A few days ago we saw the youtube video of the new homes being torn down in Victorville – and they mentioned Temecula as the next stop for the wrecking ball.
We checked the tax rolls for properties owned by the same Guaranty Bank of Irvine, and found a tract outside of Temecula (in San Jacinto, near the JC).
In February they had foreclosed on 39 lots, and 14 had new houses on them!
Realtor and blog correspondent Richard Morgan went to check it out, and files this report:
There were 32 homes completed in the development, but only 18 had been sold. Five of those 18 are already in some stage of foreclosure.
Some residents told me that, up until 2 weeks ago, the remaining 14 homes sat vacant, and had weeds and broken windows – the place was a mess. The grass and landscaping were just installed two weeks ago.
The owner of 973 Eden Valley said that he paid $406,000 for the 2993 sf model with the intention to hold for a couple of years and then sell, but he is now in for the long haul. (in preforeclosure according to Realist record).
984 Eden Valley street was sold for $404,000 in 9/2006. It was foreclosed in January, 2008, and resold for $222,500 in September, 2008. Original owner just walked away.
New-home listings found on the internet but looked like expired as of 10 days ago:
1,958 sf = $144,990
2,538 sf = $155,990
2,993 sf = $164,990
Considering that the roads were complete, they might as well sell them for whatever the market will bear, rather than tear down.
Hopefully at $55-$75/sf, there should be some takers, shouldn’t there?
Here’s Richard’s first video – under a minute!
http://www.youtube.com/watch?v=BP_GKGgZJNI
I’m thinking $10/sf.
Maintenance is a pain and the IE cities are becoming very punative for absentee landlords. If it’s empty, it’s a target for vandals.
The should scare the crap out of sellers.
And what the hell? Developers would rather tear down a property then try to sell it? At the very least bring in habitat for humanity to finish them off and give a shelter to those that need it.
It appears that the newbie ‘investors’ and ‘specuvsters’, plus Asian family imports and others would rather catch overpriced knives in CV and such to live in, but only buy bottom priced rentals (for somebody else to really live) in lower east overshoe Oceanside, than hike it to the IE for these ‘bargains’. What’s this world coming to? I am personally looking elsewhere…. where these fools are not.
I suspect that’s not the tract in question. Temecula is about 25 miles from San Jacinto, or about the distance between Compton and Beverly Hills. If they were tearing down houses in San Jacinto, they would have said San Jacinto, not Temecula.
Thanks for the geography lesson. If you happen to see or hear about the temecula builder or bank tearing down houses, let us know, OK?
The bottom is here.Buy now or be priced out forever.
Sorry, that came off a bit strong. My bad. Still, I doubt that’s it.
It’s the only tract that Guaranty Bank owns, so it could have been the demo guy talking about a different bank’s tract.
I guess it’s possible that there are multiple banks looking to hire this demo guy to take down new houses in Temecula only (not San Jacinto).
Or it’s possible that the demo guy was talking it up.
There’s definitely a vast difference between Temecula and San Jacinto. 40 min commute to RB/Poway vs. 1+ hour commute. Rank 9-10 schools (Temecula) vs. rank 2-4 schools (San Jacinto). $100/sf (Temecula) vs. $50/sf (San Jacinto).
It’s true that the Victorville resident who mentioned Temecula was probably ignorant to these differences.
I talked to one of the demo guys he was mum about any upcoming Temecula demolition. Perhaps it’s yet to be decided ? Would like to hear about any other projects like these if y’all pick up any info.
I would like to know how much it costs to tear down and destroy old studio cement court apartment type buildings in Long Beach, California 90813.
Charlene DeLong
350 East Esther Street Apartment #5
Long Beach, California 90813
562 253-9815