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  • Nice Rack

    Posted on July 30th, 2010 admin No comments

  • More accolades for Salt Lake City

    Posted on July 29th, 2010 admin No comments

    Just a few of the more recent recognitions bestowed on Salt Lake City.

  • The 7 things sellers should do when showing their home

    Posted on July 27th, 2010 admin No comments

    1. To quote a classic horror movie: Get out of the house!

    • My buyers do not want to meet you.
    • It will be awkward
    • Your presence will deter the buyer from discussing the property or asking me about problem areas that I can probably resolve.
    • My buyers are not thieves (but put away the Oxycontin, I’ve probably had a rough day).

    2. Turn on every light in the house and garage.

    • I don’t care if it’s high noon on the summer solstice with record solar flares, I’m trying to sell your house not a cave.
    • The 32 cents in electric cost will be offset by the $32,000 in equity from the sale.
    • Leave a small note on the kitchen table asking the buyer’s agent to leave the lights on after they are finished because “there is another showing scheduled after yours”.  A little bluff never hurts.

    3. Kill the television.

    • I’m not even going to try and compete with Sex in the City on a 80 inch high def plasma screen with Dolby 7.1
    • Once again, I’m trying to sell your home not your entertainment system.
    • Including the TV (or other extraneous items) with the home is fiscally foolish.  You wont get a penny extra for it.  Instead sell it on Craigslist or offer to sell it to the buyer after you go enter escrow.

    4. Take your dog for a walk.

    • I don’t care if your pooch is cute enough to make Simon Cowell wet. It will either steal the show or scare my client.  Either way it doesn’t help me sell your home.
    • Chaining the poor thing in the backyard is not a solution.  A buyer who is a dog lover will hate you and one who is phobic will be obsessed with the chain breaking.

    5. Clean, clean and clean again.

    • Do I really have to elaborate on this?
    • If you are not up to the task, your listing agent can recommend a service.  Or they may even do their own  impersonation of Annette Bening in American Beauty.

    6. Put away your personal collections.

    • The focus should be on selling your house, not you.
    • This includes but not limited to: Animal heads,  Those super-sized photos of your children, Paraphernalia, Excessive religious iconography, collectible spoons or anything that could remotely be considered offensive.
    • Don’t assume that the potential buyer is from the same socio-economic class, religion, gender, ward, or even planet that you are from.

    7.  Start packing.  You are going to sell your house.

    • We all have too much stuff.  Don’t wait until moving day to pack it up, sell it or throw it out.
    • Get a storage locker or at least a corner of the basement where you can neatly stack boxes.
    • Remove anything that you will not need in the next 6 months.  Your house should look like a model home but without the fake plants.
  • The storage shed aka State’s evidence #5

    Posted on July 26th, 2010 admin No comments

  • What part of “half bath” don’t you understand?

    Posted on July 24th, 2010 admin No comments

  • Maids day off?

    Posted on July 22nd, 2010 admin No comments

  • Relocated Odd Fellows Hall Open House and Sale

    Posted on July 19th, 2010 admin No comments

    Originally built in 1891 this 3 story 2500 ton masonry building was lifted, rotated and moved across the street last year.  Now the owner (U.S. General Services Administration) is auctioning  the historic landmark on July 28th.  The building will be open to prospective bidders (and probably anyone else) for an open house on July 27th from 9:00 am to 2:00 pm at 40 W. Market St.

    Here is a clip from the relocation effort featuring some great time-lapse footage of the move (starting at about the 5 min. mark).

    This is all part of clearing the block for construction of the new Federal Court House downtown.

    http://www.utahheritagefoundation.org/saving-places/41-moss-courthouse-expansion-project

  • You know it’s going to be a rough showing when…

    Posted on July 15th, 2010 admin No comments

    The seller answers the door dressed like June Cleaver, and he hasn’t shaved in at least three days.

  • When do we get the keys?

    Posted on July 14th, 2010 admin No comments

    One of the most common question we Realtors get and one of the easiest for an inexperienced agent to screw up is the possession date.  Nothing causes more tears, headaches or misunderstandings.

    There are 3 distinct (and often different) days in closing a home purchase.

    1. Settlement. This is when the buyer visits with their escrow officer (in Utah this is usually a title company) sits down and signs all 600+ pages of the closing packet, hands over the check for closing cost/ down payment and walks out with a muffin basket and a shell shocked look in the eyes.  Doesn’t mean the house is yours.  Your mortgage company still has to pony up the big money and your cashiers check has to age in the bank overnight.
    2. Closing. This is when your mortgage company has reviewed all the signatures and documents of the closing packet, completed any last minute audits of your credit and finally wired the big money to the title company.  The title company then has to verify receipt of this money, cut checks to the seller, brokerages, and any lien holders and finally record the sale at the county courthouse.  Now the house is in your name and you begin paying for it.  All of the above usually takes 1 business day after Settlement, but the purchase contract gives all parties up to 4 calender days to finish dancing.  Imagine a Settlement on the Friday before a holiday weekend.  Don’t back-up the U-haul just yet.
    3. Possession. Oh happy day.  This is when you get the keys and take control of the property.  Paragraph 4 of the  purchase contract specifies exactly when this happens in relationship to Closing.  The time to avoid moving mayhem is when filling out the purchase agreement.  Have a calender and a full understanding of these dates before proceeding.
  • Holladay City UT zoning map

    Posted on July 13th, 2010 admin No comments

    Just in case you needed a copy.  Please note the 2005 date, so double check with the city before opening a daycare in your double-wide.

    Zoning map of Holladay

  • Love what you’ve done with the place

    Posted on July 13th, 2010 admin No comments

    Nothing says “Welcome Home” like a hole in the wall, graffiti, and lavender carpet.

  • How much earnest money should I put down?

    Posted on July 12th, 2010 admin No comments

    The earnest money deposit is a way for the buyer to demonstrate to the seller that they are serious.  The deposit can serve as satisfaction for liquidated damages if the buyer defaults on the contract.

    A few facts to keep in mind:

    • There is no set amount for earnest money.  It can be any amount that the buyer and seller agree on.
    • It doesn’t have to be money.  Boats, cars, your mother’s fur coat.  Anything that is recognized as value.
    • If the buyer’s offer to purchase is accepted the earnest money check is cashed and held by the buyer’s real estate broker in a special non-interest bearing reserve account or by an escrow company approved on by the buyer and seller.
    • If the buyer fails to withdraw from the purchase contract during his due-diligence period and subsequently can’t complete the transaction, the seller can claim the earnest money as damages and/or sue the buyer for specific damages.
    • Earnest money works both ways. If the seller fails to complete the transaction, then the buyer can take back their original earnest money AND an equal amount from the seller for their damages.

    In the real world a buyer would make an EM deposit of about 1% of the sales price.  More if they want to rock the seller’s world.  Look at it from the seller’s perspective.
    You are asking them to accept your offer, take their home of the market, forgo all other offers and wait for you to close.  If you fail for whatever reason they are out the interest and taxes of at least one house payment, marketing time and will then probably loose the contract on the next house they wanted to buy.

  • Holladay 2nd quarter real estate sales

    Posted on July 9th, 2010 admin No comments

    This data is taken from within the actual current city boundary for both the long range and recent sales graphs.
    The current median price of $284,000 is a slight downturn from last quarter and significantly lower than the high point of $356,000 in the second quarter of 2007.
    Holladay sales 2007-2010 2nd qt
    Holladay sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 23 homes per month and an inventory of 12.5 months.

  • LDS Church lowers price on select City Creek units

    Posted on July 8th, 2010 admin No comments

    The Salt Lake Tribune reported today that prices in the Regent building under construction at 35 E. 100 South will be “re-evaluated” in light of the economic downturn.  Condo units that were priced to start at around $300,000 will now start in the mid $100,000’s.
    Note that this announcement is for the building on 100 South and not the Temple view Richards Court buildings or the Promontory on the corner of West Temple and South Temple.  This new price is almost certainly a base price and would not include any upgrades.
    There appear to be only 4 of these smaller units on the second floor.  So the big announcement may be more of a marketing ploy than an overall reduction across the board.  But it is a sobering message.

    Salt Lake Trib article

  • Salt Lake County single family homes 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    These numbers are for the entire county which includes all of the cities, townships, and unincorporated suburbs.  The median price of single family homes basically held steady at $218,000.  The big news was the number of closings.  2766 sales is a number we haven’t seen since the market was peaking 2 years ago when  the median price was $256,000.
    We can hope that this is indicating a bottoming of the fall.
    Salt Lake county single family home sales 2007-2010 2nd qt
    Salt Lake county single family home sales 1996-2010 2nd qt

    Using sales from the previous six months shows an absorption rate of 759 homes per month and an which would last 8.4 months.  Still a buyer’s market.  A balanced market is considered to be six months of inventory.

  • Salt Lake County Condominium 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    These numbers are for the entire county which includes all of the cities, townships, and unincorporated suburbs.  The median price of condominiums held steady since last quarter at $164,000.  This statistics uses 592 sales and should be viewed as a general trend for this part of the state and not applied to any one specific location.  The peak value for this category was set in the 1st quarter of 2008 at $178,000.
    Salt Lake county condo sales 2007-2010 2nd qt
    Salt Lake county condo sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 160 closings per month and a theoretical inventory of 12 months.

  • Urban Core Salt Lake City 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    This is just painful.  The median price dropped yet again for the downtown area (six block radius) to a low of $199,000.  This is off a sobering 35% from the peak of $307,000 in the 2nd quarter of 2007.  Admittedly that $307K was an unusual spike.  My guess is that the actual peak was more in the upper 200’s, but still…
    The only good news here is that the number of sales continues to climb at 52.  So people still want to live downtown, and they’re getting a heck of a deal right now.  As an owner of property in this area, my only consolation right now is to look at the long term sale graph.
    Urban Core sales 2007-2010 2nd qt
    Urban Core sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 14.3 home sales per month which puts the inventory at just under 12 months.
    Note that these numbers do not include the City Creek project or several smaller new construction condos which may not post any/all of their properties on the multiple listing service.  The City Creek project alone with its unprecedented prices and volume would dramatically push these numbers much higher.

  • Sugarhouse 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    And we have a winner.  Sugarhouse has always been a popular Salt Lake City neighborhood and this quarter’s numbers prove it with a continuation of the price recovery which started late last year.  The median price here is now $273,000 only off 9% from a peak value of $298,000 set in the 1st quarter of 2008.  Home sales are up as well with 60 closings this quarter.
    Sugarhouse sales 2007-2010 2nd qt
    Sugarhouse sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 16.7 home sales per month and an inventory of 10 months.  Still a buyer’s market.

  • Rose Park 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    One of the most resilient neighborhoods in Salt Lake City bounces back this quarter with a median price of $156,000.  Aside from last quarter, the prices have been rising here for the last year.  The number of home sales are up as well, at 25.  The peak value for this area was $174,000 in the third quarter of 2007, so values have not tumbled as dramatically as other parts of the valley.
    Rose Park sales 2007-2010 2nd qt
    Rose Park sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 6.7 homes per month which gives a theoretical inventory of 7.7 months.  This is approaching a balanced market (6 month supply).

  • Olympus Cove 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    A significant drop this quarter with 14 homes sold to give a median price of $374,000.  After two quarters of modest appreciation, this is disappointing news.  The peak value for this neighborhood was $635,000 in the third quarter of 2007.
    Olympus Cove sales 2007-2010 2nd qt
    Olympus Cove sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 4.5 homes per month and an inventory of 13.8 months.

  • Upper Avenues 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    Given that last quarter’s high median price was based on only three sales, I’m going to call this quarter’s number of $515,000 more of an upward trend with 9 sales.  Take a look at the graph and see if you don’t agree.  The  median price for this neighborhood high above Salt Lake City was  $665,000 three years ago.
    Upper Avenues sales 2007-2010 2nd qt
    Upper Avenues sales 1996-2010 2nd qt

    Sales data from the last six months shows an absorption rate of 2 homes per month and an inventory to last 14 months.

  • Lower Avenues 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    It looks like a definite upturn in value for this historic Salt Lake City area.  The median price is up slightly at $249,000 and with 48 sales in the last quarter that number should be pretty accurate.  Still down from a peak of $333,000 three years ago but a nice trend none-the-less.
    Lower Avenues sales 2007-2010 2nd qt
    Lower Avenues sales 1996-2010 2nd qt

    Using the previous six months of sales data gives an absorption rate of 12.5 homes per month and an inventory of 8.7 months.

  • Harvard-Yale 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    It had appeared that this east side Salt Lake City neighborhood was recovering with an upturn in values last year, but this quarter’s numbers continue to slide south with a new median price of $390,000.  Sixteen homes were sold in the previous 3 months.  The peak for this area was $510,000 in the second quarter of 2008.
    Harvard-Yale sales 2007-2010 2nd qt
    Harvard-Yale sales 1996-2010 2nd qt

    The absorption rate here is 4 homes per month with an inventory of 12.5 months.  Definitely a buyer’s market.

  • Federal Heights 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    Doubled in value?  Probably not, but what a wild quarter it’s been, with the graph showing a current median sales price of $1,250,000.  With only 3 sales during the previous quarter, it’s too soon to claim a huge appreciation for homes in this very exclusive Salt Lake City neighborhood.  Two of those sales were quite significant which helped push up the numbers.  The peak median price was $1.6M in the third quarter of 2007.
    Federal Heights sales 2007-2010 2nd qt
    Federal Heights sales 1996-2010 2nd qt

    Using the previous six months of sales data the absorption rate is only 1 home per month.  Don’t get in a hurry to cash in, as the inventory is now 15 months.

  • Capitol Hill 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    $198,000 is the new median sold price for Salt Lakes oldest residential neighborhood.  A slight rebound from last quarter’s numbers but still down from the peak of $291,000 in the 1st quarter of 2008.
    Capitol Hill sales 2007-2010 2nd qt
    Capitol Hill sales 1996-2010 2nd qt

    Using data from the previous six months the absorption rate is 4.2 homes per month giving an inventory of 9.6 months for a buyer’s market.