Last sale was 20 months ago for over $1.2M. The owner put the home on the market for $999,000 in Jan and after recieveing a Notice of Default from the bank has since reduced this falling knife to $799,000.
I know Temecula and Murrieta are nice growing communities, but if I had $1.2 million to spend on a house I think I can come up with some more, lets say, desirable areas.....La Jolla, Rancho Santa Fe, Del Mar......come to mind and guess what? They hold there values too.
It's been a few years since single family homes were under $300K (at least ones that are deemed livable), however this year is a new year, a year where we take back our right to live in the finest city in the world and not have to sell our kids or in-laws on ebay (although the money may not necessarily be a factor when the in-laws are involved).
The homeowners at 2195 Plesantwood put their home up for sale 37 days ago for $469,000. That would mean a nice profit of $269,000 from the original purchase price of $200,000 in 1998.
Little did the homeowners at 2195 Plesantwood know that their neighbors down the street at 2141 Pleasantwood didn't really win the lottery and move to Monaco, no the only thing they received was an eviction notice to vacate the property asap.
Their bank, meanwhile, forgot to take into account the feelings of homeowners at 2195 Plesantwood Lane and quickly listed the home for $369,000.
I suppose as terrible as it sounds a $169,000 profit in 10 years will have to do.
According to DataQuick, the combined median price for a home in San Diego county is $415,000. Looking back in history that puts us in between 2002 and 2003 pricing levels. While that's a step in the right direction most homes are still overpriced.
If you take the median price for 2000 ($269,000) and add 3% inflation for 8 years that gets us $340,000. So the $415,000 median price is about 20% inflated.