On Topic-Spring bounce still springing

[(former)FormerSanDiegan]

At $100 psf aren’t housing prices in Temecula essentially below the cost of building the structure ?
I wouldn’t really blame these knife catchers for buying properties at 30-40% off bubble peak prices. It seems to me that the folks “catching knives” right now in Temecula aren’t really sticking their necks out too far.

[Ren]

Yup, the people buying now in Temecula are people who are either unaware of the direction prices are going, or who cannot wait for whatever reason. They see those properties as great deals, and they are, compared to the peak. But this winter, and fall/winter of ’09, prices will be lower. Many of the people buying then will be different – more experienced investors, I would think, with more cash. However, even if there are still a lot of people making offers, I think prices will be low enough that you can make an offer better than theirs and still be saving compared to the current prices. If I see an awesome Fairways house on the course for $250k, I won’t mind offering substantially more than asking.

[Ren]

Yup, the people buying now in Temecula are people who are either unaware of the direction prices are going, or who cannot wait for whatever reason. They see those properties as great deals, and they are, compared to the peak. But this winter, and fall/winter of ’09, prices will be lower. Many of the people buying then will be different – more experienced investors, I would think, with more cash. However, even if there are still a lot of people making offers, I think prices will be low enough that you can make an offer better than theirs and still be saving compared to the current prices. If I see an awesome Fairways house on the course for $250k, I won’t mind offering substantially more than asking.

[Ren]

Yup, the people buying now in Temecula are people who are either unaware of the direction prices are going, or who cannot wait for whatever reason. They see those properties as great deals, and they are, compared to the peak. But this winter, and fall/winter of ’09, prices will be lower. Many of the people buying then will be different – more experienced investors, I would think, with more cash. However, even if there are still a lot of people making offers, I think prices will be low enough that you can make an offer better than theirs and still be saving compared to the current prices. If I see an awesome Fairways house on the course for $250k, I won’t mind offering substantially more than asking.

[Ren]

Yup, the people buying now in Temecula are people who are either unaware of the direction prices are going, or who cannot wait for whatever reason. They see those properties as great deals, and they are, compared to the peak. But this winter, and fall/winter of ’09, prices will be lower. Many of the people buying then will be different – more experienced investors, I would think, with more cash. However, even if there are still a lot of people making offers, I think prices will be low enough that you can make an offer better than theirs and still be saving compared to the current prices. If I see an awesome Fairways house on the course for $250k, I won’t mind offering substantially more than asking.

[Ren]

Yup, the people buying now in Temecula are people who are either unaware of the direction prices are going, or who cannot wait for whatever reason. They see those properties as great deals, and they are, compared to the peak. But this winter, and fall/winter of ’09, prices will be lower. Many of the people buying then will be different – more experienced investors, I would think, with more cash. However, even if there are still a lot of people making offers, I think prices will be low enough that you can make an offer better than theirs and still be saving compared to the current prices. If I see an awesome Fairways house on the course for $250k, I won’t mind offering substantially more than asking.

[ibjames]

[quote=Aecetia]They are catching the falling knife and you are much too smart for that. Stay the course. Go drink some wine.[/quote]

just stay away from the koolaid 😉

[ibjames]

[quote=Aecetia]They are catching the falling knife and you are much too smart for that. Stay the course. Go drink some wine.[/quote]

just stay away from the koolaid 😉

[ibjames]

[quote=Aecetia]They are catching the falling knife and you are much too smart for that. Stay the course. Go drink some wine.[/quote]

just stay away from the koolaid 😉

[ibjames]

[quote=Aecetia]They are catching the falling knife and you are much too smart for that. Stay the course. Go drink some wine.[/quote]

just stay away from the koolaid 😉

[ibjames]

[quote=Aecetia]They are catching the falling knife and you are much too smart for that. Stay the course. Go drink some wine.[/quote]

just stay away from the koolaid 😉

[temeculaguy]

Aecetia- at these prices they are catching butterknives

esmith, good point-I’m hoping to see the trend change in 30 days

Bugs-correct as always, yes it has moved past trigger points but I was getting used to moving the goalposts, I moved them one last time and was hoping to reach that goal by years end.

sduude, it is the slow speed that is killing me, it’s been fast enough to keep me occupied until recently.

Former, actually it is about 50% off peak and below 2003 pricing, almost 2001/2002 so I don’t blame them, it is below construction costs, doesn’t mean I need to like them.

Ren, I will beat you like a rented mule if you steal a house from me on the course in the Fairways listed for 250k and you bid 260k, while I bid 250K, you don’t have enough band-aids in your house for that. I’m just kidding, unfortunately there are more than you and I looking for that, that is exactly what happened with the 18 bids, however it was for 314k list. I have to think there were 17 people who got outbid and there won’t be much more than 17 prime lots repo’d in the Fairways during this downturn so it’s going to be a tough battle to get the best properties.

[temeculaguy]

Aecetia- at these prices they are catching butterknives

esmith, good point-I’m hoping to see the trend change in 30 days

Bugs-correct as always, yes it has moved past trigger points but I was getting used to moving the goalposts, I moved them one last time and was hoping to reach that goal by years end.

sduude, it is the slow speed that is killing me, it’s been fast enough to keep me occupied until recently.

Former, actually it is about 50% off peak and below 2003 pricing, almost 2001/2002 so I don’t blame them, it is below construction costs, doesn’t mean I need to like them.

Ren, I will beat you like a rented mule if you steal a house from me on the course in the Fairways listed for 250k and you bid 260k, while I bid 250K, you don’t have enough band-aids in your house for that. I’m just kidding, unfortunately there are more than you and I looking for that, that is exactly what happened with the 18 bids, however it was for 314k list. I have to think there were 17 people who got outbid and there won’t be much more than 17 prime lots repo’d in the Fairways during this downturn so it’s going to be a tough battle to get the best properties.

[temeculaguy]

Aecetia- at these prices they are catching butterknives

esmith, good point-I’m hoping to see the trend change in 30 days

Bugs-correct as always, yes it has moved past trigger points but I was getting used to moving the goalposts, I moved them one last time and was hoping to reach that goal by years end.

sduude, it is the slow speed that is killing me, it’s been fast enough to keep me occupied until recently.

Former, actually it is about 50% off peak and below 2003 pricing, almost 2001/2002 so I don’t blame them, it is below construction costs, doesn’t mean I need to like them.

Ren, I will beat you like a rented mule if you steal a house from me on the course in the Fairways listed for 250k and you bid 260k, while I bid 250K, you don’t have enough band-aids in your house for that. I’m just kidding, unfortunately there are more than you and I looking for that, that is exactly what happened with the 18 bids, however it was for 314k list. I have to think there were 17 people who got outbid and there won’t be much more than 17 prime lots repo’d in the Fairways during this downturn so it’s going to be a tough battle to get the best properties.

[temeculaguy]

Aecetia- at these prices they are catching butterknives

esmith, good point-I’m hoping to see the trend change in 30 days

Bugs-correct as always, yes it has moved past trigger points but I was getting used to moving the goalposts, I moved them one last time and was hoping to reach that goal by years end.

sduude, it is the slow speed that is killing me, it’s been fast enough to keep me occupied until recently.

Former, actually it is about 50% off peak and below 2003 pricing, almost 2001/2002 so I don’t blame them, it is below construction costs, doesn’t mean I need to like them.

Ren, I will beat you like a rented mule if you steal a house from me on the course in the Fairways listed for 250k and you bid 260k, while I bid 250K, you don’t have enough band-aids in your house for that. I’m just kidding, unfortunately there are more than you and I looking for that, that is exactly what happened with the 18 bids, however it was for 314k list. I have to think there were 17 people who got outbid and there won’t be much more than 17 prime lots repo’d in the Fairways during this downturn so it’s going to be a tough battle to get the best properties.

[Author]

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