My street in Temecula

[FormerOwner]

I read mydogsarelazy’s post about their street in Murrieta, so I figured I’d share what’s happening on my street in Temecula. We’re renting a house on a street with 6 brand new homes on it. All 6 are less than 8 months old. Here’s the breakdown of the six homes. All were purchased within the last year for anywhere from 540K-610K.

-4 are owned by investors and are being rented at a significant loss (rent is at least 50% less than cost of owning).
-1 is owned by an investor and is vacant, but there’s no “for rent” sign and no sign of any life over there.
-1 is owned by an owner-occupant but there’s no sign of anyone life there either.

[mydogsarelazy]

Hi Former owner,

On our street I count five houses out of twelve that have been or are investor owned.

What interests me also is how the owners who seem to be affording the payments are employed:

– A prison guard and his wife who is also employed in the prison system have just added a pool.

– Two Phillipine families who took equity out of National City and bought nice places here, but are still working far away.

– A casino manager and his wife who is in hotel management.

– A husband/wife real estate broker team. I wonder how their finances are going to play out?

JS

[desmond]

On my street 14 out of 16 homes are rentals. This is a new KB (Kracker Box) Development. Each owner tried to sell, could not and now they rent them. When you introduce yourself to each new neighbor and you findout they are renting and not owning, a big smile on each others face, no kidding.

[waiting hawk]

I love that area 🙂 Listing population is ~1.66 atm.. Someone eventually has to live in these homes. Not rent them, live in them. These people bleed money trying to rent these out for 5 years. Party is coming to a close. This Fall/Winter will tell more.

My website tracking Temecula and South Riverside County

[Author]

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