I have been checking around and finding some nice homes in the area for great prices. Is there a big down side to buying a foreclosed property? is the potential resale lower because of this? I'm assuming most will need some work but it could be a worthy investment.
Smokin whats up with those properties in Empire Ranch?
Resold one. I still have the other one. I havent started any construction yet. Since its such a nice area Im wondering if I should just keep it for a bit just to keep my "foot in the door" for a possibility to come back to cali. The housing market there is INSANE. It seems to do 10% appreciation every quarter.
Yes the housing market has been down right stupid out here lately. One trend I have noticed is that the market is slowing down and prices have pretty much topped out for the time being. It might pick up again after the election or the bottom could fall out of the market, it's really hard to say right now. From a sellers point of view I don't think you are going to find a better time to unload it and make some serious $$$$. I know quite a few people who recently purchased homes and are now way upside down and pretty much sol until things get turned around.
This is my dilemma right now, I really want to get into something but if the market goes to shit I'm stuck sitting on it for a few years. Thus why I'm researching foreclosures or doing a new build out myself.
Smokin whats up with those properties in Empire Ranch?
Resold one. I still have the other one. I havent started any construction yet. Since its such a nice area Im wondering if I should just keep it for a bit just to keep my "foot in the door" for a possibility to come back to cali. The housing market there is INSANE. It seems to do 10% appreciation every quarter.
I talked to a guy about a few lots that he had up there and he ended up buying 18 lots total. He was selling them 2-3 months ago for anywhere from 235-299k each...I cant imagine what they are now. I wish I would have got in on those early!!! Damn there are some nice homes up there though. I was going to build up there but decided not to because it was just getting more and more expensive for what I wanted. I was however able to buy another new house that has gone up 35k since I got in!!! There next release is going up again from what they say! Just keep hoping it doesnt drop after elections but I cant imagine it dropping to much...
Thats going to be one VERY nice neighborhood. Im guessing that the average price of completed homes there will be in the mid $1MM range in about a year and a half.
I sold my Viper for a house before and just didnt want to do it this time so I could really be house poor....The completed houses I have seen up there are just bad ass...Let me know if you want me to go by there and take any pics of houses near your lot if any are complete....I am right around the corner from there!!!!!
Yes the housing market has been down right stupid out here lately. One trend I have noticed is that the market is slowing down and prices have pretty much topped out for the time being. It might pick up again after the election or the bottom could fall out of the market, it's really hard to say right now. From a sellers point of view I don't think you are going to find a better time to unload it and make some serious $$$$. I know quite a few people who recently purchased homes and are now way upside down and pretty much sol until things get turned around.
This is my dilemma right now, I really want to get into something but if the market goes to shit I'm stuck sitting on it for a few years. Thus why I'm researching foreclosures or doing a new build out myself.
What part of California are you in? I haven't seen anywhere in No CA that is going down AT ALL. The real estate section in the Saturday paper shows cost trends in Northern California, and every week they show prices going up up up.
Doesn't mean anything unless you are buying or selling, but it is interesting to watch.
Yes the housing market has been down right stupid out here lately. One trend I have noticed is that the market is slowing down and prices have pretty much topped out for the time being. It might pick up again after the election or the bottom could fall out of the market, it's really hard to say right now. From a sellers point of view I don't think you are going to find a better time to unload it and make some serious $$$$. I know quite a few people who recently purchased homes and are now way upside down and pretty much sol until things get turned around.
This is my dilemma right now, I really want to get into something but if the market goes to shit I'm stuck sitting on it for a few years. Thus why I'm researching foreclosures or doing a new build out myself.
What part of California are you in? I haven't seen anywhere in No CA that is going down AT ALL. The real estate section in the Saturday paper shows cost trends in Northern California, and every week they show prices going up up up.
Doesn't mean anything unless you are buying or selling, but it is interesting to watch.
I'm in South Orange county. I have been watching property values from the Upland area out to Temecula and Canyon Lake, down to south county. Seems the IE areas are leveling out, while temecula/CL/Murietta is still booming and will continue to as long as the development keeps increasing like it is. South county is just nuts, probably one of the best property investments around if you can afford to live out here. I have noticed the market beginning to level off and even fall in some areas. My g/f parents are trying to sell their house in upland currently and the prices droped up there like $60k in the past 3 weeks. Hopefully it will pick up again after the election but as it is they will probably hang onto it.
Oh and anyone looking to build in So Cal I know a great contractor, he's working mostly in the Murietta area and doing some awesome work for a very reasonable price.
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