Temecula & Murrieta

[hipmatt]

Like someone else stated in another thread. There are too many headwinds to remotely call a bottom right now anywhere. Temecula/Murrieta face even more headwinds being considered an exurb.

Don’t expect everyone to go buy the next gen prius or the new Chevy Volt either and solve all of their commuting problems, its not like people have the money right now.

The cost of living, excluding-housing, has risen dramatically over the past 2 years. Employment is soft and is likely to worsen. Interest rates are on the rise. I don’t have to mention oil and gas. Inventories are massive, and I suspect, so are the shadow inventories. Foreclosure fillings surged in May. I welcome any evidence that supports anything resembling a bottom other than…

“It costs less to buy a home than it does to build one.”
“TODAY’S rental rates are about the same cost as buying, that means a bottom!”
“We are at 50% off in some instances!”
“Piggs are buying, which indicates a bottom.”
“It just can’t get any worse, this is socal..”

[dharmagirl]

Hi James,

Nice to hear from you again. That IS a lovely home and it looks like it’s in a good location.

I think you’ll be in good shape by 2010. I’ll be curious to see how much more places like this fall.

The OP who lumped Vegas or Phoenix in with Temecula is waaaaaay off base. I think Temecula is much, much nicer.

It sounds like you’re looking for a nice area for your family, James, and Temecula has a lot to offer. I’ve got a friend who is involved in both Rotary Club and the Arts Council and she tells me that her fellow Rotarians are fantastic and uber-committed to this city and its success, and the city is very committed to developing the arts scene here (hopefully they’ll be committed to building the hospital, too – the nearest one is in Murrieta).

For example, in two weeks the city and the Arts Council are parterning to put on a Plein Air painting competition (artists will be painting on the streets of Old Town) and Street Painting Festival:
http://www.temeculacalifornia.com/Street_Painting_Festival/street_painting_festival.html

And there are loads of festivals and events like this. We went to the Balloon and Wine Festival last weekend and it was wonderful.

Still….my husband and I are worried about the effect that falling prices will have on the area, but we’re forging ahead. We hope to stay here for the next 7-10 years and are hoping that we’ll be OK.

We are fully aware that we’ve probably paid $30-40K more for our house than we should have, but decided that rent would cost another $30K. I will admit that much of our decision is based on emotion. The house we’re buying was listed at $679K in January 2007, and we are getting it for about $402K. It’s on a 24,000 sf lot, with peekaboo views of wine country and a very nice floor plan – it doesnt look like the typical tract home. Our new neighbors also seem to be extremely nice.

OK. I’ll stop rambling now. James, have a good weekend. As you get more serious about your home explorations, I will be happy to help you to any extent I can since I’m already “on the ground” here. If you’d like me to take more detailed photos and send, etc. just let me know. I’ll give you my email address.

Happy Friday!

[dharmagirl]

Hi James,

Nice to hear from you again. That IS a lovely home and it looks like it’s in a good location.

I think you’ll be in good shape by 2010. I’ll be curious to see how much more places like this fall.

The OP who lumped Vegas or Phoenix in with Temecula is waaaaaay off base. I think Temecula is much, much nicer.

It sounds like you’re looking for a nice area for your family, James, and Temecula has a lot to offer. I’ve got a friend who is involved in both Rotary Club and the Arts Council and she tells me that her fellow Rotarians are fantastic and uber-committed to this city and its success, and the city is very committed to developing the arts scene here (hopefully they’ll be committed to building the hospital, too – the nearest one is in Murrieta).

For example, in two weeks the city and the Arts Council are parterning to put on a Plein Air painting competition (artists will be painting on the streets of Old Town) and Street Painting Festival:
http://www.temeculacalifornia.com/Street_Painting_Festival/street_painting_festival.html

And there are loads of festivals and events like this. We went to the Balloon and Wine Festival last weekend and it was wonderful.

Still….my husband and I are worried about the effect that falling prices will have on the area, but we’re forging ahead. We hope to stay here for the next 7-10 years and are hoping that we’ll be OK.

We are fully aware that we’ve probably paid $30-40K more for our house than we should have, but decided that rent would cost another $30K. I will admit that much of our decision is based on emotion. The house we’re buying was listed at $679K in January 2007, and we are getting it for about $402K. It’s on a 24,000 sf lot, with peekaboo views of wine country and a very nice floor plan – it doesnt look like the typical tract home. Our new neighbors also seem to be extremely nice.

OK. I’ll stop rambling now. James, have a good weekend. As you get more serious about your home explorations, I will be happy to help you to any extent I can since I’m already “on the ground” here. If you’d like me to take more detailed photos and send, etc. just let me know. I’ll give you my email address.

Happy Friday!

[dharmagirl]

Hi James,

Nice to hear from you again. That IS a lovely home and it looks like it’s in a good location.

I think you’ll be in good shape by 2010. I’ll be curious to see how much more places like this fall.

The OP who lumped Vegas or Phoenix in with Temecula is waaaaaay off base. I think Temecula is much, much nicer.

It sounds like you’re looking for a nice area for your family, James, and Temecula has a lot to offer. I’ve got a friend who is involved in both Rotary Club and the Arts Council and she tells me that her fellow Rotarians are fantastic and uber-committed to this city and its success, and the city is very committed to developing the arts scene here (hopefully they’ll be committed to building the hospital, too – the nearest one is in Murrieta).

For example, in two weeks the city and the Arts Council are parterning to put on a Plein Air painting competition (artists will be painting on the streets of Old Town) and Street Painting Festival:
http://www.temeculacalifornia.com/Street_Painting_Festival/street_painting_festival.html

And there are loads of festivals and events like this. We went to the Balloon and Wine Festival last weekend and it was wonderful.

Still….my husband and I are worried about the effect that falling prices will have on the area, but we’re forging ahead. We hope to stay here for the next 7-10 years and are hoping that we’ll be OK.

We are fully aware that we’ve probably paid $30-40K more for our house than we should have, but decided that rent would cost another $30K. I will admit that much of our decision is based on emotion. The house we’re buying was listed at $679K in January 2007, and we are getting it for about $402K. It’s on a 24,000 sf lot, with peekaboo views of wine country and a very nice floor plan – it doesnt look like the typical tract home. Our new neighbors also seem to be extremely nice.

OK. I’ll stop rambling now. James, have a good weekend. As you get more serious about your home explorations, I will be happy to help you to any extent I can since I’m already “on the ground” here. If you’d like me to take more detailed photos and send, etc. just let me know. I’ll give you my email address.

Happy Friday!

[dharmagirl]

Hi James,

Nice to hear from you again. That IS a lovely home and it looks like it’s in a good location.

I think you’ll be in good shape by 2010. I’ll be curious to see how much more places like this fall.

The OP who lumped Vegas or Phoenix in with Temecula is waaaaaay off base. I think Temecula is much, much nicer.

It sounds like you’re looking for a nice area for your family, James, and Temecula has a lot to offer. I’ve got a friend who is involved in both Rotary Club and the Arts Council and she tells me that her fellow Rotarians are fantastic and uber-committed to this city and its success, and the city is very committed to developing the arts scene here (hopefully they’ll be committed to building the hospital, too – the nearest one is in Murrieta).

For example, in two weeks the city and the Arts Council are parterning to put on a Plein Air painting competition (artists will be painting on the streets of Old Town) and Street Painting Festival:
http://www.temeculacalifornia.com/Street_Painting_Festival/street_painting_festival.html

And there are loads of festivals and events like this. We went to the Balloon and Wine Festival last weekend and it was wonderful.

Still….my husband and I are worried about the effect that falling prices will have on the area, but we’re forging ahead. We hope to stay here for the next 7-10 years and are hoping that we’ll be OK.

We are fully aware that we’ve probably paid $30-40K more for our house than we should have, but decided that rent would cost another $30K. I will admit that much of our decision is based on emotion. The house we’re buying was listed at $679K in January 2007, and we are getting it for about $402K. It’s on a 24,000 sf lot, with peekaboo views of wine country and a very nice floor plan – it doesnt look like the typical tract home. Our new neighbors also seem to be extremely nice.

OK. I’ll stop rambling now. James, have a good weekend. As you get more serious about your home explorations, I will be happy to help you to any extent I can since I’m already “on the ground” here. If you’d like me to take more detailed photos and send, etc. just let me know. I’ll give you my email address.

Happy Friday!

[dharmagirl]

Hi James,

Nice to hear from you again. That IS a lovely home and it looks like it’s in a good location.

I think you’ll be in good shape by 2010. I’ll be curious to see how much more places like this fall.

The OP who lumped Vegas or Phoenix in with Temecula is waaaaaay off base. I think Temecula is much, much nicer.

It sounds like you’re looking for a nice area for your family, James, and Temecula has a lot to offer. I’ve got a friend who is involved in both Rotary Club and the Arts Council and she tells me that her fellow Rotarians are fantastic and uber-committed to this city and its success, and the city is very committed to developing the arts scene here (hopefully they’ll be committed to building the hospital, too – the nearest one is in Murrieta).

For example, in two weeks the city and the Arts Council are parterning to put on a Plein Air painting competition (artists will be painting on the streets of Old Town) and Street Painting Festival:
http://www.temeculacalifornia.com/Street_Painting_Festival/street_painting_festival.html

And there are loads of festivals and events like this. We went to the Balloon and Wine Festival last weekend and it was wonderful.

Still….my husband and I are worried about the effect that falling prices will have on the area, but we’re forging ahead. We hope to stay here for the next 7-10 years and are hoping that we’ll be OK.

We are fully aware that we’ve probably paid $30-40K more for our house than we should have, but decided that rent would cost another $30K. I will admit that much of our decision is based on emotion. The house we’re buying was listed at $679K in January 2007, and we are getting it for about $402K. It’s on a 24,000 sf lot, with peekaboo views of wine country and a very nice floor plan – it doesnt look like the typical tract home. Our new neighbors also seem to be extremely nice.

OK. I’ll stop rambling now. James, have a good weekend. As you get more serious about your home explorations, I will be happy to help you to any extent I can since I’m already “on the ground” here. If you’d like me to take more detailed photos and send, etc. just let me know. I’ll give you my email address.

Happy Friday!

[Nor-LA-SD-guy]

Hi Hipmatt,

No I am not saying we are at the absolute bottom here.

Just that in Temecula how much more are you looking to save ???

Maybe 25 to 50 K on average (just my guess).

Maybe if you were picking up a rental property that would be a big decider point, but if your buying to stay over the next 10 or so years is it really worth it.

Also Yes Temecual Valley is way way nicer than Vegas or phoenix and less than a hour to some really nice beaches, a little more than an hour to O.C. and San Deigo. But they are about the same price as Temecula these days so who in there right mind would go there to retire (or anything else) was my point.

The other issue was that there are a lot of L.A. and O.C. people looking at these locations (Vegas or phoenix) to retire (for some reason, maybe they heard they are cheap ??).

Anyway good luck to you.

[Nor-LA-SD-guy]

Hi Hipmatt,

No I am not saying we are at the absolute bottom here.

Just that in Temecula how much more are you looking to save ???

Maybe 25 to 50 K on average (just my guess).

Maybe if you were picking up a rental property that would be a big decider point, but if your buying to stay over the next 10 or so years is it really worth it.

Also Yes Temecual Valley is way way nicer than Vegas or phoenix and less than a hour to some really nice beaches, a little more than an hour to O.C. and San Deigo. But they are about the same price as Temecula these days so who in there right mind would go there to retire (or anything else) was my point.

The other issue was that there are a lot of L.A. and O.C. people looking at these locations (Vegas or phoenix) to retire (for some reason, maybe they heard they are cheap ??).

Anyway good luck to you.

[Nor-LA-SD-guy]

Hi Hipmatt,

No I am not saying we are at the absolute bottom here.

Just that in Temecula how much more are you looking to save ???

Maybe 25 to 50 K on average (just my guess).

Maybe if you were picking up a rental property that would be a big decider point, but if your buying to stay over the next 10 or so years is it really worth it.

Also Yes Temecual Valley is way way nicer than Vegas or phoenix and less than a hour to some really nice beaches, a little more than an hour to O.C. and San Deigo. But they are about the same price as Temecula these days so who in there right mind would go there to retire (or anything else) was my point.

The other issue was that there are a lot of L.A. and O.C. people looking at these locations (Vegas or phoenix) to retire (for some reason, maybe they heard they are cheap ??).

Anyway good luck to you.

[Nor-LA-SD-guy]

Hi Hipmatt,

No I am not saying we are at the absolute bottom here.

Just that in Temecula how much more are you looking to save ???

Maybe 25 to 50 K on average (just my guess).

Maybe if you were picking up a rental property that would be a big decider point, but if your buying to stay over the next 10 or so years is it really worth it.

Also Yes Temecual Valley is way way nicer than Vegas or phoenix and less than a hour to some really nice beaches, a little more than an hour to O.C. and San Deigo. But they are about the same price as Temecula these days so who in there right mind would go there to retire (or anything else) was my point.

The other issue was that there are a lot of L.A. and O.C. people looking at these locations (Vegas or phoenix) to retire (for some reason, maybe they heard they are cheap ??).

Anyway good luck to you.

[Nor-LA-SD-guy]

Hi Hipmatt,

No I am not saying we are at the absolute bottom here.

Just that in Temecula how much more are you looking to save ???

Maybe 25 to 50 K on average (just my guess).

Maybe if you were picking up a rental property that would be a big decider point, but if your buying to stay over the next 10 or so years is it really worth it.

Also Yes Temecual Valley is way way nicer than Vegas or phoenix and less than a hour to some really nice beaches, a little more than an hour to O.C. and San Deigo. But they are about the same price as Temecula these days so who in there right mind would go there to retire (or anything else) was my point.

The other issue was that there are a lot of L.A. and O.C. people looking at these locations (Vegas or phoenix) to retire (for some reason, maybe they heard they are cheap ??).

Anyway good luck to you.

[capeman]

When the area has worked through all of the inventory and pricing pressure related to this…

http://piggington.com/massive_mortgage_real_estate_fraud_in_temecula

Then you only have to worry about the gas price, inflation, rate increase and general market pricing pressure on the Temecula/Murrieta area. I would say from all of this 70% or greater declines from the peak are not to be a surprise if they happen and hope is not something to put a capital investment behind. My brother is finding this out firsthand by being 30-40% underwater on his first home he bought in the area only 7 months ago.

That whole area is in the process of being financially nuked.

[capeman]

When the area has worked through all of the inventory and pricing pressure related to this…

http://piggington.com/massive_mortgage_real_estate_fraud_in_temecula

Then you only have to worry about the gas price, inflation, rate increase and general market pricing pressure on the Temecula/Murrieta area. I would say from all of this 70% or greater declines from the peak are not to be a surprise if they happen and hope is not something to put a capital investment behind. My brother is finding this out firsthand by being 30-40% underwater on his first home he bought in the area only 7 months ago.

That whole area is in the process of being financially nuked.

[capeman]

When the area has worked through all of the inventory and pricing pressure related to this…

http://piggington.com/massive_mortgage_real_estate_fraud_in_temecula

Then you only have to worry about the gas price, inflation, rate increase and general market pricing pressure on the Temecula/Murrieta area. I would say from all of this 70% or greater declines from the peak are not to be a surprise if they happen and hope is not something to put a capital investment behind. My brother is finding this out firsthand by being 30-40% underwater on his first home he bought in the area only 7 months ago.

That whole area is in the process of being financially nuked.

[capeman]

When the area has worked through all of the inventory and pricing pressure related to this…

http://piggington.com/massive_mortgage_real_estate_fraud_in_temecula

Then you only have to worry about the gas price, inflation, rate increase and general market pricing pressure on the Temecula/Murrieta area. I would say from all of this 70% or greater declines from the peak are not to be a surprise if they happen and hope is not something to put a capital investment behind. My brother is finding this out firsthand by being 30-40% underwater on his first home he bought in the area only 7 months ago.

That whole area is in the process of being financially nuked.

[Author]

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