This youtube video tour highlights the north side of 4S Ranch (West RB, 92127) where the density is high, Mello-Ruze higher, and timing bad – this 3,390sf house was sold new in April, 2005 for $847,000.
I checked the sales when I returned, and they are healthy:
| Sq. Ft. | Sales Price | Date |
| 3,169sf | $650,000 | 6/19 |
| 3,431sf | $658,000 | 7/27 |
| 3,197sf | $670,000 | 7/9 |
| 3,675sf | $735,000 | 7/16 |
Jim Klinge
Klinge Realty Group
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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
Check out Peter Hong’s first attempt at real estate video. He features a 1,092sf house in Los Feliz that just closed for $864,000, which is 2% MORE than it sold for in 2005:
http://www.youtube.com/watch?v=oNecNz4cfBM
Or for the full article in the L.A. Times:
http://latimesblogs.latimes.com/laland/2009/08/some-now-buying-again-at-bubble-prices.html
I can not even imagine how there could possibly be so much mold damage, in a relatively dry climate. I thought the conclusion was that mold was not nearly as deadly toxic as was first thought a few years ago, when you could not insure a home with any sort of roof or water damage.
I’m guessing the mold remediation cost $20,000+ to demo drywall/cabinets and run HEPA fans while dancing around in white moon suits and masking off all areas real official-like.
They must have had a shower pan leak that lasted for days?
Looks like someone turned on the shower upstairs, jingle mailed the keys, and said goodbye 4S.
You stay classy San Diego?
Then again maybe it was an accident.
Jesus, 500K for that? You realize a house like that pre-destruction would run $250-$300K in many places? No you won’t have an ocean view, but you’re not exactly next to the ocean in 4S either.
Anyway good video for a laugh, thanks.
You realize a house like that pre-destruction would run $250-$300K in many places? No you won’t have an ocean view, but you’re not exactly next to the ocean in 4S either.
You won’t find many six-figure jobs in those places, either.
You’re finding less and less six figure jobs in SD as well. And just an FYI but farmers in the Midwest might not pay 500k+ for their houses but I can guarantee they have over a million dollars in farm equipment laying around. Something to think about when you start defining what makes people “rich”.
Who is the idiot who paid $864K for a 1092 sq ft place????
I need to shake his or her hand!!! And well done to Mr. Hong for screwing them over!
My apologies..Hong is the writer…not the agent…I want to meet that agent!!!
No wait it is Mr. Hong…I’m going giddy over this fantastic bargain of a sale!!!!!!
Gosh… that house seems like a lot of work to put back together. Can’t believe that mold problem required taking the entire house apart.
I wonder if its worth $525k? A few months ago, the new builds were only asking $670k for 3000sq ft. Lots of things in 4S are asking $220/sq ft. Unless you can get a good price or know some cheap contractors, the profit margin looks kinda tight to me.
Jim, any chance of an address on this place?
Jim, you sneak! You start off all cheery and happy that the market may be finally starting to become reasonable…
…then we see the damage. 😮
Nice bit of acting there. 🙂
How much would it cost to simply rebuild the entire house? The cost of finishing the repairs could end up being astronomical with no guarantee that the mold problem will be properly resolved.
I’d definitely walk away from this one.
Dead pan. Shower pan. Peter Pan.
“Looks like someone turned on the shower upstairs, jingle mailed the keys, and said goodbye 4S”.
Sdnerd. You nailed it.
We have A LOT of this in metro Atlanta.
Myriad – Jim, any chance of an address on this place?
Check the MLS, its been listed for a week.
Homes in that subdivision are trying for close to 700k. I think if you could get that for 500K, you could probably toss 50-75k into it and turn around a profit on it. Or if you are a family looking for a nice gem under market value and have the cash, fix it up to your liking and hedge the neighborhood’s potential for more downward pricing in the next few years.
Maybeck is still pushing 3K sq ft down the street in the high 600s but those dont have the lot size that this does.
Good video as usual JTR.
17061 Silver Crest, SD, 92127 MLS#090045844
A 3,390sf house on a 5,310sf lot with $415 per month Mello-Roos, yet three offers in because I think you’re right 4S Renter, you could flip this – unless we hit a sudden downdraft.
There are three others on the street who have received their default notices.
That’s a tough MR – essentially adds ~$75,000 to the price at today’s rates. Sure you get some tax break on that, but still.
Then you have to disclose that there was a flood.
I’m not sure how significant telling a prospective buyer that the entire house was flooded is.
I will be surprised if it goes for any less than $575K. Keep in mind, as the buyer of an REO from the bank, rather than the Trustee Sale, the new owner will have to disclose the Mold issue to the next buyer–not sure it would work for a flip over $500K.
I am thankful every day for the home that I bought late last year. No M-R, no HOA for a 1995 home. Woot! 🙂
Jim,
Your video quality is great. What sort of equipment do you use?
Thanks!
from George C.:
Another report from Zillow.com finds that while 60 percent of owners believe their homes have lost value over the past 12 months, but 81 percent think the values will not fall any further in the next six months. Homeowners here in the West are the most optimistic about a market rebound.
I’ve acquired a few devices over time.
The Canon SD970 IS is all you need to produce a decent video, it has some wide-angle for the smaller rooms, and is small and handy.
But I have trouble downloading the videos to a spot where I can find them – my computer doesn’t want to play that type of video, and the files sometimes show up as empty. But I think it is user error more than anything – I don’t like to read instruction manuals.
The Sony Webbie is working its way into the rotation, but it doesn’t have wide-angle for the small rooms. It will upload right onto youtube though with mpg4s.
The primary is the Nikon D90 that I bought in a panic one day on the way to my daughter’s final dance solo. It is really an SLR camera with a video add-on, which doesn’t have auto-focus and why you see me constantly struggling the lens. But it has the cleanest upload and workability on my computer, so it gets most of the action.
I think my all-time favorite is still the one I started with, the Canon SD870 IS – which I like better than the 970 because the screen is much bigger. But it broke.
my computer doesn’t want to play that type of video
http://www.videolan.org/
Arguably the best media player for Windows – plays everything, absolutely free.
Who is the idiot who paid $864K for a 1092 sq ft place????
I need to shake his or her hand!!! And well done to Mr. Hong for screwing them over!
Noz | August 17th, 2009 at 11:31 pm
How about $670k for 1,039 square feet?
In Riverside!
http://www.redfin.com/CA/Riverside/5916-Grand-Ave-92504/home/4946775
Now, that was purchased at the peak (2005), but even then, this should have been worth about half that. Reminds me of the million dollar “Detroit River” house-obvious fraud.
Now on sale for $92,900 as an REO-86.1% off the previous sale.
“You won’t find many six-figure jobs in those places, either.”
SD has least amount of six-figure jobs than anyplace I’ve ever lived.
That’s a tough MR – essentially adds ~$75,000 to the price at today’s rates. Sure you get some tax break on that, but still.
sdnerd | August 18th, 2009 at 8:43 am
Actually, MR are not tax deductible. Many people do it, but if you get audited, you will be in trouble.
Of course, I am not an enrolled agent, but check with yours to see if it is worth the potential risk of back taxes, penalties, and interest before you deduct the MR on your return.
Maybe a flipper can make that work, but let’s be realistic about the repair here. Dry wall isn’t that expensive, but you need trim (and probably more than you would think because you don’t want lines of wood cuts in the trim at knee level. Carpet, complete new paint, and then there is the kitcen. Notice how the tile was cut out? (square cut instead of individual tile removal) might need a whole new tile floor if you want matchy-matchy. Ditto cabinets. Replacement bottoms might not match older cabinets.
Two words: Money Pit.
Since Mello-Roos doesn’t accrue equity it is best compared to the non-deductible interest only loan product equivalent. $75k for a $400/mo M-R sounds about right or a little low.
M-R has become so pervasive I am afraid there might be a majority developing that might modify Prop 13 in exchange for M-R relief. Divide and conquer.
“Two words: Money Pit.” – Former RB Resident
My boys can have that puppy dressed and lipsticked in time for the Harvest Moon Dance (Oct 4th.). I’d choose top of the line Contractor’s Discount Warehouse cabinetry and go with oversized baseboard for the entire house. Engineered true wood flooring in the front of the house and from the stair landing up except for the secondary bedrooms. That upstairs shower goes with a cast pan and sheet Corian. $60k tops and I’d have this ugly duckling humming a wedding march in time for a Tanksgiving closure. (N.B. “Tanksgiving” is not a typo.)
The irony is MR would be cheaper if it were rolled into the house price, where it would become deductible. The reason it isn’t is to help people qualify for homes they can’t afford, and to give the average person the illusion that the house is $75K cheaper than it is.
Interesting idea, Rob… But M-R is pervasive only in new developments. Most large urban centers were developed pre-Mello-Roos, LA, San Francisco, even San Diego proper are predominantly non-Mello-Roos. I don’t know if you’d get a majority.
Another thought on Prop 13 and the state budget. Prop 13 did not stop/hinder people from buying at bubblicious prices during the boom. Presumably that pumped up the tax revenue during those years.
“Presumably that pumped up the tax revenue during those years.”
Actually, Prop 13 probably smooths the revenue out. In theory that would help the state budget. In practice, the problem isn’t so much one of income volatility.
Question of the Day ~ What do you do when you find the perfect lot at the premiere Harbor Island in Newport Beach, CA but there’s already a 9-bedroom/12 bath mansion already on it?
For the answer, here’s the WSJ article with accompanying video and slide show:
http://online.wsj.com/article/SB10001424052970203863204574344950563627732.html#articleTabs%3Darticle
Actually, California is primarily dependent on income taxes, especially capital gains. That’s why we go boom in the flush years and bust in the bad years. This is more true for California than most other states because of the predominance of high-rollers and our high rates of state income tax and our lack of property tax income (as a result of Prop 13) to smooth out the bad times.
This downturn is really bad for most states because both the stock market and real estate markets have dropped substantially over the last year. Property and income tax revenues are therefore lower for every state.