The market is hotter than it looks, because when a decent property in a superior location gets listed for an attractive price, the buyers come running – there just aren’t that many that fall into this category.
How many sellers are willing to list for an attractive price give them away?
Here’s one:
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
From NMN:
For the past year, Wells has grappled with the $119 billion portfolio of Pick-a-Pay loans it inherited from Wachovia. Amid grim news about option adjustable-rate mortgages in general, investors and analysts worried that losses on the portfolio would overwhelm even the $26.5 billion of reserves set aside at the time of the deal. While Pick-a-Pay was far from the only troubled asset that felled Wachovia, it was hard to estimate the extent of the portfolio’s damage at the beginning of 2009, when the housing market was still in free fall.
A year later, the portfolio is still widely reviled, but analysts and other observers predict the worst of the danger from Pick-a-Pay has passed.
“I think the product stinks,” said Nancy Bush of NAB Research LLC. “And Wells Fargo thinks the product stinks. But compared to the other option ARMs, [Pick-a-Pays] were pretty well underwritten, by and large.”
Over the past few months, Wells has been relatively upbeat about the portfolio. Chairman and chief executive John Stumpf said at a Goldman Sachs conference last month that it has been performing better than expected.
“I don’t think they would have made the statements they did unless you saw continued improvement,” said Joe Morford, an analyst at RBC Capital Markets.
Much of this optimism is a function of the banking sector’s gradually improving expectations for consumer credit losses. Wells now expects them to peak before midyear.
That would allow the bank to take some accounting gains on the impaired portion of a major portfolio.
After writedowns, modifications and repayments, the Pick-a-Pay portfolio’s carrying value is down to $88 billion. And negative amortization, the bete noire of the portfolio, has been dropping.
In Wells’ prerecorded third-quarter earnings call in October, Howard Atkins, Wells’ chief financial officer, raised the prospect that, beginning in the fourth quarter, Wells could begin “recapturing a portion of the life-of-loan purchase accounting marks” it took on the impaired portfolio.
Bush and other analysts said this quarter is likely too soon for Wells to “declare victory” on Pick-a-Pay — because of both macro concerns about the housing market and the difficulty of predicting how the $50 billion unimpaired portion of the portfolio will perform.
While those loans are still performing according to plan, she said, “If they’re over-reserved, they’re going to stay over-reserved over the next couple quarters.”
Given Wells’ credit issues on other fronts, however, taking out much of the uncertainty over Pick-a-Pay should be welcome news.
At the beginning of the quarter, commercial real estate loans from the Wachovia legacy portfolio were deteriorating at a significantly increasing rate, with Wells having already run through $3.9 billion of $10.4 billion of reserves that, at the time of the acquisition, were intended to cover 24 months of writedowns.
Wow, didnt you show us one a few weeks ago, for 1.2m on the beach, with a pool. That one seemed like a steal, this one seems like a bust.
People falling over each other to buy that one at $1M+ means I’ll look elsewhere. Old DM is really nice, the views from the hill are amazing, the waves are great and it’s very mellow, but prices are insane. I see a lot of people asking for 4-5x year 2000 SPs. FWIW you can rent something better in that area for ~$3k, although they don’t come up very often.
OT: Anyone have any input on Sorrento Valley, Mira Mesa, University City, Clairemont or Pacific Beach? I know LJ is awesome, but know very little about the surrounding towns.
Go Chargers! The Jets are soft and their QB went to a terrible college.
Right Kieth. The 19 folks that made offers on a holiday weekend all made the same mistake. AND, there are $1.2m properties available “on the beach”.
http://www.sdlookup.com/MLS-090070711-1382_Via_Alta_Del_Mar_CA_92014
Jim, nice Video update on old DM. The house sold for 905k in March 2001. The area has definitely come down a lot. But no question this one was priced to generate excitement.
I went to the video tape, to make sure I was not losing my marbles. It was this home, although now I see it is 2b/2ba. 🙁
https://www.bubbleinfo.com/2009/12/08/sunset-solana/
Although from NY originally, I am a Chargers fan! Go Chargers.
Opps, forgot to ask my question, since I know nothing of the areas, what is making ODM a better location than Solana? Schools?
Mira Mesa has its nice spots, but it’s a middle class neighborhood. Other parts of it, I probably wouldn’t want to live in. It’s a pretty big area, so you can’t completely generalize it.
Clairemont has nice areas, especially on the canyons and closer to 5. However, the houses here are generally older and there are strange renovations/additions on a lot of houses that I saw. I like the location of it (close to beaches, downtown and sorrento valley jobs) but there’s definitely parts that are not nice.
Pacific Beach can be loud due to all the bars. If you’re young it’s a great place to party, but in some areas it could get tiresome if you’re older. The beach is nice, it’s all sand. The summers are crowded due to tourists. I think that North PB/Bird Rock (the parts south of what’s considered La Jolla). The further north the quieter it gets. It’s definitely much more expensive than Mira Mesa and Clairemont due to the proximity to the beach.
Maybe I’m crazy but SD just doesn’t do it for me. I like bay living more than being close to a beach…SF, Vancouver, etc…so much more appealing. There’s something about SD that doesn’t sit right with me for some reason. I couldn’t dream of spending that much there. Perhaps it’s the military presence…can’t stand it.
@9 SD in a lot of ways is low energy. If your perfect weekend is sitting on the beach or lizard-style chilling out, it’s a good place. But it’s not a very dynamic city
To each their own
Genius – I live in University city (hence my moniker). It’s got very good schools – comparable to La Jolla and Scripps Ranch (two other neighborhoods within SDUSD). There are two parts of UC – the south side – which is single family homes built between the early 60’s and early 80’s. Lots of community involvement – like concerts in the park during the summer.
The north part is more condos/townhouses, much denser, and newer… The elementary school on that side is also very good (same middle and high school.)
Clairemont, just south of UC, has one of the best locations in San Diego for getting anywhere – close to the beach, but still semi-affordable. The western parts of clairemont, along with the areas along the canyons, can be pretty nice. I also like the “Mt.” streets near Balboa and Genessee.
Mira Mesa was developed starting in the late 60’s early 70’s. The Sorrento Valley end of it (west) still feeds into the same schools, but the houses are newer. Very convenient if you work for any of the tech companies in the area. Mira Mesa has seen a big improvement in their school’s API scores over the past few years.
I have friends who live in North PB – it can make a big difference what block you live on as some 92109 addresses are part of La Jolla High School’s boundary. (Best high school in SDUSD as far as test scores.) My friends joke that they live in “Baja La Jolla”… It’s a nice area. Down on the flat part it’s definitely a younger, louder group… more partying.
“The market is hotter than it looks, because when a decent property in a superior location gets listed for an attractive price, the buyers come running – there just aren’t that many that fall into this category. ”
I don’t agree Jim, the result is right, the reason isn’t. I think the the sad state of affairs is that 90% of the market is swill.
Frankly, when you combine the state of our infrastructure with the state and construction of neighborhoods, the lack of walk-ability, accessbility, green space, etc, for typical American personal space and material requirements. The vast majority of housing units are simply unsatisfactory for family, community and employment balance.
The reality is a settling for the mediocre. The subsequent dysfunction in our behavior, socialization and sense of community is adirect out-take of the poor quality of housing and community construction and opportunity.
What people won’t do to live in a shack kinda close to the beach, packed in with all the other sardines. Hello neighbor!
A million bucks is still alot of money unless your rich.
Out of those 19 people, how many do you think would be getting in over there heads? Some of the best dressed flashy people around southern CA are just pretending to be rich.
If you can really afford it, go for it, but why stretch for such a small house.
It’s mostly because of it’s location just off 15th Street, you can walk to the Del Mar Plaza and the beach. Location………
…and the sales they won’t stop rolling – no way to slow down.
The guys running Well Fargo/Wachovia better talk to the Chase/Wamu guys who keep taking big hits on their dumping of property.
Wells Fargo the past two years have been saying no problems. With $86 Billion 2nd on their books with probably 60% in California. Somebody must be the luckiest bankers with the average home down 35% in California.
Thanks, JordanT and UCGal. That was very helpful.