[TemekuT]

Nor-LA-SD etc…I have to agree with you. I keep trying to explain to posters here that in my Morgan Hill community there are investor REO’s that have driven prices down, but my street is filled with empty nesters that have either paid cash or made substantial down payments and can easily pay off any mortgage. We can weather out the downturn. The prices in my community have dropped; what is pending and selling is in the high $400,000 to low $600,000 range.

What is not selling are the 3 Ventana home listings, of which the cheapest is the Hendrix Montecastro REO at $950k, and the other two at about 1.2 million. Nor are the Hovnanian and Shea homes in the high $600,000 to the $800,000 range selling; however, REOs in those tracts are going pending in the low to mid $500,000 range.

That thread about the Pulte Meadows home price was funny as you could go over to the Montecastro REO and pick up that 5000 sq. ft. place on a 1/2 acre lot and I bet the trustee would be quite willing to let it go for the same price as the new Pulte home.

[TemekuT]

Stay in Temecula or on the Bear Creek side of Murrieta if you can. I’d avoid Winchester because the lack of HOA controls, coupled with the huge houses, is turning that area into a foreclosure and multi-family rental slum. I’d also avoid Beaumont for the same reasons. When you purchase consider the number of apartments in the zip code; that should correlate to the schools’ rankings. Prices are coming down in Temecula. I’ve noticed a few very small and older single family homes in less desirable neighborhoods in both 92591 and 92592 listed in the high 200’s so give it a year or so to drop to the low 200’s or even within the next 2 years to drop to the high 100’s.

Unlike some of the posters here, I do not see a reversion of spacious single-family homes in good areas to prices in the $100,000 range, but I think you will be able to pick up a good sized single family home in a good zip code in the mid $200,000 range, although I believe this would be in an older community.

[TemekuT]

Stay in Temecula or on the Bear Creek side of Murrieta if you can. I’d avoid Winchester because the lack of HOA controls, coupled with the huge houses, is turning that area into a foreclosure and multi-family rental slum. I’d also avoid Beaumont for the same reasons. When you purchase consider the number of apartments in the zip code; that should correlate to the schools’ rankings. Prices are coming down in Temecula. I’ve noticed a few very small and older single family homes in less desirable neighborhoods in both 92591 and 92592 listed in the high 200’s so give it a year or so to drop to the low 200’s or even within the next 2 years to drop to the high 100’s.

Unlike some of the posters here, I do not see a reversion of spacious single-family homes in good areas to prices in the $100,000 range, but I think you will be able to pick up a good sized single family home in a good zip code in the mid $200,000 range, although I believe this would be in an older community.

[TemekuT]

Well, we do own in Temeku Hills…my husband is bullish on Temecula. We unfortunately bought high here in Morgan Hill. No ARM, I’m much too conservative for that. I remember when Redhawk wasn’t annexed; I believe they are annexed now and the taxes have dropped. Hubby doesn’t want to sell here, he believes because of the hospital and all the medical coming along HWY 79, this will be a prime location. I just feel compelled at times to get out of Dodge because I hate wasting money and this place is stalled out for now, so I try to calculate whether it’s better to lose the $ if I can reinvest it somewhere else when the market hits bottom. We actually have a smallish loan here, so there’s lots of equity in the house, just like all the empty nesters around here.

Hot mom, that’s funny, although my 30 year old tells me that. Her latest comment is that I’m better preserved than anyone else…still no Subaru, but the blond hair has been 86’d.

[TemekuT]

O.K., I’m crying “uncle”! You’re right about the Morgan Hill situation. I now can’t believe all the $#%&*@^ flippers that are walking away from their zero down, non-recourse loans. I didn’t want to buy here but couldn’t convince hubby the appreciation train was derailing. He’s now a convert, thanks to Pigginton and other blogsites, but we’re stuck here indefinitely, unless we want to give up >$100k of upgrades paid in cash. I sure wouldn’t touch anything out in French Valley. When a recovery occurs (in the distant future) Temecula will rally quicker than the outlying areas. Hey, you missed the opportunity to buy a single level Pegase Court cul-de-sac flipper REO in the Cristal tract, approx 2400 sq. ft. for $387k. (No worries though, it will be cheaper in 6 months when the next REO of that model comes to market). That Pegase house really burned us, as well as several neighbors, as we all paid between 445k and 475k for the identical non-upgraded house, depending on the phase. But we’re mostly empty nesters on this street and can afford to wait it out. But should we? Or should we just laugh off the $100K and get out of Dodge now?

[TemekuT]

The DRE requires the developers to post bonds for all the uncompleted common areas. Even if the developer abandons a project, the bonds are in place to complete the common area amenities. I can’t address what you are saying about the city of Temecula seizing the model homes and auctioning the contents but I do feel confident that the DRE (as well as any city I’ve worked with), required bonds for completion of the improvements. How in the world would the city be able to seize private property except through an eminent domain action? Perhaps there was a clause in the City’s agreement with the developer that in the event of default of the building process the City was entitled to the proceeds from tangible assets of the developer?

In Temeku Hills the reason for the boarded up land was a bankruptcy by the original builder. McMillin bought the property out of bankruptcy for pennies on the dollar. Corky McMillin was a shrewd businessman. He partnered with UDC Homes for one of the two initial tracts, brought the place back to life, and put his company at the top of local builders. FYI – there were 2 complexes completed before the original developer went BK – an attached home (patio home) complex consisting of very few units, and a manufactured housing for seniors complex, also very small. I think those complexes have separate HOA’s and had had acrimonious relationships with the Temeku Hills Master HOA in the past.

It is common practice for the developers to sell and then lease back the models. There may be some tax advantages, hence this widespread practice.

[TemekuT]

Alex – please no flippant greedy **** comments. We all know that.

gn – yes, for the average buyer that is so. I am specifically asking those in the business what is going on in very wealthy coastal enclaves.

[TemekuT]

Oh, don’t worry about it SD Realtor. We need to have a thick skin on these blogs because the sport of the anonymous coward is to paint all with the same brush. You know how often blathering idiots here post that “ALL BROKERS/REALTORS/LOAN OFFICERS/APPRAISERS are dishonest realtwhores” etc.

I think I will start posting that all gov’t employees and teachers are “slopping at the public trough”, all engineers are guilty of malfeasance and hiding defective products, all doctors kill patients by malpractice, all mechanics rip you off, all (fill in the blank) are (fill in the blank).

You seem like an upright guy. My broker husband is an upright guy. I (CPA/Broker) am an upright gal. That’s 3 of us in real estate and on this blogsite that are ethical and do not lie to our clients. And there are lots more out there like us.

I’ve said this before and I’ll say it again – In all professions there are those that excel, those that are adequate, and those that should chose another line of work.

And, in life and especially in the postings on this blogsite, there are those that are ethical and those who pen their own words that show them to be unethical.

[TemekuT]

Oh, don’t worry about it SD Realtor. We need to have a thick skin on these blogs because the sport of the anonymous coward is to paint all with the same brush. You know how often blathering idiots here post that “ALL BROKERS/REALTORS/LOAN OFFICERS/APPRAISERS are dishonest realtwhores” etc.

I think I will start posting that all gov’t employees and teachers are “slopping at the public trough”, all engineers are guilty of malfeasance and hiding defective products, all doctors kill patients by malpractice, all mechanics rip you off, all (fill in the blank) are (fill in the blank).

You seem like an upright guy. My broker husband is an upright guy. I (CPA/Broker) am an upright gal. That’s 3 of us in real estate and on this blogsite that are ethical and do not lie to our clients. And there are lots more out there like us.

I’ve said this before and I’ll say it again – In all professions there are those that excel, those that are adequate, and those that should chose another line of work.

And, in life and especially in the postings on this blogsite, there are those that are ethical and those who pen their own words that show them to be unethical.

[TemekuT]

Oh, don’t worry about it SD Realtor. We need to have a thick skin on these blogs because the sport of the anonymous coward is to paint all with the same brush. You know how often blathering idiots here post that “ALL BROKERS/REALTORS/LOAN OFFICERS/APPRAISERS are dishonest realtwhores” etc.

I think I will start posting that all gov’t employees and teachers are “slopping at the public trough”, all engineers are guilty of malfeasance and hiding defective products, all doctors kill patients by malpractice, all mechanics rip you off, all (fill in the blank) are (fill in the blank).

You seem like an upright guy. My broker husband is an upright guy. I (CPA/Broker) am an upright gal. That’s 3 of us in real estate and on this blogsite that are ethical and do not lie to our clients. And there are lots more out there like us.

I’ve said this before and I’ll say it again – In all professions there are those that excel, those that are adequate, and those that should chose another line of work.

And, in life and especially in the postings on this blogsite, there are those that are ethical and those who pen their own words that show them to be unethical.

[TemekuT]

I’d be inclined to call it ” just desserts” or “you reap what you sow from buying stuff you can’t afford”.

[TemekuT]

I’d be inclined to call it ” just desserts” or “you reap what you sow from buying stuff you can’t afford”.

[TemekuT]

I’d be inclined to call it ” just desserts” or “you reap what you sow from buying stuff you can’t afford”.

[TemekuT]

As a child of teachers and also as a RE Broker and CPA, I say not yet. I own some rental properties in 92591 and live in 92592 and I advise all to wait.

I will advise you like I advise my daughter…keep waiting, stay strong, and save your pennies. Prices will drop more and you will be a stronger buyer with additional savings.

[TemekuT]

As a child of teachers and also as a RE Broker and CPA, I say not yet. I own some rental properties in 92591 and live in 92592 and I advise all to wait.

I will advise you like I advise my daughter…keep waiting, stay strong, and save your pennies. Prices will drop more and you will be a stronger buyer with additional savings.

[Author]

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