The purpose isn’t to skim a bunch of email addresses and harass people incessantly. Those of you who have responded to Jim’s Club know that there’s no abuse of your right to privacy – instead, you probably think that I lost your email address!
The purpose of the bi-weekly newsletter is to provide a way for the more casual blog readers to stay in touch with the market.
Here’s a crazy idea when thinking about what high school to choose for your kids. What colleges will be in the running?
Between the intense competition and budget cutbacks, you can’t just stroll into a UC campus with any old HS grades – heck, you need a 3.50 GPA just to get into many majors at San Diego State!
Should you consider an easier high school, in order for your kids to get a higher GPA – and increase the college choices?
Wifey thinks this thought is preposterous – of course you send the kids to the best high school available. But in this budget-conscious era, if you want to get into the best colleges, the 4.0 GPA might be required – especially if you have young kids, and are looking at 5-15 years from now.
The thought of glossy high schools doing a better job preparing kids for college with more-rigorous school work makes sense, but if good HS grades are tougher to come by, and a lower GPA occurs, it could make getting into a top college harder, not easier.
At the upper-echelon high schools, there is also some peer pressure to attend a big-time college, when you hear others around you are going to Harvard, MIT, Cal, and Stanford. The budget cutbacks at big-time schools will likely continue – did you see where Cal dropped it’s baseball program this week, after 100+ years of existence and winning two national championships?
Should the difficulty of getting into the best colleges be considered when choosing a high school?
By the way, on the thought that Cathedral Catholic HS is full of rich kids; they do reach out to the community – at least one-quarter of those enrolled are on scholarship.
With the local inventory of quality properties being fairly tight, some homebuyers are considering where they might compromise. Can you live with a smaller home and/or lot? A home that needs work? Different neighborhoods?
Or how about school districts?
Would you consider a change in schools when you can get a better value on homes in that district? There are highly-ranked elementary and middle schools in most districts, let’s just look at the high schools for this discussion.
I’m not advocating Westview or San Marcos High Schools, but when you can get substantially more house for the money, are they worth considering? Parts of Carlsbad are in the San Marcos district, and Westview isn’t far from Carmel Valley for the buyers who are looking for those locations.
The parent ratings and comments on the website could be unduly influenced, but the API testing is administered by the state. From the greatschools website:
Although test results can be an indicator of what’s happening in the classroom, they don’t tell you everything about the quality of a school. Always look at more than one measure when judging school performance and visit in person before making any final determination.The API Statewide Rank ranges from 1 to 10. A rank of 10, for example, means that the school’s API fell into the top 10% of all schools in the state with a comparable grade range.
Hat tip to Kelly Bennett for sending this along, from marketwatch.com:
Equity Residential today announced that the company has acquired Vantage Pointe in San Diego, CA for$200 million.
Vantage Pointe is a 40-story high rise featuring 679 apartment units, 26,425 square feet of retail space and 968 underground parking spaces. The purchase price values the apartment units at approximately $291,000 per unit and $348 per square foot of rentable apartment space.
The property was developed as a condominium project and completed in 2009. Amenities include a clubhouse, rooftop pool and sundeck, fitness center and theater. Equity Residential purchased 100% of the units, which are being operated as rentals and are currently approximately 22% occupied. The company has begun a comprehensive marketing and leasing campaign and expects a year-three stabilized yield of approximately 7%.
“The acquisition of Vantage Pointe is another example of the opportunities we have seized this year to add high quality, well-located assets to our portfolio at prices well below replacement cost,” said David J. Neithercut, Equity Residential’s President and CEO. “And, as we have shown with the success that we have had at our 425 Mass property in Washington, D.C., we are able to tackle large, complex deals to create long term value for our shareholders.”
Equity Residential now owns and operates 14 properties, consisting of 4,963 apartment units, in the San Diego market.
Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 479 properties located in 21 states and the District of Columbia, consisting of 134,484 apartment units.
(The previous owners had a $210 million loan on it.)
Attorneys general in Connecticut and California ordered Ally Financial’s GMAC mortgage unit to freeze all foreclosures within their borders, joining a growing list of states investigating whether the firm and other lenders improperly kicked people out of their homes.
Connecticut Attorney General Richard Blumenthal on Monday accused Ally of using “defective foreclosure documents” in its filings and said he ordered the moratorium “to forestall horrendous, illegal harm against homeowners.” California Attorney General Edmund G. Brown Jr. on Friday called Ally’s document review process a “sham.”
In Illinois, Attorney General Lisa Madigan said she “wants to see Ally stop the filing of foreclosures in Illinois as well until this situation can be remedied,” a spokeswoman said.
The actions taken by state officials are illuminating an overburdened foreclosure system that relied on shoddy or fabricated paperwork to deal with the massive pile of cases. Now criminal and civil inquires are widening to other major companies who might have engaged in similar conduct.
“This has the potential to be an industry-wide issue,” said Patrick Madigan, an assistant attorney general in Iowa who is chairman of a national foreclosure prevention group that includes law enforcement officials and bank regulators, among others.
The Case-Shiller Index for July was released today, and San Diego’s non-seasonally adjusted number showed a 15th consecutive monthly increase. The SD index, 165.02, reflects a 9.3% improvement year-over-year, and a 65% increase above the base month of January, 2000. The seasonally-adjusted number was down 0.2%, the second consecutive month-over-month decline but not sure if it’ll make the headlines.
It doesn’t mean much on the street, but the buyers and sellers who only glance at headlines might take it seriously. The perception will be more important than the reality, especially for active sellers who aren’t selling, they’ll think that their turn is right around the corner – and resist lower pricing.
“While we could still see some residual support from the homebuyers’ tax credit, which covers purchases closing through September 30th, anyone looking for home prices to return to the lofty 2005-2006 levels might be disappointed,” David M. Blitzer, Chairman of the Index Committee at S&P, said in a press release.
“Housing starts, sales and inventory data reported for August do not show signs of a robust market, and foreclosures continue,” he said, adding “stable prices seem more likely.”
The 20-city index showed home prices remain 27.9 percent below the peaks set in mid-2006.
Bank of America Merrill Lynch analysts believe the federal government should begin investing in distressed real estate directly through a second round of the Public-Private Investment Program to reduce the shadow inventory of properties.
The original PPIP was a coordinated effort between the Treasury Department, the Federal Reserve System and theFederal Deposit Insurance Corp. to hold real estate assets off bank balance sheets in order to free up credit lines. Through July, the government has invested in more than $22.4 billion in the PPIP.
But while BofA Merrill Lynch analysts called the program a success for driving up the value of residential and commercial mortgage-backed securities, they said PPIP 2.0 would be critical to reduce homeownership rates, the amount of delinquent and foreclosed homes in the shadow inventory, and increase the value of real property.
Homeownership rates dropped to 66.9% in the second quarter, according to the Census Bureau. BofA Merrill Lynch analysts said the adjustment to a more natural 62% to 64% rate is under way. Converting another 3 to 4 million homeowners to renters would be required to get there.
At $200,000 a property, it would cost between $600 billion and $800 billion to make that reduction.
Initial targets for the program would be the 5.5 million delinquent borrowers. “Despite all modification efforts directed at this group, we think it is probably only a matter of time before these many homeowners are no longer homeowners,” according to the report.
The number of properties making it to the court house steps is on the rise – there has been a 50% increase roughly in SD County trustee-sales since the end of June (from 200 to 300). It’s still a pittance, however, compared to the 14,493 properties in default in San Diego County:
The SFR trustee sales in the North SD County Coastal region have been fairly steady however – no big spikes yet. There has been an average of seven SFRs foreclosed per week over the last 12 weeks (avg of 2 of 7 bought by third-parties), even though there are 608 on the NOD/NOT lists. Are servicers trying to squeak out every last loan mod they can find, or deliberately holding back?
North San Diego County Coastal Trustee-Sale Results, SFRs-only:
It appears that the servicers are managing the drip very carefully for the higher-end properties, but if there are any surges, you’ll see them here!
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!