista and other hard hit areas are becoming bargins compared to the Coastal and Central areas. You should start seeing some bargin hunters looking for a good deal in the less desirable areas that have the most price declines. You may also see some condo action as they are coming closer to being cash positive rentals.

[paramount]

Recordclerk: So typical – I suppose you live in RSF.

More Central for who?

Less desirable for who?

You snob.

[recordsclerk]

Are you telling me that you do not prefer La Jolla over Temecula? I probably earn less then 99% of the people on this blog, but I haven’t lost my since of realty when it comes to more desirable areas. That’s what makes an area more valuable then another area. I’m currently shopping in Chula Vista for a home since I can’t afford RSF, but given the chance I would prefer RSF. I think Temecula has it’s charm and have actually thought about living there, but the commute is a killer.

[recordsclerk]

Are you telling me that you do not prefer La Jolla over Temecula? I probably earn less then 99% of the people on this blog, but I haven’t lost my since of realty when it comes to more desirable areas. That’s what makes an area more valuable then another area. I’m currently shopping in Chula Vista for a home since I can’t afford RSF, but given the chance I would prefer RSF. I think Temecula has it’s charm and have actually thought about living there, but the commute is a killer.

[recordsclerk]

Are you telling me that you do not prefer La Jolla over Temecula? I probably earn less then 99% of the people on this blog, but I haven’t lost my since of realty when it comes to more desirable areas. That’s what makes an area more valuable then another area. I’m currently shopping in Chula Vista for a home since I can’t afford RSF, but given the chance I would prefer RSF. I think Temecula has it’s charm and have actually thought about living there, but the commute is a killer.

[recordsclerk]

Are you telling me that you do not prefer La Jolla over Temecula? I probably earn less then 99% of the people on this blog, but I haven’t lost my since of realty when it comes to more desirable areas. That’s what makes an area more valuable then another area. I’m currently shopping in Chula Vista for a home since I can’t afford RSF, but given the chance I would prefer RSF. I think Temecula has it’s charm and have actually thought about living there, but the commute is a killer.

[recordsclerk]

Are you telling me that you do not prefer La Jolla over Temecula? I probably earn less then 99% of the people on this blog, but I haven’t lost my since of realty when it comes to more desirable areas. That’s what makes an area more valuable then another area. I’m currently shopping in Chula Vista for a home since I can’t afford RSF, but given the chance I would prefer RSF. I think Temecula has it’s charm and have actually thought about living there, but the commute is a killer.

[sdnerd]

Re: paramount

Central to where there is job density, and more higher paying jobs are located perhaps?

Areas where prices were lowest to begin with, and have been hit the hardest. These areas by definition are the least desirable, or they wouldn’t be the cheapest. Supply and demand and all that.

I agree completely with recordsclerk. It looks like you read it as a personal attack, I’m not sure why.

A co-worker today picked up a forclosure for 50% off from the peak, because he was tired of commuting 3 hours each day and buy now equals rent for that property. Bargain hunters are starting to come out. (Although I would agree, we aren’t at the bottom yet)

[hipmatt]

pizzaman is right. In temecula and murrieta, agents price a home ridiculously low, and the home gets bombarded with offers, the agent then tells each new offerer about all the competition and an unofficial auction is created. I have seen this a few times, on of the worst offenders is this lady…
http://redfin.com/stingray/do/printable-listing?listing-id=1415539
this home backs up to a green belt, and you can bag on French Valley all you want, but there is NOTHING this nice for $200k. An agent friend of mine spoke to her (she doesn’t return calls) and she confirmed the scheme. I believe she said it they were looking at an offer for 280k.
Here is another on of her listings..
http://redfin.com/stingray/do/printable-listing?listing-id=875770
Listing Price History
Date Price
Jul 01, 2007 $439,000
Sep 24, 2007 $429,000
Oct 19, 2007 $409,000
Dec 04, 2007 $379,000
Feb 04, 2008 $250,000

Anything that isn’t priced VERY competitively isn’t moving, but I will say that the aggressively priced REOs are moving quite well.

I have a personal theory that there is a temporary decrease in inventory up here while MANY homes transition from failed attempts at short sales to full on bank owned status. I can say that on my street alone there are at least 3 homes in the process of having one sign brought down, only to have the bank take ownership and put another sign up. I’ve seen the banks changing locks on numerous homes. Once even before the home had foreclosed.

[hipmatt]

pizzaman is right. In temecula and murrieta, agents price a home ridiculously low, and the home gets bombarded with offers, the agent then tells each new offerer about all the competition and an unofficial auction is created. I have seen this a few times, on of the worst offenders is this lady…
http://redfin.com/stingray/do/printable-listing?listing-id=1415539
this home backs up to a green belt, and you can bag on French Valley all you want, but there is NOTHING this nice for $200k. An agent friend of mine spoke to her (she doesn’t return calls) and she confirmed the scheme. I believe she said it they were looking at an offer for 280k.
Here is another on of her listings..
http://redfin.com/stingray/do/printable-listing?listing-id=875770
Listing Price History
Date Price
Jul 01, 2007 $439,000
Sep 24, 2007 $429,000
Oct 19, 2007 $409,000
Dec 04, 2007 $379,000
Feb 04, 2008 $250,000

Anything that isn’t priced VERY competitively isn’t moving, but I will say that the aggressively priced REOs are moving quite well.

I have a personal theory that there is a temporary decrease in inventory up here while MANY homes transition from failed attempts at short sales to full on bank owned status. I can say that on my street alone there are at least 3 homes in the process of having one sign brought down, only to have the bank take ownership and put another sign up. I’ve seen the banks changing locks on numerous homes. Once even before the home had foreclosed.

[hipmatt]

pizzaman is right. In temecula and murrieta, agents price a home ridiculously low, and the home gets bombarded with offers, the agent then tells each new offerer about all the competition and an unofficial auction is created. I have seen this a few times, on of the worst offenders is this lady…
http://redfin.com/stingray/do/printable-listing?listing-id=1415539
this home backs up to a green belt, and you can bag on French Valley all you want, but there is NOTHING this nice for $200k. An agent friend of mine spoke to her (she doesn’t return calls) and she confirmed the scheme. I believe she said it they were looking at an offer for 280k.
Here is another on of her listings..
http://redfin.com/stingray/do/printable-listing?listing-id=875770
Listing Price History
Date Price
Jul 01, 2007 $439,000
Sep 24, 2007 $429,000
Oct 19, 2007 $409,000
Dec 04, 2007 $379,000
Feb 04, 2008 $250,000

Anything that isn’t priced VERY competitively isn’t moving, but I will say that the aggressively priced REOs are moving quite well.

I have a personal theory that there is a temporary decrease in inventory up here while MANY homes transition from failed attempts at short sales to full on bank owned status. I can say that on my street alone there are at least 3 homes in the process of having one sign brought down, only to have the bank take ownership and put another sign up. I’ve seen the banks changing locks on numerous homes. Once even before the home had foreclosed.

[hipmatt]

pizzaman is right. In temecula and murrieta, agents price a home ridiculously low, and the home gets bombarded with offers, the agent then tells each new offerer about all the competition and an unofficial auction is created. I have seen this a few times, on of the worst offenders is this lady…
http://redfin.com/stingray/do/printable-listing?listing-id=1415539
this home backs up to a green belt, and you can bag on French Valley all you want, but there is NOTHING this nice for $200k. An agent friend of mine spoke to her (she doesn’t return calls) and she confirmed the scheme. I believe she said it they were looking at an offer for 280k.
Here is another on of her listings..
http://redfin.com/stingray/do/printable-listing?listing-id=875770
Listing Price History
Date Price
Jul 01, 2007 $439,000
Sep 24, 2007 $429,000
Oct 19, 2007 $409,000
Dec 04, 2007 $379,000
Feb 04, 2008 $250,000

Anything that isn’t priced VERY competitively isn’t moving, but I will say that the aggressively priced REOs are moving quite well.

I have a personal theory that there is a temporary decrease in inventory up here while MANY homes transition from failed attempts at short sales to full on bank owned status. I can say that on my street alone there are at least 3 homes in the process of having one sign brought down, only to have the bank take ownership and put another sign up. I’ve seen the banks changing locks on numerous homes. Once even before the home had foreclosed.

[hipmatt]

pizzaman is right. In temecula and murrieta, agents price a home ridiculously low, and the home gets bombarded with offers, the agent then tells each new offerer about all the competition and an unofficial auction is created. I have seen this a few times, on of the worst offenders is this lady…
http://redfin.com/stingray/do/printable-listing?listing-id=1415539
this home backs up to a green belt, and you can bag on French Valley all you want, but there is NOTHING this nice for $200k. An agent friend of mine spoke to her (she doesn’t return calls) and she confirmed the scheme. I believe she said it they were looking at an offer for 280k.
Here is another on of her listings..
http://redfin.com/stingray/do/printable-listing?listing-id=875770
Listing Price History
Date Price
Jul 01, 2007 $439,000
Sep 24, 2007 $429,000
Oct 19, 2007 $409,000
Dec 04, 2007 $379,000
Feb 04, 2008 $250,000

Anything that isn’t priced VERY competitively isn’t moving, but I will say that the aggressively priced REOs are moving quite well.

I have a personal theory that there is a temporary decrease in inventory up here while MANY homes transition from failed attempts at short sales to full on bank owned status. I can say that on my street alone there are at least 3 homes in the process of having one sign brought down, only to have the bank take ownership and put another sign up. I’ve seen the banks changing locks on numerous homes. Once even before the home had foreclosed.

[sdnerd]

Re: paramount

Central to where there is job density, and more higher paying jobs are located perhaps?

Areas where prices were lowest to begin with, and have been hit the hardest. These areas by definition are the least desirable, or they wouldn’t be the cheapest. Supply and demand and all that.

I agree completely with recordsclerk. It looks like you read it as a personal attack, I’m not sure why.

A co-worker today picked up a forclosure for 50% off from the peak, because he was tired of commuting 3 hours each day and buy now equals rent for that property. Bargain hunters are starting to come out. (Although I would agree, we aren’t at the bottom yet)

[sdnerd]

Re: paramount

Central to where there is job density, and more higher paying jobs are located perhaps?

Areas where prices were lowest to begin with, and have been hit the hardest. These areas by definition are the least desirable, or they wouldn’t be the cheapest. Supply and demand and all that.

I agree completely with recordsclerk. It looks like you read it as a personal attack, I’m not sure why.

A co-worker today picked up a forclosure for 50% off from the peak, because he was tired of commuting 3 hours each day and buy now equals rent for that property. Bargain hunters are starting to come out. (Although I would agree, we aren’t at the bottom yet)

[sdnerd]

Re: paramount

Central to where there is job density, and more higher paying jobs are located perhaps?

Areas where prices were lowest to begin with, and have been hit the hardest. These areas by definition are the least desirable, or they wouldn’t be the cheapest. Supply and demand and all that.

I agree completely with recordsclerk. It looks like you read it as a personal attack, I’m not sure why.

A co-worker today picked up a forclosure for 50% off from the peak, because he was tired of commuting 3 hours each day and buy now equals rent for that property. Bargain hunters are starting to come out. (Although I would agree, we aren’t at the bottom yet)

[sdnerd]

Re: paramount

Central to where there is job density, and more higher paying jobs are located perhaps?

Areas where prices were lowest to begin with, and have been hit the hardest. These areas by definition are the least desirable, or they wouldn’t be the cheapest. Supply and demand and all that.

I agree completely with recordsclerk. It looks like you read it as a personal attack, I’m not sure why.

A co-worker today picked up a forclosure for 50% off from the peak, because he was tired of commuting 3 hours each day and buy now equals rent for that property. Bargain hunters are starting to come out. (Although I would agree, we aren’t at the bottom yet)

[paramount]

Recordclerk: So typical – I suppose you live in RSF.

More Central for who?

Less desirable for who?

You snob.

[paramount]

Recordclerk: So typical – I suppose you live in RSF.

More Central for who?

Less desirable for who?

You snob.

[paramount]

Recordclerk: So typical – I suppose you live in RSF.

More Central for who?

Less desirable for who?

You snob.

[paramount]

Recordclerk: So typical – I suppose you live in RSF.

More Central for who?

Less desirable for who?

You snob.

[recordsclerk]

I think you are going to see some activity in the area’s that have been hit the hardest. I don’t see this as being at or near the bottom, but this is going to put pressure on the more centralized sought after areas. Temecula, Chula Vista and other hard hit areas are becoming bargins compared to the Coastal and Central areas. You should start seeing some bargin hunters looking for a good deal in the less desirable areas that have the most price declines. You may also see some condo action as they are coming closer to being cash positive rentals.

[recordsclerk]

I think you are going to see some activity in the area’s that have been hit the hardest. I don’t see this as being at or near the bottom, but this is going to put pressure on the more centralized sought after areas. Temecula, Chula Vista and other hard hit areas are becoming bargins compared to the Coastal and Central areas. You should start seeing some bargin hunters looking for a good deal in the less desirable areas that have the most price declines. You may also see some condo action as they are coming closer to being cash positive rentals.

[recordsclerk]

I think you are going to see some activity in the area’s that have been hit the hardest. I don’t see this as being at or near the bottom, but this is going to put pressure on the more centralized sought after areas. Temecula, Chula Vista and other hard hit areas are becoming bargins compared to the Coastal and Central areas. You should start seeing some bargin hunters looking for a good deal in the less desirable areas that have the most price declines. You may also see some condo action as they are coming closer to being cash positive rentals.

[recordsclerk]

I think you are going to see some activity in the area’s that have been hit the hardest. I don’t see this as being at or near the bottom, but this is going to put pressure on the more centralized sought after areas. Temecula, Chula Vista and other hard hit areas are becoming bargins compared to the Coastal and Central areas. You should start seeing some bargin hunters looking for a good deal in the less desirable areas that have the most price declines. You may also see some condo action as they are coming closer to being cash positive rentals.

[sc_alum]

long time lurker, first time poster…

As a t-mec resident, I can vouch for the multiple offer scenario, but only for quality properties that are listed under 100$/sq ft. Unfortunately, most folks havent realized that they missed the boat on pricing, so there’s just a huge disparity out there in terms of listing amounts.

[sc_alum]

long time lurker, first time poster…

As a t-mec resident, I can vouch for the multiple offer scenario, but only for quality properties that are listed under 100$/sq ft. Unfortunately, most folks havent realized that they missed the boat on pricing, so there’s just a huge disparity out there in terms of listing amounts.

[sc_alum]

long time lurker, first time poster…

As a t-mec resident, I can vouch for the multiple offer scenario, but only for quality properties that are listed under 100$/sq ft. Unfortunately, most folks havent realized that they missed the boat on pricing, so there’s just a huge disparity out there in terms of listing amounts.

[sc_alum]

long time lurker, first time poster…

As a t-mec resident, I can vouch for the multiple offer scenario, but only for quality properties that are listed under 100$/sq ft. Unfortunately, most folks havent realized that they missed the boat on pricing, so there’s just a huge disparity out there in terms of listing amounts.

[pizzaman]

Recently I’ve noticed what seems to be a new strategy on the part of some banks. On several properties in areas that I follow in Murrieta they have listed for an artificially low price and started a biding war that ended up with the property selling at or above the price that current market would dictate. For example in one area I follow all of the recent sales (primarily REOs) have been in the neighborhood of 450,000 to 500,000. Of course these same homes were selling for 600,000 to 700,000 at the peak. The bank takes back one of these houses and lists it at 331,000. Three days and 28 offers later it goes into escrow at the highest offer which I’m told was 450,000. Pretty decent marketing ploy, but I don’t see that it means there has been any sort of change in market sentiment. Reminds me of the REDC auctions.

[Nor-LA-SD-guy]

The one thing that I have noticed (at least with DR, Horton), The builder priced their existing inventory to move ,
ie.. one tract I know of had five completed homes that were sitting there for at least 3 to 5 months, then all of a sudden, late January early Feb, they were all sold.

So it seems to me that most of the builders have managed sell off their existing inventory in the TV, now it’s the forclosures that are where the deals are it would seem.

[paramount]

I have been saying for a while that properties are still moving in Temecula – the new builders are still selling. At least as far as I can tell – I’m thinking all along who would be foolish enough to buy now.

[paramount]

I have been saying for a while that properties are still moving in Temecula – the new builders are still selling. At least as far as I can tell – I’m thinking all along who would be foolish enough to buy now.

[paramount]

I have been saying for a while that properties are still moving in Temecula – the new builders are still selling. At least as far as I can tell – I’m thinking all along who would be foolish enough to buy now.

[paramount]

I have been saying for a while that properties are still moving in Temecula – the new builders are still selling. At least as far as I can tell – I’m thinking all along who would be foolish enough to buy now.

[paramount]

I have been saying for a while that properties are still moving in Temecula – the new builders are still selling. At least as far as I can tell – I’m thinking all along who would be foolish enough to buy now.

[Nor-LA-SD-guy]

The one thing that I have noticed (at least with DR, Horton), The builder priced their existing inventory to move ,
ie.. one tract I know of had five completed homes that were sitting there for at least 3 to 5 months, then all of a sudden, late January early Feb, they were all sold.

So it seems to me that most of the builders have managed sell off their existing inventory in the TV, now it’s the forclosures that are where the deals are it would seem.

[Nor-LA-SD-guy]

The one thing that I have noticed (at least with DR, Horton), The builder priced their existing inventory to move ,
ie.. one tract I know of had five completed homes that were sitting there for at least 3 to 5 months, then all of a sudden, late January early Feb, they were all sold.

So it seems to me that most of the builders have managed sell off their existing inventory in the TV, now it’s the forclosures that are where the deals are it would seem.

[Nor-LA-SD-guy]

The one thing that I have noticed (at least with DR, Horton), The builder priced their existing inventory to move ,
ie.. one tract I know of had five completed homes that were sitting there for at least 3 to 5 months, then all of a sudden, late January early Feb, they were all sold.

So it seems to me that most of the builders have managed sell off their existing inventory in the TV, now it’s the forclosures that are where the deals are it would seem.

[Nor-LA-SD-guy]

The one thing that I have noticed (at least with DR, Horton), The builder priced their existing inventory to move ,
ie.. one tract I know of had five completed homes that were sitting there for at least 3 to 5 months, then all of a sudden, late January early Feb, they were all sold.

So it seems to me that most of the builders have managed sell off their existing inventory in the TV, now it’s the forclosures that are where the deals are it would seem.

[pizzaman]

Recently I’ve noticed what seems to be a new strategy on the part of some banks. On several properties in areas that I follow in Murrieta they have listed for an artificially low price and started a biding war that ended up with the property selling at or above the price that current market would dictate. For example in one area I follow all of the recent sales (primarily REOs) have been in the neighborhood of 450,000 to 500,000. Of course these same homes were selling for 600,000 to 700,000 at the peak. The bank takes back one of these houses and lists it at 331,000. Three days and 28 offers later it goes into escrow at the highest offer which I’m told was 450,000. Pretty decent marketing ploy, but I don’t see that it means there has been any sort of change in market sentiment. Reminds me of the REDC auctions.

[pizzaman]

Recently I’ve noticed what seems to be a new strategy on the part of some banks. On several properties in areas that I follow in Murrieta they have listed for an artificially low price and started a biding war that ended up with the property selling at or above the price that current market would dictate. For example in one area I follow all of the recent sales (primarily REOs) have been in the neighborhood of 450,000 to 500,000. Of course these same homes were selling for 600,000 to 700,000 at the peak. The bank takes back one of these houses and lists it at 331,000. Three days and 28 offers later it goes into escrow at the highest offer which I’m told was 450,000. Pretty decent marketing ploy, but I don’t see that it means there has been any sort of change in market sentiment. Reminds me of the REDC auctions.

[pizzaman]

Recently I’ve noticed what seems to be a new strategy on the part of some banks. On several properties in areas that I follow in Murrieta they have listed for an artificially low price and started a biding war that ended up with the property selling at or above the price that current market would dictate. For example in one area I follow all of the recent sales (primarily REOs) have been in the neighborhood of 450,000 to 500,000. Of course these same homes were selling for 600,000 to 700,000 at the peak. The bank takes back one of these houses and lists it at 331,000. Three days and 28 offers later it goes into escrow at the highest offer which I’m told was 450,000. Pretty decent marketing ploy, but I don’t see that it means there has been any sort of change in market sentiment. Reminds me of the REDC auctions.

[pizzaman]

Recently I’ve noticed what seems to be a new strategy on the part of some banks. On several properties in areas that I follow in Murrieta they have listed for an artificially low price and started a biding war that ended up with the property selling at or above the price that current market would dictate. For example in one area I follow all of the recent sales (primarily REOs) have been in the neighborhood of 450,000 to 500,000. Of course these same homes were selling for 600,000 to 700,000 at the peak. The bank takes back one of these houses and lists it at 331,000. Three days and 28 offers later it goes into escrow at the highest offer which I’m told was 450,000. Pretty decent marketing ploy, but I don’t see that it means there has been any sort of change in market sentiment. Reminds me of the REDC auctions.

[Author]

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