Temecula

[sierramountains]

Has anyone been following the Temecula area housing market? I have not been following it and was curious if the prices are falling up there also. We may be moving up there next year. Thank you for any info that you can provide.

[hipmatt]

I have lived here in Temecula since 1990 and have sold some real estate here too. In my humble opinion, the market has slowed, mainly due to a large increase in listings, many of which have been on the market for over 90 days. Prices haven’t dropped a whole lot yet, but that will come next as supply and demand lays down the law, perhaps in one of the worst bubble areas in CA. I follow the MLS, and it seems to me that this pressure has
affected homes over the $600k mark the most, while homes priced under say $475k, haven’t taken as big of a hit yet. Murrieta is even worse with even more listings.

[Operation]

I’m following this area with great interest. We’ve been scouting up places from Temecula through Menifee. There is so much new development coming on-line it’s not even funny. Over the next year it’s going to get very nasty IMHO. Especially with all the Hummers, Giant SUV’s and boats sitting in-front of so many of these newly built 4000sq-ft homes.

[sierramountains]

Thank you for your reply. Do you know of any websites that I could access better info on houses for sale in Temecula?

[john67elco]

I access the MLS through here http://www.sharonmorrow.com/f-properties.html
I spent a full day going to KB homes and all the other new areas around Murrieta and found a huge resemblance to Moreno Valley back in the 90’s. If there is a down shift in the market, I would believe the market to be worse in that area over Carlsbad hands down. The amount of homes in that area is huge and people are begging in their listings (free TV, pay closing cost, plz buy my over priced home), I scroll through the listings just for that.

[Operation]

The whole area also has thousands of new properties coming online in the next 18 months. Tick…tick…tick…

[john67elco]

http://www.imrmls.com:8080/servlet/lFullDetail?proptype=RESIDENTIAL&ml=T603153

[Operation]

Wow. A serious bargain! NOT. He’s trying to cash-out when he bought the place in ’98 for $93,000. Over 300% gainer!

I wonder how many refis/HELOC’s he has.

Good catch though! It wont take long before we see more of these.

[Author]

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