Recap on Temeclua, Murrieta, French Valley, etc.?

[luchabee]

Following up on a previous post about Beaumont and Redlands, my wife and I have jobs allowing us to pretty much live anywhere in the Inland Empire. We were considering those cities, but we might be able to sneak into a house in a few years in Temecula if we time the market right and pay down some debt.

So, we are just waiting for the market to correct (in a few years) before buying. I’ve been looking at a lot of areas from Palm Springs (too hot) to Corona (too expensive) to Beaumont (too near Banning). Beaumont, though, did intrigue me. However, I’m a little worried about the crime element, especially if there is a flood of foreclosures out there as another Piggington pointed out.

So, can all you Piggington regulars who are familiar with Temecula, etc. provide some comments about the nearby communities, even as far north as Winchester? We like the area because it is “centrally located” between S.D., O.C. and Palm Springs.

Do you think there will be any smaller, decent homes available for well under 300,000 in a few years? If so, any comments about specific pros and cons of each communitiy.

We’re a dual income couple with decent salaries (very stable jobs), but with some student debt we’d like to pay down. Also, we don’t want to overextend ourselves like so many others. Lastly, we moved down from San Francisco a while back. So, we’re fine with a condo or something smaller, given that we’re used to living in small places. And we don’t see the need to mortgage ourselves forever to maintain and cool a huge McMansion out in the desert.

Any thoughts on these areas again would be greatly appreciated. Thanks!

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

Temecula is a nice area to live, schools are good, and you may be able to find a real nice place for about 300K soon,
If you don’t have school age kids, think about South west Wildomar (agianst/next to the forest), it has South Temecula/Fallbrook like weather and you can find some real bargians in new home tracts there (but the schools are not so great).

Good luck,

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

Temecula is a nice area to live, schools are good, and you may be able to find a real nice place for about 300K soon,
If you don’t have school age kids, think about South west Wildomar (agianst/next to the forest), it has South Temecula/Fallbrook like weather and you can find some real bargians in new home tracts there (but the schools are not so great).

Good luck,

[bsrsharma]

smaller, decent homes available for well under 300,000 in a few years?

How does "larger, decent homes available for well under 300,000 in a year” sound? I can almost assure you of that anywhere in IE. There is just not enough income support for $300K+ homes in the “new” (classical) mortgage regime.

[bsrsharma]

smaller, decent homes available for well under 300,000 in a few years?

How does "larger, decent homes available for well under 300,000 in a year” sound? I can almost assure you of that anywhere in IE. There is just not enough income support for $300K+ homes in the “new” (classical) mortgage regime.

[TemekuT]

Stay in Temecula or on the Bear Creek side of Murrieta if you can. I’d avoid Winchester because the lack of HOA controls, coupled with the huge houses, is turning that area into a foreclosure and multi-family rental slum. I’d also avoid Beaumont for the same reasons. When you purchase consider the number of apartments in the zip code; that should correlate to the schools’ rankings. Prices are coming down in Temecula. I’ve noticed a few very small and older single family homes in less desirable neighborhoods in both 92591 and 92592 listed in the high 200’s so give it a year or so to drop to the low 200’s or even within the next 2 years to drop to the high 100’s.

Unlike some of the posters here, I do not see a reversion of spacious single-family homes in good areas to prices in the $100,000 range, but I think you will be able to pick up a good sized single family home in a good zip code in the mid $200,000 range, although I believe this would be in an older community.

[TemekuT]

Stay in Temecula or on the Bear Creek side of Murrieta if you can. I’d avoid Winchester because the lack of HOA controls, coupled with the huge houses, is turning that area into a foreclosure and multi-family rental slum. I’d also avoid Beaumont for the same reasons. When you purchase consider the number of apartments in the zip code; that should correlate to the schools’ rankings. Prices are coming down in Temecula. I’ve noticed a few very small and older single family homes in less desirable neighborhoods in both 92591 and 92592 listed in the high 200’s so give it a year or so to drop to the low 200’s or even within the next 2 years to drop to the high 100’s.

Unlike some of the posters here, I do not see a reversion of spacious single-family homes in good areas to prices in the $100,000 range, but I think you will be able to pick up a good sized single family home in a good zip code in the mid $200,000 range, although I believe this would be in an older community.

[The-Shoveler]

“There is just not enough income support for $300K+ homes in the “new” (classical) mortgage regime.”

Oddly enough, most of my neighbors in Wildomar tract I live in now have at least two homes, their latest most bought with cash (quick close bargain deal), Although these are more real estate savvy types, so I would say in the Temecula valley area, there is plenty of income to support 300K homes at least.

[The-Shoveler]

“There is just not enough income support for $300K+ homes in the “new” (classical) mortgage regime.”

Oddly enough, most of my neighbors in Wildomar tract I live in now have at least two homes, their latest most bought with cash (quick close bargain deal), Although these are more real estate savvy types, so I would say in the Temecula valley area, there is plenty of income to support 300K homes at least.

[bsrsharma]

there is plenty of income to support 300K homes at least.

Considering the present (and future) inventories, what would be a typical profile of such a buyer? (In terms of employment, place of employment, source of $60K downpayment  etc., ) Why would they not be owning a home already?  

[bsrsharma]

there is plenty of income to support 300K homes at least.

Considering the present (and future) inventories, what would be a typical profile of such a buyer? (In terms of employment, place of employment, source of $60K downpayment  etc., ) Why would they not be owning a home already?  

[TemekuT]

Nor-LA-SD etc…I have to agree with you. I keep trying to explain to posters here that in my Morgan Hill community there are investor REO’s that have driven prices down, but my street is filled with empty nesters that have either paid cash or made substantial down payments and can easily pay off any mortgage. We can weather out the downturn. The prices in my community have dropped; what is pending and selling is in the high $400,000 to low $600,000 range.

What is not selling are the 3 Ventana home listings, of which the cheapest is the Hendrix Montecastro REO at $950k, and the other two at about 1.2 million. Nor are the Hovnanian and Shea homes in the high $600,000 to the $800,000 range selling; however, REOs in those tracts are going pending in the low to mid $500,000 range.

That thread about the Pulte Meadows home price was funny as you could go over to the Montecastro REO and pick up that 5000 sq. ft. place on a 1/2 acre lot and I bet the trustee would be quite willing to let it go for the same price as the new Pulte home.

[TemekuT]

Nor-LA-SD etc…I have to agree with you. I keep trying to explain to posters here that in my Morgan Hill community there are investor REO’s that have driven prices down, but my street is filled with empty nesters that have either paid cash or made substantial down payments and can easily pay off any mortgage. We can weather out the downturn. The prices in my community have dropped; what is pending and selling is in the high $400,000 to low $600,000 range.

What is not selling are the 3 Ventana home listings, of which the cheapest is the Hendrix Montecastro REO at $950k, and the other two at about 1.2 million. Nor are the Hovnanian and Shea homes in the high $600,000 to the $800,000 range selling; however, REOs in those tracts are going pending in the low to mid $500,000 range.

That thread about the Pulte Meadows home price was funny as you could go over to the Montecastro REO and pick up that 5000 sq. ft. place on a 1/2 acre lot and I bet the trustee would be quite willing to let it go for the same price as the new Pulte home.

[mydogsarelazy]

I have lived briefly in the Redhawk area of Temecula, and now live in Murrieta.

I like both areas, but between the two Temecula has better city government. Both areas have great schools though.

I would look in the more established areas of Temecula around Hwy 79 and also the better parts of Murrieta.

French Valley? A definite no for me. The traffic and access problems, not to mention the issues created by too much development too fast have put me off that area.

JS

[mydogsarelazy]

I have lived briefly in the Redhawk area of Temecula, and now live in Murrieta.

I like both areas, but between the two Temecula has better city government. Both areas have great schools though.

I would look in the more established areas of Temecula around Hwy 79 and also the better parts of Murrieta.

French Valley? A definite no for me. The traffic and access problems, not to mention the issues created by too much development too fast have put me off that area.

JS

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