Happy New Year!
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Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
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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
Happy (Chinese) New Year to you and your family, Jim! 🙂
Agree 100%. We are always out looking, but have no intention of paying anywhere near peak prices. A number of our (very well-qualified bubble-sitter) friends are also out looking and people are making multiple offers — which is the reason I think the buyer pool is much smaller than some might think based on the “multiple offer” stories. Still, nobody’s bidding anything up. They’ll look at something that is priced **close** to what they think it should be, then lowball it. These are the homes that are getting multiple offers, IMHO.
Yes, we are all out looking because we are frustrated about it taking so long, and just want this thing to be over with. All of us resent the intense manipulations going on in favor of the sellers, so we are also pretty resentful about how things have been handled so far (sorry, I know that doesn’t sound nice).
Just one perspective based on a small sample of us and our friends, but there it is.
Hi Jim,
As a buyer that’s looking right now (Peñasquitos) you hit the nail on the head for me. My wife and I are frustrated with the banks for not releasing distressed properties and taking forever to approve SS offers, and frustrated with traditional sellers who still want prices that are higher than recent comps can support.
We have offers on two SS properties and we’ll just keep looking. There’s just too much money involved here to be impatient. We are seriously considering only distressed properties because they are the only ones that are priced competitively with recent comps (which were mostly also distressed properties). We go look at some regular sales, but we’re never going to buy one unless it’s priced like the distressed stuff. The fact that it’s spring is not going to make us jump on something. It has to meet our needs and be really well priced. Until we find that we’ll just keep looking and wait.
Thanks,
Rich
“And people who are frustrated are resentful and reluctant to jump in. …And they’re only gonna jump in if they find the right house at the right price.” (JtR)
Gee, are you inside my head, Jim? Recently a rep from the property management company called to tell me my landlords want to show the house to another couple who are looking for an investment. The house isn’t presently listed but…
The question for me is if there are new landlords will my rent increase. I feel certain it will. And I’m already paying $800 more a month than my highest mortgage ever right now.
If this house sells and the new landlords increase the rent, then I should start packing. And I have no desire to move to another rental. I haven’t been a homeowner for over seven years. It feels like seventy…
I hope to make my second real estate trip in the next few weeks. Just yesterday, I found seven homes that look promising. Yep–I was born in CA–but I feel like it’s time to jump ship…
“We go look at some regular sales, but we’re never going to buy one unless it’s priced like the distressed stuff.”
There is always going to be a differential between “distressed” sales prices and “regular” sales prices. The reason is not because “regular” sellers refuse to drop their prices to those of the “distressed” prices. The reason is that “distressed” prices are listed 10-20% under “regular” prices to generate immediate interest and activity on a product that is probably trashed, doesn’t come with any disclosures, and is either going to require you to be the winner of a bidding war with all cash to buy or in the case of a short sale wait 6-8 months and hope the bank doesn’t decide to foreclose anyway.
If “regular” sellers immediately set prices to “distressed” levels, the next “distressed” seller would have to shave off 10-20% from that to be competitive and so on. If the market worked like this prices would decay exponentially to zero after a few sales.
Of course, in time the “regular” sellers have to bring their prices down to complete but it takes a while and by then the “distressed” sellers are that much lower. This feedback loop continues until the volume of “distressed” sales become negligible which is probably a few years off.
The key as a buyer is to not get caught up on the best “distressed” deals because you probably are not going to get those deals unless you have cash or know a realtor who is willing to “bend” the rules. Rather evaluate every situation on a house by house basis and pull the trigger when things make sense to you. By picky, be careful, and take a long-term view.
Thanks pemeliza, well said.
Everyone has probably heard by now that the video going around all week talking about the sweetheart OneWest Bank deal has been repudiated by the FDIC.
But these deals still sound sweet – here’s another:
http://www.fdic.gov/news/news/press/2010/pr10003.html
Colony paid 90.5 million for its approximate 44% share of the unpaid principal balance.
They say that 70% of the 1200 loans were delinquent, but they don’t mention how the delinquency ratio translates to the $1.02 billion. But let’s use the same 70%, and that $300 million is performing.
$300 million x 44% = $132 million is Colony’s share of the performing assets.
So they paid about 68 cents on the dollar for performing assets, and they’ll foreclose on the remainder, then reduce the rents, and enjoy those returns.
It is what needs to happen – the rents need to be cut in half or more, and then worked backward to pencil. I think the tenants, the delinquent property owners, and failed banks would have all taken that deal if they could have gotten it.
By the time this is done, this country will be owned by the well-connected uber-rich (if it’s not already).
By the time this is done, this country will be owned by the well-connected uber-rich (if it’s not already). BURMA SHAVE!
I haven’t been a renter for over 10 years, but given the overpriced trash on the market right now, we’re ready to do it. We’re getting our house ready to put on the market next month so we can take advantage of the ridiculous prices buyers seem to be willing to pay for homes in great shape.
Do you expect house prices to be flat for a while?
Dawg said it best, we need to throw out all previous assumptions and opinions.
Will prices be flat? I think it’ll depend on where we’re talking about, and how new inventory rolls out in those specific neighborhoods.
Oceanside pricing is going to look like it is rising, if you use the standard measures. Carmel Valley will probably ‘look’ flat, but it could fool us because of low inventory. If there was a surge of new listings one month that satisfied some of the unmet demand, you could see a bunch of houses sell for more than recent comps, and then quiet down again.
It will be a mixed bag of goo.
That’s right Jim, “It will be a mixed bag of goo”
The Mira Mesa and Oceanside homes are closely related to the San Diego County median home prices, now within the $300K range are the prices I watch like hawk for possible pricing trends.
The house we’re planning on selling is in Oceanside (92054). We can make a tiny profit keeping it as a rental. But prices here seem to be ticking back up, so maybe we should keep it as a rental for a couple of years and hope it goes up some more?
It’s hard sorting through the bag of goo.
“There is always going to be a differential between “distressed” sales prices and “regular” sales prices. The reason is not because “regular” sellers refuse to drop their prices to those of the “distressed” prices. The reason is that “distressed” prices are listed 10-20% under “regular” prices to generate immediate interest and activity on a product that is probably trashed, doesn’t come with any disclosures, and is either going to require you to be the winner of a bidding war with all cash to buy or in the case of a short sale wait 6-8 months and hope the bank doesn’t decide to foreclose anyway.”
I was blowing off some steam, but if I was to cut my comments a little more finely:
In my area the trustee sale properties that actually sell to a 3rd are going for around 80-85% of market. Those are the only properties that specifically require all cash. The properties also have no disclosures and can feature all kinds of encumbrances. However very few properties are selling at the trustee’s sale as noted here.
Some REO properties are available, but I see a number of foreclosed properties sitting vacant but not for sale or still owner occupied. Either way, I can’t buy them. Almost all the NOTS properties I’m tracking on Foreclosure Radar just keep getting postponed, so there’s not much REO inventory. The few REO properties that I’m seeing do not require all cash. Some are bid up, others are not. They usually need some work, but it’s mostly carpet and paint. They haven’t been truly trashed.
This leaves short sales, which for now are the best and most plentiful access to distressed properties. The SS properties I see are not 10-20% below market. Just looking at the math, statistically that would be difficult to do. Short sales are part of the market, and right now represent a pretty sizeable chunk (maybe 50%) of what actually sells. The regular sales would have to be 10-20% over market to make that math work for the market average. I’m not seeing that kind of spread between SS and traditional sales for the most part. The total spread between a traditional sale and short sale has been more like 10%, so the SS are about 5% below market if we assume that they make up about 50% of the market.
I have found these numbers change depending on the exact area and even neighborhood.
SS also do not require all cash and at least the ones I have offers in for have the same disclosure requirements as any normal sale. Some are getting bid up, but others are not. In the case of the two properties I have offers on there were only 2 or 3 interested parties. It hasn’t been a bidding war. The months long waiting on the banks that you noted is a reality.
The thing is, even 10% spread (between distressed and regular sale) on a $700k property is enough for me to care about. A traditional sale would be nice and certainly has some value, but for me it’s not $70k nice (or more). For that kind of money I’ll be patient and stick to the distressed stuff. If other buyers want to pay $70k for a faster close (and some do), then great. But I won’t.
I hope that clarifies my thinking.
Here’s hoping the frustrated buyers *are* reluctant; often frustration makes people act rashly and overspend.
By the time this is done, this country will be owned by the well-connected uber-rich (if it’s not already).
——————–
We are already there. It’s why I’ve been so vehemently opposed to favoring flippers or other “investors” at the expense of real, middle-class working people who just want to buy primary homes.
Isn’t it ironic that only the rich and well-connected are allowed to buy affordable housing? Even worse is that those “middle-class” Americans (who don’t have access to these same deals) will have to pick up the tab for the losses created by “investors” of all stripes.
Gung hey fat choy!