Temecula market is RETAINING its Value!

[snail]

There is still a lot of delirious seller out here.
Example #1
http://www.redfin.com/stingray/do/printable-listing?listing-id=1014591
The seller is pricing this place at $263.00/sq.ft. What the hell just happen?! This is Temecula or Irvine?
Example #2
http://www.redfin.com/stingray/do/printable-listing?listing-id=1085858
The seller is asking for almost $1 Million for this tract home (they might described it as a custom home, but I don’t buy it as its look the same as the neighbor’s house). It’s a nice home but for that much money shouldn’t you get at least a different view than the neighbor’s back yard.

Now if you couldn’t qualify for the jumbo loan, please call this person. You could qualified for $539,900 100% loan with an annual income of $82,879 (must be stated)
http://inlandempire.craigslist.org/rfs/446302381.html

The bottom is still far away………

[bearvine]

Most sellers are in denial, and have to be for the preservation of their sanity…

Example #2 is a tract home, by Pulte in an unincorporated area of south Temecula near Redhawk and Morgan Hill.

They have always been asking too much, would not be surprised if it is owned by Pulte, and they are using an outside broker to sell what is left.

[bearvine]

Most sellers are in denial, and have to be for the preservation of their sanity…

Example #2 is a tract home, by Pulte in an unincorporated area of south Temecula near Redhawk and Morgan Hill.

They have always been asking too much, would not be surprised if it is owned by Pulte, and they are using an outside broker to sell what is left.

[temeculaguy]

I’m with you on the fact that the memo about prices falling didn’t seem to get to everyone but these two examples have some explanation. The small one is approaching the magical 300k for an sfr barrier and would rent for about 1500, so it will find pricing support at some point and it is affordable to many people so the bottom of the market has been slower to drop. The second example is a little different too because it’s on more than a 1/4 of an acre and Morgan Valley has huge lots and a great location, kinda a hybrid tract but 900k is silly, it was probably 700ish at peak and that one doesn’t have the drive though garage that some models had (a four car garage that opened at both ends so you could drive into the backyard, I don’t want that but thought it was cool).

Here’s a better example of a a delusional seller. Two houses, same street, both on golf course, a 3500 sq ft repo for 425k and a 3000 sq ft non repo for 660k.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1210765

http://www.redfin.com/stingray/do/printable-listing?listing-id=1164480

The repo represents a 175k loss from peak and a 40k loss from 2003.

The non repo represents a 250k profit from 2003, they were built at the same time and the repo was 50k higher when they were both new because it is bigger, this shows a 300k pricing disparity, approaching the cost of the home, someone is taking crazy pills.

[temeculaguy]

I’m with you on the fact that the memo about prices falling didn’t seem to get to everyone but these two examples have some explanation. The small one is approaching the magical 300k for an sfr barrier and would rent for about 1500, so it will find pricing support at some point and it is affordable to many people so the bottom of the market has been slower to drop. The second example is a little different too because it’s on more than a 1/4 of an acre and Morgan Valley has huge lots and a great location, kinda a hybrid tract but 900k is silly, it was probably 700ish at peak and that one doesn’t have the drive though garage that some models had (a four car garage that opened at both ends so you could drive into the backyard, I don’t want that but thought it was cool).

Here’s a better example of a a delusional seller. Two houses, same street, both on golf course, a 3500 sq ft repo for 425k and a 3000 sq ft non repo for 660k.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1210765

http://www.redfin.com/stingray/do/printable-listing?listing-id=1164480

The repo represents a 175k loss from peak and a 40k loss from 2003.

The non repo represents a 250k profit from 2003, they were built at the same time and the repo was 50k higher when they were both new because it is bigger, this shows a 300k pricing disparity, approaching the cost of the home, someone is taking crazy pills.

[golfproz]

On a $ per sq/ft basis small home are always going to cost more than big homes. The land value and other factors remain the same whether it’s a big house or a small house. I doubt a home that small will hit $100 sq/ft or anywhere near it. Of course he’s still overpriced and has no hope. You can get a much bigger home for that price or a bigger new home for that price.

The other one does look like a new home. Pulte seems to have a few tracts around the IE where they have the same dellusional pricing.

[golfproz]

On a $ per sq/ft basis small home are always going to cost more than big homes. The land value and other factors remain the same whether it’s a big house or a small house. I doubt a home that small will hit $100 sq/ft or anywhere near it. Of course he’s still overpriced and has no hope. You can get a much bigger home for that price or a bigger new home for that price.

The other one does look like a new home. Pulte seems to have a few tracts around the IE where they have the same dellusional pricing.

[snail]

“Most sellers are in denial, and have to be for the preservation of their sanity…”

Good one bearv, I ‘ll remember that one next time before getting offended by the listing.

tg and golfpros, agreed about the first house pricing, however this person has to wake up a little. It showed he/she bought the place about $179K (2001), so take a smaller profit and get the place sold instead of lingering in the dust.

[snail]

“Most sellers are in denial, and have to be for the preservation of their sanity…”

Good one bearv, I ‘ll remember that one next time before getting offended by the listing.

tg and golfpros, agreed about the first house pricing, however this person has to wake up a little. It showed he/she bought the place about $179K (2001), so take a smaller profit and get the place sold instead of lingering in the dust.

[hipmatt]

Temecula market is RETAINING its value! ….Sarcasm right?

[hipmatt]

Temecula market is RETAINING its value! ….Sarcasm right?

[barnaby33]

Temecula market is RETAINING its value! ….Sarcasm right?
No sarcasm there. Temecula has and always has retained its value. Pricing on the other hand has been quite elastic.

Josh

[barnaby33]

Temecula market is RETAINING its value! ….Sarcasm right?
No sarcasm there. Temecula has and always has retained its value. Pricing on the other hand has been quite elastic.

Josh

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