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An Insider's Guide to North San Diego County's Coastal Real Estate
Jim Klinge, broker-associate
858-997-3801
klingerealty@gmail.com
Compass
617 Saxony Place, Suite 101
Encinitas, CA 92024
Klinge Realty
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Are you looking for an experienced agent to help you buy or sell a home? Contact Jim the Realtor!

Jim Klinge
Cell/Text: (858) 997-3801
klingerealty@gmail.com
701 Palomar Airport Road, Suite 300
Carlsbad, CA 92011


Most recent articles

NSDCC 2019 Sales

Yesterday, the C.A.R. released the statewide January results, with more speculation from our so-called leaders:

 California home sales fall to lowest level in more than 10 years

– Existing, single-family home sales totaled 357,730 in January on a seasonally adjusted annualized rate, down 3.9 percent from December and down 12.6 percent from January 2018.

– January’s statewide median home price was $538,690, down 3.4 percent from December and up 2.1 percent from January 2018.

– Statewide active listings rose for the 10th straight month, increasing 27 percent from the previous year.

– The statewide Unsold Inventory Index was 4.6 months in January, up from 3.5 months in December.

“California continued to move toward a more balanced market as we see buyers having greater negotiating power and sellers making concessions to get their homes sold as inventory grows,” said C.A.R. President Jared Martin. “While interest rates have dropped down to the lowest point in 10 months, potential buyers are putting their homeownership plans on hold as they wait out further price adjustments.”

The statewide median home price declined to $538,690 in January. The January statewide median price was down 3.4 percent from $557,600 in December and up 2.1 percent from a revised $527,780 in January 2018.

“While we expected the federal government shutdown during most of January to temporarily interrupt closings because of a delay in loan approvals and income verifications, the impact on January’s home sales was minimal,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “The decline in sales was more indicative of demand side issues and was broad and across all price categories and regions of the state. Moreover, growing inventory over the past few months has not translated into more sales.”

Link to press release  

Obviously, they haven’t done a survey of the North San Diego County’s coastal region!  Between La Jolla and Carlsbad, we had about the same number of January sales last month as we did in January, 2018, so we’re faring much better than the -12.6% statewide.  We are further into February so let’s pick up the sales from the first half, and break it down by price category too:

NSDCC Detached-Home Closed Sales, Jan 1 to Feb. 15th

Price Range
2014
2015
2016
2017
2018
2019
PEND
ACT
Under $1M
129
96
107
93
71
65
76
64
$1M to $1.5M
62
71
82
88
77
91
87
163
$1.5 to $2.0M
29
33
24
41
36
34
50
126
Over $2.0M
46
50
43
41
51
52
60
453
Totals
266
250
256
263
235
242
273
806

The only two signs of trouble:

  1. The Under-$1M market is disappearing.
  2. If you want to buy a house priced over $2,000,000, you sure have plenty to consider!  Those sellers are happy to wait it out too, so no rush.

Other than those, we have remarkable balance, and it doesn’t look like ‘potential buyers are putting their homeownership plans on hold’ around here!

Posted by on Feb 21, 2019 in Jim's Take on the Market, North County Coastal, NSDCC Pendings, Sales and Price Check | 3 comments

Embezzlement Reimbursements

Hat tip to Mark for sending in this conclusion to a previous story seen here:

CARLSBAD, Calif. (KGTV) – More than two and a half years after Team 10 first reported about a North County property management company accused of stealing money from clients, the victims are finally getting their money back.

Kelley Zaun owned Carousel Properties, a Carlsbad property management company. Victims first told Team 10 in 2016, they hired her to pay fees associated with their rentals. They said she did not pay those fees. She was accused of taking roughly $200,000 from victims, according to investigators.

In 2018, Zaun faced 29 felonies for embezzlement, according to Deputy District Attorney Anna Winn. Zaun entered into a plea deal and agreed to a year in custody. With the help of the DA’s office, Zaun’s former clients were able to get their money back through the Department of Real Estate’s Consumer Recovery Account.

Stephen Lerner, the Assistant Commissioner for Legal Affairs for the department, said so far, 23 victims have been reimbursed through the account. Other victims’ payments are still processing. They have been able to reimburse $172,084.68 thus far.

The Consumer Recover Account is an option for fraud victims when trying to recoup money from the person who took it from them. In order to utilize the fund, Lerner said there must be a criminal or civil court order for the defendant to pay back money he or she took. If victims cannot get refunded from the person who stole it, they can apply through the Department of Real Estate.

Winn said she volunteered to be the victims’ liaison with the DRE, as the process for reimbursement is lengthy and many of the victims were elderly. One of Zaun’s victims told Team 10 he is “extremely grateful” for the DA’s office work on this case.

Victims started receiving reimbursements within the past couple of weeks.

Money for the account comes from license fees. Lerner told Team 10 there are approximately 421,000 people with a license under their department, which includes broker and salesperson’s licenses. 12 percent of the license fee paid goes to the account.

Since 1964, the DRE has paid more than $61 million to victims. Approximately 54 percent of all applications are approved.

Link to Article

Posted by on Feb 21, 2019 in Jim's Take on the Market, Real Estate Investing, Realtor | 0 comments

Beer Drinkers

It’s probably obvious that the practice is undergoing changes, and Donna is participating more with the sales team. She thinks the Wednesday Rock Blogging should catch up with the times, to which I said, “Sure, I’m hip – what do you want to hear?”

She said, “Post Malone and J Cole”.

Yeah….no. Can we warm up to that honey? A very special ZZ moment:

Posted by on Feb 20, 2019 in Wednesday Rock Blogging | 1 comment

Millennials in Parents’ Basements

Can we expect young adults to be tomorrow’s home buyers?

A report from the Urban Institute:

The share of young adults ages 25 to 34 living with their parents increased from 11.9 percent in 2000 to 22.0 percent in 2017. This translates to more than 5.6 million additional young adults under their parents’ roofs between the two years. This trend matches the decline in young adults’ marital rate (from 55.3 percent to 40.0 percent) during this period.

Increases in rents and student debt plays an important role in young adults’ decisions to stay with their parents. Metropolitan statistical areas with higher unemployment rates experienced a greater increase in the share of young adults living under their parents’ roofs.

This early life choice could have long-term consequences. Young adults who stayed with their parents between ages 25 and 34 were less likely to form independent households and become homeowners 10 years later than those who made an earlier departure. Even if they did ultimately buy a home, young adults who stayed with their parents longer did not buy more expensive homes or have lower mortgage debts than did young adults who moved out earlier, suggesting that living with parents does not better position young adults for homeownership, a critical source of future wealth, and may have negative long-term consequences for independent household formation.

Link to 39-page report

Posted by on Feb 19, 2019 in Boomer Liquidations, Boomers, Jim's Take on the Market, Market Buzz | 4 comments

Inventory Watch

Our contest for Padres tickets got a little tighter this week:

NSDCC New Listings Jan 1 to Feb 15:

2018: 620

2019: 607

There should be a few more added this week to the 2019 count, so it’s about even?  The total pendings count is 11% behind last year at this time, which confirms the slower start we expected in 2019.

But maybe an increasing inventory could spur more sales in the coming weeks?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Meanwhile, the Padres themselves are hoping to make a splash:

https://www.cbssports.com/mlb/news/mlb-hot-stove-padres-have-reportedly-offered-manny-machado-an-eight-year-deal-worth-at-least-240-million/

Read More

Posted by on Feb 18, 2019 in Inventory, Jim's Take on the Market | 1 comment