Houses under $200,000 are blowing off the market, usually with multiple offers. This one closed yesterday, a 3br/1.5ba, 1,062sf house built in 1961 in virtually original condition, whose elderly owner just went off to assisted living:
The buyer of this house, an Arizonan, said,
“Where I come from all the slabs are cracked, even the ones on flat land”.
In the lower-end markets of Oceanside, it’s all about acquisition now, people just want to buy something, anything.
It’s addictive.
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
This is excellent news. I love hearing that the faithful, with hundreds of thousands in cash are buying the next round of price drops. I encourage this new owner to spend the money to fix slab (yeah right) and put this bad boy back on the market.
Who wants to bet this home will be back on market in 12-15 months for $110K?
You see, someone with $179K in cash isn’t going to live in this house. Which means someone thinks this is an investment opportunity.
Hilarious.
O-side, beat to hell house, hanging on a hillside over Mission, cracked slab. Oh yeah, this home is pure investor gold.
ice weasel: The buyer is going to repair the slab, put on a new roof, update the interior and occupy the home. Incidentally 2 of the 5 cash offers were from owner/occupants. Mr. T.
For that kind of money, I rather buy couple condos and avoid the hassles of maintaining this old crappy houses. This reminds me of the last RE run-ups and how soon some people forget….
That slab s not “repairable. Jim called it in the video. This house’s back is broke. Scrape, regrade, recomapact and repour is the only way to fix this. For the record, my primary residence had a far worse appearing crack problem when I bought it but I’m a structural engineer and knew how to fix it.
This one however; Where’s the value?
Cracked slabs are not the only crack being sold in hoods like this. I just had the pleasure of my son playing a baseball game at Landes Park on the Oside/West Vista border. 5:00 pm game on a drizzly damp dark eve…May Grey as we all know it here. Glad it wasn’t a night game as I’m certain that the streets get a little tougher and the park crowd a little nastier after sunset.
I’m with Ice Weasel on this one.
If you are sitting on $170K cash, and that’s the house and neighborhood you want to live in – all the power to you.
I just don’t see it, and it sure reeks of ‘investor’. Maybe not a flipper, but someone who will fix it/live in it “until the market returns”.
Don’t be prejudiced about someone with $170K cash. Some people just think mortgages are evil and want to own their home outright. If that’s your mentailty, these neighborhoods in O’side are one of the few areas where you can accomplish it. However, I do agree that someone who has amassed that amount should be a bit smarter about how to buy a house at a discount rather than getting in a bidding war.
$100K… maybe, but one strong earthquake and adios.
How does one go about fixing a cracked slab and at what cost?
“How does one go about fixing a cracked slab and at what cost?”
Myriad: As a general property adjuster for over 20 years in San Diego who was at the forefront of the land subsidence claims, the answer to the 2nd part of this question is “a bunch.”
As for the first part, slabs don’t just get old and crack, it’s the soils supporting the slabs which fail. Saw cutting and pouring new concrete does nothing to “repair” the faulty soils supporting the structure.
A decent soils test (borings/manonmeters/lab work) would run about 10K and it would recommend ethier compaction grouting, pipe piles or grade beams or some combination to “properly” fix the house.
My guess, with engineering, about 75-80 K.
Oh, cosmetic repairs would be extra.
A buddy of mine had to do what you described Downturn and it did cost 100k to properly fix the problem but it was a much larger house. At 149k it would have been a break even for the comparable house up the street without the hassle or adjacent road. The banks are doing a great job of dribbling this crap out at just the right time. Maybe this guy can tear it down and just put a yurt on it to live in.
That is not a crack, that is a gaping chasm that you could lose a small dog in. But the rest of the house looks great…
Seriously? Someone with $170K in cash wants to live there? Well then, as another contributor said, more power to them. I know if I had $170K in cash that would not be the home I would put an offer, the neighborhood I would looking or even the city I would prioritize. I get that some people want to pay cash for a home. I have no problem with that whatsoever. I just doubt, in the extreme, anyone with that much cash on hand has the poor judgment it takes to actually want to live in that home.
But as I said, best of luck to the “homeowner”.
And I still maintain, as several other contributors have pointed out that yeah, sure, they’re going to “fix” the cracked slab.
I did notice that no one wanted to take that bet.
Thanks for the info Downturn
Money Laundering?
So, Downturn says it’d run the better part of $100K just to “fix” this 1Ksf shack’s foundation even before renovations began. Anyone care to venture how much it’d cost just to TD it and build entirely new (assuming same basic outcome)? Just curious…
p.s.: Downturn, how long would the “fix” take?
The most common way an investor lies on his loan is to call it owner occupied. It’s a parallel to owner occupied loans lying about their income.
We need to track this property. I bet it records with a private party note of about 100k.
30k for the “quick fix” foundation, new roof,paint, etc. and a family friend or relative occupies for 1 year for coverage on the note and to qualify for LT capital gain.
When they resale(attempt to flip) I bet they do not disclose the cracks,take those great wide angle pics, make sure the front yard has new squares, and hope that they can find someone with FHA approval and 8k DP credit advanced.
No disrespect to Mr T, but “we are no fools…..fool.
I welcome all these people jumping into the market to buy homes now, it means less competition for me when I decide to buy. Future demand will be even lower, as the buying pool will be much smaller, thus leading to even more price drops. Add in the big wave of foreclosures coming our way, California’s rapidly intensifying economic deterioation, and the potential of future higher interest rates, and price drops could be more than even the most pessimistic of us predict.
Money Laundering?
BottomFisher | May 30th, 2009 at 4:56 pm
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Been wondering about that myself. There have been a number of very strange sales, where homes that were sitting for a long time and price decreases are suddenly taken off the market (or the price is suddenly adjusted upward) and then re-listed with a higher price…then then sell for more than they were originally listed for. This is also going on in the higher-end neighborhoods like Del Mar, Solana Beach, La Jolla, etc.
As to the “all cash” offers, if it’s not money laundering, it might also be hard money loans. I’ve been hearing that there are quite a few hard money loans and/or investment pools behind these “all cash” offers. It’s not necessarily a buyer who has saved up/earned a large amount and they now want to buy a home in O’side for cash.
Let all the early adopters buy up the impaired houses. The longer the decline continues the nicer the houses that will be forced onto the market. By that time the competition will be struggling for a second round.
Furniture shops can’t justify business so money laundering needs to move into inexpensive homes.
CA Renter, strange sales like these may indicate double escrowing with the subsequent sale made with an unsuspecting, unsophisticated buyer’s money.
DR,
Yes, I’ve seen that, too (because you can see two different listings for the same properties, sometimes).
I think the ones we’re seeing are different, but who knows?
The good news is that law enforcement task forces at every level – local, state and fed are arresting mortgage fraud suspects in huge numbers…including individual buyers that lied (under penalty of perjury) on their loan applicatons. There is no slap on the wrist now- prison sentences are being handed down. Someone in my sphere is processing suspicious aps as we speak. However, I’m sure some new scam has or will erupt w/the $8k and $10K credits. Realtors need to be alert and report suspicious transacations.
Huge cracks! Maybe the house has a gypsy curse?
Thanks Desert Realtor.
You can sell me an ice cream cone anytime!