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Are Temecula prices more realistic now?

I checked Temecula prices in 2004 against a house I was buying. For a bit smaller house, lesser finish, and 1/2 the lot size, Temecula builders wanted about 70% of San Diego prices. Given the commute required for most, this seemed way out of line.
 
Earlier, prices and lot sizes reflected Temecula's location to main job centers. Then, in the '90s, it seemed that developers started building metro-style developments (i.e., small lots, etc) and charging prices based on what houses were selling for in San Diego. Has this changed, or are too many people upside-down on their mortgage to allow prices to come down?

p.s. People I know who had relocated into Temecula are really looking much more seriously at the commute since gas prices went up.

  • March 20 2010 - Temecula
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Answers (3)

They are definitely more realistic. We just completed a short sale where a house in the Harveston area of Temecula that was valued at about $450k at the height of the housing boom sold in the high $100k's. While that isn't reflective of all housing in the area because it was a short sale, it does give you an idea of the huge change.
  • August 16 2010
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Temecula real estate prices are very realistic.  They are actually under construction costs to build the house still.  Builders are starting to trickle back into Temecula but they really can't afford to do a whole lot just yet.

I am actually seeing more and more people moving up from San Diego, Orange County and from out of state this year than last.  So interest rates are pushing along with really low pricing.  But we are actually up a bit in terms of pricing from October of last year.  Probably by about 10% or so.

Stefan
  • August 16 2010
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Temecula prices have come down 40% to 60% from the highs of 2006.  San Diego prices have held better, I believe.  It's hard to generalize and answer your question.  Each person needs to see what he/she can afford (i.e., get prequalified for a loan), look at homes on the market in that price range and make the computation for himself based on real, hard numbers. Contact a local real estate agent for that information. 

As to the question of new home builders, I would say their prices have not come down as far as those of resale homes.  They are able to offer tens of thousands of dollars in upgrades as well as loan incentives, and going with a broker on your first visit can result in more.  Still, relative to resale homes, new seem to be higher per square foot.
  • August 06 2010
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