What do you do with this REO in the Ranch?
Remodel? Tear down and build a monster?
For people who just want to get into the Covenant at a lower price, this might be a viable option just the way it stands:
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Jim Klinge
Klinge Realty Group
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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. 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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. 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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 . 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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
ravino’s comments a few threads back:
The remainder were a combo of vintage 60s/70s Covenant ranch styles, some poorly/partially remodeled, some wrecks, banking on acreage/location.Despite their condition, listing price way out out whack in relation to the primo ones, for reasons I’m starting to figure out.
After reading that (and now this post) I couldn’t help but wonder if something Dawg & I had discussed years ago wasn’t finally happening — that (1) a lot of people who had lived in RSF-like communities for eons had tapped out the ATM and (2) those that hadn’t are trying to get out with whatever equity they had left in order to preserve their rosy retirement dreams.
Otherwise, why leave paradise when you have low or no payments, low tax basis, no HOAs, etc.?
Good point.
Background on this one:
Paid $2,875,000 in May, 2007, and used a $575,000 down payment. Just a million-dollar hit in 2.5 years.
Just a million dollar hit?…
Yikes! That must have hurt! With that kind of a loss, you might as well surrender it to the bank!
The bondo on the floor had me scratching my head – who the heck does that? Despite the bondo, this listing looks like a bargain compared to the listings in La Jolla, Del Mar or Coronado where you get a much smaller house with no absolutely no lot/acreage. Never thought I’d say RSF looks affordable but compared to some other overpriced junk in Encinitas, SB, Cardiff, Point Loma etc. this looks good…wish it was just another mil lower….
4600 sq.ft. @ 1.879M = $408/sq.ft. for an old house with water damage issues? must be lot size. I guess that’s why you were mentioning tear down as a possibility. I think this one might sit on the tundra for awhile
even if it sells that’s a $33K loss PER MONTH for 2.5 years! that’s devastating!
Are you sure it is a slab (where the leak was in the corner)? Many old homes were on beams with a crawl-space.. I grew up in one (north of LA).
I thought I saw floor registers for heating in that room with water damage. Uncodegen may be right. Floor registers would indicate ductwork under the house.
Jim is the right on the money on these 60/70’s properties…”where do you start and when do you stop ?” on these homes in need of severe upgrading..nearly every remodel I’ve seen in this RSF category is either a poorly executed attempt or some Frankenstein makeover that makes no sense in relation to the style of the original home.
In my opinion,this FB, (foreclosed owner), overpaid in 2007 on this particular home by $1ml on price of $2,875ml and today it’s not worth more than $1.2-$1.3ml with the condition it comes with a bulldozer. Spend another $1ml plus to bring it up to RSF expected standards, a year of your life with hassles and dealing with the RSF Art Jury, lots of family stress and thinning or graying of your hair.
Or, if RSF is a must, look at the newer, move-in ready properties in the 2.5ml range and ignore the vintage restoration projects unless priced accordingly.
Some mid 60’s slab houses have the ductwork in the slab.
Not sure why anyone would tear down that beautiful house. We have enough of the ugly, stucco boxes all over San Diego County. Let’s leave the few older homes alone, so that those of us who appreciate a nice, older, custom-built home can find just a sliver of acceptable inventory.
Just try looking for a house that’s older, single-story, on a nice lot (10,000 sf+). There is almost no good inventory in North County because the area is relatively new, and it’s been built-out by the BIG developers who shove huge houses on tiny lots, or the spec builders tear down what little decent inventory is left and build another McMansion.
This is one of the most frustrating aspects of our search. No good inventory (lots of boxy McMansions on tiny lots with HOAs/Mello-Roos, though).
Nice report…
not worth remodeling but rather a great tear down. rebuild 4,000sf x $300/sf (tight for RSF but doable) = -1.2mm. Value of $2mm ($500/sf including land) – 1.2mm – fees/permits/u.g. power lines/demo = <$800k as is for someone who wants to not be upside down on the day they move in….
2 usable acres is very nice in RSF. Much better than maintaining the 4+ acres every $$month$$.
Gotta agree with CA renter on this one. On what planet does it make a whit of sense to tear this house down? Fix the floors for a few thousand and it’s damn near perfect. Have we learned nothing over the last two years?
I agree with John and CA Renter. Fix the floors (assuming the slab is in reasonable condition) and do a little remodeling. Otherwise a great house. I’d do a more extensive landscaping in the back over time (sweat equity) but that’s my preference for living in a botanical garden.
I’d probably turn the downstairs area in an extensive office/art studio that can be perpetually messy without impacting the living quarters upstairs.
For those who say they’d keep the house, its a shame to teardown, would you really write a personal check for nearly $2mm for that home? Think of all your other options for a really great home for $2mm.
I have a very hard time seeing anyone write that check and just do a little floor fixing and minor remodel. You’d be over $2mm.
What we seem to have forgotten is that $2mm is A LOT OF MONEY TO LIVE IN A LESS THAN TOP SHELF HOME!!!
For $2mm go check out Fairbanks Highlands in Carmel Valley where you can get 1-2 flat acres, great access to the 56 fwy, 4-5ksf of move-in-ready fairly new home, with great schools.
Just saying that for $2mm there are MASSIVE QUANTITIES OF OPTIONS and that house should be fully renovated for less/equal to the asking price, not in its current condition.
(lago lindo is a great street so long term value will be there, just don’t overpay to get there).
That’s a beautiful house, on a nice lot. It’s simply wasteful to consider tearing it down.
I’m late to the party on this, but RSF can do whatever it wants. All I’ll ever do is ride through it on my daily bike rides.
That floor looks like a remodel and the water damage has worked through that as well. The bondo suggests a massive problem in one area. How can the top level of a two level have such drainage issues? As a kid, I lived on a 1/4 acre property in Victoria, that was HUGE-this place makes much more sense subdivided.
clearfund, exactly. It’s a LOT OF initial MONEY for vintage and Frankenstein remodels, followed by an ongoing outflow of LOTSA add’l. MONEY for fixing it up but never quite getting it quite “right”.
Value is in the land, in this case about $1.2ml, bring along a bulldozer and another $1.2ml for a new build.
I never understand why people want to buy into the Covenant. You spend all that money to put up with an obnoxious HOA?
If I bought in RSF, it would be to get away from those people.
That is one goofy house. More than 4,000 sq ft, yet the master bedroom is maybe 18′ x 18′. Bathroom right across the front door, and then a useless room/thing to the right which you have to go through to get to the rest of the house. Two bedrooms in a basement-like area downstairs. It’s a mess. I can see somebody tearing it down merely due to the horrible floor plan.