Temecula Horse properties

[Allan from Fallbrook]

tlefort: A gal I know moved from Fallbrook to Temecula horse country and picked up an 18ac place with a 3,000sf home (backside of wine country) for $616k (priced down from $900k). This was during the summer.

I don’t know how far prices have declined since then, but my daughter rides locally (Bonsall) and I know the “horsey” set has been hit particularly hard as of late and folks are selling horses, trailers, trucks and properties due to the financial drain TG mentioned.

[tlefort]

Thanks TG,

I have enjoyed your comments and congratulations on your recent purchase. I myself have been tempted to blow off the idea of buying a place with acreage and pick up a nice house in town like you did. It sounds a lot simpler than what my wife has in mind. The only problem is my wife has 18 horses and runs an upscale horse trail riding business for the tourist/wine tasting crowd out of Wilson Creek Winery. (Here is her website so I can plug her business. http://www.winecountrytrailsbyhorseback.com ) and she has been doing fairly well considering she just started in June 2008 and she is already profitable (Except for the last few weeks of rain has dampend her rides). So she wants to hold out to see if we can get a place that will house her animals and cut her 1700$ rent she pays to house her animals on the ranch where we rent a small home.
You are right about the crazy horse people, but I am married to one so I have to deal with it. She actually has a good business and if she can control the overhead I.E. bording for her horses, then she can make a decent living doing something she loves everyday. That in itslef is something I think we all would like to be able to say.

The area out there is really quite interesting and it really is hard to compare to what happend “in Town”. It seems to be laging a bit behind but I am starting to see the low end dip below 300k. I found a place behind the French Valley airport, short sale for 259k on five flat acres but a tear down house on it. My wife was not up for that much work. Every month I am seeing better and better properties popping up out there, but there is still a lot of people thinking that their “Estate” should fetch over 1 Million when they only paid 400k 4 years ago. Overall it is a nice peacefull area, but it is by no means, Rancho Santa Fe.

Thanks for your input and I will continue my search. I hope by the time all the Alt A loans start to default in mass this next year we will see these proerties taking a haircut like the rest of Temecula. I have talked to a lot of the people out there over the last few years and one comment that I keep hearing over and over that will make you laugh is they all think that the area is “Special” and won’t be impacted like town will.

I do not think anyplace is “special” any more. And I hope to be able to pick up my mini 5 acre ranch for under 300k soon. Wish me luck..

Till then, best of luck with the new home. I am envious because I am tired of waiting and watching. But patience is a virtue and it even may save me a few hundred thousand bucks…
Tlefort

[tlefort]

Thanks TG,

I have enjoyed your comments and congratulations on your recent purchase. I myself have been tempted to blow off the idea of buying a place with acreage and pick up a nice house in town like you did. It sounds a lot simpler than what my wife has in mind. The only problem is my wife has 18 horses and runs an upscale horse trail riding business for the tourist/wine tasting crowd out of Wilson Creek Winery. (Here is her website so I can plug her business. http://www.winecountrytrailsbyhorseback.com ) and she has been doing fairly well considering she just started in June 2008 and she is already profitable (Except for the last few weeks of rain has dampend her rides). So she wants to hold out to see if we can get a place that will house her animals and cut her 1700$ rent she pays to house her animals on the ranch where we rent a small home.
You are right about the crazy horse people, but I am married to one so I have to deal with it. She actually has a good business and if she can control the overhead I.E. bording for her horses, then she can make a decent living doing something she loves everyday. That in itslef is something I think we all would like to be able to say.

The area out there is really quite interesting and it really is hard to compare to what happend “in Town”. It seems to be laging a bit behind but I am starting to see the low end dip below 300k. I found a place behind the French Valley airport, short sale for 259k on five flat acres but a tear down house on it. My wife was not up for that much work. Every month I am seeing better and better properties popping up out there, but there is still a lot of people thinking that their “Estate” should fetch over 1 Million when they only paid 400k 4 years ago. Overall it is a nice peacefull area, but it is by no means, Rancho Santa Fe.

Thanks for your input and I will continue my search. I hope by the time all the Alt A loans start to default in mass this next year we will see these proerties taking a haircut like the rest of Temecula. I have talked to a lot of the people out there over the last few years and one comment that I keep hearing over and over that will make you laugh is they all think that the area is “Special” and won’t be impacted like town will.

I do not think anyplace is “special” any more. And I hope to be able to pick up my mini 5 acre ranch for under 300k soon. Wish me luck..

Till then, best of luck with the new home. I am envious because I am tired of waiting and watching. But patience is a virtue and it even may save me a few hundred thousand bucks…
Tlefort

[tlefort]

Thanks TG,

I have enjoyed your comments and congratulations on your recent purchase. I myself have been tempted to blow off the idea of buying a place with acreage and pick up a nice house in town like you did. It sounds a lot simpler than what my wife has in mind. The only problem is my wife has 18 horses and runs an upscale horse trail riding business for the tourist/wine tasting crowd out of Wilson Creek Winery. (Here is her website so I can plug her business. http://www.winecountrytrailsbyhorseback.com ) and she has been doing fairly well considering she just started in June 2008 and she is already profitable (Except for the last few weeks of rain has dampend her rides). So she wants to hold out to see if we can get a place that will house her animals and cut her 1700$ rent she pays to house her animals on the ranch where we rent a small home.
You are right about the crazy horse people, but I am married to one so I have to deal with it. She actually has a good business and if she can control the overhead I.E. bording for her horses, then she can make a decent living doing something she loves everyday. That in itslef is something I think we all would like to be able to say.

The area out there is really quite interesting and it really is hard to compare to what happend “in Town”. It seems to be laging a bit behind but I am starting to see the low end dip below 300k. I found a place behind the French Valley airport, short sale for 259k on five flat acres but a tear down house on it. My wife was not up for that much work. Every month I am seeing better and better properties popping up out there, but there is still a lot of people thinking that their “Estate” should fetch over 1 Million when they only paid 400k 4 years ago. Overall it is a nice peacefull area, but it is by no means, Rancho Santa Fe.

Thanks for your input and I will continue my search. I hope by the time all the Alt A loans start to default in mass this next year we will see these proerties taking a haircut like the rest of Temecula. I have talked to a lot of the people out there over the last few years and one comment that I keep hearing over and over that will make you laugh is they all think that the area is “Special” and won’t be impacted like town will.

I do not think anyplace is “special” any more. And I hope to be able to pick up my mini 5 acre ranch for under 300k soon. Wish me luck..

Till then, best of luck with the new home. I am envious because I am tired of waiting and watching. But patience is a virtue and it even may save me a few hundred thousand bucks…
Tlefort

[tlefort]

Thanks TG,

I have enjoyed your comments and congratulations on your recent purchase. I myself have been tempted to blow off the idea of buying a place with acreage and pick up a nice house in town like you did. It sounds a lot simpler than what my wife has in mind. The only problem is my wife has 18 horses and runs an upscale horse trail riding business for the tourist/wine tasting crowd out of Wilson Creek Winery. (Here is her website so I can plug her business. http://www.winecountrytrailsbyhorseback.com ) and she has been doing fairly well considering she just started in June 2008 and she is already profitable (Except for the last few weeks of rain has dampend her rides). So she wants to hold out to see if we can get a place that will house her animals and cut her 1700$ rent she pays to house her animals on the ranch where we rent a small home.
You are right about the crazy horse people, but I am married to one so I have to deal with it. She actually has a good business and if she can control the overhead I.E. bording for her horses, then she can make a decent living doing something she loves everyday. That in itslef is something I think we all would like to be able to say.

The area out there is really quite interesting and it really is hard to compare to what happend “in Town”. It seems to be laging a bit behind but I am starting to see the low end dip below 300k. I found a place behind the French Valley airport, short sale for 259k on five flat acres but a tear down house on it. My wife was not up for that much work. Every month I am seeing better and better properties popping up out there, but there is still a lot of people thinking that their “Estate” should fetch over 1 Million when they only paid 400k 4 years ago. Overall it is a nice peacefull area, but it is by no means, Rancho Santa Fe.

Thanks for your input and I will continue my search. I hope by the time all the Alt A loans start to default in mass this next year we will see these proerties taking a haircut like the rest of Temecula. I have talked to a lot of the people out there over the last few years and one comment that I keep hearing over and over that will make you laugh is they all think that the area is “Special” and won’t be impacted like town will.

I do not think anyplace is “special” any more. And I hope to be able to pick up my mini 5 acre ranch for under 300k soon. Wish me luck..

Till then, best of luck with the new home. I am envious because I am tired of waiting and watching. But patience is a virtue and it even may save me a few hundred thousand bucks…
Tlefort

[tlefort]

Thanks TG,

I have enjoyed your comments and congratulations on your recent purchase. I myself have been tempted to blow off the idea of buying a place with acreage and pick up a nice house in town like you did. It sounds a lot simpler than what my wife has in mind. The only problem is my wife has 18 horses and runs an upscale horse trail riding business for the tourist/wine tasting crowd out of Wilson Creek Winery. (Here is her website so I can plug her business. http://www.winecountrytrailsbyhorseback.com ) and she has been doing fairly well considering she just started in June 2008 and she is already profitable (Except for the last few weeks of rain has dampend her rides). So she wants to hold out to see if we can get a place that will house her animals and cut her 1700$ rent she pays to house her animals on the ranch where we rent a small home.
You are right about the crazy horse people, but I am married to one so I have to deal with it. She actually has a good business and if she can control the overhead I.E. bording for her horses, then she can make a decent living doing something she loves everyday. That in itslef is something I think we all would like to be able to say.

The area out there is really quite interesting and it really is hard to compare to what happend “in Town”. It seems to be laging a bit behind but I am starting to see the low end dip below 300k. I found a place behind the French Valley airport, short sale for 259k on five flat acres but a tear down house on it. My wife was not up for that much work. Every month I am seeing better and better properties popping up out there, but there is still a lot of people thinking that their “Estate” should fetch over 1 Million when they only paid 400k 4 years ago. Overall it is a nice peacefull area, but it is by no means, Rancho Santa Fe.

Thanks for your input and I will continue my search. I hope by the time all the Alt A loans start to default in mass this next year we will see these proerties taking a haircut like the rest of Temecula. I have talked to a lot of the people out there over the last few years and one comment that I keep hearing over and over that will make you laugh is they all think that the area is “Special” and won’t be impacted like town will.

I do not think anyplace is “special” any more. And I hope to be able to pick up my mini 5 acre ranch for under 300k soon. Wish me luck..

Till then, best of luck with the new home. I am envious because I am tired of waiting and watching. But patience is a virtue and it even may save me a few hundred thousand bucks…
Tlefort

[Anonymous]

This thread is exactly what I am looking for… I did a search on 92592 zip code for houses over 2 acres and listed under $800,000.

Of those houses (24), 46% are bank owned or short sales. Average REO price is $615K (4 houses) and $196/sq ft. Average short Sale is $528K (7) and $170/sq ft.

Of the remainder that are not obviously distressed, they have been on the market an average of 181 days for an average price of $717K at $245 sq. ft.

So, the sellers are optomistic over the banks over the short sellers.

The missus and I are going to rent until the distressed property percentages fall into the teens, at least. I can’t imagine prices stabilizing right now, when the undercut of foreclosures and short sales are so sharp and numerous.

[Anonymous]

This thread is exactly what I am looking for… I did a search on 92592 zip code for houses over 2 acres and listed under $800,000.

Of those houses (24), 46% are bank owned or short sales. Average REO price is $615K (4 houses) and $196/sq ft. Average short Sale is $528K (7) and $170/sq ft.

Of the remainder that are not obviously distressed, they have been on the market an average of 181 days for an average price of $717K at $245 sq. ft.

So, the sellers are optomistic over the banks over the short sellers.

The missus and I are going to rent until the distressed property percentages fall into the teens, at least. I can’t imagine prices stabilizing right now, when the undercut of foreclosures and short sales are so sharp and numerous.

[Anonymous]

This thread is exactly what I am looking for… I did a search on 92592 zip code for houses over 2 acres and listed under $800,000.

Of those houses (24), 46% are bank owned or short sales. Average REO price is $615K (4 houses) and $196/sq ft. Average short Sale is $528K (7) and $170/sq ft.

Of the remainder that are not obviously distressed, they have been on the market an average of 181 days for an average price of $717K at $245 sq. ft.

So, the sellers are optomistic over the banks over the short sellers.

The missus and I are going to rent until the distressed property percentages fall into the teens, at least. I can’t imagine prices stabilizing right now, when the undercut of foreclosures and short sales are so sharp and numerous.

[Anonymous]

This thread is exactly what I am looking for… I did a search on 92592 zip code for houses over 2 acres and listed under $800,000.

Of those houses (24), 46% are bank owned or short sales. Average REO price is $615K (4 houses) and $196/sq ft. Average short Sale is $528K (7) and $170/sq ft.

Of the remainder that are not obviously distressed, they have been on the market an average of 181 days for an average price of $717K at $245 sq. ft.

So, the sellers are optomistic over the banks over the short sellers.

The missus and I are going to rent until the distressed property percentages fall into the teens, at least. I can’t imagine prices stabilizing right now, when the undercut of foreclosures and short sales are so sharp and numerous.

[Anonymous]

This thread is exactly what I am looking for… I did a search on 92592 zip code for houses over 2 acres and listed under $800,000.

Of those houses (24), 46% are bank owned or short sales. Average REO price is $615K (4 houses) and $196/sq ft. Average short Sale is $528K (7) and $170/sq ft.

Of the remainder that are not obviously distressed, they have been on the market an average of 181 days for an average price of $717K at $245 sq. ft.

So, the sellers are optomistic over the banks over the short sellers.

The missus and I are going to rent until the distressed property percentages fall into the teens, at least. I can’t imagine prices stabilizing right now, when the undercut of foreclosures and short sales are so sharp and numerous.

[tlefort]

I agree with you, I think the wine country area has more to fall. It is hard to compare to the properties in town because the houses with some acreage are all so diverse. There were a lot of spec homes built or half built that are coming on the market as well out there. I have seen some fixers at about 2000sf on 2.5 acres for the low 300s. With the current economic situation I think we can be assured that it will get worse before it gets better. I would say a few more years of declines. Maybe not as dramatic as the last 12 months but declines none the less. With unemployment climbing, stock market crashing, state budget in the dumper, I think there is a very large indication that this mess is not turning around any time soon.

All that being said, I am in the school of thought that when the right place comes up at the right price I will buy and not worry about going up down or sideways. I plan on living there a very very long time, God willing…

Good luck and if anyone is interested in this area I have been watching and have looked over almost all of the listings under 600 k out there. Would be happy to compare notes…
TL

[tlefort]

I agree with you, I think the wine country area has more to fall. It is hard to compare to the properties in town because the houses with some acreage are all so diverse. There were a lot of spec homes built or half built that are coming on the market as well out there. I have seen some fixers at about 2000sf on 2.5 acres for the low 300s. With the current economic situation I think we can be assured that it will get worse before it gets better. I would say a few more years of declines. Maybe not as dramatic as the last 12 months but declines none the less. With unemployment climbing, stock market crashing, state budget in the dumper, I think there is a very large indication that this mess is not turning around any time soon.

All that being said, I am in the school of thought that when the right place comes up at the right price I will buy and not worry about going up down or sideways. I plan on living there a very very long time, God willing…

Good luck and if anyone is interested in this area I have been watching and have looked over almost all of the listings under 600 k out there. Would be happy to compare notes…
TL

[tlefort]

I agree with you, I think the wine country area has more to fall. It is hard to compare to the properties in town because the houses with some acreage are all so diverse. There were a lot of spec homes built or half built that are coming on the market as well out there. I have seen some fixers at about 2000sf on 2.5 acres for the low 300s. With the current economic situation I think we can be assured that it will get worse before it gets better. I would say a few more years of declines. Maybe not as dramatic as the last 12 months but declines none the less. With unemployment climbing, stock market crashing, state budget in the dumper, I think there is a very large indication that this mess is not turning around any time soon.

All that being said, I am in the school of thought that when the right place comes up at the right price I will buy and not worry about going up down or sideways. I plan on living there a very very long time, God willing…

Good luck and if anyone is interested in this area I have been watching and have looked over almost all of the listings under 600 k out there. Would be happy to compare notes…
TL

[tlefort]

I agree with you, I think the wine country area has more to fall. It is hard to compare to the properties in town because the houses with some acreage are all so diverse. There were a lot of spec homes built or half built that are coming on the market as well out there. I have seen some fixers at about 2000sf on 2.5 acres for the low 300s. With the current economic situation I think we can be assured that it will get worse before it gets better. I would say a few more years of declines. Maybe not as dramatic as the last 12 months but declines none the less. With unemployment climbing, stock market crashing, state budget in the dumper, I think there is a very large indication that this mess is not turning around any time soon.

All that being said, I am in the school of thought that when the right place comes up at the right price I will buy and not worry about going up down or sideways. I plan on living there a very very long time, God willing…

Good luck and if anyone is interested in this area I have been watching and have looked over almost all of the listings under 600 k out there. Would be happy to compare notes…
TL

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