The flow of North San Diego County foreclosures has picked up nicely.
Last year between January 1st and February 18th, there were 42 SFRs foreclosed, and this year there were 62, which is a 48% increase. Here’s a look at a few:
Cruising N. County Foreclosures
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Jim Klinge
Klinge Realty Group
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The transactions were very different, each with its own unique situation, opportunities and challenges. From start to finish, Donna and Jim helped navigate the pre-sale preparation, the listing, showing of the house, buyer negotiations, the final close and all of the paperwork and decisions in between. What stands out with both transactions is the professionalism of Jim and Donna (and their team), wonderful communication (timely, relevant, concise), their deep understanding of market dynamics (setting realistic expectations), their access to top-notch contractors, and last, their ability to guide us across the finish line successfully. We wouldn't hesitate to use Jim and Donna in the future and highly recommend them for anyone looking to buy or sell a property in North San Diego County.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. 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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!Load more
maybe the kid was a budding jim the realtor getting in some practice!
Jim, just curious what type of camera you use and what program if any you use to edit combine the clips before uploading to YouTube.
Thank you!
I think the Via Marbrisa is in contingent status already. We went to look at this for our investment property a few weeks back and it was listed at 499k. We made an offer but got outbid. From what I saw needed a full renovation job.
Can someone please explain to me how a house such as Via Marbrisa can make a good “Investment Property”–has to be priced at 15 times gross or higher.
It was listed as a short sale up until last month at $499,000, but in cancelled file now.
“make for a good investment property” is just code for nobody in their right mind would buy that to live there.
Whether it makes sense as a rental is more related to the available down payment these days. I think there is so much cash floating around looking for returns higher than 1% that the standard is much lower than it used to be.
From 2.6M to 1.4M? Ouch! That’s two reasonably priced small homes right there!
Oh, and Jim…
BUSTEEEEEED!!! 🙂
“Whether it makes sense as a rental is more related to the available down payment these days. I think there is so much cash floating around looking for returns higher than 1% that the standard is much lower than it used to be.”
And this is what we’ll be doing. Putting down 50-60% down payment on our investment property. Looking in the range of 500-750k in Carlsbad and surrounding areas. Our money is earning 1.10% in an ING savings account. We don’t like playing the stocks so RE is what we like.
I have always liked Real Estate as an investment as well (tangability, tax advantagess, ability to leverage, a hedge against inflation, etc..). However, a SFR priced at $500-750K, valued at roughly 15 times gross potential income, does not excite me–it probably works out to a 3-4 cap. For me, with interest rates low, 10 times gross things start to make sense, but those will most likely be in outling areas (Escondido, El Cajon, etc…) How about 2-4 units properties?
If you are of a real estate investment mindset, I suggest taking a look at the commercial side of the world these days.
In the past 6-9 months we have finally seen banks willing to sell foreclosed commercial property at prices that now make sense. Rents have been slashed by 50% from the peak and you can earn a good 7%-9%+ all cash yield (higher with leverage).
When rents rise again your yield will increase as will your bldg value. Not a 1 year flip play, but with a 5 year horizon on good, central SD property you will be very happy.
On a $/sf basis we are seeing some deals where rents and bldg value have not been for nearly 30 years. Most deals are ‘off market’ as commercial doesn’t list openly or have an MLS, but they are available.
There’s some yield to be had in commercial property right now, but I’d stay away from the single tenant situation. Multi-Family > 4 units is considered commercial property and can be a pretty decent cash flow investment. Obviously these type of investments require a sizable cash down payment to make them work, but for someone in the situation with a lot of cash and a need for some relatively safe yield, commercial investment property is a solid option.
Of course commercial property functions a lot like residential real estate where the good deals are hard to come by and many good deals are done through inside channels.
Clearfund-
Are you seeing commercial buildings that are leased-up and re-stabilized producing those returns, or are they heavily vacant with upside from there. Also, can I assume they are in the retail sector?