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.
The big difference is that the 2014 sales are predominantly to real buyers. Buyers that are going to live in the house and who put down real money and qualified for a real mortgage. The unknown is how long the institutions are going to hold on to all those “rentals” they bought 2-3 years ago and if there really is other shadow underwater and bank-owned inventory that will come home to roost.
Another interesting thing from these numbers. The $$ psft gain from 2003 to 2013 is pretty darn close to an even 3% a year, all the intervening damage, destruction and histrionics aside.
IMO the Big difference is they are not building near enough homes or selling them to marginal buyers this time.
So IMO the down side is limited (without total economic meltdown that is)
Interesting that the property market is back to where it was 9 years ago in terms of $ per square foot and that as elbarcosr says the average turns out to be very similar to the long term price appreciation gradient in “inflationary” dollars.
I should have said
Unless QCOM implodes
Dang!
The prices per sf for 2001 and 2002 are much lower than those of 2010 and 2011, a fact denoting a sharper rise in price during the 2001-2005 rise than this time around. The last time it was a bubble while this time buyers smart up and stopped inflating it in time.
Maybe someone should rent out beds in travel trailers that just move around town. Cheaper than motel 6. I just dont know how the workn man can afford these prices. Not everyone one is living off a trust or an inheritance. Is so cal for the affluent pretty much? I heard el cajon is where all the broke people go.
El Cajon and Arizona are the same avgjoe. You should stay there.
I bet you have never been to az. One of those Californians who think they are somebody cause they live n so cal.