As long as there are more pendings than actives, the market is doing just fine.
Oh well – that was last week’s thought.
As you can imagine, it’s the high-end market that is loaded with actives. This week an agent commented on what a delightful experience he had showing higher-end homes in Rancho Santa Fe, where listing agents were happy to book appointments at the buyers’ convenience, didn’t go crazy about having to submit financials just to see a home, and were paying regular commissions. A few of the homes had been sitting around for months!
My guess is that most of the disappointed sellers will pack it up and wait until next year, rather than consider selling for today’s top dollar – which might be slightly less than they thought (but 10% to 30% more than it was 2-3 years ago).
How’s the action in the more reasonably-priced categories?
There are 100 active listings, and 191 pendings priced under $2,000,000 today.
A home’s outward appearance plays a big role in whether potential buyers want to tour the interior. Here are ways to give the home’s curb appeal an instant makeover:
1. Update the light fixtures
Updated light fixtures can change the way the front of a house looks but has an added benefit of making it safer when you use brighter bulbs too. Most outdoor lighting fixtures are much smaller than they should be. (That may had been intentional on the builder’s side; smaller fixtures are less expensive.)
Tip for choosing the right fixture: When you’re choosing a new light fixture, take cues from the home’s architecture, color, and your location. For the size, choose a fixture that’s one-third of the height of the door if you have only one light and one-quarter the height if you have a light on both sides of the door.
2. Upgrade windows and doors
Updating your windows and doors are a great way to improve the overall look of your home while also being energy-efficient. Consider adding window boxes, shutters, or even painting the trim for an added pop of color.
When upgrading the front door, choose a new door that matches the home’s style. Or you could follow the latest front door trends for 2021–glass elements, custom hardware, wood stains, or darker paint colors.
3. Paint
Painting your house is a huge task, but it can pack a huge punch! Just imagine the statement you’d make by ditching the boring beige, dulled white, or dated yellows. If you want to modernize your house, consider painting the house black or navy blue. Or, if you want to achieve that comfy-cottage look, try a light shade of gray or even a very pale shade of pink.
4. Add wood and/or stone elements
Adding wood or stone elements to the exterior can help give a home a “wow” factor. Even if you don’t want to put stone veneers on the exterior, you could add stone and wood elements in other ways, like by using stone to line the walkway, a wooden fence, or even stone or wooden lawn ornaments.
5. Hire a professional landscaper
There’s a huge difference between do-it-yourself landscaping and landscaping that’s completed by a professional. A professional landscaper can make your lawn a luscious green carpet that’ll make you want to kick off your shoes. They’ll know which native plants to choose to make a yard warm and inviting. They can also create water features, intricate flower beds, build retaining walls, and more.
6. Refinish walkways and the driveway
The walkways and driveway get a lot of use, and all that wear and tear will need an update over time. A professional landscaper or hardscaper also can upgrade your driveway and walkway by using stone, brick, or cement. But if you’re on a budget, a good power-washing may also give a curb appeal boost.
As we roll into the post-frenzy era, we’ll see more national news about the changes – but all we know for sure is that it’s less hot than it was. Note the gray line above.
Fannie Mae said “Consumers are increasingly adamant that it’s a good time to sell, bad time to buy a home” as it released its June Home Purchase Sentiment Index (HPSI). The index, based on the company’s monthly National Housing Survey, shows a growing difference in the number of consumers who hold one or another of those opinions.
The HPSI was largely unchanged in June, dipping from 80.0 in May to 79.7, but questions of whether it is a good time to buy a home or to sell one produced notable results. Only 32 percent of survey respondents said it was a good time to buy, down from 35 percent in May and with an 8 point increase in those who thought it was not.
As a result, the net who were upbeat about buying fell 11 points to -32 percent, 66 points lower than in June 2020. Conversely, the net who said it was a good time to sell rose 20 points in June to 62 percent and was 69 points higher than at the same time last year.
“The HPSI remained flat this month, although its underlying buy and sell components continued to diverge, setting record positive and negative readings, respectively,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Consumers also continued to cite high home prices as the predominant reason for their ongoing and significant divergence in sentiment toward homebuying and home-selling conditions. While all surveyed segments have expressed greater negativity toward homebuying over the last few months, renters who say they are planning to buy a home in the next few years have demonstrated an even steeper decline in homebuying sentiment than homeowners. It’s likely that affordability concerns are more greatly affecting those who aspire to be first-time homeowners than other consumer segments who have already established homeownership.”
The percentage of respondents who say home prices will go up in the next 12 months gained one point to 48 percent while the percentage who expect a decline went from 17 percent to 21 percent. There was a 4 point increase in those who expect no change. The net who expected an increase was 27 percent, down 3 points for the month but 18 points higher than last June.
More than half of respondents expect mortgage rates to go up, resulting in a net of -52 percent who expect further declines. This is 8 points lower than May.
Job confidence increased slightly. The number of respondents who said they were concerned about losing their jobs dipped 1 point to 11 percent with a corresponding increase in the share who said they were not. The net who were not concerned rose 2 points to 77 percent.
Duncan continued: “Despite the pessimism in homebuying conditions, we expect demand for housing to persist at an elevated level through the rest of the year. Mortgage rates remain not too far from their historical lows, and consumers are expressing even greater confidence about their household income and job situation compared to this time last year, when the pandemic had shut down wide swaths of the economy.”
The HPSI is up 3.2 percent compared to June 2020.
The National Housing Survey from which the HPSI is constructed, is conducted monthly by telephone among 1,000 consumers, both homeowners and renters. In addition to the six questions that are the framework of the index, respondents are asked questions about the economy, personal finances, attitudes about getting a mortgage, and questions to track attitudinal shifts.
This just closed for $7,200,000 cash, which was $5,000 above its list price. It had been on the market for almost two years with two different agents and had a couple of refreshings:
Donna’s tribute to Kayla (from our newsletter) will be the perfect way to kick off more contributions:
Tomorrow (July 9th) is a very special day. 30 years ago I became a Mom and I remember like it was yesterday. Filled with uncertainty – can I do this? Emotional – lots of hormones! But filled with lots of love and wonder as I took a look at our little girl Kayla Marie.
I remember fondly 3 year old Kayla who loved “Mommy and Me” Saturdays which were basically errands but to her it was an important outing just the two of us. Kayla has a way of making everything special. We always ended up sitting in the car feeding McDonalds French Fries to the seagulls in Carlsbad – the car would be filled with squeals because those seagulls can get aggressive. With Kayla you can always count on laughing until your stomach hurts.
Kayla found her voice through dance – she used to be very shy as a toddler. But anyone who knows her now knows Kayla can talk to anyone about anything – she makes friends easily. When she decided three years ago to move to New York City because she has always wanted to live there ever since Gossip Girl, I was so impressed by her courage to just go for it. I will never forget her saying to me “Mom we just got to walk on in like we own the place” when we were figuring out what to do at this event. I watched her walk into this room and own it – it was a memory.
But what I love the most about Kayla is her huge heart. Her 2nd Grade teacher Angie told me about how big her heart was and she was right. You just feel it. 30 years and she has never stopped living her life that way. She would do almost anything for anyone she cares about. She will give you everything she has. She is a loyal and fierce friend. She remembers everyone’s birthday – just ask her and she can tell you without looking it up on her phone. When you are with her and she’s focused (sometimes she isn’t), you feel special and just fortunate you are in her world. Of course she is not perfect; she drives me crazy at times and there are days I just need a break. It can be exhausting! But then she wouldn’t be Kayla with all her glory, fun and charm.
Happy Birthday sweet girl – I am so glad you chose me to be your mom! I love you lots and I am so proud of the woman you have become. Here’s to you – 30 and Fabulous! Enjoy your special day.
The stories started early last night, and the favorite was her memory of us going to Disneyland when she was a kid, and waiting in line for autographs from a boy band who was playing that week.
Before we got to the front of the line, they shut down the signings – and Kayla was crushed.
That night, she talked me into taking her back, just so she could get her autographs. Over Mom’s objections, we returned the next day and she got what she wanted!
She is equally determined to stay in Manhattan for the duration, and make it as a realtor. She had two sales set up for closing next week, which would have been a new record for her.
But one of the sales just got delayed because the seller didn’t feel like moving until middle of August. Because the sale was in a co-op building where the owners have to approve of the new buyer, the purchase contract (authored by attorneys) doesn’t specify a closing date due to the uncertainty of the approval process.
It’s part of Kayla’s job as buyer’s agent to submit a ‘board package’ so they can review the buyers and their financials, which she did well in advance and got it approved. But without a closing date set in advance like we do it in California, her buyers will have to wait another month before moving in, which was fine – but different!
Happy Birthday Kayla – it is my life’s joy to be your Daddy! I love you!
The last paragraph (above) might be the worst misread in the history of forecasting. I’m not sure why they are sticking with it.
Mortgage servicers have stated that they will modify the delinquent mortgages and extend them for another 40 years if necessary – making it a great time to be a deadbeat.
Wouldn’t any of their “plummeting sales volume”, be supportive for pricing?
If we had fewer sellers than we have today, then prices would go up. Demand would have to evaporate for both sales volume and prices to go down.
As for their revisionist history about the 2008 recession, real estate market performed better in the higher-end areas during the last crisis. We’ve had a 10-year trend of buyers purchasing their forever home since then, which will deter any wholesale dumping of properties.
So who is going to dump now? Seniors? Their heirs? Nothing suggests that today.
Mitt Romney has sold his oceanfront La Jolla home for $23.5 million. The Utah senator, and former Republican presidential candidate, completed the sale June 30, according to the San Diego County Recorder’s Office.
A small part of American history, the home became an example of what opponents in the 2012 presidential election said was an example of Romney being out of touch as he attempted to build an elevator on the property for his cars. The “car elevator” house was often tied to Romney’s opposition to the bailout of the auto industry during the Great Recession. “The cars get the elevator, the workers get the shaft,” said former Michigan Gov. Jennifer Granholm in one of the most often-quoted speeches from that time.
The sale price makes it the fifth-most expensive home sale in San Diego County history, and the third-most expensive for La Jolla. The biggest purchase in San Diego County history remains the 2007 sale of an oceanfront home in Del Mar for $48.2 million. The same house was later sold to Bill and Melinda Gates for $43 million in April 2020.
The grant deed said the Romney home was sold to William Rastetter, and his wife, Marisa. Rastetter has been a force in San Diego’s biotechnology and venture capital scene for more than three decades. He’s perhaps best known for his 20 years at IDEC Pharmaceuticals, where he served in leadership roles including chief executive, president and director. While there, he was the co-inventor of Rituxan, the first monoclonal antibody cancer treatment approved by the U.S. Food and Drug Administration. IDEC merged with life sciences giant Biogen in 2003 for $6.8 billion.
Rastetter also served as board chairman of gene sequencing giant Illumina for 11 years, and has been a director at myriad other local life sciences firms. They include Neurocrine Biosciences, Regulus Therapeutics, Fate Therapeutics and Receptos, which was acquired by Celgene Corp. in 2015 for $7.2 billion.
Romney and his wife, Ann, purchased the property at 311 Dunemere Drive in 2008 for $12 million. The existing 3,009-square-foot home was torn down to build an 8,153-square-foot mansion with five bedrooms, six bathrooms and 65 feet of ocean frontage. It is one of roughly 30 beachfront homes in La Jolla.
The home was sold off-market, making a photo of the notorious “car elevator” hard to find. A 2020 assessment of the property, valued at $15.3 million, said the four-car garage was completed.
Room for parking in San Diego beach communities is rare. The most expensive La Jolla home sale, $24.7 million at 8466 El Paseo Grande in January, has a two-car garage. Romney’s campaign in 2012 said the lift was necessary to create a four-car garage because he has many children and grandchildren.
Romney revealed he had sold the home in late June in a virtual discussion about infrastructure sponsored by the Salt Lake Chamber, and was first revealed by The Salt Lake Tribune . At the time, his staff declined to discuss the details, including the price.
The San Diego Union-Tribune reported in 2015 that Romney had been considering selling the home near the end of its rebuild. The project was opposed by several neighbors and conservationists for what they said was an out-of-place design in La Jolla.
Romney was not the only well-known person to live at the property. The original home was owned by former San Diego Mayor Maureen O’Connor and her late husband, Bob Peterson, founder of Jack in the Box restaurants.
Mitt Romney recently paid $12 million to buy a home on the ocean in La Jolla, Calif., near San Diego. His son Matt lives in the same area. The former Massachusetts governor, whose main residence is in Belmont, Mass., says he has no plans to become a California resident, and the purchase has nothing to do with a possible future presidential run.
“I’ve always wanted to have a place on the beach where you could hear the crashing waves,” Romney says. “And you know, I’m 61; I’m not going to live forever. I said, ‘Ann, I want to get a place on the beach. I don’t care what size it is, but I want a place on the beach.’ And this spot, it’s not a huge home, it’s 3,000 square feet, but it is right on the beach, and you open the windows and hear the waves crash. It’s heavenly.”
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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 Mary
Heather Quejada
March 27, 2025
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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.
Lou F
March 27, 2025
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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!
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William Sams
March 25, 2025
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.
Emily Hernandez
December 29, 2024
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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.
Jesus Adrian Sahagun
November 11, 2024
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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.
SABIHA PASHA
July 23, 2024
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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!
Anu Koberg
July 13, 2024
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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.
Bjorn Isachsen
July 10, 2024
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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...
Chris Shea
June 21, 2024
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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.
