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Carmel, CA

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Perched atop a rocky outcrop overlooking the ocean, this Carmel residence strives to appear as a natural extension of the landscape while resolving competing private and public concerns.

The large area of the house was disguised by splitting the house into two wings, recessing the house into the site and locating nearly half of the space partially underground. The plan-split created a courtyard, the eastern wing providing privacy from Highway One and the western wing buffering the ocean wind. Secondary spaces are located on the lower floor and borrow light from above through three staircases. These spaces provide respite from the panoramic drama on the upper floor.

Walls are located only where absolutely necessary for privacy or structure and treated as monolithic elements. Stone cladding predominates, rooting the house in the site and visually connecting with the rocky cove.

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http://www.contemporist.com/2014/09/22/the-otter-cove-residence-by-sagan-piechota-architecture/

Posted by on Oct 7, 2014 in Interesting Houses | 2 comments

Sharper Pricing?

How is the fourth quarter rolling out?

Are sellers feeling pressured to lower their price?  Are buyers stepping up?

Here are the pricing trends in our local areas:

SE Carlsbad – List and sales pricing converging should cause an active 4th quarter – unless buyers decide to wait-and-see where this is going:

Oct 2014 92009

Encinitas – An example of what can happen when pricing converges here, where buyers backed off starting in April.  But sellers are proud, and heck, it’s only money:

Oct 2014 92024

Rancho Santa Fe – This is how they roll in the Ranch – put a price on it, and wait for someone to come along.  It results in a meandering trend:

Oct 2014 92067

Carmel Valley – Stunning to see average list pricing in decline since April – but it’s been working.  It keeps the sales momentum rolling:

Oct 2014 92130

La Jolla – List pricing took off in the beginning of 2013, but buyers cooled off for a full year before coming back around in 2014, price-wise:

Oct 2014 92037

Posted by on Oct 7, 2014 in Carmel Valley, Encinitas, Jim's Take on the Market, La Jolla, Rancho Santa Fe, Sales and Price Check | 2 comments

Be Sharper on Price

Wendy Lari in her new home. After buying the home in Mission Viejo, husband Thomas Lari wanted to rent out the old family home of the past 12 years. But Wendy wanted to sell the old home so the family would have enough cash to fix up the new one. They reached a compromise: Give me 60 days to get it in escrow, said Wendy Lari. If it doesn't sell by then, we'll rent it out. The home went up on the market in late April for $850,000. As time began to run out, Wendy Lari decided she had to drop the price.

Nobody is dumping on price – just be reasonable. From the ocregister.com

http://www.ocregister.com/articles/price-637201-home-percent.html

Thomas and Wendy Lari made a pact.

Thomas wanted to rent out their old home. Wendy wanted to sell it so they’d have money to fix up their new one.  So he gave her two months to sell it. If she failed, they would become landlords.

In the end, she met the deadline – just barely. But it took two price chops totaling $15,000.

“I was a little bit disappointed,” Wendy Lari said of the final price of more than $800,000. “We knew that (our original price) wasn’t overly realistic, but we thought we’d give it a shot.”

Reality is setting in for home sellers across Orange County.

Rather than holding out for the big price gains seen a year ago, most sellers are cutting their prices to get their homes sold.

The average price cut for homes under $1 million was $15,500 this summer, according to figures from Brea housing consultant Pat Veling of Real Data Strategies. A year earlier, the typical price cut was under $3,000.

Put another way, buyers are paying 97 percent of sellers’ original asking prices this year, vs. 99 percent – almost full price – in the summer of 2013.

“It seems like 80 percent to 90 percent of the sales are reductions,” said Bart Smith, an agent with Evergreen Realty in Orange. “(Sellers are) overpricing them. They’re looking at listings and not at closed sales.”

Wendy Lari thought she was in the ballpark when she priced her home at $850,000 last April. A similar home in the area had sold for $844,000 two months earlier.

Time was running out to find a buyer when she got an offer for $828,000. That deal fell through.

But just as it did, a real estate agent made an offer equivalent to $835,000. The agent wanted to pay $814,500, but would forego her $20,000 commission. That deal closed.

“I was a little bit bummed, but it wasn’t horrible,” Wendy Lari said. “If you go in thinking that you’re going to get 3 percent to 4 percent more than the last sale, that’s not going to happen.”

She listed April 29, 2014 for $850,000, and opened escrow on July 2nd for $814,500 with no commission to buyer’s agent?  She didn’t give it away! (she had paid $460,000 in 2002).  P.S. the realtor who bought her home has it for rent on Zillow, asking $3,500/month.

Read full article here:

http://www.ocregister.com/articles/price-637201-home-percent.html

http://www.zillow.com/homedetails/27822-Trellis-Way-Laguna-Niguel-CA-92677/25552229_zpid/

Posted by on Oct 6, 2014 in Market Conditions, Thinking of Buying?, Thinking of Selling? | 4 comments

Inventory Watch – Buyers Waiting

According to the latest Credit Suisse monthly survey of real estate agents, “Agents comments are now squarely focused on buyer resistance to current home price levels, and that many buyers have shifted from a negotiation mindset toward a willingness to sit on the sidelines and wait for lower prices.”

“The resistance of buyers to higher home prices was broad-based with comments from agents suggesting that affordability and the future trajectory of home prices was a particularly large part of conversations with buyers,” the report continued.

Link

The UNDER-$800,000 Market:

Date
NSDCC Active Listings
Avg. LP/sf
DOM
Avg SF
November 25
95
$376/sf
47
1,988sf
December 2
79
$371/sf
50
2,047sf
December 9
72
$383/sf
43
1,954sf
December 16
81
$378/sf
42
1,948sf
December 23
77
$374/sf
49
1,937sf
December 30
76
$373/sf
51
1,950sf
January 6
74
$370/sf
49
1,995sf
January 13
71
$381/sf
44
1,921sf
January 20
72
$384/sf
41
1,877sf
January 27
75
$399/sf
40
1,891sf
February 3
78
$409/sf
41
1,876sf
February 10
82
$395/sf
38
1,927sf
February 17
85
$387/sf
35
1,929sf
February 24
90
$383/sf
37
2,008sf
March 3
82
$397/sf
39
1,942sf
March 10
88
$377/sf
37
2,008sf
March 17
89
$366/sf
34
2,038sf
March 24
79
$369/sf
34
2,031sf
March 31
78
$367/sf
39
2,069sf
April 7
87
$373/sf
32
2,054sf
April 14
97
$380/sf
31
2,000sf
April 21
87
$377/sf
32
2,062sf
April 28
107
$379/sf
29
2,044sf
May 5
114
$376/sf
27
2,046sf
May 12
108
$385/sf
31
2,012sf
May 19
107
$385/sf
0
0sf
May 26
105
$375/sf
34
0sf
Jun 2
102
$376/sf
36
0sf
Jun 9
102
$377/sf
37
0sf
Jun 16
104
$369/sf
35
0sf
Jun 23
111
$380/sf
34
0sf
Jun 30
119
$376/sf
36
0sf
Jul 7
122
$387/sf
36
0sf
Jul 14
127
$388/sf
34
0sf
Jul 21
135
$381/sf
36
0sf
Jul 28
144
$382/sf
37
0sf
Aug 4
148
$379/sf
39
0sf
Aug 11
135
$375/sf
42
0sf
Aug 25
135
$374/sf
43
0sf
Sep 1
126
$377/sf
46
0sf
Sep 8
130
$375/sf
46
0sf
Sep 15
134
$369/sf
45
0sf
Sep 22
127
$376/sf
49
0sf
Sep 29
132
$378/sf
48
0sf
Oct 6
130
$367/sf
48
0sf

Read More

Posted by on Oct 6, 2014 in Inventory | 0 comments