There have been several attempts here to bust up the media’s insistence that foreclosures cause prices to plunge. The servicers get appraisals and BPOs completed on every asset, and price them accordingly to achieve top dollar – they aren’t giving anything away.
The national statistics will probably reflect a downward trend. If so, it’ll be more due to the cheaper junk being sold, than the prime properties – the owners are trying harder to keep those.
Here’s an example:
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
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
Jim-You’ve captured my level of frustration in the tone of your voice quite well. Thank you.
Nice house. But it would be really hard to ever enjoy that backyard with all that noise and exhaust.
Jim, how much do think that the perception that REO’s are priced below retail is based on:
1) Comparison of retail REO’s vs. above retail OPT’s (that won’t sell at those prices)?
or
2) Distressed REO’s that sell “below retail” (if you aren’t taking condition into account)?
What do you mean “Uh oh!” We could hear the bloody Detroit River from the bloody front door! 🙂
You know when your a bubbleinfo.com addict when you download 36 minutes worth of my favorite videos…..haha. It’s nice to see the old ones from a couple years ago that are a little fuzzy.
It’s always funny though! Thanks Jim for making flying a little more entertaining.
….
And do you really think someone would pay $1.17 or whatever it was for “retail”? That seems pretty high to back to the “Detroit River” (love that term)!
I wonder what that will sell for…..it’ll be interesting.
Any activity up in Bonsall? I was up at our good family friend’s house a while back and I love it out there. Their place is 3,900 SqFt on 7 acres with full avocado and orange/lemon orchard….it’s really nice and compared to the coast, it was cheap. I forgot what they paid….but it was a while back in 1970 or so….they should have bought more land!
Also, that big Air Show is going on tomorrow down in Coronado & that’s why I’m flying down.
Anyone who has the time should check it out.
JtR- What happens with more REO’s entering the market? Lower prices because of supply & demand.
I know the slant of this blog is towards Buyers looking for opportunities in distressed sales but more REO’s are destructive.
What’s going on now, whether anyone here likes it or not, is working.
Add to that the SDUT article about affordability hitting 62% and that tells me that the market is oversold.
1.1M! Wow.
House looks very nice, definitely massively overdone based on the location. Such a shame, nice renovation and backyard, but the 5 feet to the I5 is a killer.
I think Jim is saying that the market can absorb many more REOs at CURRENT prices. The demand curve is very flat. There are many people willing to buy at prices in line with the comps.
Is the MLS ever going to crack down on people relisting their OPTs every three months?
3.Jim, how much do think that the perception that REO’s are priced below retail
Hamster,
I think both of your examples are accuarte for those who are paying attention. Sellers especially want to compare their OPT to other actives, and shrug off the ‘condition’ arguments.
But the primary reason is that it has always been assumed that foreclosures are bad comps. Many sellers still refuse to consider REO solds as comps, because they are assumed to be giveaways.
They are not given away.
It’s like trying convince somebody that the Clippers have a decent team this year….wait a minute, that might not be a good example today, after they broke the Cavs losing streak last night…
Lower prices because of supply & demand.
but more REO’s are destructive.
Here’s more evidence – Mozart is the biggest bull here among us, and he thinks more REOs would be destructive.
I could sell twice as many homes as I do if there were just more well-priced homes for sale. Bring on more REOs please!
But it is the silly season now, with every amateur agent listing homes at 10% to 20% too high, thinking that it’s the spring selling season, and they can always come down later.
Jim, the 895k 2003 price was with no landscaping and that house now has a pretty nice backyard. It is unfortunate that they built the house so close to the freeway but I think it shows just how in short supply land is in that area.
No amount of deduction would compensate for the din of I-5. Rental, perhaps? I may not have much, but floating in my pool after a long day all I hear is the occasional cricket.
I don’t know about being a Bull but I do have faith in the coastal market’s long term value, resilience and steady appreciation.
Talk to me about Temecula and other burbs and I sing a different song.