Menifee Real Estate in the News
MSNBC ran an article today about one family in Menifee whose property is deep in the tank ( link )... Daniel Arevalo would love to sell his ...
http://www.menifee247.com/2009/07/menifee-real-estate-in-news.htm
MSNBC ran an article today about one family in Menifee whose property is deep in the tank (link)...
Daniel Arevalo would love to sell his home in southern California, so he could move closer to his three young children. They live 45 minutes to the north, with his ex-wife.Well, considering home values in the greater Riverside County area are expected to fall even further going into 2011, Arevalo might as well get comfortable with Menifee.
But Arevalo can't sell his house. The real estate market in Menifee, about 65 miles north of San Diego, is in the tank. Home values "are dropping like a rock," said Arevalo. And even if he could sell the home that he bought five years ago for about $250,000, Arevalo doubts he would get the $175,000 needed to pay off his mortgage.
"I'm stuck," he said.
If he bought his house 5 years ago for 250K, there is little hope he could get 175K today.
ReplyDeleteTry 125. Maybe.
Well we just lost ours and bought it for 420,000 5 yrs ago and it sold for 163,000. Its sad.... Enjoy Menifee..
ReplyDeleteWow and you people still think menifees a great place to live!? It's overbuilt and still continues despite the houses that have lost over half their value and all the vacant decaying forclosures, I'm glad I don't live in menifee.
ReplyDeleteCan our city council focus on bringing jobs to Menifee by creating industrial parks and produce incentives to lure companies to Menifee? I think we have enough stores to spend what little funding we have.
ReplyDeleteThank you, Fred Twyman, for casting the lone vote against the Menifee city council, in it's effort to discount developer fees by 65%, as reported in todays Press-Enterprise.
ReplyDeleteMr. Twyman seems to be the only level headed thinker on city council. We do not need more homes in this area, as we can understand from this article.
When is the rest of the city council going to listen to the citizens of Menifee.
The rest of the city council seems to have their own agenda and visions.
Please, think.
Even though you are in a difficult situation, thank Daniel Arevalo, for having Pride and not walking away.
ReplyDeleteI agree and commend Daniel, we all need to do the right thing. The more people who walk away from their homes just because their values dropped, the longer it will take to get out of this mess, more business will shut down and more jobs will be lost. I understand if people have lost their jobs or are ill but you people who walked away "just because" should be ashamed of yourselves. We are all paying for it!!! I too purchased my home for $450K and am lucky if it is worth $250K now. It is what it is!
ReplyDeleteBy the way, Menifee is a great place to live and raise your kids.
I love Menifee. I wouldn't move back to Orange County for anything.
ReplyDeleteMe too...I love Menifee and we moved from north San Diego county 5 years ago.....yes, the housing is in the tank, its true...and the city council needs to be encouraging business here, not housing developers...we are on the inside of this being a locksmith business, we rekey foreclosures daily...its mostly the banks that are the problem..they don't want to finance or work with the homeowners in many cases..they are holding back all the stimulus funds...
ReplyDeleteWe moved to Menifee 5yrs ago and love it. The housing market is in the tank for sure but at least it's a great place to live.
ReplyDeleteThis is not the first time housing prices have tanked in Menifee... and it wont be the last.
ReplyDeleteTo July 08, 2009 10:34 PM & July 09, 2009 7:24 AM
ReplyDeleteMenifee is a wonderful place to live! I moved out here from San Diego County 20 years ago & haven't looked back. The market will pick up again so don't worry we will enjoy Menifee for you guys!
If you bought your home to live in and not to just buy and make a profit then who cares how much it is worth.
ReplyDeleteI bought my first home here 2 years ago and it has dropped in value over 60%. Yes, it sucks, but I have no intention of moving or ever borrowing money against the home.
No worries and I'll live happily ever after.
I am confused at all this. We have been trying to buy something for 3 months and cannot even get our offers looked at because we are 5th or more on the list. Everything is in back-up, in escrow, or there are bidding wars that are driving the prices up. We need a single story, rv access, with a nice size lot. NOT a prefab! Everytime we see one it has been snatched up already. Doesn't that indicate that things will pick up?
ReplyDeleteTo the above commenter, all it means is that investors and hopeful landlords are looking to take advantage of really cheap real estate.
ReplyDeleteWait until the banks release the next wave of inventory then prices will come back down to where they were three months ago. Don't participate in a bidding war. They will disappear in 3-4 months.
ReplyDeleteIf people don't hurry then my house that I bought at $415k and is now worth $156k will jump to $457k within 6 months due to the bidding wars in my neighborhood. Buy now !!!!!
ReplyDeleteTo the person looking for the single story with RV access. You might as well forget it. Single stories are always the first to go and even if you could find one you are going to have to buy a really old home. All new communities have associations that prevent RV parking on your property. In addition, the county of Riverside does not allow any RV parking on any street, period.
ReplyDeletePut the RV in storage like everyone else does and a single story that is NEW can be readily available. We have a few in our neighborhood that are selling for less than $200k that were originally over $450 2 years ago.
The housing decline isn’t about to end any time soon. Resets on the sub-prime mortgages will continue for a couple more years, resulting in more foreclosures. Prices won’t rise until all those houses find buyers.
ReplyDeleteThe banks are sitting on a lot of their home inventory and/or asking unreasonable prices for a reason. If the market were to be flooded with everything that’s in foreclosure, prices would plunge even further.
I expect any price increases will prove to be temporary blips in a downward trend. The time to get the best price is probably still a couple years away.
we have a single story with a large lot and RV access..no HOA..but unfortunately, we can't sell right now as we are in an upside down mortgage..no HOA either and a good neighborhood....
ReplyDeleteI came originally from OC - Im a big city girl. I complained about Menifee so many times. It was like living in the country ( YUCK )
ReplyDeleteNow after 3 years - I love Menifee. Its a small city with a big heart. Everyone is so friendly and my neighbors are genuine. I never thought Id grow to care about it so much.
Kisses to Menifee xoxoxxo
moved out here to menifee from oc 1999 as we wanted land and views and our son lives in cyn lake. well we love it out here. i would not even think about moving back to the tract home in oc. we love menifee the best of everything small town but everything you could want close by. and the views are so beautiful. love love love it!!!!!
ReplyDelete