California RE Investors - how good is this? - Posted by Alan -Houston

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California RE Investors - how good is this? - Posted by Alan -Houston

Posted by Alan -Houston on June 24, 2004 at 11:48:23:

A friend of mine has a family friend in California whose wife is a real estate broker. My friend was talked into buying new construction houses that ranges from 300K-400K with moved-in date sometime early 2005. He got the impression that he would at least double his money when it’s time to sell. The new subdivision (KB Homes) he says is located 60-70 miles from business district, I believe the city is called “Marino Valley”.

I’m not familiar with the real estate market in California so can anyone please comment on this and give me something to tell my friend to make him think more than twice and make him understand what he is getting into?

I smell something wrong here but maybe it’s just me.

Alan

Re: California RE Investors - how good is this? - Posted by Robert O

Posted by Robert O on June 24, 2004 at 23:32:35:

I have family that lives in Moreno Valley and their property has appreciated nicely in the last couple of years, however keep in mind that there is a CONSIDERABLE AMOUNT of open space that has yet to be built upon in that area so my concern would be as to whether this area would be particularly hard hit when things slow down. I am not saying that it would be harder hit than other more densely built up areas but I would be aware, thats all. Good Luck

Wow Allan Houston! Don’t you play for the Knicks? - Posted by Rob Ricker

Posted by Rob Ricker on June 24, 2004 at 16:48:57:

I loved you when you played college basketball for the University of Tennessee! LOL

Re: California RE Investors - how good is this? - Posted by george

Posted by george on June 24, 2004 at 16:14:29:

Moreno valley is appreciating at approximately 10-15% a year. He might expect to double his money on that house in maybe 5 or 6 years if the perverable bubble doesnt burst. Most people don’t think it will. Maybe just deflate a bit.

Riverside County, where Moreno Valley is located is one of the fastest growing counties in the country and most people don’t expect things to continue as hot as they are right now. They expect things to moderate a bit as income catches up with house payments.