[vizcaya]

I would not live in Moval. There is a higher crime element, and it seems that nothing over there stays nice. A buddy has a few new homes in these newer areas of Moval, and he has gotten his house robbed twice within a year. I believe Perris and Homeland are the worst areas, but Moval is not far behind.

[vizcaya]

I would not live in Moval. There is a higher crime element, and it seems that nothing over there stays nice. A buddy has a few new homes in these newer areas of Moval, and he has gotten his house robbed twice within a year. I believe Perris and Homeland are the worst areas, but Moval is not far behind.

[vizcaya]

The IE is taking a huge hit.
I sold my small 1064sqft foot Riverside home back in April for 368k. There is a house right now thats the same size same model is being offered at $268K.

The Riverside house that we ended up moving up into was purchased for $560K back in early 2006. I purchased it for $420K.(This was a bank owned, and our offer was made at $20K below market at the time).

Due to the amount of inventory the IE will see some overcorrecting. This will be when I will jump in and pick up some investment properties.

[vizcaya]

The IE is taking a huge hit.
I sold my small 1064sqft foot Riverside home back in April for 368k. There is a house right now thats the same size same model is being offered at $268K.

The Riverside house that we ended up moving up into was purchased for $560K back in early 2006. I purchased it for $420K.(This was a bank owned, and our offer was made at $20K below market at the time).

Due to the amount of inventory the IE will see some overcorrecting. This will be when I will jump in and pick up some investment properties.

[vizcaya]

I agree with asianautica. My limit on a home was based on getting the biggest nicest home in a very good area. My income allowed for a $300K mortage(30yr fixed). I had the 20% for a downpayment. So I searched for homes in the 400K-420k range. Early 2007, I found that the only homes available were 1200sq ft homes for $400k in these nicer areas. I almost bought at this time. Now homes in this area are averaging $430K for homes 2200-2500sqft. I shop acording to what my price range is.

[vizcaya]

I agree with asianautica. My limit on a home was based on getting the biggest nicest home in a very good area. My income allowed for a $300K mortage(30yr fixed). I had the 20% for a downpayment. So I searched for homes in the 400K-420k range. Early 2007, I found that the only homes available were 1200sq ft homes for $400k in these nicer areas. I almost bought at this time. Now homes in this area are averaging $430K for homes 2200-2500sqft. I shop acording to what my price range is.

[vizcaya]

I had some of the same things happen to us.

We sold our home back in April, and looked at moving up into a nicer home in Murrietta. I submitted a few offers, and they were both turned down. I did not counter, and decided to continue to rent. I am so glad we made that decision.
The asking price of the home we looked at was $400, we offered 385k. This was back in April. They denied at that price, I did not counter. We went ahead and rented. 2 months later, they dropped the price to $375k, I made a offer of $370, they denied again. I did not counter. I knew the market was in my favor. Last I checked they had lowered the price to $320, still has not sold.

I made a offer on a short sale recently, for a home closer to my work in Riverside. It needed some work, but had potential. The asking was $420k. I offered $400k. The owners accepted and the bank seemed OK with everything. But the bank took to long getting some approvals done. I therefore pulled my offer off the table. The same home got foreclosed, and was listed for $350k, which ended up being sold within a week.

I did put a offer in on a bank owned home that me and the wife fell in love with(2500sqft, 4 bedroom,3car garage, pool, above ground spa, 8500sqft lot, Orangcrest community home Riverside . The house sold for $540 back in 2005, and the bank offered it at $450k in July. They lowered it to $434k. Thats when I put my offer in at $420k. They accepted the offer. Which was a surprise to me. The house across the street which is the same model was up for sale at $475K, and had a smaller yard, no pool, or Spa.

Since I purchased last month, the home across the street has lowered the price to $420k. I believe that when my comp came in, he was asked by his agent to lower his asking price. He may have to go as low as $400 if he wants to sell soon, otherwise he may be looking at losing more, the longer its on the market.

I have done a good amount of research, and believe the homes in this area will drop another 10%, or 40% off of peak before was see the bottom in this area of Riverside.

[vizcaya]

I had some of the same things happen to us.

We sold our home back in April, and looked at moving up into a nicer home in Murrietta. I submitted a few offers, and they were both turned down. I did not counter, and decided to continue to rent. I am so glad we made that decision.
The asking price of the home we looked at was $400, we offered 385k. This was back in April. They denied at that price, I did not counter. We went ahead and rented. 2 months later, they dropped the price to $375k, I made a offer of $370, they denied again. I did not counter. I knew the market was in my favor. Last I checked they had lowered the price to $320, still has not sold.

I made a offer on a short sale recently, for a home closer to my work in Riverside. It needed some work, but had potential. The asking was $420k. I offered $400k. The owners accepted and the bank seemed OK with everything. But the bank took to long getting some approvals done. I therefore pulled my offer off the table. The same home got foreclosed, and was listed for $350k, which ended up being sold within a week.

I did put a offer in on a bank owned home that me and the wife fell in love with(2500sqft, 4 bedroom,3car garage, pool, above ground spa, 8500sqft lot, Orangcrest community home Riverside . The house sold for $540 back in 2005, and the bank offered it at $450k in July. They lowered it to $434k. Thats when I put my offer in at $420k. They accepted the offer. Which was a surprise to me. The house across the street which is the same model was up for sale at $475K, and had a smaller yard, no pool, or Spa.

Since I purchased last month, the home across the street has lowered the price to $420k. I believe that when my comp came in, he was asked by his agent to lower his asking price. He may have to go as low as $400 if he wants to sell soon, otherwise he may be looking at losing more, the longer its on the market.

I have done a good amount of research, and believe the homes in this area will drop another 10%, or 40% off of peak before was see the bottom in this area of Riverside.

[vizcaya]

I am in the situation where I bought in 2000, and sold in early 2007. I made upwards of $240k profit. I was lucky and smart enough to not use my house as a ATM. I am renting right now, and was planning on renting until 2009, but a property came up that fit everything we wanted in a area that had good schools and close to work. I will be putting 120,000 down on the house, and expect to purchase a investment property with the rest of the profits from the first home, when the market hits the bottom(around 2009-2010).

I will say that there are a small number of people that I know that did not use there home as a ATM machine. I was one of the only ones in my neighborhood that was able to walk away with so much gains in equity, and therefore allowing me to move up into a nicer home, and enough in the bank for a investment property in 2010.

[vizcaya]

Very good price drop for those homes. I am very familiar with those areas in Riverside. The only downside on those homes is the property Taxes(approx 2 percent). But with most new developments this is to be expected.

In Riverside the best areas are Orangecrest, Woodcrest, Canyon Crest, and areas around Victoria. I have found that only a small number of listings are bank repos in these areas as of right now. If you can find a Bank owned home in this area, banks are accepting bids a lot lower than what the asking price is.
My situation has led me to purchase one of the few but better bank owned homes in Orangecrest. 2460sqft, 4 bed 3 bath, 9000sqft lot, pool, spa, 3 car garage, low tax rate (1.15). Comparable comp same house with pool, down the street just sold for $515k in May 2007. At the peak of the market(2005) this comparable home with a pool sold for $560k. Using these numbers, I am purchasing this home at $140k off peak, or a 33% drop.
Everyones situation is different, and if you can afford to wait it out then do it. I wouldn’t suggest purchasing until 2009. Do as I say, not as I do.

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