[tlefort]

Wow,

Don, sorry to hear your story. My wife talks about your wife all the time. She does great work. As far as your story is concerned, I have heard it over and over. It becomes a personnel economic decision. As far as my comment “we will never see these prices again in our lifetime”, the poster is correct, depends on your age. I am mid 40s, so I think a doubling of prices might be a stretch for me. But if your 20 something, it is a bit more possible.

On a general note, as far as picking a bottom. No one, and I mean NO ONE knows where the actual botom is until we are all looking back years from now. All we have is data and statistics. My personnel guess is, with the current overall economic data (Unemployment, GM BK, banks not lending) I think this correction will overshoot to the downside. (Don’t shoot me if I am wrong, I said it was a guess). I think Temecula proper may be there all ready. But the area out east is harder to predict.
Neighbor across the street had a short sale on a 2.5 acre, 2200sf home for 319k. It went inactive today (My guess is the bank got it back. I am looking for it to pop back up as a REO in a few months in the mid 200$).

Another observation, I have been watching these types of properties and seeing a bidding war when they do get relisted. I have spoken to the agents and they say there is a lot of speculative interest from investors. I believe that we still have some downside to weed out these speculators. I think a lot of people still have 2005 prices in thier heads and think that they are going to see this market “Bounce back” and the good times will be rolling in again. If anything, once this market does actually find a bottom we will see very slow appreciation if any for some years to come. The overall economy, and tight credit will see to it that speculation takes a back seat to people who just want a home to live in.

Once again,
Sorry for your loss and now that I know who you are and what a nice place you live in, it makes me feel for you all that much more.

[tlefort]

Wow,

Don, sorry to hear your story. My wife talks about your wife all the time. She does great work. As far as your story is concerned, I have heard it over and over. It becomes a personnel economic decision. As far as my comment “we will never see these prices again in our lifetime”, the poster is correct, depends on your age. I am mid 40s, so I think a doubling of prices might be a stretch for me. But if your 20 something, it is a bit more possible.

On a general note, as far as picking a bottom. No one, and I mean NO ONE knows where the actual botom is until we are all looking back years from now. All we have is data and statistics. My personnel guess is, with the current overall economic data (Unemployment, GM BK, banks not lending) I think this correction will overshoot to the downside. (Don’t shoot me if I am wrong, I said it was a guess). I think Temecula proper may be there all ready. But the area out east is harder to predict.
Neighbor across the street had a short sale on a 2.5 acre, 2200sf home for 319k. It went inactive today (My guess is the bank got it back. I am looking for it to pop back up as a REO in a few months in the mid 200$).

Another observation, I have been watching these types of properties and seeing a bidding war when they do get relisted. I have spoken to the agents and they say there is a lot of speculative interest from investors. I believe that we still have some downside to weed out these speculators. I think a lot of people still have 2005 prices in thier heads and think that they are going to see this market “Bounce back” and the good times will be rolling in again. If anything, once this market does actually find a bottom we will see very slow appreciation if any for some years to come. The overall economy, and tight credit will see to it that speculation takes a back seat to people who just want a home to live in.

Once again,
Sorry for your loss and now that I know who you are and what a nice place you live in, it makes me feel for you all that much more.

[tlefort]

Wow,

Don, sorry to hear your story. My wife talks about your wife all the time. She does great work. As far as your story is concerned, I have heard it over and over. It becomes a personnel economic decision. As far as my comment “we will never see these prices again in our lifetime”, the poster is correct, depends on your age. I am mid 40s, so I think a doubling of prices might be a stretch for me. But if your 20 something, it is a bit more possible.

On a general note, as far as picking a bottom. No one, and I mean NO ONE knows where the actual botom is until we are all looking back years from now. All we have is data and statistics. My personnel guess is, with the current overall economic data (Unemployment, GM BK, banks not lending) I think this correction will overshoot to the downside. (Don’t shoot me if I am wrong, I said it was a guess). I think Temecula proper may be there all ready. But the area out east is harder to predict.
Neighbor across the street had a short sale on a 2.5 acre, 2200sf home for 319k. It went inactive today (My guess is the bank got it back. I am looking for it to pop back up as a REO in a few months in the mid 200$).

Another observation, I have been watching these types of properties and seeing a bidding war when they do get relisted. I have spoken to the agents and they say there is a lot of speculative interest from investors. I believe that we still have some downside to weed out these speculators. I think a lot of people still have 2005 prices in thier heads and think that they are going to see this market “Bounce back” and the good times will be rolling in again. If anything, once this market does actually find a bottom we will see very slow appreciation if any for some years to come. The overall economy, and tight credit will see to it that speculation takes a back seat to people who just want a home to live in.

Once again,
Sorry for your loss and now that I know who you are and what a nice place you live in, it makes me feel for you all that much more.

[tlefort]

Wow,

Don, sorry to hear your story. My wife talks about your wife all the time. She does great work. As far as your story is concerned, I have heard it over and over. It becomes a personnel economic decision. As far as my comment “we will never see these prices again in our lifetime”, the poster is correct, depends on your age. I am mid 40s, so I think a doubling of prices might be a stretch for me. But if your 20 something, it is a bit more possible.

On a general note, as far as picking a bottom. No one, and I mean NO ONE knows where the actual botom is until we are all looking back years from now. All we have is data and statistics. My personnel guess is, with the current overall economic data (Unemployment, GM BK, banks not lending) I think this correction will overshoot to the downside. (Don’t shoot me if I am wrong, I said it was a guess). I think Temecula proper may be there all ready. But the area out east is harder to predict.
Neighbor across the street had a short sale on a 2.5 acre, 2200sf home for 319k. It went inactive today (My guess is the bank got it back. I am looking for it to pop back up as a REO in a few months in the mid 200$).

Another observation, I have been watching these types of properties and seeing a bidding war when they do get relisted. I have spoken to the agents and they say there is a lot of speculative interest from investors. I believe that we still have some downside to weed out these speculators. I think a lot of people still have 2005 prices in thier heads and think that they are going to see this market “Bounce back” and the good times will be rolling in again. If anything, once this market does actually find a bottom we will see very slow appreciation if any for some years to come. The overall economy, and tight credit will see to it that speculation takes a back seat to people who just want a home to live in.

Once again,
Sorry for your loss and now that I know who you are and what a nice place you live in, it makes me feel for you all that much more.

[tlefort]

Wow,

Don, sorry to hear your story. My wife talks about your wife all the time. She does great work. As far as your story is concerned, I have heard it over and over. It becomes a personnel economic decision. As far as my comment “we will never see these prices again in our lifetime”, the poster is correct, depends on your age. I am mid 40s, so I think a doubling of prices might be a stretch for me. But if your 20 something, it is a bit more possible.

On a general note, as far as picking a bottom. No one, and I mean NO ONE knows where the actual botom is until we are all looking back years from now. All we have is data and statistics. My personnel guess is, with the current overall economic data (Unemployment, GM BK, banks not lending) I think this correction will overshoot to the downside. (Don’t shoot me if I am wrong, I said it was a guess). I think Temecula proper may be there all ready. But the area out east is harder to predict.
Neighbor across the street had a short sale on a 2.5 acre, 2200sf home for 319k. It went inactive today (My guess is the bank got it back. I am looking for it to pop back up as a REO in a few months in the mid 200$).

Another observation, I have been watching these types of properties and seeing a bidding war when they do get relisted. I have spoken to the agents and they say there is a lot of speculative interest from investors. I believe that we still have some downside to weed out these speculators. I think a lot of people still have 2005 prices in thier heads and think that they are going to see this market “Bounce back” and the good times will be rolling in again. If anything, once this market does actually find a bottom we will see very slow appreciation if any for some years to come. The overall economy, and tight credit will see to it that speculation takes a back seat to people who just want a home to live in.

Once again,
Sorry for your loss and now that I know who you are and what a nice place you live in, it makes me feel for you all that much more.

[tlefort]

Thanks to all for your responses.

This board (and several others) have helped me make smart decisions these last few years.(Actually my decision has been to sit and wait this out). Now that a lot of the S%*t has already hit the fan these last few years, the big questions left are, how low will it go and how long will it take?
I think Wine country has a ways to go. There were a lot of spec homes built these last few years. People had big dreams of big profits. I know a lot of them and a year or two ago when I told them this was going to end bad, they all blew me off as chicken little. Now I see places that wanted a million and will be lucky to get 500k. And the smaller, older original homes on acreage are getting into the 300k range. I am still in the school that if the right place comes along and it solves my horse boarding problem I will jump. I have noticed a few bank owned properties coming on line listed at 20% off the short sale price. Only to be bid up past the short sale price.

I think some people think this will all blow over after the stimulus package takes over. I have news, we may never again see in our life times those inflated prices. They just are NOT coming back. I think as time wears on more and more people will realize this. I still hear people saying to me, “better jump in before these prices take off again”. Until I stop hearing that and all the people who are buying homes as “Investments” or get rich quick schemes are weeded out, we still have some down side.

All this being said, I am looking for a home to live the rest of my life in and finish raising my faimily in. As well as house my wifes horse. When this happens to come along, and I am able to borrow a reasonable amount of money to make it work, I will buy and not look back. I need a place to live and the mental security of having my own place is hard to resist. I just refuse to pay the old wish prices on past.

Thanks again for everyones help. This site has been a wonderfull education.
TL

[tlefort]

Thanks to all for your responses.

This board (and several others) have helped me make smart decisions these last few years.(Actually my decision has been to sit and wait this out). Now that a lot of the S%*t has already hit the fan these last few years, the big questions left are, how low will it go and how long will it take?
I think Wine country has a ways to go. There were a lot of spec homes built these last few years. People had big dreams of big profits. I know a lot of them and a year or two ago when I told them this was going to end bad, they all blew me off as chicken little. Now I see places that wanted a million and will be lucky to get 500k. And the smaller, older original homes on acreage are getting into the 300k range. I am still in the school that if the right place comes along and it solves my horse boarding problem I will jump. I have noticed a few bank owned properties coming on line listed at 20% off the short sale price. Only to be bid up past the short sale price.

I think some people think this will all blow over after the stimulus package takes over. I have news, we may never again see in our life times those inflated prices. They just are NOT coming back. I think as time wears on more and more people will realize this. I still hear people saying to me, “better jump in before these prices take off again”. Until I stop hearing that and all the people who are buying homes as “Investments” or get rich quick schemes are weeded out, we still have some down side.

All this being said, I am looking for a home to live the rest of my life in and finish raising my faimily in. As well as house my wifes horse. When this happens to come along, and I am able to borrow a reasonable amount of money to make it work, I will buy and not look back. I need a place to live and the mental security of having my own place is hard to resist. I just refuse to pay the old wish prices on past.

Thanks again for everyones help. This site has been a wonderfull education.
TL

[tlefort]

Thanks to all for your responses.

This board (and several others) have helped me make smart decisions these last few years.(Actually my decision has been to sit and wait this out). Now that a lot of the S%*t has already hit the fan these last few years, the big questions left are, how low will it go and how long will it take?
I think Wine country has a ways to go. There were a lot of spec homes built these last few years. People had big dreams of big profits. I know a lot of them and a year or two ago when I told them this was going to end bad, they all blew me off as chicken little. Now I see places that wanted a million and will be lucky to get 500k. And the smaller, older original homes on acreage are getting into the 300k range. I am still in the school that if the right place comes along and it solves my horse boarding problem I will jump. I have noticed a few bank owned properties coming on line listed at 20% off the short sale price. Only to be bid up past the short sale price.

I think some people think this will all blow over after the stimulus package takes over. I have news, we may never again see in our life times those inflated prices. They just are NOT coming back. I think as time wears on more and more people will realize this. I still hear people saying to me, “better jump in before these prices take off again”. Until I stop hearing that and all the people who are buying homes as “Investments” or get rich quick schemes are weeded out, we still have some down side.

All this being said, I am looking for a home to live the rest of my life in and finish raising my faimily in. As well as house my wifes horse. When this happens to come along, and I am able to borrow a reasonable amount of money to make it work, I will buy and not look back. I need a place to live and the mental security of having my own place is hard to resist. I just refuse to pay the old wish prices on past.

Thanks again for everyones help. This site has been a wonderfull education.
TL

[tlefort]

Thanks to all for your responses.

This board (and several others) have helped me make smart decisions these last few years.(Actually my decision has been to sit and wait this out). Now that a lot of the S%*t has already hit the fan these last few years, the big questions left are, how low will it go and how long will it take?
I think Wine country has a ways to go. There were a lot of spec homes built these last few years. People had big dreams of big profits. I know a lot of them and a year or two ago when I told them this was going to end bad, they all blew me off as chicken little. Now I see places that wanted a million and will be lucky to get 500k. And the smaller, older original homes on acreage are getting into the 300k range. I am still in the school that if the right place comes along and it solves my horse boarding problem I will jump. I have noticed a few bank owned properties coming on line listed at 20% off the short sale price. Only to be bid up past the short sale price.

I think some people think this will all blow over after the stimulus package takes over. I have news, we may never again see in our life times those inflated prices. They just are NOT coming back. I think as time wears on more and more people will realize this. I still hear people saying to me, “better jump in before these prices take off again”. Until I stop hearing that and all the people who are buying homes as “Investments” or get rich quick schemes are weeded out, we still have some down side.

All this being said, I am looking for a home to live the rest of my life in and finish raising my faimily in. As well as house my wifes horse. When this happens to come along, and I am able to borrow a reasonable amount of money to make it work, I will buy and not look back. I need a place to live and the mental security of having my own place is hard to resist. I just refuse to pay the old wish prices on past.

Thanks again for everyones help. This site has been a wonderfull education.
TL

[tlefort]

Thanks to all for your responses.

This board (and several others) have helped me make smart decisions these last few years.(Actually my decision has been to sit and wait this out). Now that a lot of the S%*t has already hit the fan these last few years, the big questions left are, how low will it go and how long will it take?
I think Wine country has a ways to go. There were a lot of spec homes built these last few years. People had big dreams of big profits. I know a lot of them and a year or two ago when I told them this was going to end bad, they all blew me off as chicken little. Now I see places that wanted a million and will be lucky to get 500k. And the smaller, older original homes on acreage are getting into the 300k range. I am still in the school that if the right place comes along and it solves my horse boarding problem I will jump. I have noticed a few bank owned properties coming on line listed at 20% off the short sale price. Only to be bid up past the short sale price.

I think some people think this will all blow over after the stimulus package takes over. I have news, we may never again see in our life times those inflated prices. They just are NOT coming back. I think as time wears on more and more people will realize this. I still hear people saying to me, “better jump in before these prices take off again”. Until I stop hearing that and all the people who are buying homes as “Investments” or get rich quick schemes are weeded out, we still have some down side.

All this being said, I am looking for a home to live the rest of my life in and finish raising my faimily in. As well as house my wifes horse. When this happens to come along, and I am able to borrow a reasonable amount of money to make it work, I will buy and not look back. I need a place to live and the mental security of having my own place is hard to resist. I just refuse to pay the old wish prices on past.

Thanks again for everyones help. This site has been a wonderfull education.
TL

[tlefort]

I agree charmagirl. Wine Country has it’s pluses and minuses. It all depends of personnel preferences and needs. My wife has a horse business and her business requires the boarding of 18 horses. So to own a small 5 acre ranch that could house her animals would be a big savings for her overhead. For others, some people just like the solitude and peace and quiet of not living so close together.
You are right about having to drive to “Town” to get supplies. But in reality you just adapt and plan your shopping and errands so you take care of everything at once.
As far as conservatives, I think that area is about the same as Temecula as a whole. It is the “Bible Belt” of the inland area I think. And that is Ok by me butI know some people take offense.
As far as prices are concerned, I think the Wine Country area has taken a bit longer and is lagging the homes in town. But I am starting to see the cracks and there is quite a bit of discounting going on. When I moved out there 4 years ago everything was 600k and on up. Now a few are hovering in the mid to high 300s.
Also, the expense of water is not an issue as most places are on wells. If you have an orchard and you use Rancho cal water, you also get discounted agriculture rates which are about 90% cheeper than residential. I personally feel this is unfair but that is how it is. All those 3-5 acre mini so called “Vineyards” are likley paying less in water than your average track home while using 10 times the amount of water.
For us, horses don’t use as much as vines so water will not be an issue.
Thanks for your input..
TL

[tlefort]

I agree charmagirl. Wine Country has it’s pluses and minuses. It all depends of personnel preferences and needs. My wife has a horse business and her business requires the boarding of 18 horses. So to own a small 5 acre ranch that could house her animals would be a big savings for her overhead. For others, some people just like the solitude and peace and quiet of not living so close together.
You are right about having to drive to “Town” to get supplies. But in reality you just adapt and plan your shopping and errands so you take care of everything at once.
As far as conservatives, I think that area is about the same as Temecula as a whole. It is the “Bible Belt” of the inland area I think. And that is Ok by me butI know some people take offense.
As far as prices are concerned, I think the Wine Country area has taken a bit longer and is lagging the homes in town. But I am starting to see the cracks and there is quite a bit of discounting going on. When I moved out there 4 years ago everything was 600k and on up. Now a few are hovering in the mid to high 300s.
Also, the expense of water is not an issue as most places are on wells. If you have an orchard and you use Rancho cal water, you also get discounted agriculture rates which are about 90% cheeper than residential. I personally feel this is unfair but that is how it is. All those 3-5 acre mini so called “Vineyards” are likley paying less in water than your average track home while using 10 times the amount of water.
For us, horses don’t use as much as vines so water will not be an issue.
Thanks for your input..
TL

[tlefort]

I agree charmagirl. Wine Country has it’s pluses and minuses. It all depends of personnel preferences and needs. My wife has a horse business and her business requires the boarding of 18 horses. So to own a small 5 acre ranch that could house her animals would be a big savings for her overhead. For others, some people just like the solitude and peace and quiet of not living so close together.
You are right about having to drive to “Town” to get supplies. But in reality you just adapt and plan your shopping and errands so you take care of everything at once.
As far as conservatives, I think that area is about the same as Temecula as a whole. It is the “Bible Belt” of the inland area I think. And that is Ok by me butI know some people take offense.
As far as prices are concerned, I think the Wine Country area has taken a bit longer and is lagging the homes in town. But I am starting to see the cracks and there is quite a bit of discounting going on. When I moved out there 4 years ago everything was 600k and on up. Now a few are hovering in the mid to high 300s.
Also, the expense of water is not an issue as most places are on wells. If you have an orchard and you use Rancho cal water, you also get discounted agriculture rates which are about 90% cheeper than residential. I personally feel this is unfair but that is how it is. All those 3-5 acre mini so called “Vineyards” are likley paying less in water than your average track home while using 10 times the amount of water.
For us, horses don’t use as much as vines so water will not be an issue.
Thanks for your input..
TL

[tlefort]

I agree charmagirl. Wine Country has it’s pluses and minuses. It all depends of personnel preferences and needs. My wife has a horse business and her business requires the boarding of 18 horses. So to own a small 5 acre ranch that could house her animals would be a big savings for her overhead. For others, some people just like the solitude and peace and quiet of not living so close together.
You are right about having to drive to “Town” to get supplies. But in reality you just adapt and plan your shopping and errands so you take care of everything at once.
As far as conservatives, I think that area is about the same as Temecula as a whole. It is the “Bible Belt” of the inland area I think. And that is Ok by me butI know some people take offense.
As far as prices are concerned, I think the Wine Country area has taken a bit longer and is lagging the homes in town. But I am starting to see the cracks and there is quite a bit of discounting going on. When I moved out there 4 years ago everything was 600k and on up. Now a few are hovering in the mid to high 300s.
Also, the expense of water is not an issue as most places are on wells. If you have an orchard and you use Rancho cal water, you also get discounted agriculture rates which are about 90% cheeper than residential. I personally feel this is unfair but that is how it is. All those 3-5 acre mini so called “Vineyards” are likley paying less in water than your average track home while using 10 times the amount of water.
For us, horses don’t use as much as vines so water will not be an issue.
Thanks for your input..
TL

[tlefort]

I agree charmagirl. Wine Country has it’s pluses and minuses. It all depends of personnel preferences and needs. My wife has a horse business and her business requires the boarding of 18 horses. So to own a small 5 acre ranch that could house her animals would be a big savings for her overhead. For others, some people just like the solitude and peace and quiet of not living so close together.
You are right about having to drive to “Town” to get supplies. But in reality you just adapt and plan your shopping and errands so you take care of everything at once.
As far as conservatives, I think that area is about the same as Temecula as a whole. It is the “Bible Belt” of the inland area I think. And that is Ok by me butI know some people take offense.
As far as prices are concerned, I think the Wine Country area has taken a bit longer and is lagging the homes in town. But I am starting to see the cracks and there is quite a bit of discounting going on. When I moved out there 4 years ago everything was 600k and on up. Now a few are hovering in the mid to high 300s.
Also, the expense of water is not an issue as most places are on wells. If you have an orchard and you use Rancho cal water, you also get discounted agriculture rates which are about 90% cheeper than residential. I personally feel this is unfair but that is how it is. All those 3-5 acre mini so called “Vineyards” are likley paying less in water than your average track home while using 10 times the amount of water.
For us, horses don’t use as much as vines so water will not be an issue.
Thanks for your input..
TL

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