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

Most recent articles

Most Expensive Homes of 2017

Saw this at the VOSD, and it reminded me of these short clips:

The U-T tracked down the most and least expensive homes sold in the county last year. The cheapest was in Jacumba, which was in bad shape and went for just $27,000: “One room on the property included old laundry, broken computers and abandoned Christmas decorations.”

And the priciest was in La Jolla. It went for a cool $12 million.

Zillow listing with photos

The story also included the accidental flip…of a RSF spec:

One of the most expensive homes to sell last year, 16568 La Gracia in Rancho Santa Fe, sold twice. Real estate agent Megan Luce said her clients bought the property in April but realized they weren’t there as much as their other properties so they decided to sell.

“I couldn’t believe they were selling so soon,” she said. “But, the property is breathtaking and I was excited to go into it again.”

Luce did not want to give the buyers’ names, and it is unclear from property records who they were. The home was purchased by Florida-based limited liability company, Covenant RJC, in April for $10.6 million. It was then sold to the Greenfield Trust out of Washington state for $10.85 million in December.

Posted by on Jan 8, 2018 in Bubbleinfo TV, Jim's Take on the Market, La Jolla, Rancho Santa Fe | 0 comments

Inventory Watch

We’ve already had 89 new listings between La Jolla and Carlsbad this year, which at first glance makes you think that 2018 might be the year that inventory cuts loose!  But agents are notorious for ‘re-freshing’ their listings for the new year, and indeed 47% of the new listings were on the market towards the end of last year.

One of the listings had been on the market since August, and it ‘expired’ on December 31st.  The same agent re-lists it the next day, and the fresh ‘new’ listing goes pending within two days – with no change in price.  Nobody wanted it for five months, and then boom!

It is a widespread practice, and you must check every new listing, by every agent, in every town, to make sure you don’t get duped.

Read More

Posted by on Jan 8, 2018 in Inventory, Jim's Take on the Market | 5 comments

Governor Brown’s Ranch

Governor Brown is spending more time at his Williams-area ranch, of which he owns 28%. The 2,500-acre property is home to cattle and honeybees:

The land was bought in 1877 by Brown’s great-grandfather Schuckman, a German immigrant who arrived in California during the Gold Rush and succeeded in “overcoming every obstacle,” as the governor put it in his 2011 inauguration speech. Schuckman’s ranch home also doubled as an inn, known to the family as the “Mountain House,” to capitalize on a stagecoach route bringing tourists to the region’s natural hot springs.

Link to article

Posted by on Jan 7, 2018 in Historic Homes, Interesting Houses, Jim's Take on the Market | 3 comments

Most Popular Baby Names

Emma for the second year in a row!  I think Sophia/Sofia got robbed on a technicality though!  Last year’s #1 boy name was Noah, and Liam was #2. The ratio of boys to girls is close: 51/49:

The County Health and Human Services Agency records all births in the region. Last year, a total of 43,942 babies were born in San Diego County: 22,488 boys and 21,454 girls.

  1. Girl: Emma (282) Boy: Liam (222)
  2. Girl: Mia (251) Boy: Oliver (195)
  3. Girl: Isabella (225) Boy: Mateo, Noah, Sebastian (194)
  4. Girl: Sophia (210) Boy: Alexander (189)
  5. Girl: Olivia (209) Boy: Benjamin (180)
  6. Girl: Sofia (171) Boy: Logan (173)
  7. Girl: Victoria (156) Boy: Daniel (162)
Click here for previous years

Need another reason to buy a home?  Population growth!

Where are we all going to live?  Owning a home is the best way to lock down your housing costs, but how hard is buying a home going to be in the future?

The population of San Diego County is around 3,350,000 people, and we have 728,790 houses and condos – or about 4.5 people for each individually-owned home. But the average population per household is 2.0 today, so roughly 2.5 people are renting.

Whether by new births or in-bound movers, San Diego County is expected to grow substantially.  From the county’s website:

According to SANDAG, between 2012 and 2050, the San Diego region is expected to grow by nearly 1 million people, and SANDAG states this growth in population will drive job growth and housing demand within the region — adding 460,000 jobs and more than 325,000 housing units (SANDAG 2015). Further, according to RHNA’s fifth housing element cycle (January 1, 2013 to December 31, 2020; an 8-year period), the County’s land use plan provides housing capacity to meet the fifth cycle’s RHNA estimate for the San Diego region of 22,412 residential units (County of San Diego 2016).

To meet this 22,412 unit target by 2020, the County would need to approve on average 2,802 residential units per year. From 2010 through 2015, however, only 3,175 housing units were either constructed or permitted. This equates to an average of only 529 units per year (County of San Diego 2016). At this rate, the County would fail to meet the RHNA’s 2020 target by 18,180 units.

Prices may fluctuate, but the competition between buyers is here to stay.

Posted by on Jan 7, 2018 in Jim's Take on the Market | 2 comments

Are Bidding Wars Legit?

Another reason we should sell homes by live auctions…..Hat tip SM:

A local developer and prominent real estate agency conspired to prey on Chinese nationals and inflate luxury home prices on the Eastside for their own profit, according to a lawsuit filed in Seattle on Thursday.

Two plaintiffs who bought adjacent newly built homes in Kirkland allege that their broker at Realogics Sotheby’s International Realty was actually working on behalf of the builder selling the homes.

Jie “Gabby” Jiao and the married couple Maoqi Zhang and Wei Fan hired Realogics Sotheby’s broker Connie Blumenthal to buy their first homes in the United States in spring 2015.

Realogics has aggressively targeted luxury homebuyers in China and is one of the top brokerages for foreign buyers in King County, and Blumenthal has a glitzy website where she boasts her connections in Hong Kong and million-dollar home sales locally. The company and Blumenthal call the claims “baseless.”

Both buyers relied heavily on the expertise of Realogics Sotheby’s and Blumenthal to understand the local market. They were told there were multiple offers on the table and that they needed to bid more than $2 million each to buy the homes, west of Big Finn Hill Park, the lawsuit says.

But when they arrived in the area after the deals closed, they discovered the homes weren’t as promised, and later found out there was no evidence that other buyers were interested in the homes — suggesting they had badly overpaid based on their agent’s advice, the suit says.

One of the buyers, Jiao, was so dissatisfied with the home’s condition — among other things, it did not have the promised backyard or bedroom lake views — that she put the house back on the market. Even with her new broker aggressively marketing the home and offering a free Mercedes to a potential buyer, she wound up selling it for $1.67 million last June — a $338,000 loss over a two-year period, despite the region’s red-hot real estate market.

The other buyer’s home is assessed at $1.46 million, or about $745,000 less than the couple paid.

The Chinese nationals’ attorney, Dave von Beck of Seattle, said he found “what looks like collusion” between Blumenthal and the seller of the home, Alex Dudko of homebuilder Unique Design & Construction Co.

After issuing subpoenas in discovery, according to the suit, the attorney found emails and check stubs showing Blumenthal — the buyers’ agent — was actually working directly with Dudko, the seller, at the time of the sale.

One check showed Dudko paid Blumenthal $20,000 after the sales for “services,” according to the suit. The suit calls the payment a “kickback” for Blumenthal bringing the buyers to the developer.

In an email to Dudko around the time one of the sales closed, Blumenthal referred to a “bonus just between you and I.”

“Let’s meet for dinner and margarita’s again when I get back!” Blumenthal wrote to Dudko. “I need a new handbag :)”

Read full article here:

Link to article

Posted by on Jan 5, 2018 in Auctions, Bidding Wars, Jim's Take on the Market, Market Buzz | 9 comments