What to do in Temecula?

[5yes]

Yesterday’s good deal seems to be today’s norm here in Temecula. TGuy – the house is in Paloma and there are two more today in that price range. Now I know that the good deals will be much lower. It just seems crazy to me that the price to buy could go below the price to rent! By the way, your posts are funny and truthful and I do not get offended easily so bring on the sexism.

I would love to buy a house just south of the 79 in the Redhawk area for about $280 and get about 1800 square feet. Do you think this is a dream worth holding out for? I appreciate the wisdom of a local in learning about areas. A lot of my fellow teachers live in Paloma – no one lives north of Rancho Cal. The house we are renting off of Rancho Cal and Margarita just got a NOD so will be moving soon. The DR Horton development is nice but has tiny lots, which is the only drawback we see.

Thank you to everyone for the advice – Bugs, I think the 30 day idea is an excellent one. I will try my best to follow it, though as others have posted on other threads, this blog and the unwinding of the housing market is addictive!

[temeculaguy]

5yes, I’m in the same boat, it is getting to the point that rent is higher than buying. $1500 will get you almost nothing, $2000 is about the average rent. Even the apartments that just reverted on 79s want 1800 for a 3br and 1600 for a 2br, no garage and you get to climb three flights of stairs(prices will come down, nobody is renting there and the prices are nuts). 79s had no apartments until this week so the rental market is tight but it is a unique situation so I am choosing to ignore the rent multiplier as an indicator of when to buy. It was also very slim on condos but I think that d.r.’s 200-400 new condos and temecula creeks 200 new apartments should ease the rental prices since it will more than double the rental stock in a very short time.

Will you get 1800 sq for 280k in Redhawk, I would say it is guaranteed by Christmas but Redhawk has very few homes that small. Numerous Realtors list things as being in Redhawk or the Redhwak area that are not, there are only a few tracts with a few models in the Redhawk HOA that are under 2000 sq ft (same goes for morgan hill), but the adjacent fill in developments like Bridlevale have alot in those ranges and you still get to drive through all the beautiful landscaping on the way home. The trouble with Redhawk is that it is one of the best looking and best maintained communities most people have ever seen and it was primarily built pre-bubble, all factors that have kept it’s prices high.

If you don’t mind paloma, you will have your pick in that size range and price range by Christmas, the banks have just started to come down.

Here’s a repo in a below par tract in Vail for 277k with a nice pool that just listed

http://www.immobel.com/personal/1_3_1/listingDetails.do?featured_int=0&c_mtype=res&searchId=0&minprice=1&c_type=&xml=1&serverId=0&rpp=15&c_year-built=&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92592&c_city=&st=17&maxprice=400000&back1=%2Fpersonal%2F1_3_1%2FsearchResults.do&of=21589728

And here is the new low price leader in the Three car garage monitor in Crowne Hill for 330k on a 10k sq ft lot. It represents about a 20% drop in three months when the cheapest 3 car in 92592 was over 400k, today there are 17 below 400k, some well below.

http://www.immobel.com/personal/1_3_1/listingDetails.do?featured_int=0&c_mtype=res&searchId=0&minprice=300000&c_type=&xml=1&serverId=0&rpp=15&c_year-built=&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92592&c_city=&st=2&maxprice=340000&back1=%2Fpersonal%2F1_3_1%2FsearchResults.do&of=21600580

They leapfrog down almost daily, we are in a terrible spot because we can now afford what we want but we must stay strong, stay with the piggington 12 step recovery program and lean on us for support to curb you temptations.

[temeculaguy]

5yes, I’m in the same boat, it is getting to the point that rent is higher than buying. $1500 will get you almost nothing, $2000 is about the average rent. Even the apartments that just reverted on 79s want 1800 for a 3br and 1600 for a 2br, no garage and you get to climb three flights of stairs(prices will come down, nobody is renting there and the prices are nuts). 79s had no apartments until this week so the rental market is tight but it is a unique situation so I am choosing to ignore the rent multiplier as an indicator of when to buy. It was also very slim on condos but I think that d.r.’s 200-400 new condos and temecula creeks 200 new apartments should ease the rental prices since it will more than double the rental stock in a very short time.

Will you get 1800 sq for 280k in Redhawk, I would say it is guaranteed by Christmas but Redhawk has very few homes that small. Numerous Realtors list things as being in Redhawk or the Redhwak area that are not, there are only a few tracts with a few models in the Redhawk HOA that are under 2000 sq ft (same goes for morgan hill), but the adjacent fill in developments like Bridlevale have alot in those ranges and you still get to drive through all the beautiful landscaping on the way home. The trouble with Redhawk is that it is one of the best looking and best maintained communities most people have ever seen and it was primarily built pre-bubble, all factors that have kept it’s prices high.

If you don’t mind paloma, you will have your pick in that size range and price range by Christmas, the banks have just started to come down.

Here’s a repo in a below par tract in Vail for 277k with a nice pool that just listed

http://www.immobel.com/personal/1_3_1/listingDetails.do?featured_int=0&c_mtype=res&searchId=0&minprice=1&c_type=&xml=1&serverId=0&rpp=15&c_year-built=&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92592&c_city=&st=17&maxprice=400000&back1=%2Fpersonal%2F1_3_1%2FsearchResults.do&of=21589728

And here is the new low price leader in the Three car garage monitor in Crowne Hill for 330k on a 10k sq ft lot. It represents about a 20% drop in three months when the cheapest 3 car in 92592 was over 400k, today there are 17 below 400k, some well below.

http://www.immobel.com/personal/1_3_1/listingDetails.do?featured_int=0&c_mtype=res&searchId=0&minprice=300000&c_type=&xml=1&serverId=0&rpp=15&c_year-built=&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92592&c_city=&st=2&maxprice=340000&back1=%2Fpersonal%2F1_3_1%2FsearchResults.do&of=21600580

They leapfrog down almost daily, we are in a terrible spot because we can now afford what we want but we must stay strong, stay with the piggington 12 step recovery program and lean on us for support to curb you temptations.

[temeculaguy]

5yes, I’m in the same boat, it is getting to the point that rent is higher than buying. $1500 will get you almost nothing, $2000 is about the average rent. Even the apartments that just reverted on 79s want 1800 for a 3br and 1600 for a 2br, no garage and you get to climb three flights of stairs(prices will come down, nobody is renting there and the prices are nuts). 79s had no apartments until this week so the rental market is tight but it is a unique situation so I am choosing to ignore the rent multiplier as an indicator of when to buy. It was also very slim on condos but I think that d.r.’s 200-400 new condos and temecula creeks 200 new apartments should ease the rental prices since it will more than double the rental stock in a very short time.

Will you get 1800 sq for 280k in Redhawk, I would say it is guaranteed by Christmas but Redhawk has very few homes that small. Numerous Realtors list things as being in Redhawk or the Redhwak area that are not, there are only a few tracts with a few models in the Redhawk HOA that are under 2000 sq ft (same goes for morgan hill), but the adjacent fill in developments like Bridlevale have alot in those ranges and you still get to drive through all the beautiful landscaping on the way home. The trouble with Redhawk is that it is one of the best looking and best maintained communities most people have ever seen and it was primarily built pre-bubble, all factors that have kept it’s prices high.

If you don’t mind paloma, you will have your pick in that size range and price range by Christmas, the banks have just started to come down.

Here’s a repo in a below par tract in Vail for 277k with a nice pool that just listed

http://www.immobel.com/personal/1_3_1/listingDetails.do?featured_int=0&c_mtype=res&searchId=0&minprice=1&c_type=&xml=1&serverId=0&rpp=15&c_year-built=&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92592&c_city=&st=17&maxprice=400000&back1=%2Fpersonal%2F1_3_1%2FsearchResults.do&of=21589728

And here is the new low price leader in the Three car garage monitor in Crowne Hill for 330k on a 10k sq ft lot. It represents about a 20% drop in three months when the cheapest 3 car in 92592 was over 400k, today there are 17 below 400k, some well below.

http://www.immobel.com/personal/1_3_1/listingDetails.do?featured_int=0&c_mtype=res&searchId=0&minprice=300000&c_type=&xml=1&serverId=0&rpp=15&c_year-built=&c_garage=&la=EN&cu=USD&ssid=0&per=mrmls&c_zipcode=92592&c_city=&st=2&maxprice=340000&back1=%2Fpersonal%2F1_3_1%2FsearchResults.do&of=21600580

They leapfrog down almost daily, we are in a terrible spot because we can now afford what we want but we must stay strong, stay with the piggington 12 step recovery program and lean on us for support to curb you temptations.

[stockstradr]

Submitted by temeculaguy on August 26, 2007 – 5:55am.

5yes, do you work in San Diego? If you do it can be a very trying commute….

Great post! I don’t live in San Diego anymore but always curious about real estate market there and north in Temecula. That post sure tells the story,

[stockstradr]

Submitted by temeculaguy on August 26, 2007 – 5:55am.

5yes, do you work in San Diego? If you do it can be a very trying commute….

Great post! I don’t live in San Diego anymore but always curious about real estate market there and north in Temecula. That post sure tells the story,

[stockstradr]

Submitted by temeculaguy on August 26, 2007 – 5:55am.

5yes, do you work in San Diego? If you do it can be a very trying commute….

Great post! I don’t live in San Diego anymore but always curious about real estate market there and north in Temecula. That post sure tells the story,

[hipmatt]

What to do? .. hmm RENT.. this is just the beginning of the clean up phase in Temecula. I’ve been here since 1990, and am a former RE agent. My advice, find a nice rental, and enjoy the show. It should be at least 2 years before hitting the bottom IMHO. There are many foreclosure, but the prices haven’t come down. I know of 2 foreclosures that have been sitting on the market for OVER 1 year, with no action. BTW there are many more foreclosures coming by the way people around here are talking. I know of a few people at work who are about to toss in their keys… and the neighbors across the street just tossed in theirs. Inventory is staggeringly high, and money is getting tougher to come by. Popular jobs up here (mainly RE related and construction related) are vanishing. The people that shouldn’t have bought a home are now learning why.

Honestly.. this is just the tip… TIP of the iceberg IMHO.. now I admit, I am a bit more bearish than some, but the TEM/MUR valley is a ticking time bomb… just imagine if gas was going up right now to make matters worse. The fact that gas has dropped since May is the only good news in this valley, as most that make a decent salary have a significant commute… ohh and they like their (Yellow) Hummers too.

[hipmatt]

What to do? .. hmm RENT.. this is just the beginning of the clean up phase in Temecula. I’ve been here since 1990, and am a former RE agent. My advice, find a nice rental, and enjoy the show. It should be at least 2 years before hitting the bottom IMHO. There are many foreclosure, but the prices haven’t come down. I know of 2 foreclosures that have been sitting on the market for OVER 1 year, with no action. BTW there are many more foreclosures coming by the way people around here are talking. I know of a few people at work who are about to toss in their keys… and the neighbors across the street just tossed in theirs. Inventory is staggeringly high, and money is getting tougher to come by. Popular jobs up here (mainly RE related and construction related) are vanishing. The people that shouldn’t have bought a home are now learning why.

Honestly.. this is just the tip… TIP of the iceberg IMHO.. now I admit, I am a bit more bearish than some, but the TEM/MUR valley is a ticking time bomb… just imagine if gas was going up right now to make matters worse. The fact that gas has dropped since May is the only good news in this valley, as most that make a decent salary have a significant commute… ohh and they like their (Yellow) Hummers too.

[hipmatt]

What to do? .. hmm RENT.. this is just the beginning of the clean up phase in Temecula. I’ve been here since 1990, and am a former RE agent. My advice, find a nice rental, and enjoy the show. It should be at least 2 years before hitting the bottom IMHO. There are many foreclosure, but the prices haven’t come down. I know of 2 foreclosures that have been sitting on the market for OVER 1 year, with no action. BTW there are many more foreclosures coming by the way people around here are talking. I know of a few people at work who are about to toss in their keys… and the neighbors across the street just tossed in theirs. Inventory is staggeringly high, and money is getting tougher to come by. Popular jobs up here (mainly RE related and construction related) are vanishing. The people that shouldn’t have bought a home are now learning why.

Honestly.. this is just the tip… TIP of the iceberg IMHO.. now I admit, I am a bit more bearish than some, but the TEM/MUR valley is a ticking time bomb… just imagine if gas was going up right now to make matters worse. The fact that gas has dropped since May is the only good news in this valley, as most that make a decent salary have a significant commute… ohh and they like their (Yellow) Hummers too.

[hipmatt]

BTW.. there are still plenty of nice rentals in TEM for under $1700

http://inlandempire.craigslist.org/apa/406086206.html

http://inlandempire.craigslist.org/apa/404187305.html
http://inlandempire.craigslist.org/apa/401623304.html
http://inlandempire.craigslist.org/apa/400242587.html
http://inlandempire.craigslist.org/apa/390026355.html

As far as when I’m planning.. I will definitely wait out this holiday season.. it should be bad(the most loan resets are coming).. from there I expect things to continue downward into early 2009… probably by then this housing slowdown will be old news and it will have lost its novelty, just like the past housing slowdowns. I am a pretty happy renter, and I can easily wait till 2009, but am prepared to go longer if necessary. I think you will easily find your 1800sqft home for under $280k if you can manage to hold out… good luck!

Great links Temecula guy, those prices are actually fair considering the rest of the market, and they will help bring down the comps even more, but I really expect them to go way lower.

[hipmatt]

BTW.. there are still plenty of nice rentals in TEM for under $1700

http://inlandempire.craigslist.org/apa/406086206.html

http://inlandempire.craigslist.org/apa/404187305.html
http://inlandempire.craigslist.org/apa/401623304.html
http://inlandempire.craigslist.org/apa/400242587.html
http://inlandempire.craigslist.org/apa/390026355.html

As far as when I’m planning.. I will definitely wait out this holiday season.. it should be bad(the most loan resets are coming).. from there I expect things to continue downward into early 2009… probably by then this housing slowdown will be old news and it will have lost its novelty, just like the past housing slowdowns. I am a pretty happy renter, and I can easily wait till 2009, but am prepared to go longer if necessary. I think you will easily find your 1800sqft home for under $280k if you can manage to hold out… good luck!

Great links Temecula guy, those prices are actually fair considering the rest of the market, and they will help bring down the comps even more, but I really expect them to go way lower.

[hipmatt]

BTW.. there are still plenty of nice rentals in TEM for under $1700

http://inlandempire.craigslist.org/apa/406086206.html

http://inlandempire.craigslist.org/apa/404187305.html
http://inlandempire.craigslist.org/apa/401623304.html
http://inlandempire.craigslist.org/apa/400242587.html
http://inlandempire.craigslist.org/apa/390026355.html

As far as when I’m planning.. I will definitely wait out this holiday season.. it should be bad(the most loan resets are coming).. from there I expect things to continue downward into early 2009… probably by then this housing slowdown will be old news and it will have lost its novelty, just like the past housing slowdowns. I am a pretty happy renter, and I can easily wait till 2009, but am prepared to go longer if necessary. I think you will easily find your 1800sqft home for under $280k if you can manage to hold out… good luck!

Great links Temecula guy, those prices are actually fair considering the rest of the market, and they will help bring down the comps even more, but I really expect them to go way lower.

[HLS]

You renters need to be happy that you have such (financially) wise landlords who are in it for the long haul! 😉

Just hope that they don’t think about it too hard.

[HLS]

You renters need to be happy that you have such (financially) wise landlords who are in it for the long haul! 😉

Just hope that they don’t think about it too hard.

[Author]

Posts