A video tour of mixed-bag proportions – it wasn’t just subprime loans given to gardeners:
33 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
View More Interest Rates
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
I’m not sure, but I think this article may be about the condos you show in Lake San Marcos:
http://www.nctimes.com/articles/2007/03/13/news/inland/san_marcos/18_03_573_12_07.txt
It sounds like they did, indeed, have a lot of interest.
According to an article in 2006, prices were going to be over $350,000 with a very large mandatory services payment:
http://www.signonsandiego.com/uniontrib/20060224/news_1mi24condo.html
Maybe the $5.75 million foreclosure was a mistake?
From the nctimes article:
He said about 250 people remain on the waiting list for condos and will soon be asked to put down a $10,000 refundable deposit.
“The response around here is really good,” Schmitz said. “More recently, we’ve seen a lot of people coming in from Orange County, Palm Desert and Palm Springs.”
from the u-t’s article:
“This will be the signature area of Lake San Marcos,” said Jim Schmitz, a managing member of the Del Mar-based Club Vantaggio Partners, which owns the property. “It’ll be an absolutely spectacular project.”
The county approved the 150-condo development, called The Cove, last month. Construction should start in the fall, Schmitz said.
Most of the condos will have two bedrooms and two bathrooms and cost $400,000 to $450,000. A mandatory dining and services package will cost $2,500 to $3,000 per month.
Excellent video and info… thanks Jim! I’m sending this one to my friends.
Very well done video. I’m a little interested in the 12 unit property for 900k in downtown Carlsbad.
Jim,
There are some high-rises in Laguna Woods (Leisure World) that are basically the same: lower sales price, and Monthly dues that include meal and services packages.
Unfortunately for “The Cove”, they may have overestimated the size of the target market. I know here, you can pick up 1 bedrooms for less than 20K. Yes, you read that right. That’s because the monthlies are $1500-$1700.
Exhibit A:
http://www.redfin.com/CA/Laguna-Woods/652-Paseo-Del-Lago-92637/unit-2/home/21668681
You can also pick up 2 bedroom units for less than 100K
Exhibit B:
http://www.redfin.com/CA/Laguna-Woods/24055-Paseo-Del-Lago-92637/unit-257/home/21686549
If they think they can get $2500/month AFTER paying $450K, they had better be spoon feeding their residents.
Just my $.02
Chuck Ponzi
Oh, and yes, I’d go in with Shadash on the 12 unit.
Chuck Ponzi
7-unit, not 12, but still worth considering with an easy $130,000 per year gross income.
Is each unit 2 bedroom? Is there 2 parking spaces per unit? Is there laundry hookups per unit? Laundry on-site?
Nice piece, Jim.
Rising Unemployment Accelerates Foreclosure Crisis
WASHINGTON — Relentlessly rising unemployment is triggering more home foreclosures, threatening the Obama administration’s efforts to end the housing crisis and diminishing hopes the economy will rebound with vigor.
In past recessions, the housing industry helped get the economy back on track. Home builders ramped up production, expecting buyers to take advantage of lower prices and jump into the market. But not this time
These days, homeowners who got fixed-rate prime mortgages because they had good credit can’t make their payments because they’re out of work. That means even more foreclosures and further declines in home values.
http://www.huffingtonpost.com/2009/07/16/rising-unemployment-accel_n_236476.html
7-unit building is 6,240sf built in 1966 on a 10,779sf corner lot.
From last listing, when it sold for $1.66 in 2007 to a realtor and the seller carried the first mortgage of $1.35 million. Rents at the time were $800 to $1,000 per month:
“All units are 2 story townhome-style, with 2 beds/1.5baths, woodburning fireplaces, laundry in 1 car garage, & private yards. Square footage is approx. 1033sf per unit. Rent should be approx. $1600/month”
At 900k to 1mil, it seems like a long time to get to your break even point.
No one has mentioned it so it may just be me, but I had bad echo problems on the audio.
Hi Jim, always read your blog but never post before. As a Business Broker from Carlsbad, I go around and drop of mailers to business owners (avg. 300 per week), I have never seen this much empty space available and I am now seeing businesses give up and walk away with nothing. I know we have not seen the worse yet. Keep up the good work.
You get decent space below $1/sfgenerally available and people will start new businesses.
From Nathan’s link to the Huffington Post:
WASHINGTON — Relentlessly rising unemployment is triggering more home foreclosures, threatening the Obama administration’s efforts to end the housing crisis and diminishing hopes the economy will rebound with vigor.
—————
The reason Obama’s plan is failing is because they are focusing on artificially propping up housing prices. High housing prices are exactly what got us into this mess.
If anyone actually cares about the economy, they will focus on JOBS, not housing.
**Cheap housing** would be a boon to the economy, because it would free up money to be spent on more productive endeavours. High housing prices hold money hostage because it cannot be spent unless “owners” sell — ultimately driving prices lower again as everyone attempts to cash-out. HELOCs and cash-out refis are bad for the economy in the long run, because they have an equal debt offset, which pulls economic activity from the future.
While I assume the PTB actually knows this, they cannot act to save the economy because BANKS (who really run the country) would have to suffer in order for the economy to strengthen.
tj, I agree, but there is no one offering retail space for $1 psf. Most places are $3 plus NNN.
Golden opportunity for Klinge Realty!
Buick has pulled it’s sponsorship of the San Diego Open. Next year it could be the Klinge Realty Open at Torrey Pines! Can I get a sponsors exemption?
Jim,
Excellent job as always.I’m checking around Carlsbad for a potential office, but rents are ridiculous. I checked Bressi Medical Bldg, and those are hefty.
I’m interested in that apt complex on ur vid. Keep me posted. I’ll contact you soon.
there is no one offering retail space for $1 psf. Most places are $3 plus NNN.
Today, not necessarily tomorrow.
Ingredients for softer landing:
– low mortgage rates (under 6%)
– lots of “bank deals” available for sale
– homebuyer tax credits
– $1/sf for office and retail (stim employment)
They’d have to occur at the same time to do any good, but maybe in 2010?
Golfproz – I golfed yesterday for the first time this year!
I’m lovin’ your sponsor idea, think we could have a keg at each hole?
Ingredients for softer landing:
– low mortgage rates (under 6%)
– lots of “bank deals” available for sale
– homebuyer tax credits
– $1/sf for office and retail (stim employment)
Don’t we have all of this already except for a good supply of REOs (#2)?
Then again, the stock market is heading back up…
OT: That was a 1967 Buick Wildcat, normally powered by a 430 cubic inch big block. The video shows the top of one of the heads, so I think he still has the big engine in it.. also sounds like he may have a long duration cam in the engine as well.. definitely a bit of a wild ride/sleeper.
Anyone notice the “porceline tile” at the end of the video? That the new swine flu variant? 😉
-Erica
I’m lovin’ your sponsor idea, think we could have a keg at each hole?
To handicap the tournament, drink one beer after parring and two beers after birding the hole.
OT: Technically and from the sounds of it, that is not a sleeper 🙂
OT: A sleeper is a vehicle that looks like it should not go fast.. and generally sounds like it doesn’t, or is on its last legs.. but… (for the uninitiated)
The exhaust was not that loud, but I heard the ‘pinging’ from the headers, and the engine had a slight ‘lope’. I think the hood was off of it temporarily, the guy was probably working on it and did a test drive after some repairs. The overall condition was too good to be one of those ‘drive around with the hood off jalopies’.
A ‘whine’ sound from an engine could be the hydraulic pressure pump in the automatic transmission, bad timing chain(both which indicate an engine about to die).. or a Gear Drive (on the cam), Roots or Vortec supercharger (indicating that you wouldn’t want to ‘challenge’ it) – note Donovan Gear drives used to be noisy.. but they have become quieter.
A misfire could be either poor mixture, bad carb or injector setup, bad spark plugs, dying distributor… or could be a long duration cam at idle.
Tapping sounds in the engine could be either dying lifters, or a car with solid lifters..
The real way to tell is in the subtle differences in the sounds, which requires experience to detect. Sleepers are not sleepers to those who have built one.
Most people don’t realize that the Buick Wildcats were actually performance cars. They look sooo Mom and Pop.. Stock, they had nearly 400 hp engines, though the car was nearly 2 tons. This is similar to 200hp in a 1 ton car. (most cars weigh in at 3000lbs+ these days, 1.5 tons).
Another one to watch out for is a 1964+ Ford Galaxie 500. Some came from the factory with the 427 SOHC engine (overhead cam hemi 427 V8, aka Cammer) – street gas 600hp. This engine was homogulated for NASCAR by selling 200 cars with the engine. The engine was created by Ford because Chrysler was winning NASCAR with its hemi. It ran for 1 race and won. Chrysler cried foul and threatened to pull out. Ford presented that it wasn’t very much different than the Chrysler except for location of the cam.. so both were banned.
I tracked down the owner of the 7 units in Carlsbad.
He said the trustee sale scheduled for a couple of weeks away was a big mistake, blah, blah.
He’ll take $1,900,000
Annoying
He won’t get $1,900,000.
Jim, I live in Lake San Marcos (not old and not retired) and did a search on “Cove Lake San Marcos foreclosure.” The rumor is this development, in construction for 2+ years, is in foreclosure. Anyway, found your site and watched almost every single youtube video you posted! Anyway, I have you heard anything more about the status of that project???
You are the best.