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May 31, 2007 at 7:23 PM #9186May 31, 2007 at 7:29 PM #55802newguyParticipant
Here’s a summary of the homes:
Charleston: 1929 sf (not sure about lot size) – 420K + 25K incentives ($205/sf)
Aberdeen: 2334 sf, 4300 sf lot – 428K + 10K incentives (170/sf, $97/lot sf) –> 390K + no incentives (167/sf, 91/lot sf)
Barrington: 2434 sf, 5130 sf lot – 392K + 10K incentives (157/sf, 74/lot sf)
Barrington: 3063 sf, 5130 sf lot – 455K + 10K incentives (145/sf, 74/lot sf) –> 409K + 10K incentives (130/sf, 78/lot sf)
Prescott: 3668 sf, 6300 sf lot – 432K + 10K incentives (115/sf, 67/lot sf)May 31, 2007 at 7:29 PM #55821newguyParticipantHere’s a summary of the homes:
Charleston: 1929 sf (not sure about lot size) – 420K + 25K incentives ($205/sf)
Aberdeen: 2334 sf, 4300 sf lot – 428K + 10K incentives (170/sf, $97/lot sf) –> 390K + no incentives (167/sf, 91/lot sf)
Barrington: 2434 sf, 5130 sf lot – 392K + 10K incentives (157/sf, 74/lot sf)
Barrington: 3063 sf, 5130 sf lot – 455K + 10K incentives (145/sf, 74/lot sf) –> 409K + 10K incentives (130/sf, 78/lot sf)
Prescott: 3668 sf, 6300 sf lot – 432K + 10K incentives (115/sf, 67/lot sf)May 31, 2007 at 7:37 PM #55806newguyParticipantAnd as a follow up story, I was able to find out how much the homes sold in our neighborhood. The highest for the 3668 sf home sold for 637K (Mar 2006) while the lowest it has sold for was 525K (Feb 2007).
Also, I found out that a 3668 sf home sold in the next phase (closes in Sept) for 470K + 20K incentives. And if my deal fell through, there were 3 backup offers (I had them reserve the house for me 2 hours before 3 familys came to look at it).
Also, the home that was 3063 sf that had “27,000” in upgrades was also sold as well as the other two homes closing in June/July were also sold (my guess is 440K + incentives).
So surprisingly, people are buying homes at a steady rate. How much they’ve bought them for or if the escrow will actually close…I don’t know. But at least in the Harveston community, it looks like homes are being sold.
Ehh…we’ll see how this plays out. I just hope that I won’t lose too much while the RE market is falling. Hopefully by the time I get out, the market will be rising again.
May 31, 2007 at 7:37 PM #55825newguyParticipantAnd as a follow up story, I was able to find out how much the homes sold in our neighborhood. The highest for the 3668 sf home sold for 637K (Mar 2006) while the lowest it has sold for was 525K (Feb 2007).
Also, I found out that a 3668 sf home sold in the next phase (closes in Sept) for 470K + 20K incentives. And if my deal fell through, there were 3 backup offers (I had them reserve the house for me 2 hours before 3 familys came to look at it).
Also, the home that was 3063 sf that had “27,000” in upgrades was also sold as well as the other two homes closing in June/July were also sold (my guess is 440K + incentives).
So surprisingly, people are buying homes at a steady rate. How much they’ve bought them for or if the escrow will actually close…I don’t know. But at least in the Harveston community, it looks like homes are being sold.
Ehh…we’ll see how this plays out. I just hope that I won’t lose too much while the RE market is falling. Hopefully by the time I get out, the market will be rising again.
May 31, 2007 at 7:40 PM #55808FormerOwnerParticipantnewguy,
That’s some pretty good shopping you did there and it really shows how desperate the builders have gotten. I’d say your purchase price is about 200K lower than what people were paying for houses that size in Harveston just last year. I’m very bearish on the market but if you’re going to stay there long-term and you like the area, it’s probably not a bad deal. Congratulations and thanks for sharing the info with the rest of us. VERY interesting.
May 31, 2007 at 7:40 PM #55827FormerOwnerParticipantnewguy,
That’s some pretty good shopping you did there and it really shows how desperate the builders have gotten. I’d say your purchase price is about 200K lower than what people were paying for houses that size in Harveston just last year. I’m very bearish on the market but if you’re going to stay there long-term and you like the area, it’s probably not a bad deal. Congratulations and thanks for sharing the info with the rest of us. VERY interesting.
May 31, 2007 at 7:48 PM #55810NeetaTParticipantHow much is your property tax and HOA fees per month? I think property tax bothers me more than it bothers most people.
May 31, 2007 at 7:48 PM #55829NeetaTParticipantHow much is your property tax and HOA fees per month? I think property tax bothers me more than it bothers most people.
May 31, 2007 at 7:48 PM #55812BugsParticipantYou’re buying the house for other than financial gain, right? If so, the congratulations on your purchase and I hope everything works out for you.
May 31, 2007 at 7:48 PM #55831BugsParticipantYou’re buying the house for other than financial gain, right? If so, the congratulations on your purchase and I hope everything works out for you.
May 31, 2007 at 8:12 PM #55816FormerOwnerParticipantI posted my response before I saw all of newguy’s posts, but it looks like my guess of his buying approximately 200K below the peak was pretty close.
Anyway, here are some things I’ve noticed about the Temecula Valley housing market and I think these have held true since before the boom, during the boom, and even now, after the boom:
1) Most home buyers up here are people moving from San Diego and want a faux riche house without paying SD prices. The vast majority only look at brand new houses and are awed by the faux riche models.
2) The builders set the prices. Resale homes don’t really sell for any more than comparable new ones, regardless of how much the people spent on backyard landscaping, pools, upgrades, decorating, or anything else. I think this is due to #1.
3) I think #1 and #2 are due to the continuous stream of new construction up here. How can houses appreciate when the builders keep popping out new houses at incredible rates? The only reason house prices increased at all up here is purely the speculative bubble fueled by loose lending – that’s it!That said, the builders now appear to be ratcheting the prices back down the same way they ratcheted them up. Now we also have the additional pressure of massive waves of foreclosures and short sales coming on the market. My guess would be that before too long the builders will pull out once they’ve lowered prices as low as they can and still make a profit. At that point, the only sales happening will be foreclosures, distress sales, and short sales. We’re now about half way to a 50-60% price drop IMHO and I’m starting to see how we’ll get there. This will be of biblical proportions.
May 31, 2007 at 8:12 PM #55835FormerOwnerParticipantI posted my response before I saw all of newguy’s posts, but it looks like my guess of his buying approximately 200K below the peak was pretty close.
Anyway, here are some things I’ve noticed about the Temecula Valley housing market and I think these have held true since before the boom, during the boom, and even now, after the boom:
1) Most home buyers up here are people moving from San Diego and want a faux riche house without paying SD prices. The vast majority only look at brand new houses and are awed by the faux riche models.
2) The builders set the prices. Resale homes don’t really sell for any more than comparable new ones, regardless of how much the people spent on backyard landscaping, pools, upgrades, decorating, or anything else. I think this is due to #1.
3) I think #1 and #2 are due to the continuous stream of new construction up here. How can houses appreciate when the builders keep popping out new houses at incredible rates? The only reason house prices increased at all up here is purely the speculative bubble fueled by loose lending – that’s it!That said, the builders now appear to be ratcheting the prices back down the same way they ratcheted them up. Now we also have the additional pressure of massive waves of foreclosures and short sales coming on the market. My guess would be that before too long the builders will pull out once they’ve lowered prices as low as they can and still make a profit. At that point, the only sales happening will be foreclosures, distress sales, and short sales. We’re now about half way to a 50-60% price drop IMHO and I’m starting to see how we’ll get there. This will be of biblical proportions.
May 31, 2007 at 8:47 PM #55820hipmattParticipantohh dear.. I hope 23109VC doesn’t see this.. this all he needs to see to send him off into yet another state of massive confusion for another few weeks and many posts here to follow… geezzzeeee …. j/k 23109VC
Newguy.. congrats on your purchase, as long as you plan on staying here for a while, this will probably be OK. I really like the fact that you are putting 20% down. I realize that the builders are slashing prices, and the deal you have seems pretty good, relatively speaking. I also live in Harveston, since 6-2005, and it is a mostly nice place to live. I live in the plan 1 (single story) of Prescott, but not in Prescott, and that is a great floorplan too. I currently rent, and am not ready to jump into buying yet. I personally feel that this area has a long ways to go down, and the area itself poses higher risks (real estate market) than some other cities in socal. I definitely don’t need over 3000 sqft of home, nor would I like to heat and cool a home of that size (esp. 2 story), but I might jump back in if I can get a decent 2500sqft single story for about $325k or so. The supply of homes keeps climbing here, and this IS just the first of the price cuts.
I would consider buying in Harveston if..
A. the taxes weren’t so damned high, or B.. housing was much cheaper, and C.. the lots weren’t so small.That being said, good luck! and enjoy your new home and community! Thanks for sharing your story with us, especially considering the nature of this site!
May 31, 2007 at 8:47 PM #55839hipmattParticipantohh dear.. I hope 23109VC doesn’t see this.. this all he needs to see to send him off into yet another state of massive confusion for another few weeks and many posts here to follow… geezzzeeee …. j/k 23109VC
Newguy.. congrats on your purchase, as long as you plan on staying here for a while, this will probably be OK. I really like the fact that you are putting 20% down. I realize that the builders are slashing prices, and the deal you have seems pretty good, relatively speaking. I also live in Harveston, since 6-2005, and it is a mostly nice place to live. I live in the plan 1 (single story) of Prescott, but not in Prescott, and that is a great floorplan too. I currently rent, and am not ready to jump into buying yet. I personally feel that this area has a long ways to go down, and the area itself poses higher risks (real estate market) than some other cities in socal. I definitely don’t need over 3000 sqft of home, nor would I like to heat and cool a home of that size (esp. 2 story), but I might jump back in if I can get a decent 2500sqft single story for about $325k or so. The supply of homes keeps climbing here, and this IS just the first of the price cuts.
I would consider buying in Harveston if..
A. the taxes weren’t so damned high, or B.. housing was much cheaper, and C.. the lots weren’t so small.That being said, good luck! and enjoy your new home and community! Thanks for sharing your story with us, especially considering the nature of this site!
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