In the peak 2005-2006 era, there was only one house that sold under $1.5 million in Rancho Santa Fe’s Covenant.
Two Covenant houses have sold under $1.0 million in the last week – both on Via de la Valle.
Here’s a tour of one of them:
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Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Verified 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.Verified 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.Verified 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!Verified I appreciate Jim & Donna's great teamwork, sound advice, and guidance that eased the stress of selling our Carlsbad home. Their professional input and assistance throughout the process was very helpful. Highly recommended!Verified 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 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...Verified 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.Verified We had a wonderful experience buying our home with Donna and Jim! In particular I was very impressed with their efficiency and support through the purchase process. As we were doing the walk through, Donna started contacting roofers, plumbers, aircon, electricians, etc for all the areas we needed potential repairs - by the time we were done with the walk through appointments were already set up to get estimates for all the major services. When we had to change an appointment, or couldn't make one, Donna was there to arrange things to fit our schedule. Even after we closed on our home, Donna helped set up the repairs we needed before move in day. They truly went above and beyond to deliver exceptional service. I'll be calling them for our next home!Verified The sale of our home exceeded our expectations - Jim and Donna Klinge are the best! We’ve followed Jim’s Bubbleinfo blog since the 2006 housing bubble. After he helped us buy in 2017 we stayed in touch and Team Klinge were the obvious choice when it came time to move. They guided us through the preparation of the house, including a kitchen refresh - Donna and Lisa skillfully managed the various contractors for us after we had moved out of state. Donna’s excellent attention to detail and regular communication made the whole process run smoothly from a distance. Jim’s market knowledge, expert negotiating skills and candid opinions, together with Donna’s responsive communications and problem solving, set them in a league of their own. Highly recommended!Verified Jim and Donna have exceeded my expectations with sale of my house. It was best experience with house sale. Professional, responsive, superior negotiating skills. I would recommend them with 5 star (I would give them even more than max) rating. Sale of my house was closed for really good price in 10 days. Jim and Donna perfectly handled house preparation for sale. Thanks a lot!!!Verified Jim and Donna have exceeded my expectations and made my most recent move back to California go so much more smoothly than I expected. Jim’s Bubbleinfo blog was full of useful information about the current market conditions. His experience helped us make a successful offer for the home we wanted in a desirable neighborhood. After the purchase Donna organized the work we needed done in the house without us having to make an additional trip. We were pretty worried when we started searching for real estate that not being in the area was going to makes things really difficult but Jim and Donna made the process so much easier. I enthusiastically recommend them.Load moreVerified by TrustindexTrustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more
Here is the other sale, closed for $950,000:
http://www.sdlookup.com/MLS-100015127-92067
I like the one at 16905 a lot better because it is set further back off the street and fixing cosmetics is a lot easier than moving the house.
I’m starting to see more and more free rent deadbeats being foreclosed on. One of my coworkers at one time owned 3 houses. Today he’s lost them all and is in the final forclosure stages on the house he’s living in.
Bring on the inventory and raise interest rates through the roof. People like me that have savings and live debt free are tired of competing with debt lovers for assets.
Move out the deadbeats and bring on the inventory indeed! But interest rates ain’t goin nowhere for some time.
Besides, shadash, if you believe the hyperinflation meme, the best course is to buy as much hard asset as you can with fixed rate debt.
Sean, I never said I believe that interest rates are going to go up anytime soon. I just want them to go up to start rewarding the savers over the spenders. Also I don’t believe interest rates are directly tied to inflation. The federal reserve dictates interest rates and the federal reserve is just a bunch of elected representitives from different banks in different parts of the US. Inflation means nothing to the federal reserve when it comes to deciding interest rates. It all comes down to is what interest rate makes federal reserve banks the most amount of money.
case schiller numbers are in…
http://news.yahoo.com/s/ap/20100525/ap_on_bi_ge/us_home_prices
Honestly, I do not get who would pay $925k for that home which is ON Via De La Valle and under power lines for a sub par home?
So what if it is in the Covenant, I could never let my kids play in the front yard as a car is destined to come flying in one day.
The real estate fundamentals make zero sense to me. Guess I’m old fashioned.
I totally agree clearfund that is something even price can’t fix IMHO.
What’s the big deal, or perceived big deal, about being in the covenant as opposed to vanilla RSF?
clearfund,
That property came on the market a week after we moved in. For about 2 minutes, I thought, “uhoh”, but then I saw all the faults with the property. Sure, the land is all flat, and it’s under a mil, but like you said, you gotta make sure you stay safely on the property, burn rubber trying to get out of your driveway, and hope you don’t grow a third nut living underneath those power lines.
But for $925k maybe someone could live with that.
justme,
The benefit is 80% psychological. I’ve gotten the response of, “oh, RSF? But you don’t live in the *REAL* RSF (i.e. Covenant), do you?”
The other 20% benefits are real…like the public schools that are the closest to being private as possible, and being members of the country club, etc. Those benefits could be moot if you don’t take advantage of them. You want status? Covenant and FBR gives you status for those who care. For those who don’t, RSF in general is fine.
What the covenant provides is a painful HOA / art committee should you want to remodel.
Enjoy all that status and all the painful people it brings
Oh, also, this property doesn’t have any view AND isn’t secluded. Atleast one or the other is pretty much expected inside the Covenant.
Anon, yes, that could be a pain. Just don’t expect to get anything done quickly.
Jeeman, I am curious what is your opinion of 16905 Via De La Valle (the one that closed at 950k)?
Jeeman, I can see good schools and country clubbing a worthwhile benefit, assuming its a happening club.
pemeliza,
If I had a max of $1M to spend on a house, and had to decide between a 3k sqft Carmel Valley new home or that old 1970s ranch in the Covenant, I’d choose the latter. With $1.2M or more to spend, I’d hold out for a better location in the Covenant and finding a desperate buyer who has listed at $1.5M.
The power lines run over the property, although not over the house. If I only had $900k, then I would spring for that property. Eventually I would tear down and rebuild, but if it’s livable right now, I might have gone for it.
The problem with the listing is it has 3 pictures of the front of the house and 2 pictures of the bushes. Yeesh, they weren’t even trying to sell the house.
Covenant vs. Non covenant isn’t a big issue because to each his own.
its just very important to clarify when it comes to values as an appraiser will adjust comps appropriately (typically placing some level of premium on the covenant parcel vs non-covenant parcel).
Just like comparing in Carlsbad where you are in the Cbad schools or San Marcos schools which can happen in the same neighborhood (i.e. la costa greens).
ps: club is not ‘happening’ but very solid and historical for golf and tradition…would trade my nearby golf membership in a moment’s notice.
Speaking of golf, Jeeman, dusted off the clubs yet???
Shadash, I agree. Fed actions are a symptom, not a cause. We may get inflation, but it won’t be because of the Fed. Deflation is more likely IMHO. I also think think the Fed can’t hold rates down forever if LIBOR continues to rise.
A “Spanish style foreclosure”…. awesome
I have…hit golf balls 3 times now. Hopefully I can make it out to the driving range tomorrow with my buddy. I’m getting there, but it’s just so hard to find time to practice.