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.
Hi,JtR:
I am far from anything inside. I have been to Poway area only twice. And I am not a professional in the trade.
My “failed auction” guess came about because of the huge gap between “potential opening bid” and what the area market might be able to bear.
In this case, it may take 2 or 3 round of auction attempts before the owner finally gives in to much lower opening bid.
Just my wild guess.
George
Come on George, you’re a man of mystery. Don’t you at least drive an Italian sports car? Don’t let us down!
If they don’t auction this off on April 25th, they will probably rent it and take their chances. It’s what everyone else does.
We all know the story. He wants 10 mil + and there aren’t any takers. If you open the bidding and there are no bids, is it really an auction?
Until we get to a point where sellers will commit to a reasonable opening bid with no reserve, auctions will remain a gimmick or a small refuge of the uber-houses. Problem is the opening bid needs to be below ‘perceived’ market value to generate the buzz and most sellers aren’t willing to do that.
The whole auction thing in general is blatantly stupid when applying to real estate. Yes to get rid of foreclosed homes to investors, but this ain’t that.
The whole auction thing in general is blatantly stupid when applying to real estate.
It probably seems like it, but it beats what we have now – if prefer to use a logical, predictable, and dependable process.
The way resale homes are sold now doesn’t follow a logical, predictable, dependable process in every case. Instead, it’s whatever the listing agent feels like doing, which is wrought with fraud and deceit to the detriment of their own sellers. Many times it is inadvertent – the agent doesn’t know any better.
Why do you think buyers rush over to every new listing? It’s because they get burned so many times that they just want to secure something quick before anything else goes wrong.
If every house was sold with any predictable process – auctions being the most obvious available – I could sell twice as many homes.
You are absolutely right Jim. But, your entire theory hinges on agents and brokers and sellers following the rules that are put into place to provide the ‘predictability’.
Yes, and we’d have to wash out the entire realtor body and start over with new agents, or a new process, to have it be different. We, as an industry, have proven that we will tout the ‘strict Code of Ethics’, and then do everything but be ethical.
I was just thinking, and I’ve had coffee, so beware…
What if someone put a house up for sale via a lottery sales model?
You pay some predetermined amount for your ticket, and if enough tickets are bought to cover the asking price, you get the house. If the number of tickets fall short of the asking price, the lottery judges pick three winning tickets, dole out the money, and try again–or not. Everyone who buys in will have a fair chance to win, if not the house, then a nice wad of cash. The seller has the chance for a nice payday, and if not, at least he’s not getting lowballed.
Everyone has an equal chance, depending on how many tickets they buy, to do well on the deal, and it’s entertaining for everyone… yet safe. Winners are happy, and nothing significantly bad happens to the losers. If streamlined, it could sure dispose of a lot of crap involved with the buying process of a luxury home, or even a common home.
Entire cities have been built on the lottery model, going back hundreds of years, btw.