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May 17, 2007 at 9:07 PM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #53468May 17, 2007 at 9:07 PM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #53476
temeculaguy
Participant23109 I am probably going to swing by biarritz over the weekend if I have time, the salesperson said they had a 2900 sq ft one story for 389k, the location is too far north for me and I think Bugs is right about next year but I want to see it for myself because places like this will shock the market downward and Late this year DR horton’s south temecula 200+ units will be selling, I have to guess it’s got the same people setting the prices and they will realize that they can’t sell condos for the same price as 2900 sq sfr’s just 12 miles away. It won’t take long for these big drops to ripple through the valley because other builders will lose the few buyers out there to them with those prices. And we still aren’t there yet, more fun to come.
May 17, 2007 at 11:14 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #53298ParticipantOk, you are right, I called and talked to the salesperson at Biarritz and she confirmed the price drops and that they were in the newspaper. The 100k drop is for specific lots, standing inventory, etc. and not an across the board drop but she said they would deal on any lot so we can interpret it as a 100k drop. She also added that the taxes were 1.4 which is very low for the Temecula Valley. My apologies for being skeptical, I reserve the right to be wrong and I was because I have said before that 20% drops don’t happen in a day and that prices ratchet down over time. In my defense I have also said that there has never been this combination of circumstances with the subprime hangover and crazy appeciation so things won’t follow historical patterns.
May 17, 2007 at 11:14 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #53305ParticipantOk, you are right, I called and talked to the salesperson at Biarritz and she confirmed the price drops and that they were in the newspaper. The 100k drop is for specific lots, standing inventory, etc. and not an across the board drop but she said they would deal on any lot so we can interpret it as a 100k drop. She also added that the taxes were 1.4 which is very low for the Temecula Valley. My apologies for being skeptical, I reserve the right to be wrong and I was because I have said before that 20% drops don’t happen in a day and that prices ratchet down over time. In my defense I have also said that there has never been this combination of circumstances with the subprime hangover and crazy appeciation so things won’t follow historical patterns.
May 17, 2007 at 1:12 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #53176ParticipantO.K., maybe it’s true. i just did an mls of that zip code and it appears french valley is the canary in the coalmine. Tell your friend to go get his money back. There were over 300 lisings of resales between 400k and 500k in that zip code with a population of 22k. I had to break the search in two 50k chunks because 250 results is the max when searching, I have not seen that in temecula zip codes with more than twice the population, but this is 12 miles away, I can smell the blood already.
Here is what you should tell your buddy to do. Go look at this 2,873 sq ft house listed as a one year old former model at 360k, offer 320K and pay cash, no mortgage.
There were more I just grabbed one but if he is putting down 65% on 421k and wants to live in french valley he is in the ultimate pigginton position, an all cash buyer. That is of course if he can squeeze into a 2900 sq ft house.
May 17, 2007 at 1:12 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #53183ParticipantO.K., maybe it’s true. i just did an mls of that zip code and it appears french valley is the canary in the coalmine. Tell your friend to go get his money back. There were over 300 lisings of resales between 400k and 500k in that zip code with a population of 22k. I had to break the search in two 50k chunks because 250 results is the max when searching, I have not seen that in temecula zip codes with more than twice the population, but this is 12 miles away, I can smell the blood already.
Here is what you should tell your buddy to do. Go look at this 2,873 sq ft house listed as a one year old former model at 360k, offer 320K and pay cash, no mortgage.
There were more I just grabbed one but if he is putting down 65% on 421k and wants to live in french valley he is in the ultimate pigginton position, an all cash buyer. That is of course if he can squeeze into a 2900 sq ft house.
ParticipantAlso cross reference any final choices with a foreclosure database. Twice I have found a place with a great rent price and they had recently gotten a Notice of Default. It is possible for someone going down the drain to get a few months rent out of you, not pay the bank for 3-6 months until the bank forecloses, then you get to move again. None of the foreclosure databases will give you an exact address without subscribing but foreclosure.com lists the street name and the name of the owner on NOD’s, and today’s zestimate on foreclosures. Cross referencing on zillow for foreclosures and with tax records online on NOD’s, can confirm if you walking into an eviction by a bank. Other forclosure sites give you other bits of info, but running it on various sites you can get almost all of it.
ParticipantAlso cross reference any final choices with a foreclosure database. Twice I have found a place with a great rent price and they had recently gotten a Notice of Default. It is possible for someone going down the drain to get a few months rent out of you, not pay the bank for 3-6 months until the bank forecloses, then you get to move again. None of the foreclosure databases will give you an exact address without subscribing but foreclosure.com lists the street name and the name of the owner on NOD’s, and today’s zestimate on foreclosures. Cross referencing on zillow for foreclosures and with tax records online on NOD’s, can confirm if you walking into an eviction by a bank. Other forclosure sites give you other bits of info, but running it on various sites you can get almost all of it.
May 17, 2007 at 12:29 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #53170ParticipantYesterday i clicked on your link and it still said latuour from the 500’s, ten minutes ago I clicked it and it now says “from the upper 400’s.” By clicking on the link to that community it still lists it in the 500’s like it did yesterday. My confusion is why would they adjust their website but not reveal what your friend said if it is accurate, someone needs to go there and check the prices. If the biggest model was 421k, why would they update their site today to reflect the smallest one in the high 400’s. Is it baby steps? It’s just so confusing why they wouldn’t use the lower prices to increase traffic at the models.
May 17, 2007 at 12:29 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #53177ParticipantYesterday i clicked on your link and it still said latuour from the 500’s, ten minutes ago I clicked it and it now says “from the upper 400’s.” By clicking on the link to that community it still lists it in the 500’s like it did yesterday. My confusion is why would they adjust their website but not reveal what your friend said if it is accurate, someone needs to go there and check the prices. If the biggest model was 421k, why would they update their site today to reflect the smallest one in the high 400’s. Is it baby steps? It’s just so confusing why they wouldn’t use the lower prices to increase traffic at the models.
May 16, 2007 at 12:17 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #52992Participanthippmatt, I felt the same thing but couldn’t have put it better. 23109 reminds me of my kids asking “are we there yet” on long car rides. Seriously 23109, we aren’t trying to be mean and we do like you but some of us have made this journey before, have seen the road signs and we aren’t there yet. Just because there is snow on the side of the road doesn’t mean we are at the slopes just yet.
Bugs, I was the one who mentioned the 50k overpricing but I was referring to a different development by the same builder. The tract I was mentioning is homes half the size but in town, I can only assume that their overpricing compared to their competition would have been similar 15 miles away at another one of their developments, probably higher because it larger and at higher prices.
I agree with the others about these houses being far from town, they are closer to menifee than temecula when you look at a real map and not their website “not to scale” map. The distance is comparable to the distance between Poway and Escondido, and the community and schools can be just as different.
Finally I am curious why they wouldn’t post the new prices on their website. I would thing they would want it known that the prices are lower. I viewed that website a few minutes ago which listed the 500’s and thought “why would I drive halfway to hemet for these prices” but if someone saw the prices we’ve been told they might get in the car, why hide it?
Participantforeclosure.com lists 90 NOD’s that listed new during the last 9 days for Murrieta and 35 for Temecula. I ran some S.D. cities for comparison, Carlsbad-11, Oceanside-35, Esco-25, San Marcos-16, Vista-14.
Canary in a coal mine or is it possibly related to that big R.E. scam that involved possibly hundreds of murrieta homes. I thought that the scam was more than a few months ago, you’d think they would be getting close to foreclosure sale by now and not just getting their NOD’s, plus foreclosure.com lists the name of the owner and I didn’t see obvious duplicates. With and average of ten notices of default per day in a city of 90k, how long until there is blood in the streets. I don’t know the percentages of defaults to NOD’s but my guess is that it will close in on half because selling out or refi out just got significantly harder, that’s 5 per day in Murrieta hitting the courthouse steps by the time football season starts. It’s possible the other thread about DR horton in Murrieta slashing prices 20% is the result of someone at DR horton that saw this same info and is trying to get out of town while they can.
May 14, 2007 at 11:43 PM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #52862ParticipantI wish some of that would spread just a few miles south to Southern Temecula. I visited DR horton’s Temecula lane just a few weeks ago and wrote about it on another board. They were easily 50k overpriced compared to other builders a few hundred yards away and the other builder had a better location. I will check them out again on Friday and see if they have changed their pricing but since their models aren’t even finished so desperation hasn’t set in. It’s only ten miles from your buddy and 399 would buy you 1800 sq ft. 3/2 on a mini lot with a mini driveway you can’t park a car in, no upgrades, no incentives at all. It’s only ten miles from your buddy and the same builder.
DR needed a reality check, Temecula lane is selling a 1500 sq ft ATTACHED triplex with no courtyard for 360k and walk a mile down the street to woodside you could get a detached alley house 2100 sq ft, moderate yard, no mello roos, lower taxes, cheaper hoa, granite, pick your cabinets free and a bunch of other things for the same price (and the woodsides are not selling). Even if they matched the 20% reduction of their other projects, they would only match the competition. I think your buddy did well, nice fundamentals and a great mortgage, I hope that can spread just a few more offramps south.
ParticipantI am a 16 year veteran of the 15 commute, albeit I only have to make the drive a few times a month and do it with my employers car and gas, but there was a year in those sixteen I made it daily. It’s hell, don’t do it. You feel like you drove to Vegas or Disneyland when you are done. Living in Temecula or Escondido makes no difference because it’s 20-25 minutes to get from Temec to the 78, then it’s 20 minutes per mile from Escondido to Lake Hodges, some days I have spent longer getting through Escondido than the rest of the commute combined. Once you get past the mall it’s fine, at least it moves. The last time I went to s.d. the traffic was worse than normal (if that is possible) so I veered off at El Norte, drove to San pasqual and tried to get back on the freeway at Via Rancho Parkway, from the east side. What a joke, I spent 25 minutes just getting on the freeway. The construction is partly to blame but it was bad before the construction and when the construction is over in 2012, all that will be added is a carpool lane. That’s another thing, they’ve been building that thing since my kids were in diapers and my kids will have cars before it’s done, what are they using for shovels, teaspoons?
ParticipantI am seriously considering an alley home in Temecula (Wolf Creek, Woodside’s Hawthorne). The only issue is that this style isn’t as marketable for resale. I am a unique buyer and I realize that when I go to sell, the majority of the market isn’t looking for what I want, so it complicates the decision. I want over 2000 sq ft, detached, no yard other than enough for a BBQ, maybe a jacuzzi at most, not a blade of grass that I have to deal with, assoc. maintained front yard, 2 car gar minimum, no wood fencing (vinyl or brick). The alley home gives me all that, backyard is gone, small side courtyard is enough, condo like maintenance in a detach that is big enough. Problem is, I may be the only one looking for that and even though I plan to stay in the next house 10+ years, the majority of buyers in a family neighborhood will be shopping for a traditional lot. A divorced guy with teenagers half of the time, living in a bedroom community isn’t that big of a market.
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