The future of Temecula & Murieta ?

[bsrsharma]

Analyst sees ‘ghost town’ in Inland Empire:

A financial analyst fresh from a tour of construction sites in the Inland Empire is warning Wall Street of a “ghost town” where finished homes sit vacant and additional homes are still under construction.

“At several properties, there were a significant number of fully built homes sitting vacant along with a large number of additional homes still under construction,” Sandler O’Neill & Partners analyst Aaron Deer wrote today after touring developments in Corona and Ontario. “At one master plan community, the entire development appeared to be vacant — with the exception of crews working on new construction, it was a ghost town.”

Median home prices in both communities have dropped sharply over the last year, declining 33.6% in Corona and 30.3% in Ontario, according to DataQuick Information Systems. In Corona, the median sales price fell nearly $200,000 from May 2007 to May 2008, dropping from $565,000 to $375,000.

More from Deer’s note: “The homes all appeared to be empty, and there were no prospective buyers anywhere to be found. Surprisingly, the sales office was open … but the woman working there had questionable English fluency. When asked how many homes had been sold in the past month she simply responded, ‘Uh huh. Thank you. Yes!’ and handed us some additional literature on the property.”

More: “Perhaps the most interesting aspect to the development was what it revealed about the nature of the housing boom: that at the peak even the most undesirable and remote locations were worthy of expensive, high-end homes.”

Overall, Deer’s note on the California economy — and the relative health of California-based banks and thrifts — strikes a balanced chord, reporting that, while the “outlook remains gloomy,” “the pace of new problems has slowed somewhat.”

http://latimesblogs.latimes.com/laland/2008/07/analyst-sees-gh.html

[PadreBrian]

Temecula is the new Moreno Valley. MV use to be a nice middle-class neighborhood before the crash in ’91. The dirt cheap houses let the riff-raff in and now it’s nasty ghetto…it’s only hope was this last bubble…no luck the place is even worse now. It’s a veritable shit hole.

Temecula has a few things working for it. The middle-class has no-where to flee to…so that area should always be a nice community…but that’s if Bush & gang can stop the dollar slide and get the fed under control.

[PadreBrian]

Temecula is the new Moreno Valley. MV use to be a nice middle-class neighborhood before the crash in ’91. The dirt cheap houses let the riff-raff in and now it’s nasty ghetto…it’s only hope was this last bubble…no luck the place is even worse now. It’s a veritable shit hole.

Temecula has a few things working for it. The middle-class has no-where to flee to…so that area should always be a nice community…but that’s if Bush & gang can stop the dollar slide and get the fed under control.

[PadreBrian]

Temecula is the new Moreno Valley. MV use to be a nice middle-class neighborhood before the crash in ’91. The dirt cheap houses let the riff-raff in and now it’s nasty ghetto…it’s only hope was this last bubble…no luck the place is even worse now. It’s a veritable shit hole.

Temecula has a few things working for it. The middle-class has no-where to flee to…so that area should always be a nice community…but that’s if Bush & gang can stop the dollar slide and get the fed under control.

[PadreBrian]

Temecula is the new Moreno Valley. MV use to be a nice middle-class neighborhood before the crash in ’91. The dirt cheap houses let the riff-raff in and now it’s nasty ghetto…it’s only hope was this last bubble…no luck the place is even worse now. It’s a veritable shit hole.

Temecula has a few things working for it. The middle-class has no-where to flee to…so that area should always be a nice community…but that’s if Bush & gang can stop the dollar slide and get the fed under control.

[PadreBrian]

Temecula is the new Moreno Valley. MV use to be a nice middle-class neighborhood before the crash in ’91. The dirt cheap houses let the riff-raff in and now it’s nasty ghetto…it’s only hope was this last bubble…no luck the place is even worse now. It’s a veritable shit hole.

Temecula has a few things working for it. The middle-class has no-where to flee to…so that area should always be a nice community…but that’s if Bush & gang can stop the dollar slide and get the fed under control.

[paramount]

Marion: For most people when they sink a considerable portion of their life savings into a “single family” house in a nice middle class community, they tend to get concerned when the house 2 doors up is converted into an Apt building.

[paramount]

Marion: For most people when they sink a considerable portion of their life savings into a “single family” house in a nice middle class community, they tend to get concerned when the house 2 doors up is converted into an Apt building.

[paramount]

Marion: For most people when they sink a considerable portion of their life savings into a “single family” house in a nice middle class community, they tend to get concerned when the house 2 doors up is converted into an Apt building.

[paramount]

Marion: For most people when they sink a considerable portion of their life savings into a “single family” house in a nice middle class community, they tend to get concerned when the house 2 doors up is converted into an Apt building.

[paramount]

Marion: For most people when they sink a considerable portion of their life savings into a “single family” house in a nice middle class community, they tend to get concerned when the house 2 doors up is converted into an Apt building.

[Nor-LA-SD-guy]

The Odd thing is taking the tour (new homes) in T.V. a few months ago there seemed to be very little completed standing inventory (even less maybe than last year).

The Builders are definitely hurting and very willing to deal but I saw very little new completed homes just standing there vacant and available.

[Nor-LA-SD-guy]

The Odd thing is taking the tour (new homes) in T.V. a few months ago there seemed to be very little completed standing inventory (even less maybe than last year).

The Builders are definitely hurting and very willing to deal but I saw very little new completed homes just standing there vacant and available.

[Nor-LA-SD-guy]

The Odd thing is taking the tour (new homes) in T.V. a few months ago there seemed to be very little completed standing inventory (even less maybe than last year).

The Builders are definitely hurting and very willing to deal but I saw very little new completed homes just standing there vacant and available.

[Nor-LA-SD-guy]

The Odd thing is taking the tour (new homes) in T.V. a few months ago there seemed to be very little completed standing inventory (even less maybe than last year).

The Builders are definitely hurting and very willing to deal but I saw very little new completed homes just standing there vacant and available.

[Author]

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