Our old friend in La Costa Oaks keeps evolving. Out of the 20 homes on the street, four have been foreclosed, and two sold short (one of those is still pending). But on November 9th there was a sale of a 3,345sf house on the culdesac that was head-scratcher:
Expostulation?
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Jim Klinge
Klinge Realty Group
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- 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
At least the house looks very nice on the outside. Hopefully it’s just as nice on the inside. But pay close to a million for it? Forget it!
Someone’s wife must really love that house. 🙂
A question. How are California drivers in the rain? Can they handle it? Can their bald tires handle it?
Isn’t the average income 55K in San Diego? How can anyone afford these prices? I guess the property tax in CA is less but that seems to be offset by higher mortgages. I suppose its easier to adjust taxes than mortgages. Painted in a corner….
anon, keep in mind that the typical household income in North County is higher than the county/city average. For example, in January 2009 the median household income in Carlsbad was $101,000, with 8% of households earning more than $200,000 (3350 households). I’m not saying that these prices are reasonable, by the way, just pointing out the differences in demographics.
The house that sold for $980k was staged very nicely. I hope the new owners plan to live there for a long time, because I really don’t think they will see similar prices in that neighborhood for a while.
I know two families that live on that street. Both are in the process of trying to get home loan mods, and I just don’t see either of them getting the mods. So I predict at least two more foreclosures on that street within the next 4-3 months.
A $980K home works out to be about a $6000 monthly payment plus or minus depending on the different variables. A household with the median income of $101K (as stated above) would be bringing in a little over $8400 per month. The home payment would take up over 70% of their income. The incomes would probably need to be closer to $175-$200K or more. Either way, I hope the employment situation doesn’t continue to slide. I am still seeing a LOT of empty commercial space for lease around town.
My gf and I combined make $175-$200K and are in no way even considering a $900K+ house. I think the payment is closer to $4500 with 20% down (I’m doing the math in my head, I could be wrong), but that’s still a ton of money every month. You could rent a house on the beach for that.
That figure for Cbad median household income is way higher than what I expected; the median hh income in Del Mar back in 05 was $108k…
Cool that $300/sqft is considered expensive now.
$980K??? That is almost $300K more than the lowest comp on the street and almost $200K more than the highest comp. I don’t get it. I’m curious to know how much was put down; anything less than about 25% means the lender is arguably 100% ltv or thereabouts. I have seen a few deals that looked like this in ’08, where the buyer paid an inflated purchase price as a means to essentially obtain 100% financing, then received a kick-back from the seller in the amount of the overpayment. I’m not saying that happened here, but wow that is a huuuuge premium over the comps.
Not all buyers are smart / rational
Those short sales and foreclosures on Corte Romero are some of the worst locations not only on the street but La Costa Oaks in general. They back up to not one but two major roads. One across the street on 3466 Corte Fresa closed for 610k. Rancho Santa Fe Road pretty much destroyed these sections of La Costa Oaks. Plus you throw in the power line and the main feeder street Camino Junipero as added amenities. BUT if you need big and new and want that school district then there is nothing else that touches those deals so I could see them working for some people.
More short sale shady business practices:
http://www.cnbc.com/id/34877347/
It’s funny that they’re complaining about this kind of short sale fraud. Much bigger amounts are being fraudulently stolen from banks when people have back-door deals on short sales (like when they’re contingent even before listing at well below market prices, possible selling to themselves through a third party). Why isn’t anyone complaining about that?
What about the seller “concessions” (up to 6% legally!?!? and more that is being done behind the scenes, IMHO) that are recorded in the sales prices, but are really being kicked back to the buyer — artificially inflating prices all over the place?
Bottom line: there is so much fraud in real estate, and there has been for most of this past decade. Everything the govt is doing is encouraging the fraud. Either we accept it, or eliminate all the govt support/programs that are encouraging the fraud.
We need full transparency and accountability in all transactions. Without this, capitalism cannot exist.
It comes out to about $5600/month with 20% down. The $980K home on Corte Romero is 4/3.5 and 3345sf. Here’s a list of some 5 bed homes currently for rent on Craigslist:http://sandiego.craigslist.org/search/apa/nsd?query=carlsbad&catAbbreviation=apa&minAsk=min&maxAsk=max&bedrooms=5
Nearly all of them are well below $5600/month.
Hey Jim, you might be doing a Bubbleinfo ‘stormchasers’ episode this week if you’re out driving the rest of the week! for the non-locals, we’re having some intense weather activity here:
link
This smells like classic Jenae-like activity.
Perhaps the unusualness of the house had something to do with it. You don’t see many of that style in SoCal, and I didn’t see any others like that on the street. Growing up in the Midwest, that one spoke to me much more as a “house” than the fauxciendas you usually see around here. Maybe someone just fell in love with it.
Yeah I could have sworn you were going to say the $980K was Super Jenae.
It looks legit – they put down 30%, and list price was lowered to $999,000 after trying $1,090,000 for three months. Old what’s her name would increase the list price by $100,000 and figured no one would notice.
Here’s how it looked in photos:
http://www.sdlookup.com/MLS-090030236-3504_Corte_Romero_Carlsbad_CA_92009
Can’t say how frustrated I get when I see folks offering just a little more to get the deal done. Clearly, seen unwarranted price escalation over the last 4 months due in large part to buyers becoming frustrated and giving in to seller demands. This appears mostly due to a sheer lack of inventory. If seller’s list their homes high, but in the ballpark, they get a lot of attention because there are so many other sellers smoking 2005 and 2006 vintage weed.
Really interested in seeing the impact of another Republican in the Senate will have. I would assume any talk of cramdowns in Congress is dead and we can now focus on clearing out the deadbeat homeowners and forcing short sales, deeds in lieu or courthouse steps.
A million dollars in that location? I would have tried Olivenhain or somewhere more south and west towards Solana Beach. But then again, maybe their commute is towards Carlsbad, Escondido or San Marcos? That said, I’m still not sure why some think people do not have money. I would easily forgo lease payments to gain an extra $1000+ per month in disposable income. And in some cases a single car lease can be over $1000 a month – imagine two car lease payment above, at or even near 1K/mo each?
Nearly all of them are well below $5600/month.
Here’s the thing, at the higher end there’s never been a 1 to 1 ratio of rent to house payments. People with that kind of money seem to value being a homeowner over a renter enough to pay more money for it. My guess is that status symbol of being an owner instead of a renter drives this dynamic.
I think it’s insane, but then again it’s why I think the fundamentals at the high end rarely seem to make sense. At some point the extra $1000 a month just doesn’t matter.
I agree that those who earn more will see such a savings from renting vs. owning as being less than advantageous compared those who don’t earn as much. However, saving even $1000 per month would mean a savings of 6% for one of the 8% of households in North County that are earning $200K or more per year. Saving six percent of one’s earnings is not insignificant. This additional amount could be allocated towards a number of other investments that provide a higher ROI. Status might play well for a time if one works it properly, but it isn’t a sound way to pay the bills and be profitable in the long run, IMHO.