Temecula housing market becoming illiquid?

User Forum Topic
Submitted by FormerOwner on May 19, 2007 - 12:00pm

I've been watching sellers reduce their prices lower and lower and the houses still are not selling. Here's an example. This model went for anywhere from 540K - 560K in 2005 and 2006. It's in the Valdemosa tract in Temecula. Here's a short sale for 420K WITH UPGRADES! This is 20% - 25% less than this model would have sold for just a few months ago and it's STILL SITTING ON THE MARKET! No buyers.

xx272 Seraphina RD, TEMECULA, 92591
Price: 420,000
Bedrooms: 3
Bathrooms: 3.00
House size 2,676 sq. feet
Year of construction 2005

http://www.immobel.com/personal/1/search...

Submitted by PerryChase on May 19, 2007 - 12:12pm.

That's another agent taking it in the shorts. Weren't they supposed to be the expert on the market?

That house is a nice, good sized, one story house. It would easily sell in San Diego.

Submitted by mydogsarelazy on May 19, 2007 - 1:13pm.

I was just at the Temecula Mall an hour ago.

There was a protest going on in front, with a huge banner "Largest Mortgage Scam Ever." Lots of people, and another sign I saw was something like "Hold the Broker responsible."

That says something about how Temecula/Murrieta real estate market is going right now.

JS

Submitted by FormerOwner on May 19, 2007 - 1:31pm.

Wow. I wish I could go to the mall right now to check it out - I've got some family obligations though. Who in their right mind would buy a house now?

Submitted by gn on May 19, 2007 - 11:00pm.

While I agree that Temecula is going to be hit hard, in this specific case, it's different.

According to the description, it's a short sale. In a short sale, the asking price is often meaningless. That is, it's the lender who decides whether to accept the offer. Often time, the seller intentionally set a low asking price hoping to generate a bidding war.

The fact that the house is still on the MLS could mean:
1. There were offer(s), but not accepted by the lender. Or,
2. There were no offer.

Submitted by mydogsarelazy on May 20, 2007 - 8:52am.

Today's Press Enterprise has a piece about the rally I saw yesterday:

Temecula Rally

Submitted by JJsqueeze on May 20, 2007 - 9:21am.

It is heart wrenching to see that a Med. Tech and Nurse cannot afford to buy 8 houses and float a $40K/mo. mortgage. What has America come to?

Submitted by LookoutBelow on May 20, 2007 - 9:41am.

What a TOTAL crackup !! Hahahaha....the greedy b*stards are getting their comeuppance now !...."its not OUR fault..we were lied to".....Hahahahahaaa

 

Bring on the crash !!!Lets let this mess get sorted out the right way.... 

Submitted by waiting hawk on May 20, 2007 - 10:13am.

wow people have no shame. There are lucky I didnt see them. I would have laughed at them and told em off. I may take the wife through there today and look for em.

Submitted by waiting hawk on May 20, 2007 - 6:47pm.

Here is that loser Steve "Serin" Lanuzo along with his wife Janet's properties from the ralley.

Details Active - Lincoln Ave Murrieta CA 92562 04-13-2007 NOD Lanuzo Steve $577,804

2 Details Active - Calle Caballos Temecula CA 92592 03-19-2007 NOD Lanuzo,steve $743,055

3 Details Active - Longfellow Ave Temecula CA 92592 03-01-2007 NOD Lanuzo Janet $713,869

4 Details Active - Wildwood Ln Murrieta CA 92562 02-23-2007 NOD Lanuzo,janet $622,478

5 Details Active - Karen Pl Murrieta CA 92562 02-23-2007 NOD Lanuzo,steve $650,782

6 Details Active - Chesterfield Ln Wildomar CA 92595 02-14-2007 NOD Lanuzo,steve $589,855

Submitted by waiting hawk on May 20, 2007 - 6:56pm.

I saw a craiglist poster with the name "Vegas is Death". It sould be Temecula is Death. Check out these multiples.

118 Details Active - Horca Via Temecula CA 92590 03-26-2007 NOD Majestic Group Inc
119 Details Active - Via Santa Rosa Temecula CA 92590 03-28-2007 NOD Majestic Group Inc
120 Details Active - Via Barranca Temecula CA 92590 03-26-2007 NOD Majestic Group Inc
121 Details Active - Tornado Via Temecula CA 92590 04-05-2007 NOD Majestic Group Inc
122 Details Active - Tornado Via Temecula CA 92591 04-13-2007 NOD Majestic Group Inc

Next

148 Details Active - Linda Ct Temecula CA 92592 04-16-2007 NOD Baksi Mehmet $538,377
149 Details Active - Boothbay Rd Temecula CA 92591 04-11-2007 NOD Baksi Mehmet $514,985

Next

160 Details Active - Arietta St Temecula CA 92592 02-07-2007 NOD Montecastro Brandy $1,446,389
161 Details Active - Angelo Dr Temecula CA 92592 01-24-2007 NOD Montecastro,brandy F $527,524
162 Details Inactive - Topeka Ct Temecula CA 92592 04-24-2007 05-10-2007 NOD Montecastro Brandy $622,678
163 Details Inactive - Angelo Dr Temecula CA 92592 04-27-2007 05-15-2007 NOD Montecastro Brandy F
164 Details Inactive - Topeka Ct Temecula CA 92592 01-19-2007 NOD Montecastro,brandy $622,678

Next
203 Details Active - Broman St Temecula CA 92592 04-02-2007 NOD Perea,jonathan E $766,374
204 Details Active - Camino Monzon Temecula CA 92592 02-13-2007 NOD Perea,jonathan E $692,749
205 Details Inactive - Camino Monzon Temecula CA 92592 01-10-2007 NOD Perea,christopher E $673,150

Next
296 Details Active - Felecita Rd Temecula CA 92591 05-02-2007 NOD Megallon Santiago $756,363
297 Details Active - Poppy St Temecula CA 92592 02-13-2007 NOD Magallon,santiago $626,798
298 Details Active 8 Abbey Rd Temecula CA 92592 05-04-2007 NOD Magallon Santiago $668,044

Next
372 Details Active - Dunes Ct Temecula CA 92591 02-28-2007 NOD Total Return Fund... $592,077
373 Details Active - Vine Cliff St Temecula CA 92592 03-07-2007 NOD Total Return Fund... $785,614
374 Details Active - Calle Balareza Temecula CA 92592 02-21-2007 NOD Total Return Fund... $661,814
375 Details Inactive - Delmonte St Temecula CA 92591 01-19-2007 NOD Total Return Fund... $566,090

Aww u get the hint. There is to many. Lets all buy up 2-20 houses each!

Submitted by no_such_reality on May 20, 2007 - 6:57pm.

Temecula/Murrieta will have a real problem selling at any price until the foreclosure situation stabilizes. You'd have to be under a rock to step into that maelstrom where there's a good chance multiple homes on the block will go foreclosure.

Submitted by novice1027 on May 20, 2007 - 6:59pm.

Anyone living on a med tech and RN salary, who thought they were going to make 300% return on their investments, espceially the Irag currency, deserve to loose everything they have.
Too bad their kids have such stupid, greedy parents!!!

Submitted by PerryChase on May 20, 2007 - 7:00pm.

Those investors clearly let greed get the best of them. Hard to believe that an insurance agent got conned. Insurance guys are supposed to know the risks vs. rewards trade offs.

Submitted by waiting hawk on May 20, 2007 - 7:01pm.

One of those signs said montecastro. Check this out.

1 Details Active - Oakford St Temecula CA 92592 02-07-2007 NOD Montecastro Hendrix $781,613
2 Details Active - Arietta St Temecula CA 92592 02-07-2007 NOD Montecastro Brandy $1,446,389
3 Details Active - Angelo Dr Temecula CA 92592 01-24-2007 NOD Montecastro,brandy F $527,524
4 Details Active - Via Cordoba La Quinta CA 92253 02-13-2007 NOD Montecastro,brandy $1,065,598
5 Details Inactive - Via De La Valle Lake Elsinore CA 92532 01-10-2007 NOD Montecastro Brandy $619,209
6 Details Inactive - Cherrywood Dr Murrieta CA 92562 03-28-2007 NOD Montecastro Brandy
7 Details Inactive - Pumpkin St Murrieta CA 92562 03-19-2007 NOD Montecastro Brandy $693,127
8 Details Inactive - Topeka Ct Temecula CA 92592 04-24-2007 05-10-2007 NOD Montecastro Brandy $622,678
9 Details Active - Avenida La Cresta Murrieta CA 92562 02-26-2007 NOD Montecastro,brandy $2,501,710
10 Details Inactive - Red Maple St Murrieta CA 92562 01-08-2007 NOD Montecastro,hendrix $733,529
11 Details Inactive - Castille Dr La Quinta CA 92253 01-11-2007 NOD Montecastro Brandy $565,478
12 Details Inactive - Cherrywood Dr Murrieta CA 92562 03-28-2007 NOD Montecastro,brandy
13 Details Inactive - Castille Dr La Quinta CA 92253 01-11-2007 NOD Montecastro,brandy $565,478
14 Details Inactive - Pumpkin St Murrieta CA 92562 03-19-2007 NOD Montecastro,brandy $693,127
15 Details Inactive - Angelo Dr Temecula CA 92592 04-27-2007 05-15-2007 NOD Montecastro Brandy F
16 Details Inactive - Topeka Ct Temecula CA 92592 01-19-2007 NOD Montecastro,brandy $622,678
17 Details Active - Bay Meadows Way Murrieta CA 92562 03-30-2007 NOD Montecastro,hendr... $1,647,828
18 Details Active - Pumpkin St Murrieta CA 92562 04-10-2007 NOD Montecastro Robert M
19 Details Active - Socorro St Unit 84 Murrieta CA 92563 03-30-2007 NOD Montecastro Robert $331,251

Submitted by temeculaguy on May 20, 2007 - 8:05pm.

The NOD's seem to be mostly Feb, Mar and April. From memory this story broke at the tail end of last year. I would guess these foreclosures should hit the market over the next few months, adding to the already record high inventory. The builders are just now showing signs of panic. This may turn out to be an exciting summer. I had always thought summer 2008 would be when things got bad but this is going to fast forward things in the Temecula Valley, especially multiple foreclosures per street from the same lender will hit the market psyche hard. Protests at the mall will not bring them any help and will only cause more people lose confidence, especially buyers exiting the freeway on the way to model homes.

This has almost become a predictable ride, next stop, price declines. The stop after that, payment resets with upside down owners unable to refi, leading to more foreclosures. this will cause a snowball effect, Get your handbasket.

Submitted by DrChaos on May 20, 2007 - 9:35pm.

Insurance actuaries and underwriters know the risk versus reward trade-offs.

Insurance agents are salesmen---they think "commission * cash * deals = money". So more customers, more houses, it's all good.

If the insurance agents paid out of pocket for 'risk events' for the clients they signed up, then they'd have a very different attitude.

Submitted by MANmom on May 21, 2007 - 8:16am.

I can't believe that there is a $2.5 mil property in Murrieta, do they actually have those kind of houses there!?

Submitted by lostkitty on May 21, 2007 - 8:39am.

Yes, just buy a house for $250k and keep selling back-n-forth between a friend and yourself.... until that pesky decimal point finally moves over. Viola!!! 2.5M...

Submitted by coreclient on June 15, 2007 - 9:39pm.

Wow, until you have walked in these people shoes you should not judge them. You don't have a clue what happen to them and how they got swindle. Yet you want to laugh at them and make fun of them. There are over 800 victims ranging from Nurse, Investor, Mortgage companies, Mortgage Investor, Real estate investor, Computer Experts, Government employees, Military, Retirees, Doctors, Policemen, Firemen, basically all walks of life. You should take a look at the criminal and cast judgment there and not the victim. You are the fool you should be angry at the grifter and not the victim. Weather you know it or not you are affected by this scam as much as the victim. Try refinancing right now this is a 1.2 billion dollar scam, there is also evidence that it could go as high as 5 billion dollars...They all could not be smart as you think you are...
Educate yourself before you make an a** out of yourself..
Here is a site to start with.

http://www.coreclient.110mb.com

PS. The more I think about it you are probably one of the crooks...Look on page 2 for your picture.

Submitted by PerryChase on June 15, 2007 - 10:12pm.

"They claimed that we would see financial independence in 3 years if we gave them control of our finances and trusted them (they claimed to be Christians)."

"If you have been approached to do business with them, do so at your own risk. You should seek the advice of an accountant or your own lawyer no matter what."

coreclient, the quote above from your website says it all. If you're not a fool for believe that you can achieve financial independence in 3 years, then I don't know what you are. You like greed drive you. Why didn't you follow your own advice?

Submitted by waiting hawk on June 15, 2007 - 10:22pm.

"There are over 800 victims" NO THERE ARE NOW THOUSANDS OF VICTIMS BECAUSE SUCKERS LIKE YOU GUYS TRIED TO GET RICH. Now those areas are the new Moreno Valley. Good job.

Sorry but I do not open my wallet and hope for 200% returns in a few months. If you are that stupid to do it then you are not a victim. You are just a dummy. Calls em as I sees em.

Here is a video you may like. You helped in creating it.

http://www.youtube.com/watch?v=pDbgUVM98YI
Before opening your wallet I will use your saying, "Educate yourself before you make an a** out of yourself.."
Thank you come again.

Submitted by Daloso on June 15, 2007 - 10:26pm.

You know how many properties of those 19 you listed they already sold to another victims? I think you don't need to check out. Maybe you took some profit from them. If not, call Arbor Terrace Real Estate and ask for your share.

Submitted by waiting hawk on June 15, 2007 - 11:24pm.

Those 19 properties are publicly listed. It’s called foreclosure.com which you should know very well by now. Trust me if I was in on it I would have picked up the cash of my share long ago. I said it before and I will say it again, don’t people have any shame? I would be hiding out after making such a stupid mistake not telling the world about it. I only offloaded my last properties in late 05-early 06 while putting up a website calling for this downturn while you "speculators" were eating it all up. And now you are mad? omfg I am laughing so hard thanks for posting. You came to the wrong place for a kleenex.

Submitted by barnaby33 on June 15, 2007 - 10:57pm.

coreclient, you would have to be truly naive, or stupid, to get caught in a scam like those you mentioned in the bullet item list on your website. Don't you dare accuse waiting hawk of anything.

Anyone, and I mean anyone who uses the phrase, "I am a Christian," in reference to their trustworthiness is about to fuck you with a 12 inch John Holmes model rubber dick. Good luck with your rigtheous indignation, it doesn't pass my sniff test.

Josh

Submitted by bobby on June 15, 2007 - 11:14pm.

coreclient, not sure how they convinced you but if someone asked me to give them my hard-earned money so that I'll become financially independence in 3 years, it would sound like a scam.

Submitted by temeculaguy on June 16, 2007 - 11:48am.

There are plenty of people from all walks of life who plunk down their paycheck at a casino, we may feel pity but if they stood out front of the casino with a sign protesting that they didn't realize they could lose, they wouldn't get much pity. There are also people who wire thousands of dollars to pay the taxes on the Nigerian Lottery knowing they didn't enter only to find out it is a scam. There is no difference here just because it is real estate. Scams work because a person is blinded by the prize and selectively ignores logic and advice. I do it when i buy a lottery ticket, but I don't mortgage my house to buy lottery tickets and I don't hold picket signs asking for help when I lose my dollar. I was approached a few years ago by a friend who wanted me to invest in this or a similar scam. They had invested and were earning 20-40% annual return loaning money to a group of flippers, it was a profit share so the retunrn varied. I asked them why would someone give me 20-40% when they could get the money at the bank for far less. He didn't know the answer other than he was going to get rich. I told him to get out because things that are too good to be true, usually are. It wasn't true.

Who has deceiv'd thee so oft as thy self? -Benjamin Franklin

Submitted by BuyerWillEPB on June 16, 2007 - 12:33pm.

Coreclient,

Check out the new thread I started over at your website.

Revenge of the Bitter Renters

Here's the text since I bet it will be flagged very soon... :)

You guys think you were wronged?

Get in line folks. The regular families priced out of a house forever because of your greedy scams were wronged first.

We were wronged first.

Submitted by HereWeGo on June 16, 2007 - 1:46pm.

It is hard to believe an openly devout Christian would engage in scurrilous financial behavior. Using religion to bilk people out of their earnings -- inconceivable!

Submitted by donaldduckmoore on June 16, 2007 - 4:11pm.

wondering when this trend is hitting SD.

Submitted by NotCranky on June 16, 2007 - 4:14pm.

"It is hard to believe an openly devout Christian would engage in scurrilous financial behavior. Using religion to bilk people out of their earnings -- inconceivable!"

Since when is emulating our president so unbecoming and scandalous?

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