There have been 3,557 properties sell so far this year in our North SD County Coastal region. If the bulk of the 1,342 properties from Carlsbad to La Jolla that are currently on the NOD and NOT lists end up hitting the market next year, we’ll get to experience some true price discovery. If they somehow survive without selling, expect inventories to be thin, and buyers waiting somewhat impatiently.
Peter somehow crafted our conversation into a story that was published April 2nd on the front page of the newspaper, right under the photo of the Obamas meeting Queen Elizabeth II for the first time.
By 7 am my phone was ringing off the hook, and for months I received well-wishes from people all around the world, from Japan to England.
One of the first callers was Matt Stuart, from ABC News Nightline, which catalputed my 15 minutes of fame into warp speed. I spent a day and a half with him and Vicki Mabrey, and on April 16th, this aired on national television:
Thank you Peter, Matt, and Vicki!!
With the generous support of blog readers here, I was determined to stay in the game, and be true to what got me here – bringing transparency to the pertinent facts about our local real estate market. Today, I am fulfilled that together we have done just that!
I am eternally grateful for the support from:
The folks who have become clients as a result of what they have seen here!
Readers who comment – thank you for adding depth and breadth to the experience.
Readers who don’t comment – I know you are there, thanks for being here!
The 14 people of Klinge Realty.
My family and friends.
Donna, my dearly-beloved wife, and our two kids – I love my life!
I didn’t run these numbers until this morning, and had to rub my eyes for a minute in disbelief – I am humbled to report:
Bubbleinfo posts: 671
Unique visitors: 167,906
Avg. time on site: 3:02
Youtube videos: 252
Youtube channel views: 818,678
The numbers are mind-boggling – thank you everyone for your participation!
A man received a lesson in the adage, “Let the buyer beware.”
Billy Joe Sanders, of Pittsburgh, says he bought a home in Canonsburg during a Washington County tax sale in August. When he went to check on the property on Christmas Eve, he learned that it had been torn down by the county’s redevelopment authority — and has since learned his $5,500 won’t be refunded.
County officials say tax sales all include a “buyer beware” clause, and owners are responsible for doing a title search and otherwise checking on the property’s status.
Officials say buyers of homes slated for demolition are usually notified, but sometimes it doesn’t happen.
Mr. Sanders says he plans to bill the county or sue to get his money back.
Will we see the banks/servicers using the trustee sales as a primary channel for selling REOs in 2010?
It looks like WaMu/Chase has been aggressively pricing their opening bids to move properties at the court house steps. Their trustee has conducted 302 trustee sales this quarter, and only took back 109 properties, when the overall average lately has been around 50% of the trustee sales going back-to-bene.
Of the nine properties over $800,000 that they have sold to third parties at the court house steps in 4Q09, the average sales-price-to-published-bid was 62% – and their opening bids were even lower!
Since the foreclosure moratoriums expired, the trend lately has been that the number of trustee sales that resulted in going back-to-bene have stayed relatively steady, at around 1,000 per month.
It’s the 3rd-party purchases, and the cancellations that have been increasing:
This month’s numbers are incomplete – with three days to go there are still 425 trustee sales scheduled for December, 2009!
I’m hoping that the increases in 3rd-party purchases and cancellations means banks and servicers are looking to move more property, either by aggressively pricing their trustee sales (3rd-party buys) and/or completing more short sales (cancellations).
If WaMu and others are going to be using the trustee sales to unload properties, we’ll want to be there to enjoy the additional well-priced inventory!
Here’s a close-up of the process on the court house steps. In 2008, somebody filmed this actual trustee sale of 1825 Chicago St. in Bay Park. The opening bid is $435,240, but no takers, and it goes “back to bene”.
A month later the bank listed it for sale, with list price of $446,507. After being on the market for six days, it sold for $454,000 with a $13,000 credit to buyer.
We’ll provide more trustee-sale results by video in 2010 because we’re wondering; could the court house steps be a primary marketplace next year?
Just when you think you’re in for another routine day at the plant, more turbulence. Wifey thinks I’m getting too aggressive on the blog, but like another agent said today – if you’re going to be a successful realtor in this market, you gotta be able to deal with the hustlers, slimeballs, and grifters that abound.
Here’s another – a tenant who paid 1.5 months rent, has stayed for six, filed a burglary report against the homeowner/landlord and then got a restraining order against him to ice his free-rent program.
If you’re interested in buying a house at the trustee sales, it would be smart to see them in person. But there are so many properties on the list that we want to help you narrow it down by showing them to you on the internet first.
Here’s an example of a video preview of a house that has had it’s trustee sale postponed since August. Eventually time is going to run out on the probable loan-mod attempts – the next trustee-sale date on this house is January 14th:
I can help you review and track those on the f-list!
“Jim where can you find up to date info on trustee sale dates and houses involved for the San Diego Area?”
Foreclosureradar.com has been the most efficient website for us, because they keep it updated – changes are usually recorded the same day.
You can access our free version of it at the top-right corner of this blog, at “Foreclosures”.
If you want more specific data on each property, it’ll prompt you to send an inquiry, and we’ll ship you the full package. It’s done manually and I’ve gotten behind and missed a few in the past, but we’re on it now.
If you wanted to spend $50 per month, you can get full access by subscribing directly to foreclosureradar.com.
Here are the 469 SFRs on the auction list with a sale date coming up in the next 45 days between Carlsbad and La Jolla (link below).
Even if you don’t want to buy all-cash at the court house steps, this list makes for a good reference point – if you are thinking of buying a specific property, you should search nearby streets for other looming foreclosures that are in the works.
Let’s also note that in the same area there are 3,785 SFRs that are on the NOD list too. It’ll be very interesting to see how many actually get foreclosed or cancelled in 2010!
Jim the Realtor is legit - I interviewed three brokers; he said list price should be $100,000 higher than the other two brokers; listed it with him and had all cash (no financing) offer in two days, five day contingency period, closing in two weeks - and it closed at his recommended list price. I could not recommend anyone more than I recommend Jim the Realtor.
When we moved to San Diego in 2005 we rented a big house on Mt. Soledad (La Jolla) with 180 degree ocean views for the same payment as a mortgage on a dump in Chula Vista. Clearly something was wrong. Yet, the media was full of the usual happy-talk nonsense, so I was glad to find Jim's blog. I've followed his honest assessments and data since.
We decided to sell and move to AZ at Thanksgiving. Dec. 1st we met with Jim to sell our home. We closed today (29 days later). Jim orchestrated a feeding frenzy -- we had 25 showings in 2-1/2 days, multiple offers, and sold for well over asking price. I'd say he earned his commission! We have owned and sold homes in 5 different States always using experienced, productive, full-time realtors. Jim outshines them all.
You don't decide to sell and close 29 days later over Christmas (with COVID lockdown) without some miracles. Donna was amazing at performing lots of those miracles and ensuring that everything was done right and on time. They are a terrific team with a very responsive and professional network.
Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. Basically we just approved what they suggested and Donna handled literally everything. We placed our house on the market and within the first day we had multiple offers well above asking price! We couldn't believe it. We were overjoyed! Jim countered the offers to weed through them, and everyone came back with way more. It was amazing, and we are ?? sure it was because of the staging and repairs the Klinges suggested we do.
Due to unforeseen dishonesty from the buyers lender, we hit a big hurdle when trying to close. We had already moved out of state and were shocked when three days before closing the lender dropped a bombshell on the buyers and us. However, Jim and Donna handled it like veterans, not afraid to play hard ball and represent their clients. After a few phone calls with us, and several between Donna and the lender, they had a plan B-Z to make sure we were taken care of. In the end we closed with even more money than we ever thought possible and with very little work from us. The Klinges handled this entire "2020" worthy event with the utmost professionalism and did everything in their power to not only make this as smooth as possible for us, but we also walked away with more money from the sale of the house than we ever hoped for. After working with Jim and Donna, you don't ever use anyone else. They are hands down the best team to represent you in any scenario.
Working with Klinge Realty Group was a great experience! They are very responsive, professional and knowledgable about the real estate market! I would definitely recommend Klinge Realty Group.
Jim and Donna Klinge made the sale of our condo extraordinarily easy. They know the market and gave us sound advice backed by details and very considerable experience, reflected both in the initial pricing and subsequent negotiations. They work together as a team and are always available to talk. We had a few challenges with our property and they were able to coordinate the resolution to everything, including items that I would not think would ordinarily be their responsibility to handle. They made the whole process effortless on our part. They are folks with high integrity and we cannot recommend them highly enough.
Review for Member: Donna Klinge
I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in about 15 years. On the buy side, Jim is the PERFECT combo of: completely digitally savvy (he will pull data all day long until you feel comfortable with your chosen house, area, school district, anticipated appreciation rate...anything!), he's super well respected and known in the area by other agents, an amazingly cool but strategic negotiator, is totally devoid of desperation for a sale/commission, and more.
Then once you get into contract phase, Donna literally handles every last and final detail in a concierge-like manner -- totally shielding you from the daily back and forth, noodling and annoyances of the buyer's requests. She solves it ALL; it's miraculous what that woman accomplishes over and above what is even expected in a buy/sell transaction.
On the sell side, Jim and Donna do the same, but even moreso. Donna in particular truly takes everything off your plate: she'll manage getting the house painted, the carpets replaced, she'll go on site (as she Jim both did for me when selling our rental properties) to work with the renters and make sure the house is ready to show -- freeing me to have to take time off of work to do so. They work with A+ integrity, too, so you know you are serving all parties fairly and lawfully throughout.
A home purchase/sale is the most considered you'll ever make. HIRE A SAVVY AGENT, not a friend!, and get what you need out of the transaction. Jim and Donna are our agents for life.
Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community. Jim's vast experience means he has worked with several realtors and knows the market all over north county. Donna is AMAZING in processing everything in the transaction. She scheduled trades people to work on the house in preparation for the sale as well as the repairs needed before closing. She communicated clearly every step of the way about what would be happening. She took the weight off my shoulders for the whole process. I will always use Jim and Donna for my future real estate needs and I whole heartedly recommend them to anyone buying or selling a home.
Jim and the team at Klinge Reality are without a doubt the best in the business! Not only was Jim helpful and extremely knowledgeable, he was patient and determined to help me find my first home. Jim and his team have been in the business for many years, and it shows. Jim is a wealth of knowledge and was my biggest proponent despite the temperature of the competitive market. I ended up getting the perfect property in my dream neighborhood all thanks to Jim. From the day my offer was accepted, Donna was a real lifesaver. She was extremely helpful, responsive, and knowledgeable when it came to every minute detail, and held my hand through the process. As a first time home buyer I had no idea what the process would entail, but Donna curtailed every concern I came across and made the escrow process feel seamless. Jim and Donna provided me the best home buying experience, and I am very grateful for all they did for me. It was truly a pleasure to work with Jim and Donna and I am already looking forward to the next time we work together!
Review for Member: Richard Morgan
Richard is an amazing realtor! He has high integrity and genuinely cares about his clients and their needs. Richard paid close attention to what I was seeking in a home and was very patient in our search to find it. I would highly recommend Richard and will use him for future transactions. Truly a different kind of realtor experience!
Could not be happier with my experience with Jim and his team. He helped me sell a very unique and challenging property. Throughout the entire process he was always available, honest, transparent, trustworthy, and always put my interests as a seller first. A (rare) true professional! During close of escrow Jim went above and beyond to complete the deal. It would not have been possible without his experience, fantastic team, and pure dedication. Highly recommended!
Thanks Jim and Donna Klinge!