What a difference three years makes:
This owner had to be anticipating that the finished homes would sell for $1 million-plus.
27 Comments
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
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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
In this market, an empty lot has to be valued at damned near zero.
Agreed, plus the owner has been through four checks with the city to get his tentative map, and still doesn’t have it. How much more will the new owner go through, both time and money, before being able to build?
The end product should be priced around $225-$250/sf tops, and not sure how the new owner could build for much less.
Owner-user may be the most likely buyer.
In this market, an empty lot has to be valued at damned near zero.
Oh, how I wish. You’d think, eh? But, sadly no. I’ve been land shopping for a loooonnng time. Logic would dictate that they ought to be giving lots away, but apparently the owners of most are in a position to sit things out for the next…what 5 – 10 years…..until demand gets pricing back up to where they want.
That was great! It’s the value of perception.
Wheel in a prefabricated home and lay a little grass! Booyah lol.
Enjoy Barry Ritholtz audio.
http://thehousinghelix.com/2009/06/11/interview-barry-ritholtz-bailout-nation-fusion-iq-the-big-picture-blog/
The view of the powerlines at 0:30 makes it look like some place overseas.
I love the white noise 😀
I walked past that house dozens of times growing up. Gorgeous view, crappy neighborhood. Schools are good, as is the view, the rest of the resources are poor. Bad shopping, bad restaurants, no sidewalks, loud, dangerous area for kids and pets.
I almost nailed a sleeping dog on that porch while delivering the Sunday Times 40 plus years ago.
Place was probably worth less than 15k then.
There are two nice looking craftsman homes also on Magnolia that were recently built. One’s currently back on the market. I walked around them last summer when they were finished and looked in the windows. Seemed nice with decent yards, but they must be near this lot, as all I could hear was the freeway, like Jim said.
And I can’t imagine paying anywhere even $250k for ANY size lot in that neaighborhood (where I could hear the freeway).
can you say oops!!!!!Nice view of power lines.Lucky to get 300k.They got drunk on kool aid.
If you try real hard traffic sounds just like surf.
Man, if i were the previous owner I would have sold to this sucker for $1.5m but carrying back $500k with an I/O 5yr ballon loan. The sucker would have jumped on it because it reduced his down payment. Now I’d be preparing to take back my property and still have $1m in my pocket.
“Man, if i were the previous owner I would have sold to this sucker for $1.5m but carrying back $500k with an I/O 5yr ballon loan. The sucker would have jumped on it because it reduced his down payment. Now I’d be preparing to take back my property and still have $1m in my pocket.”
And the bank that loaned the other 900K would’ve been fine being the second mortgage holder? Really?
arizonadude-I was actually surprised Jim didn’t mention the powerlines in the video.
And the bank that loaned the other 900K would’ve been fine being the second mortgage holder? Really?
Sure, why not? $1.35m financed 90% of the actual loan represents pretty much the same exposure except the borrower would have been far less over leveraged on debt.
half off from peak?
sounds about right.
I’m sorry, but a decent lot is never worth “zero”. Jim’s points about the mapping/title are certainly red flags, but you can see the ocean, and that’s not going anywhere. (The ocean, not necessarily the view.)
What’s this worth? No clue. But, its worth something if the concerns can be cured.
I’ll amend.
Tough to make it pencil if you’re a spec builder.
If you built one-story, you wouldn’t get the biger view, so two-story required. That means you’re targeting families, so 3,000sf would be about right, and at $200/sf in costs you have $600,000 into each house.
You’ll have a very long concrete driveway at $5/sf, a half-acre’s worth of landscaping, unknown soft costs just to break ground, and transactional costs on both ends.
Plus a nervous market ahead. I would not be dreaming like others nearby of selling these for a million-plus. If you can, great, but currently you don’t see anybody doing it.
Hard to fathom spending all that money, taking all that risk, to maybe make $100,000 per house. A couple of bad breaks and that’ll be $10,000 a house.
I have been talking to some banks about NOO investment property.Everyone is pretty much at 20% down or up to 30% in some cases.Then get prepared to bend over and take a bunch of so called lender fees.I miss angelo mozillo already.
700k is too high. Damn that dirt is noisy!
My point when I said it’s worth zero is basically Jim’s point-in the current market, there’s basically no way to make a profit here, therefore there should be no buyers at any price. If nobody wants to buy an item, that item is worth zero.
The thing is – lots like this have two types of buyers: spec builders and owner builders. Spec builders are hibernating for the most part. Finding an owner looking for a lot to build custom on – that is your market right at the moment for dirt. You might get a view out of that lot, but the freeway noise makes it rather undesirable from a buyer perspective. Plus, building two-story to get a better view presents a handicap to that owner buyer, who is likely older and keeping aging knees in mind.
The dirt just isn’t worth what they are asking under current conditions unless an elusive owner buyer shows up and sees potential despite the freeway.
“Sure, why not? $1.35m financed 90% of the actual loan represents pretty much the same exposure except the borrower would have been far less over leveraged on debt.”
The same exposure, when in one scenario the bank is the first lienholder, and in the other they’re the second? Not exactly.
What ArtElectric just said…
We would love to buy a lot and build our own home, but the numbers just don’t work right now. By the time we finished our rather modest home, the amount of money put into the project + lot would far exceed what we could get back out.
While we intend to live in our home for the rest of our lives, we do not want to start out underwater, because a buyer/owner should **always** have a contingency plan in case something happens and you need to move sooner than expected.
It’s true — lots are worth very little in a declining or stagnant market.
This has more potential as a hotel, if you had decent road access from Highland.