House Prices - what is yours worth now? (Temecula: short sales, foreclosures)

[Captjob]

To get a more accurate picture of what it is worth today you need to look at the auction price.

I puchased in Murrieta in 2000, 3300sq ft home for $240,000
Appraised in 2005 for $653,000
Same foreclosed model now selling at auction $240,000 again..Ouch!

Wait until 2008....supposed to get worse.

[country pride]

When I was married we bought a house for 120k. I drove past that neighbourhood recently and that house is on the market now, I called the number on the sign and its listed at 450k!!

[OutOfSoCal]

San Dimas bought 1994 180K worth 550K today 1512Sq ft with pool,3 bedrrom 2 bath

Glendora bought 2003 301K worth 450K today 1132 Sq ft big backyard no pool 2 bedroom 1.5 bath

[sheri257]

Yeah but ... I really find it hard to believe that a 1500 square foot house is actually worth 550K in this market unless it's got an ocean front view or is located in a really ritsy area ...

A lot of the real estate listings are misleading since a lot of properties aren't moving even at lower listed prices. If a house has been on the market for six months a certain price and still hasn't moved then ... the house obviously isn't worth that much.

We aren't anywhere near the bottom of this market yet so, to me at least, listed prices don't mean much.

[Bob The Builder]

Originally Posted by walter_hedingly

A recent artcile mentioned that the average house in the IE dropped by 15 percent year over year. So I ask the followingn of those that live out in the IE. City / Date Bought / Price Bought / Price Now (you can look at what other houses are been offered at to get a ball park). I believe it will be much higher than 15%. Here are my numbers

San Jacinto / September 2005 / $410 000 / $310 000

Walter

How are you defining Price Now? Responding posters are defining it in different ways.

1) Auction price
2) Price it will be in ten years (with no possibility of parole)
3) Price they would move out for instantly regardless of what someone would actually pay
4) Some Price above whatever they paid. (RE only goes up. Doesn't it?)
5) Price the neighbor is list at.

The lenders and agents turned everyone into amateur speculators.

Prices have gone down. Values may be lower. The only thing to do is accept a loss in value and hang on if the house suits you and get philosophical.

The one poster from San Leandro made a choice to move to Texas and live in a community where he is comfortable. Others rag on him because he does not affirm their choice to stay. How nice.

[DGF]

We lived in The Vintage Reserve in Murrieta. We bought our house for 275k in 2001 and were one of the smart ones that sold in 2005 for 699k. Hated living there all that time; crowded, congested, smoggy, high property taxes, mean spirited people. There was always an aire of angst in everyone, I can only guess that it was because of the extremely high cost of living there and for very few tangible benefits. When we paid 275k in 2001, that was considered expensive for the area, now the house I sold for 699k is worth about 425k and should continue dropping down to around 335k over the course of the next year. That said I would suggest renting if you have to move to that area. Yes we took our $$$ and paid $350k cash for a brand new 4500 sf 1 acre gated custom brick home in beautiful Tennessee. My family and I absolutely love it here, easy commute to anywhere, mild winters, no smog, property taxes rates are about 1/2 that of Murrieta or Temecula, no state income tax, outgoing friendly easygoing people that just seem much more content than what we experienced in Murrieta. It's been 2 1/2 yrs and we will never be going back and wouldn't even take a free house there (if we had to live in it).

[rotorholic]

Bought in Montclair CA....1244sf built in 1955
$158,500 11/2000
SOLD 02/2007 $445,000
Bought in Rowlett TX (dallas county) 2926sf built in 2001
foreclosed bank owned property $185,000 cash money
$30,000 under market value 5/2007
todays value on zillow is $240,000
I feel so lucky to sold my home.....

[rotorholic]

Originally Posted by DGF

We lived in The Vintage Reserve in Murrieta. We bought our house for 275k in 2001 and were one of the smart ones that sold in 2005 for 699k. Hated living there all that time; crowded, congested, smoggy, high property taxes, mean spirited people. There was always an aire of angst in everyone, I can only guess that it was because of the extremely high cost of living there and for very few tangible benefits. When we paid 275k in 2001, that was considered expensive for the area, now the house I sold for 699k is worth about 425k and should continue dropping down to around 335k over the course of the next year. That said I would suggest renting if you have to move to that area. Yes we took our $$$ and paid $350k cash for a brand new 4500 sf 1 acre gated custom brick home in beautiful Tennessee. My family and I absolutely love it here, easy commute to anywhere, mild winters, no smog, property taxes rates are about 1/2 that of Murrieta or Temecula, no state income tax, outgoing friendly easygoing people that just seem much more content than what we experienced in Murrieta. It's been 2 1/2 yrs and we will never be going back and wouldn't even take a free house there (if we had to live in it).

good for you, I agree with those who love LA for whatever reason, rent for the next two years....my move was a blessing, nicer people,better schools for the kids and no mortgage at 35 years old.....only in america

[trmc2007]

We bought in April 2007 in Windstone Ranch Development, house was $525 6ed 3 bnath, 2 car on 1/4 acre yard, and is now dropped to $300K, they have not sold all the homes yet they have 1 more phase (2 phase only) we were the last house sold at the end of the 1st development. They are not building anymore right now but there are about 5+ homes available to buy or rent from our phase

We are not worried we lost value, we make our payment every month on time like we should, since we got a loan that was good for us, in our range and if one of us loses our job, that house payment can still be made without a bat of an eye lash. In a few years it may or may not go up, we will see what happans.

Now moving from Greenwood Lake NY to Calif was a stretch and maybe in 2 or 3 years we will sell and move back when our oldest graduates from High School and is firmly settled in the Navy. Until then, we commute, enjoy our beautiful home with a hell of a view of Wildomar and the mountains that we back up against and enjoy the yelps of the Coyotes at night, and the wonderful neighbors we have around us on the weekends. Life is good from our viewpoint, not everyone can say that but life is what it is.

Many of our neighbors do the weekend warrior thing with soccer and stuff with thier kids, driving from here to there and all over the place and we dont, kinda adds to the stress and all.

[vfrpilot]

We bought in April 2007 in Windstone Ranch Development, house was $525 6ed 3 bnath, 2 car on 1/4 acre yard, and is now dropped to $300K,

Holy Moly! That's like 43% drop in less than a year. Is the developer actually selling off inventory at those prices(300k)?