Remember this REO listing in La Costa Greens?
It sold for $1,348,000 when new in 2005, but after the bank foreclosed in 2009, they listed it for $891,000 – which sparked a bidding war and it eventually closed at $990,000 on 11/5/09.
It just sold again yesterday…..for $1,300,000 cash.
http://www.sdlookup.com/MLS-120017905-6869_Amber_Ln_Carlsbad_CA_92009
BTW, I just renewed my alternative web address, www.doublebubbleinfo.com.
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
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
Doublebubble.com!!! I like it; hilarious!
Congratulations, you win one free internet today!
Love the URL! I can’t believe that price. That’s insane.
Not a problem unless is was purchased with nothing down by a 35K per year pool cleaner.
The 2005 price was for no landscaping which looks significant for this house.
bubble time again?
One word: aberration.
I included this because it is more than a one-off sale, it is continuing a trend – and this is Carlsbad, not Carmel Valley where the last example was. The last three sales on this side of the street:
4,342sf: $1,400,000 6/2011
4,745sf: $1,100,000 8/2011
3,727sf: $1,126,000 8/2011
4,745sf: $1,300,000 6/2012
That is a remarkable run for big, boxy tract houses in the San Marcos school district with $375/mo. in fees and virtually every other house around them is cheaper.
But forget my one example – the real story are the 321 sales over $1,100,000 in the last 5 months, an incredible testimony that the rich people aren’t waiting.
You can’t call that an aberration.
More and more pockets of crazy popping up fer sure, from one end of the state to the other.
I’m saying homes selling for 2005 prices, all cash, is an aberration; you can’t say it isn’t. I wonder how much of this is fueled by the ludicrously low rates… not the example in your post, obviously.
Its not Aberration.
Its the New Normal … and this time Strong Hands are at Play with all cash and almost cash deals.
It would be interesting to see the NCC market after December 2012.
The all-cash was just a choice at the time of purchase – the buyer could have easily financed a couple of hundred thousand to take advantage of the low rates and then it wouldn’t be an aberration.
People are crazy to finance small amounts though – why risk geting foreclosed when you have a majority equity position?
What do you make of the 321? You can’t just shrug that off, can you?
Let’s face it, 09 to 11 was the time to get in. Especially these “over built McMansions” of the bubble era. The prices on these really went down hard because they were mostly concentrated in new locales as well as the significant speculative activities during the bubble. These products are unlikely to be replicated in any significant quantity from this point forward within the county. This does contribute to the rapid rise in value.
The fact that this is an all cash transaction speaks to how weak the dollar is and less about the possibility we are looking at formation of another bubblicious run.
I don’t think this is irrational exuberance 2, but I do think most of these cash buyers are fearful and feel they need to put their money into something tangible/real. IMO, we are still not at a bottom in the RE market.
Let’s face it, the economy is not getting better and the global financial system is on the edge of a cliff. I have no investment in the stock market right now, but I do have a large amount of barbarous yellow and silver rocks. I am hoping to diversify with an RE purchase at some point in the near future.
So the new normal is all cash for 2005 prices? Funny, because that isn’t typical of the transactions I’ve been watching.
I never said anything about the 321, and I don’t know why you keep bringing it up. Yes, it’s an interesting stat (assuming they didn’t sell for large discounts), but it has nothing to do with my original statement. Show me that the majority of homes are selling at close to peak pricing for all cash and I’ll admit that I was dropped on my head as a child.
I agree with your statement about financing 100%. There is already enough risk at play in the market without the unnecessary addition of leverage.
Today I learned that the word “aberration” gets people pretty riled up.
I see it all over Carlsbad, aka…the quieter, rural-like northern Carmel Valley. One one my tract just closed at 1.225(all cash), for exact same plan we paid low 900’s late in 2011. Now a neighbor 2 doors down, same plan listed for high 1.3’s. This is in Aviara…now check out this Bay Collection close this week.
http://www.sdlookup.com/MLS-110045419-7087_Heron_Cir_Carlsbad_CA_92011
I’d never pay 100% cash at today’s rates. IMO, the best move is to borrow as much as you can at <5% tax deductible over 30 years. Plenty of arbitrage opportunities already available at that coupon, and they'll only get better.
The blog is looking awesome as ever, Jim.
Thanks The Blur, good to see you again!
I don’t think anyone is getting riled up, just disputing the idea that this is the only house selling for close-to-peak pricing.
The definition of aberration, from dictionary.com:
1. the act of departing from the right, normal, or usual course.
2. the act of deviating from the ordinary, usual, or normal type.
3. deviation from truth or moral rectitude.
4. mental irregularity or disorder, especially of a minor or temporary nature; lapse from a sound mental state.
5. Astronomy . apparent displacement of a heavenly body, owing to the motion of the earth in its orbit.
Maybe #4 or #5 are applicable? 😆
Thanks doughboy for Heron, here are two others that sold above their peak purchase price. All were new, and I’m sure had significant improvements in between, but buyers are paying what they think it is worth today:
http://www.sdlookup.com/MLS-120021739-7563_Circulo_Sequoia_Carlsbad_CA_92009
SP = $980,000 3/05
SP = $1,090,000 6/12
http://www.sdlookup.com/MLS-120015804-7024_Corintia_St_Carlsbad_CA_92009
SP = $1,196,500 10/07
SP = $1,265,000 6/12
Just a few, but these aren’t in Carmel Valley – this is Carlsbad, where these are the high-enders. I’m not saying we’re back to peak pricing, there were far more that sold for less than peak.
But interesting data for those who said that we’ll never see peak pricing again in his lifetime (me), or at least another 5-10 years.
Remember, rich people (if they didn’t inherit it) got rich in the first place for a reason. Maybe you should follow their investment examples?
That’s an outrageous price. I can’t believe someone would pay $1.3M for that! A terrible floor plan, awful backyard, subpar schools…and it’s just a box in a tract neighborhood. Not close to the beach.
That needs to be around $1,000,000. I sense another price discovery for these big tract homes. There are just too many of them and let’s not forget, this is NOT Carmel Valley!
In CV, this would be understandable. In San Marcos schools? In Carlsbad? Outrageous.
And think about what $1.3M can get you elsewhere. I can go on over to the second-coming of Nantucket and get me a big, box tract home…that’s basically new. They’re nice homes, you can WALK to the beach, you’re in Encinitas schools.
You can pick one up for $1M or just above and get upgrades from there. People have done nice work.
Why that, for $1.3M, is better than an upgraded Nantucket home for the same price is beyond me. San Dieguito schools, west of 5…nicer finishes….beach close.
What am I missing? Some sort of fraud going down on this deal? Now, Magnolia Estates…that I can see justification for $1.3M-$1.5M. But for this?
I’m just blown away.
Markets are local. I looled at a nice place in West Petaluma today that’s priced at $10 more than it sold for in 2002 and they would look at a lower offer. I also checked out “Burbed” which has a couple of SMALL homes on a 14K sq ft lot for $8.9MM.
I forgot to mention the Gallagher Ranch in MArin, 330 acres with a $3k sq ft home and outbuildings, asking $5.5MM and they’d take $5MM with a smile, just gorgeous. 14500 Petaluma Pt Reyes Rd for those that are curious.
Housing can’t go down people. Buy now!!!! Unless of course we follow Japan’s post bubble prices.
I’ve been helping (part time) relatives prepare their some ocean view Carlsbad home to eventually sell for the last few years. Looks like waiting will payoff for them.
Wow….these people have forgoten the bubble lessons so soon. So this time things are different again ?