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patientlywaiting.
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November 2, 2007 at 7:15 AM #10793November 2, 2007 at 7:30 AM #94531
Ex-SD
ParticipantYou and I are in total agreement on this subject.
Good facts for those who are still thinking of buying right now.November 2, 2007 at 7:30 AM #94567Ex-SD
ParticipantYou and I are in total agreement on this subject.
Good facts for those who are still thinking of buying right now.November 2, 2007 at 7:30 AM #94575Ex-SD
ParticipantYou and I are in total agreement on this subject.
Good facts for those who are still thinking of buying right now.November 2, 2007 at 8:06 AM #94550bsrsharma
ParticipantNone of them are worth even $200K. Why buy a Condo in Temecula when you can get pretty nice SFRs at affordable prices soon? These are only fit for rentals and for that, the prices should start approaching $150K at most.
November 2, 2007 at 8:06 AM #94592bsrsharma
ParticipantNone of them are worth even $200K. Why buy a Condo in Temecula when you can get pretty nice SFRs at affordable prices soon? These are only fit for rentals and for that, the prices should start approaching $150K at most.
November 2, 2007 at 8:06 AM #94593bsrsharma
ParticipantNone of them are worth even $200K. Why buy a Condo in Temecula when you can get pretty nice SFRs at affordable prices soon? These are only fit for rentals and for that, the prices should start approaching $150K at most.
November 2, 2007 at 8:06 AM #94603bsrsharma
ParticipantNone of them are worth even $200K. Why buy a Condo in Temecula when you can get pretty nice SFRs at affordable prices soon? These are only fit for rentals and for that, the prices should start approaching $150K at most.
November 2, 2007 at 9:18 AM #94606patientlywaiting
Participantbsrsharma, I don’t really get you.
On the other thread you said it’s good to get a loan now and buy because inflation will take care of the rest ($20,000 monthly salary for everyone in 10 years).
Then now you say that a house that just sold for $245,000 (down from peak of $382k) will drop to $150k.
Why bother with borrowing money to buy now? Save your money, let inflation/high interest rates grow your money for a few years and pay cash!
November 2, 2007 at 9:18 AM #94656patientlywaiting
Participantbsrsharma, I don’t really get you.
On the other thread you said it’s good to get a loan now and buy because inflation will take care of the rest ($20,000 monthly salary for everyone in 10 years).
Then now you say that a house that just sold for $245,000 (down from peak of $382k) will drop to $150k.
Why bother with borrowing money to buy now? Save your money, let inflation/high interest rates grow your money for a few years and pay cash!
November 2, 2007 at 9:18 AM #94658patientlywaiting
Participantbsrsharma, I don’t really get you.
On the other thread you said it’s good to get a loan now and buy because inflation will take care of the rest ($20,000 monthly salary for everyone in 10 years).
Then now you say that a house that just sold for $245,000 (down from peak of $382k) will drop to $150k.
Why bother with borrowing money to buy now? Save your money, let inflation/high interest rates grow your money for a few years and pay cash!
November 2, 2007 at 9:18 AM #94666patientlywaiting
Participantbsrsharma, I don’t really get you.
On the other thread you said it’s good to get a loan now and buy because inflation will take care of the rest ($20,000 monthly salary for everyone in 10 years).
Then now you say that a house that just sold for $245,000 (down from peak of $382k) will drop to $150k.
Why bother with borrowing money to buy now? Save your money, let inflation/high interest rates grow your money for a few years and pay cash!
November 2, 2007 at 9:25 AM #94611temeculaguy
ParticipantActually I have some familiarity with these, they will end up being priced around 200k when this shakes out, that was their pre-bubble price when they sold new (160 or 180 to 220, from memory). These are true townhouses, attached 2 car garages and the A and B units share very little wall space, mostly the garage walls. There isn’t much condo stock in the zip code, it’s probably less than 10% so the market shouldn’t beat these any more than the sfr market by %. People that bought resales in the mid to high 300’s are just screwed, but the rent is about 1500, give or take, so the 150x rent is 225k. The zip code contains california’s largest casino which has thousands of “rental demographic” jobs yet there are almost no apartments other than the new ones on 79S where rents are 1400-1800 for a dinky, stair climbing, carport, true apartment complex, so these are a somewhat safe sub 225k investment.
What will drive these down to the the low 200’s is the new D.R. horton condos at temecula lane in the 200’s and the unattached, condoesque, shared driveway or alley homes in Wolf Creek that are approaching the sub 300’s and are much nicer.
I don’t know what the suprise is, most of the market is on it’s way back to 2002 or 2003 prices, representing a 50% decline and fundamentally there is nothing that will stop it. In fact $100 a barrel oil will accelerate it for outlying suburbs or exurbs.
November 2, 2007 at 9:25 AM #94671temeculaguy
ParticipantActually I have some familiarity with these, they will end up being priced around 200k when this shakes out, that was their pre-bubble price when they sold new (160 or 180 to 220, from memory). These are true townhouses, attached 2 car garages and the A and B units share very little wall space, mostly the garage walls. There isn’t much condo stock in the zip code, it’s probably less than 10% so the market shouldn’t beat these any more than the sfr market by %. People that bought resales in the mid to high 300’s are just screwed, but the rent is about 1500, give or take, so the 150x rent is 225k. The zip code contains california’s largest casino which has thousands of “rental demographic” jobs yet there are almost no apartments other than the new ones on 79S where rents are 1400-1800 for a dinky, stair climbing, carport, true apartment complex, so these are a somewhat safe sub 225k investment.
What will drive these down to the the low 200’s is the new D.R. horton condos at temecula lane in the 200’s and the unattached, condoesque, shared driveway or alley homes in Wolf Creek that are approaching the sub 300’s and are much nicer.
I don’t know what the suprise is, most of the market is on it’s way back to 2002 or 2003 prices, representing a 50% decline and fundamentally there is nothing that will stop it. In fact $100 a barrel oil will accelerate it for outlying suburbs or exurbs.
November 2, 2007 at 9:25 AM #94663temeculaguy
ParticipantActually I have some familiarity with these, they will end up being priced around 200k when this shakes out, that was their pre-bubble price when they sold new (160 or 180 to 220, from memory). These are true townhouses, attached 2 car garages and the A and B units share very little wall space, mostly the garage walls. There isn’t much condo stock in the zip code, it’s probably less than 10% so the market shouldn’t beat these any more than the sfr market by %. People that bought resales in the mid to high 300’s are just screwed, but the rent is about 1500, give or take, so the 150x rent is 225k. The zip code contains california’s largest casino which has thousands of “rental demographic” jobs yet there are almost no apartments other than the new ones on 79S where rents are 1400-1800 for a dinky, stair climbing, carport, true apartment complex, so these are a somewhat safe sub 225k investment.
What will drive these down to the the low 200’s is the new D.R. horton condos at temecula lane in the 200’s and the unattached, condoesque, shared driveway or alley homes in Wolf Creek that are approaching the sub 300’s and are much nicer.
I don’t know what the suprise is, most of the market is on it’s way back to 2002 or 2003 prices, representing a 50% decline and fundamentally there is nothing that will stop it. In fact $100 a barrel oil will accelerate it for outlying suburbs or exurbs.
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