40620 Melrose Drive, Temecula, California 92591, Temecula, 92591 - 3 bed, 3 bath

40620 Melrose Drive, Temecula, California 92591 home-pic-0
ACTIVE$689,999
40620 Melrose Drive, Temecula, California 92591
3Beds
3Baths
1,731Sqft
2,640Lot

Price Vs. Estimate

The estimated value ($689,999) is $0 (0%) lower than the list price ($689,999). This property may be overpriced.

Key pros and cons

Top Pros:
Assumable FHA Mortgage: The availability of an assumable FHA mortgage at 5.5% presents a significant financial advantage, offering a below-market interest rate for qualified buyers in the current economic climate.
Top Cons:
Smaller Lot Size: The 2,640 sqft lot is relatively modest for a single-family residence in Temecula, potentially limiting extensive private outdoor living space or future expansion opportunities.

Compared to the nearby listings

Price:$690.0K vs avg $737.0K ($-47,001)39%
Size:1,731 sqft vs avg 2,042 sqft26%
Price/sqft:$399 vs avg $36664%

More Insights

Built in 2023 (2 years old).
Condition: This property was built in 2023, making it a brand-new construction. The listing description and images confirm modern, high-quality finishes throughout, including luxury vinyl flooring, quartz countertops, recessed lighting, and new stainless steel appliances in the kitchen. Bathrooms feature contemporary vanities, fixtures, and tiling. The home is energy-efficient with paid solar and spray foam insulation, indicating all systems are new and meet current standards. There is no visible wear and tear or deferred maintenance, aligning perfectly with the 'excellent' condition criteria.
Year Built
2023
Close
-
List price
$690K
Original List price
$690K
Price/Sqft
$399
HOA
$145
Days on market
-
Sold On
-
MLS number
SW25112713
Home ConditionExcellent
Features
Good View: Mountain(s), Neighborhood
Patio
ViewMountain(s), Neighborhood

About this home

Assumable FHA Mortgage 5.5%. Welcome to 40620 Melrose Drive, a beautifully maintained energy-efficient home featuring PAID SOLAR, located in the heart of Temecula’s newest community, Heirloom Farms. Recently completed, Heirloom Farms offers modern living with a fresh, vibrant neighborhood atmosphere. This home is in a prime location, just minutes from award-winning schools, great restaurants, shopping, dining, Costco, and the Promenade Mall. With easy access to the 15 Freeway, a short drive to the iconic Temecula Wine Country and Old Town Temecula, and walking distance to the serene Harveston Lake, this home offers the ultimate blend of convenience and lifestyle. Inside, you'll find elegant luxury vinyl flooring, quartz countertops throughout, and recessed lighting that adds a bright, modern touch to every room. The open concept layout is perfect for both relaxed living and entertaining. Designed with sustainability in mind, the home also features spray foam insulation and paid solar, ensuring year round comfort and energy savings. Step outside to a recently landscaped backyard, perfect for relaxing, entertaining, or enjoying the beautiful Temecula weather. The home is just a short walk to the community pool and spa, as well as picnic areas complete with barbecues, a playground, and a zip line, perfect for young kids to enjoy outdoor fun and family gatherings. Don’t miss this opportunity to own a home in one of Temecula’s most desirable and newest neighborhoods, where location, luxury, and energy-efficient living come together effortlessly.

Condition Rating
Excellent

This property was built in 2023, making it a brand-new construction. The listing description and images confirm modern, high-quality finishes throughout, including luxury vinyl flooring, quartz countertops, recessed lighting, and new stainless steel appliances in the kitchen. Bathrooms feature contemporary vanities, fixtures, and tiling. The home is energy-efficient with paid solar and spray foam insulation, indicating all systems are new and meet current standards. There is no visible wear and tear or deferred maintenance, aligning perfectly with the 'excellent' condition criteria.
Pros & Cons

Pros

Assumable FHA Mortgage: The availability of an assumable FHA mortgage at 5.5% presents a significant financial advantage, offering a below-market interest rate for qualified buyers in the current economic climate.
New Construction & Modern Finishes: Built in 2023 within Temecula's newest community, the home boasts contemporary design with luxury vinyl flooring, quartz countertops, recessed lighting, and an open-concept layout, requiring no immediate updates.
Exceptional Energy Efficiency: Equipped with PAID SOLAR and spray foam insulation, this home is highly energy-efficient, promising substantial long-term utility savings and reduced environmental impact.
Prime Location & Accessibility: Strategically located minutes from award-winning schools, major shopping centers (Costco, Promenade Mall), dining, Temecula Wine Country, Old Town Temecula, and offers easy access to the I-15 Freeway, enhancing convenience and lifestyle.
Comprehensive Community Amenities: Residents benefit from walking distance to Harveston Lake and access to a community pool, spa, picnic areas with barbecues, a playground, and a zip line, fostering a vibrant family-friendly environment.

Cons

Smaller Lot Size: The 2,640 sqft lot is relatively modest for a single-family residence in Temecula, potentially limiting extensive private outdoor living space or future expansion opportunities.
Monthly HOA Dues: The $145 monthly association fee, while contributing to community amenities, adds a recurring cost to homeownership that some buyers may prefer to avoid.
No Private Pool/Spa: Despite access to community facilities, the property does not feature a private pool or spa, which may be a desired amenity for some buyers in the Southern California climate.

Best solution for experienced home buyers!

Data-driven home buying experience with our licensed real estate agents and cutting-edge AI

Browse Properties by State Browse housing market trends by state