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

[bearvine]

4000 sq ft for $300k is a good goal in Morgan Hill, we know it will get to $100 sq ft because it is already there in so many areas. TG, you are right, there aren’t too many this size in MH, but there are plenty in the 3000-3700 sq ft range, and these will be sub $300.

So if you do beat me out, and get that 4000 sq ft home with a view, upgrades, and only needing the brown landscaping replaced for $305, as long as I am in the $80 per sq ft range I’ll be happy.

However, I still not make a move until we find out what McMillin does with all those lots planned on the other side of Blackstone. They do not have Irvine Co deep pockets, where they can just sit on it for years.

I am still sensing McMillin auctions coming in the near future.

Anyways, for those considering buying in French Valley,Elsinore, Wildomar, Hemet, Beaumont, or anything like that, JUST DON’T. You’ll regret it soon.

If you have to get a deal, and you work in town or SD, get a deal in South Temecula.

If you commute from OC/LA get a deal in Harveston, just make sure you stay in Temecula. If you do Murrieta make sure its close to the 15.

[TemekuT]

Hey Bearvine, am I correct in assuming you’re an Irvine resident? Anyhow, I am intrigued by your having both occupied, and purchased as an investor, properties in Morgan Hill, considering I was required to sign a particularly onerous document stating that I intended to occupy, or if purchased as an investment, that I wouldn’t sell nor rent for 12 months after COE. This document was required in McMillan land and in Hovnanian land and in the Ventana tract. Don’t know about Shea, I didn’t look there. From the wording of your posts, it would appear that you bought early and sold early, how did you manage to purchase so many properties new? I was quizzed at length by Dustin in Crystal and Kelly in Artessa about my intentions, but the Hovnanian agents (wink-wink) didn’t care, nor did the Ventana people. And if I may ask, which tracts did you purchase for residence and for investment purposes?

This is my reality check: I purchased in Temeku Hills in 1997 at $87 psf and again in 2000 at $114 psf. I just cannot believe that we will regress to pre-1997 prices and acquire property here at less than $80 psf. That’s pricing from the height of the last downturn and if so, we are all soooo screwed! If that’s the case, I should buy at least 10 homes here, and forego my plans to purchase 3-plexes in Cupertino! Unfortunately, this Morgan Hill place was purchased for $197 psf, blame hubby for that one, but it seemed such a bargain compared to other areas.

Snail asked for some data on Morgan Hill resales and foreclosures. I haven’t kept a spreadsheet; I just have eyeballed the data. But I think I will follow through on Mumm Street within the next couple of days and give a history on every resale or REO. I’ve been too busy to respond for the last 48 hours.

Regarding McMillin’s cash flow and ability to sit on undeveloped land, does anyone out there have any insight? I seem to recall there’s no developer subsidy for HOA, so that at least is not an expense to them. We need Irvine Renter (Irvine Bubble Blogsite) here as He/She could find and give us the inside info on McMillin’s ability to withstand the downturn.

Anyhow, there is no good answer here and we shall all see how it plays out.

[TemekuT]

Hey Bearvine, am I correct in assuming you’re an Irvine resident? Anyhow, I am intrigued by your having both occupied, and purchased as an investor, properties in Morgan Hill, considering I was required to sign a particularly onerous document stating that I intended to occupy, or if purchased as an investment, that I wouldn’t sell nor rent for 12 months after COE. This document was required in McMillan land and in Hovnanian land and in the Ventana tract. Don’t know about Shea, I didn’t look there. From the wording of your posts, it would appear that you bought early and sold early, how did you manage to purchase so many properties new? I was quizzed at length by Dustin in Crystal and Kelly in Artessa about my intentions, but the Hovnanian agents (wink-wink) didn’t care, nor did the Ventana people. And if I may ask, which tracts did you purchase for residence and for investment purposes?

This is my reality check: I purchased in Temeku Hills in 1997 at $87 psf and again in 2000 at $114 psf. I just cannot believe that we will regress to pre-1997 prices and acquire property here at less than $80 psf. That’s pricing from the height of the last downturn and if so, we are all soooo screwed! If that’s the case, I should buy at least 10 homes here, and forego my plans to purchase 3-plexes in Cupertino! Unfortunately, this Morgan Hill place was purchased for $197 psf, blame hubby for that one, but it seemed such a bargain compared to other areas.

Snail asked for some data on Morgan Hill resales and foreclosures. I haven’t kept a spreadsheet; I just have eyeballed the data. But I think I will follow through on Mumm Street within the next couple of days and give a history on every resale or REO. I’ve been too busy to respond for the last 48 hours.

Regarding McMillin’s cash flow and ability to sit on undeveloped land, does anyone out there have any insight? I seem to recall there’s no developer subsidy for HOA, so that at least is not an expense to them. We need Irvine Renter (Irvine Bubble Blogsite) here as He/She could find and give us the inside info on McMillin’s ability to withstand the downturn.

Anyhow, there is no good answer here and we shall all see how it plays out.

[salo_t]

Just thought I’d share a quick story. This Saturday the Fam and I were bored and decided to drive up to Temecula to view the homes and see what kind of deals were being offered. Most places have reduced prices and then will kick in another 80k towards whatever you want, rate buy down, selling price or whatever.
The last place we visited was Stratford at Redhawk.
These are Centex homes anywhere from 2204 to 2750 sq ft and priced from 389k to 419k. After checking out these homes I went back and told the sales lady that they are nice but I’m looking to buy closer to 300k. She quickly said that when a house falls out of escrow the builder will slash the price on it just to move it and it might be closer to what I am willing spend. Then I asked if I could also collect a commission since I have an active RE license? Again she quickly said yes! its 5% on top of whatever deals are offered.
To be honest these homes were not my favorite but I think this shows that we are around the $135 price per sq ft. already. By next Spring I imagine there will be some very attractive deals popping up.

[salo_t]

Just thought I’d share a quick story. This Saturday the Fam and I were bored and decided to drive up to Temecula to view the homes and see what kind of deals were being offered. Most places have reduced prices and then will kick in another 80k towards whatever you want, rate buy down, selling price or whatever.
The last place we visited was Stratford at Redhawk.
These are Centex homes anywhere from 2204 to 2750 sq ft and priced from 389k to 419k. After checking out these homes I went back and told the sales lady that they are nice but I’m looking to buy closer to 300k. She quickly said that when a house falls out of escrow the builder will slash the price on it just to move it and it might be closer to what I am willing spend. Then I asked if I could also collect a commission since I have an active RE license? Again she quickly said yes! its 5% on top of whatever deals are offered.
To be honest these homes were not my favorite but I think this shows that we are around the $135 price per sq ft. already. By next Spring I imagine there will be some very attractive deals popping up.

[justdoitstewart]

Where in Cupertino where you going to buy 3 plexes? I may be intrested…

justdoitstewart at yahoo.com

[justdoitstewart]

Where in Cupertino where you going to buy 3 plexes? I may be intrested…

justdoitstewart at yahoo.com

[temeculaguy]

salo, avoid stratford, that has to be one of the worst locations in the area and they aren’t discounting enough to compensate for the drawbacks, unfortunately someone driving around can’t always see the drawbacks.

1. It is adjacent to the high school and actually the student parking lot access is in front of those homes even though it seems like it is behind the high school the traffic is brutal during ingress/egress. The stadium is nice and new and seems to be always hosting an event, you will be a hundred feet away and hearing every play.

2. On the other side is the indian reservation. While the majority of the indians have moved off the reservation with their newfound wealth, those that remain in the backyard of stratford spend their free time firing weapons in the air and riding off road vehicle/dirtbikes about fifty feet from those homes. I jog that area and before the houses started construction, there was more than one occasion that I ducked when hearing gunshots. You can’t complain about the off road vehicles or noise because to the police because they don’t have infraction authority on the reservation, temecula codes don’t apply and junk cars, yard appliances, graffiti (while not at every house, it is at some) cannot be addressed by the city.

3. While it is technically in redhawk, it really isn’t as far as access. Access is off Pechanga parkway and the beautiful landscaping and waterfalls that everyone else and their guests drive through aren’t visible driving to stratford, they enter by driving past the casino.

4. In my opinion this will be the first tract to go under mid development and the next few years the neighbors will be empty lots. The built the first street and didn’t sell anything. They redesigned the models and started again. Their cancellation rate is probably 80% and they didn’t even build a sales office (a guy sits in the livingroom of one of the models and they use the sales office at hemmingway).

Based on the negatives I’ve listed I would not buy these even at 25% less than something a mile away and their prices don’t reflect that, even at 300k it’s not worth it. When the market was hot, things were built that shouldn’t have been, this is a prime example.

[temeculaguy]

salo, avoid stratford, that has to be one of the worst locations in the area and they aren’t discounting enough to compensate for the drawbacks, unfortunately someone driving around can’t always see the drawbacks.

1. It is adjacent to the high school and actually the student parking lot access is in front of those homes even though it seems like it is behind the high school the traffic is brutal during ingress/egress. The stadium is nice and new and seems to be always hosting an event, you will be a hundred feet away and hearing every play.

2. On the other side is the indian reservation. While the majority of the indians have moved off the reservation with their newfound wealth, those that remain in the backyard of stratford spend their free time firing weapons in the air and riding off road vehicle/dirtbikes about fifty feet from those homes. I jog that area and before the houses started construction, there was more than one occasion that I ducked when hearing gunshots. You can’t complain about the off road vehicles or noise because to the police because they don’t have infraction authority on the reservation, temecula codes don’t apply and junk cars, yard appliances, graffiti (while not at every house, it is at some) cannot be addressed by the city.

3. While it is technically in redhawk, it really isn’t as far as access. Access is off Pechanga parkway and the beautiful landscaping and waterfalls that everyone else and their guests drive through aren’t visible driving to stratford, they enter by driving past the casino.

4. In my opinion this will be the first tract to go under mid development and the next few years the neighbors will be empty lots. The built the first street and didn’t sell anything. They redesigned the models and started again. Their cancellation rate is probably 80% and they didn’t even build a sales office (a guy sits in the livingroom of one of the models and they use the sales office at hemmingway).

Based on the negatives I’ve listed I would not buy these even at 25% less than something a mile away and their prices don’t reflect that, even at 300k it’s not worth it. When the market was hot, things were built that shouldn’t have been, this is a prime example.

[salo_t]

TG, thanks for the heads up on Stratford!
I wasn’t crazy about the homes and now even less so. I’m curious to see what kind of offers they start sending over as things get worse.

[salo_t]

TG, thanks for the heads up on Stratford!
I wasn’t crazy about the homes and now even less so. I’m curious to see what kind of offers they start sending over as things get worse.

[TemekuT]

“Where in Cupertino where you going to buy 3 plexes? I may be intrested…

justdoitstewart at yahoo.com”

Interested in what? Are you an agent looking for clients?

[TemekuT]

“Where in Cupertino where you going to buy 3 plexes? I may be intrested…

justdoitstewart at yahoo.com”

Interested in what? Are you an agent looking for clients?

[justdoitstewart]

I’m interested in the 3 plexes if the numbers are right…not an agent looking for clients

[justdoitstewart]

I’m interested in the 3 plexes if the numbers are right…not an agent looking for clients

[Author]

Posts