Add these stats to the first clip in the video: His year-to-date SP:LP ratio is 102%, and his re-sale listings are averaging 10 days on market:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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
JTR, you are a damn good realtor.
I hope you checked your brakes before you went down Garbage Truck hill out here in Vista! Did you hear about that one jim? An EDCO garbage trucks brakes went out about 18 months ago coming down that hill in the Vintage and plowed through the home at the bottom of that steep hill!
But…. Gitano only had a 2 car garage, and was hammered inside. Its only saving grace was that back yard (very nice for a family with kids) sans the pool.
Chuck
Forget garbage trucks crashing, how about garbage builders crashing? Who will do more damage? Enjoy. More gangsters about to bite the dust? Enjoy.
More Troubles At KB Home
Big builder KB Home revealed in a Securities Exchange Commission filing that the federal regulator is examining the company’s accounting. The stock fell about 6% today.
The filing doesn’t offer much information. A spokesperson says: “KB Home strives to operate its business with the utmost transparency and integrity, and in accordance with generally accepted accounting principles. While the SEC has not specified the subject matter and we cannot speculate on it at this time, we understand that part of the SEC’s mandate is to conduct these sorts of investigations, which it has done with hundreds of public companies over the past few years.”
KB is still dealing with the legal fallout of some of its previous business practices. In 2006, then ceo Bruce Karatz resigned in a scandal involving the back dating of stock options. He later paid $7 million to settle charges with the SEC, but the company is still wrestling with shareholder suits regarding the matter. In 2005, KB paid $3.2 million to settle complaints its mortgage unit was qualifying buyers for government loans who didn’t meet the criteria.
Here’s the full text of the mention in Friday’s SEC filing:
On October 2, 2009, the staff of the SEC notified the Company that a formal order of investigation had been issued regarding possible accounting and disclosure issues. The staff has stated that its investigation should not be construed as an indication by the SEC that there has been any violation of the federal securities laws. The Company is cooperating with the staff of the SEC in connection with the investigation. The Company cannot predict the outcome of, or the timeframe for, the conclusion of this matter.
Just more honest real estate cartel members trying to make an honest living?…
Jim,
What is Jonathan Mann’s typical or average buy/sell price? It would be extrmeley interesting to see a list of the 200 transactions.
That last bit of info is very interesting. Do you recommend always listing a little below market to entice a bidding war? Like the old starting your ebay auction at $1…
Funny post Jim–I’ve been “Bashed” my fair share of times at the damn Trustee Sale–I gave up can’t compete!!!!!
Just goes to show there are good and bad buys in any market. 200 successful transactions are proof enough that there are good buys out there.
anyone else see that 2nd house as this? http://img164.imageshack.us/img164/1046/41606706.png
I added his pending and sold stats at the bottom of the post.
2009 average sales price is $284,540.
He has 47 in escrow.
What does the term dead cat bounce mean, and is this upturn possibly one?
Will these folks be considered knife catchers next year if there’s lots more forecloses in the pipline?
I don’t see how we go from unprecidented doom & gloom to happy days are here again. I’m waiting for reality to return. We still have to pay the piper.
For this run up to sustain, absolutely everything has to go right, whereas just one more economic shoe dropping could knock us for a tizzy.
But don’t listen to me, I’m an optomist.
And what about that downtown condo market?
Thanks Pemeliza!
I’ll add to your comment about the $920,000 sale in Cardiff with the 28,000sf lot. Back in the day, yep there would be builders all over that.
Today, they’d be crazy to be thinking about a small high-end project.
Why? Because they are going to want to condo-ize it, and they’ll spend another $500,000 to $1,000,000 before they realize how bad the condo financing is today.
If they were going to finance the sales themselves, more power to them. If they expect to cash-out, they aren’t going to like this story.
Check out 1525 Summit, not far from there.
A builder takes a similar lot and build 3 houses, but has to barter some undisclosed goodies to sell #2 and gets stuck with #3.
A couple from the OC buys it on spec, and tries to re-sell it right away – after he couldn’t sell it for after 2 years of trying.
It is off-market now, and tax rolls show a title transfer to somebody else in the OC and loan changing from $770 to $900,000, but even if that’s a sale around $1.0 to $1.2 they didn’t make any money.
This location on Rubenstein isn’t great, the second-story view marginal-to-decent and they’ll be overlooking traffic. What is the end product going to sell for? $1,000,000? I wouldn’t gamble anything more.
They have to be 2-story, so you need to build 3,000sf. The one on Summit at 2,550sf was a glorified two-bedroom house.
If you can build good-enough quality for $200/sf, that’s $600,000 + min of $100,000 in soft costs per house and don’t forget commissions and closing costs of minimum $30,000 per.
You do everything right, get a couple of breaks, and squeeze in three houses, so land costs are around $310,000 per lot.
$600,000
$100,000
$30,000
$310,000
$1,040,000 cost for each house.
If it goes that route, and the builder is using comps from today of new or newer built homes closer into the Composer District and figures his panache will make the difference in getting them sold for $1.25 to $1.50 million, he is taking huge risks.
Bidding up the sale $70,000 is just the first sign of his “confidence”.
This article deals succinctly with what we are discussing: http://www.reuters.com/article/domesticNews/idUSTRE59B02O20091012?pageNumber=1&virtualBrandChannel=11621
I don’t think anyone has ever put forth that money couldn’t be made in this market. I don’t think it’s great policy in general but maybe that’s just me.
That reuters article, (someone double check me) if you do the numbers, we have sold 3.8 million homes and of those 357,000 are due to an $8,000 tax credit. That is only 9% spike, IMHO, I do not see that as incentive. I mean how many of those 9% were going to buy anyway. I bet if there was not “talk” of extending it, that number may have spiked to 15%. Not that it matters. A coupon is not going to make me buy something, even if it is 8k.