Is Temecula going DOwnhill? (San Diego, Oceanside: for sale, foreclosure, rental)

[temeculiano]

I think you can't not buy a house In Temecula in that price range of $200,000...even a foreclosure a house in a good neighborhood and schools will cost you a least and other $70 or $60,000....

[SoCal Bottom Rider]

Originally Posted by temeculiano

I think you can't not buy a house In Temecula in that price range of $200,000...even a foreclosure a house in a good neighborhood and schools will cost you a least and other $70 or $60,000....

Not yet that is. My 'crystal ball' (inventory levels, DOM and sales) say they are headed that way. Pre housing bubble prices.

[dweej]

Originally Posted by temeculiano

I think you can't not buy a house In Temecula in that price range of $200,000...even a foreclosure a house in a good neighborhood and schools will cost you a least and other $70 or $60,000....

Well, pretty much *any* neighborhood in Temecula is a good neighborhood (no, I'm not talking about Pujol street ) and there most certainly are houses you can buy for $200K! It won't be a big house, but it'll be yours! One we looked at recently was listed for $238 and sold for $215. It was a foreclosure but in absolute turnkey condition. On the small side (1450 sq ft.) but had a pool in the backyard and was walking distance from our elementary school. Use Redfin.com to do your house search and you'll find plenty at that price.

As for schools, do you mean that you'll pay $60-$70K for schools? Temecula has one of the best school districts you will have the priviledge of having your children attend. Why pay for a school when your taxes already pay for a fabulous one right down the road from you? Yes, it's more expensive here than in Texas, but if you're going to live anywhere in the IE, Temecula is the place to be

[eclipxe]

Some great videos were posted by the city in the last few days:

YouTube - CityofTemecula's Channel

Abbott's expansion, the new stuff coming in Old Town, the Mall update. It really is exciting to be here now - I remember how happy I was when I was in high school and so excited to have a new mall opening up - now I'm in my mid twenties and looking forward to all the good times my friends and I that have moved back are going to have at the new Yardhouse...ahh as much as I travel and visit other cities I might like (SF, downtown San Diego, Irvine, etc) there is still something special about Temecula. A lot of outsiders don't "get it" but the people that live here and love it, as well as my friends out here all think this area is amazing. Sure we could use more nightlife, but gaslamp is a 45 minute drive (we speed a bit). A lot of us now work in the area or telecommute and we're starting our families here. I was expecting much more plight due to the housing crash, but the area is holding up amazingly well. Let's see what 2009 has for us, but I'm really excited living here!

[temeculiano]

Originally Posted by dweej

Well, pretty much *any* neighborhood in Temecula is a good neighborhood (no, I'm not talking about Pujol street ) and there most certainly are houses you can buy for $200K! It won't be a big house, but it'll be yours! One we looked at recently was listed for $238 and sold for $215. It was a foreclosure but in absolute turnkey condition. On the small side (1450 sq ft.) but had a pool in the backyard and was walking distance from our elementary school. Use Redfin.com to do your house search and you'll find plenty at that price.

As for schools, do you mean that you'll pay $60-$70K for schools? Temecula has one of the best school districts you will have the priviledge of having your children attend. Why pay for a school when your taxes already pay for a fabulous one right down the road from you? Yes, it's more expensive here than in Texas, but if you're going to live anywhere in the IE, Temecula is the place to be

No I include all the sweets in the price range of around $260,000, good public schools and a good neighborhood...The house that you mentioned that was sold for 215,000 with swimming pool, look very estrange to me, or maybe the house was sold in an action right from the oven and just outside the court.... and probably need a lot of manicure.

I was looking for a house in Temecula with my agent for about six months and always in foreclosures and bank own, no way we find something for less than $250,000 in a desirable area, like the south of Temecula and in a good condition . If you add the swimming pool to the pakage then is and other history, more money, more offers and less change to get the property. Thank to our perseverance, hard work and patience we buy a house for $258 with Swimming pool in the south...but we must put some money for minor repairs.
The banks now take a lot of offers before let the property go, specially if the house is in a good condition, good area a has some extra like a swimming pool or a large yard for example…We love Temecula!!!

[Mercedes2ajeep]

Temecula has always been an upscale, lovely area to live. Do not worry about the foreclosures... they are in every town. Take advantage of being able to purchase a fantastic home for almost half price! Now is most definately the time to buy. You cannot go wrong in Temecula.

[ConsideringLA]

Buy now before all the houses are gone! err wait... there's a massive supply... buy now or be priced out forever! err wait... the economy is in the tank... buy now while the money's cheap! err wait... it's tough to get a loan... buy now while there's still dirt left! err wait... this is the IE - there's dirt for miles.

On second thought, take your time and do it right. Rent for a few months before you commit for the long term.

[dweej]

Originally Posted by ConsideringLA

Buy now before all the houses are gone! err wait... there's a massive supply... buy now or be priced out forever! err wait... the economy is in the tank... buy now while the money's cheap! err wait... it's tough to get a loan... buy now while there's still dirt left! err wait... this is the IE - there's dirt for miles.

On second thought, take your time and do it right. Rent for a few months before you commit for the long term.

It's a crazy time right now, but I think if a person has their heart set on Temecula specifically, it's the first town in this part of the IE that will recover from all this mess. What's been happening lately is that people in Hemet, Murrieta, Lake Elsinore, etc. are getting second loans to buy an "investment" property, getting a low priced home in Temecula, and walking away from the house that cost them more in the nearby-but-not-as-great city. Therefore, the foreclosure number has continued to increase, but supply in the preferred areas of Temecula has not been increasing. If just anywhere in the IE will do, then yes, you'll have your pick for quite a while, but if you want a house in Temecula zoned for Vintage Hills elementary (for example), it's going to be a little harder to find a good bargain. I guess it's about expectations.

[ConsideringLA]

Originally Posted by dweej

It's a crazy time right now, but I think if a person has their heart set on Temecula specifically, it's the first town in this part of the IE that will recover from all this mess. What's been happening lately is that people in Hemet, Murrieta, Lake Elsinore, etc. are getting second loans to buy an "investment" property, getting a low priced home in Temecula, and walking away from the house that cost them more in the nearby-but-not-as-great city. Therefore, the foreclosure number has continued to increase, but supply in the preferred areas of Temecula has not been increasing. If just anywhere in the IE will do, then yes, you'll have your pick for quite a while, but if you want a house in Temecula zoned for Vintage Hills elementary (for example), it's going to be a little harder to find a good bargain. I guess it's about expectations.

Fair points - except not sure if Murrieta should be in the same breath as Lake Elsinore or Hemet -- I always saw Murrieta and Temecula as sister cities. Both good school districts, services, and similar socio-economic and demographics.

My counsel to the OP on renting was specifically related to her desire to move from the SGV to Temecula (!!!) in order to simply own a stucco box and postage stamp of dirt. Why rush into such a huge location change? Is there any reason on this earth to rush into purchasing an illiquid asset like real estate concurrent with making a massive change to a new area? Can you really appreciate the nuances of an area by visiting over a few weekends? Can you really zero in on a good street / neighborhood after spending hours somewhere? Churches that suit your fancy? Schools? Neighbors? Overnight noise? What if the OP decides she likes a neighboring area MORE? What if the job sitch changes and the commute is a non-starter? What if... you get the idea.

Buying is a huge commitment (esp these days) so no need to rush into it. Think of it like a marriage -- date before you walk down the aisle. RENT and spend time there - you can't go wrong. Just do a 2-6 month lease, save time/money, and find the areas that truly suit you.

[ConsideringLA]

Originally Posted by dweej

What's been happening lately is that people in Hemet, Murrieta, Lake Elsinore, etc. are getting second loans to buy an "investment" property, getting a low priced home in Temecula, and walking away from the house that cost them more in the nearby-but-not-as-great city.

This behavior will be more costly in a couple of months.

Heads-up from longtime syndicated columnist Ken Harney at Realty Times:

If you're planning to buy investment property and financing it through a lender who sells to Fannie Mae, keep the date Dec. 1 in mind. Nail down your mortgage commitments quickly -- in the next six weeks if you can.

That's because Fannie -- who's traditionally been a key source of funding -- plans to load on extra fees across the board for investor loans purchased after Dec. 1 because of market conditions. Freddie Mac is imposing similar fees, but its increases take effect Nov. 7.

As of December 1, investor applications where the downpayment is between 10 and 15 percent, can expect a 3.75 point adverse market fee -- that's up from two and a half points currently. Loans where the investor put down 20 to 25 percent will be subject to a three point add- on, and even investors making hefty downpayments of 40 percent or more will have to pay one and three quarter point add-ons.