Temecula – An Update – Piggington's Econo-Almanac

This topic has 20 replies, 4 voices, and was last updated 15 years, 2 months ago by svelte.

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- January 10, 2008 at 9:55 PM #11460
  
  paramount
  Participant
  
  I spent part of this past week looking at new homes and foreclosures.
  
  New Builders:
  
  Centex/Stratford: Largest model (2750 sq. ft) now starting at 375k, when I looked just 2 months ago that same model was 393k.
  
  Lennar/Stonebriar: Largest model (3600 sq. ft.) at 493k, no other models available.
  
  One interesting note: As I walked around the models in the early afternoon today, I didn’t hear ANY sounds of construction.
  
  With little exception, construction has ceased in Wolf Creek.
  
  Foreclosures:
  
  A nice size home (~2300 sq. ft.) in Crowne Hill can be had for <300k - may need new carpet and paint but otherwise not bad.
- January 10, 2008 at 10:19 PM #133947
  
  Anonymous
  Guest
  
  Ok, this is what I don’t understand: why are the new home builders continuing to promote these high prices? I understand centex dropped their price 18K at stratford, but shouldn’t it be more? I wouldn’t imagine they’re selling anything right now. This concerns me because when I buy, I’m leaning towards new.
  
  However, like another poster said, I’m buying when there is blood in the streets.
  - January 10, 2008 at 10:29 PM #133962
    
    paramount
    Participant
    
    Stratford has a long way to go down IMO, I am sort of leaning towards $100/sq. ft. – I think that is realistic. Right now Stratford is at $136/sq. ft. The have taken many lots off of the market – as far as I can tell there is no new construction occurring there right now.
    
    Lennar: Very nice homes actually, and the area is pretty nice I think as well, but again at $130+ /sq. ft. they are way over priced. I would buy that model for 350-370k no problem.
    - January 11, 2008 at 5:34 AM #134032
      
      robyns_song
      Participant
      
      Just because that’s what they list their prices at doesn’t mean they are selling them at that price or wouldn’t accept an offer far below that price. I know someone who bought from Centex in Sacramento…they made an offer of $75K off a $400K home. Centex ended up accepting $50K off and threw in $75K in upgrades. Not that I think it’s a great deal necessarily, but it’s something to keep in mind. Paying full price is so two years ago…
    - January 11, 2008 at 10:09 AM #134171
      
      svelte
      Participant
      
      I watched this cycle in the last downturn.
      
      First, you’ll see builders stop building as they run out of capital. Next, you’ll see builders go through BK. Finally, the builders who survived will buy up the vacant lots left by the previous builder and construction will resume.
      
      This whole cycle can take 3 to 5 years.
    - January 11, 2008 at 10:09 AM #134365
      
      svelte
      Participant
      
      I watched this cycle in the last downturn.
      
      First, you’ll see builders stop building as they run out of capital. Next, you’ll see builders go through BK. Finally, the builders who survived will buy up the vacant lots left by the previous builder and construction will resume.
      
      This whole cycle can take 3 to 5 years.
    - January 11, 2008 at 10:09 AM #134371
      
      svelte
      Participant
      
      I watched this cycle in the last downturn.
      
      First, you’ll see builders stop building as they run out of capital. Next, you’ll see builders go through BK. Finally, the builders who survived will buy up the vacant lots left by the previous builder and construction will resume.
      
      This whole cycle can take 3 to 5 years.
    - January 11, 2008 at 10:09 AM #134426
      
      svelte
      Participant
      
      I watched this cycle in the last downturn.
      
      First, you’ll see builders stop building as they run out of capital. Next, you’ll see builders go through BK. Finally, the builders who survived will buy up the vacant lots left by the previous builder and construction will resume.
      
      This whole cycle can take 3 to 5 years.
    - January 11, 2008 at 10:09 AM #134467
      
      svelte
      Participant
      
      I watched this cycle in the last downturn.
      
      First, you’ll see builders stop building as they run out of capital. Next, you’ll see builders go through BK. Finally, the builders who survived will buy up the vacant lots left by the previous builder and construction will resume.
      
      This whole cycle can take 3 to 5 years.
    - January 11, 2008 at 5:34 AM #134225
      
      robyns_song
      Participant
      
      Just because that’s what they list their prices at doesn’t mean they are selling them at that price or wouldn’t accept an offer far below that price. I know someone who bought from Centex in Sacramento…they made an offer of $75K off a $400K home. Centex ended up accepting $50K off and threw in $75K in upgrades. Not that I think it’s a great deal necessarily, but it’s something to keep in mind. Paying full price is so two years ago…
    - January 11, 2008 at 5:34 AM #134233
      
      robyns_song
      Participant
      
      Just because that’s what they list their prices at doesn’t mean they are selling them at that price or wouldn’t accept an offer far below that price. I know someone who bought from Centex in Sacramento…they made an offer of $75K off a $400K home. Centex ended up accepting $50K off and threw in $75K in upgrades. Not that I think it’s a great deal necessarily, but it’s something to keep in mind. Paying full price is so two years ago…
    - January 11, 2008 at 5:34 AM #134289
      
      robyns_song
      Participant
      
      Just because that’s what they list their prices at doesn’t mean they are selling them at that price or wouldn’t accept an offer far below that price. I know someone who bought from Centex in Sacramento…they made an offer of $75K off a $400K home. Centex ended up accepting $50K off and threw in $75K in upgrades. Not that I think it’s a great deal necessarily, but it’s something to keep in mind. Paying full price is so two years ago…
    - January 11, 2008 at 5:34 AM #134330
      
      robyns_song
      Participant
      
      Just because that’s what they list their prices at doesn’t mean they are selling them at that price or wouldn’t accept an offer far below that price. I know someone who bought from Centex in Sacramento…they made an offer of $75K off a $400K home. Centex ended up accepting $50K off and threw in $75K in upgrades. Not that I think it’s a great deal necessarily, but it’s something to keep in mind. Paying full price is so two years ago…
  - January 10, 2008 at 10:29 PM #134155
    
    paramount
    Participant
    
    Stratford has a long way to go down IMO, I am sort of leaning towards $100/sq. ft. – I think that is realistic. Right now Stratford is at $136/sq. ft. The have taken many lots off of the market – as far as I can tell there is no new construction occurring there right now.
    
    Lennar: Very nice homes actually, and the area is pretty nice I think as well, but again at $130+ /sq. ft. they are way over priced. I would buy that model for 350-370k no problem.
  - January 10, 2008 at 10:29 PM #134162
    
    paramount
    Participant
    
    Stratford has a long way to go down IMO, I am sort of leaning towards $100/sq. ft. – I think that is realistic. Right now Stratford is at $136/sq. ft. The have taken many lots off of the market – as far as I can tell there is no new construction occurring there right now.
    
    Lennar: Very nice homes actually, and the area is pretty nice I think as well, but again at $130+ /sq. ft. they are way over priced. I would buy that model for 350-370k no problem.
  - January 10, 2008 at 10:29 PM #134218
    
    paramount
    Participant
    
    Stratford has a long way to go down IMO, I am sort of leaning towards $100/sq. ft. – I think that is realistic. Right now Stratford is at $136/sq. ft. The have taken many lots off of the market – as far as I can tell there is no new construction occurring there right now.
    
    Lennar: Very nice homes actually, and the area is pretty nice I think as well, but again at $130+ /sq. ft. they are way over priced. I would buy that model for 350-370k no problem.
  - January 10, 2008 at 10:29 PM #134257
    
    paramount
    Participant
    
    Stratford has a long way to go down IMO, I am sort of leaning towards $100/sq. ft. – I think that is realistic. Right now Stratford is at $136/sq. ft. The have taken many lots off of the market – as far as I can tell there is no new construction occurring there right now.
    
    Lennar: Very nice homes actually, and the area is pretty nice I think as well, but again at $130+ /sq. ft. they are way over priced. I would buy that model for 350-370k no problem.
- January 10, 2008 at 10:19 PM #134140
  
  Anonymous
  Guest
  
  Ok, this is what I don’t understand: why are the new home builders continuing to promote these high prices? I understand centex dropped their price 18K at stratford, but shouldn’t it be more? I wouldn’t imagine they’re selling anything right now. This concerns me because when I buy, I’m leaning towards new.
  
  However, like another poster said, I’m buying when there is blood in the streets.
- January 10, 2008 at 10:19 PM #134147
  
  Anonymous
  Guest
  
  Ok, this is what I don’t understand: why are the new home builders continuing to promote these high prices? I understand centex dropped their price 18K at stratford, but shouldn’t it be more? I wouldn’t imagine they’re selling anything right now. This concerns me because when I buy, I’m leaning towards new.
  
  However, like another poster said, I’m buying when there is blood in the streets.
- January 10, 2008 at 10:19 PM #134203
  
  Anonymous
  Guest
  
  Ok, this is what I don’t understand: why are the new home builders continuing to promote these high prices? I understand centex dropped their price 18K at stratford, but shouldn’t it be more? I wouldn’t imagine they’re selling anything right now. This concerns me because when I buy, I’m leaning towards new.
  
  However, like another poster said, I’m buying when there is blood in the streets.
- January 10, 2008 at 10:19 PM #134242
  
  Anonymous
  Guest
  
  Ok, this is what I don’t understand: why are the new home builders continuing to promote these high prices? I understand centex dropped their price 18K at stratford, but shouldn’t it be more? I wouldn’t imagine they’re selling anything right now. This concerns me because when I buy, I’m leaning towards new.
  
  However, like another poster said, I’m buying when there is blood in the streets.
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