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  • A Look Back: 2007 Implosion of Key Bank Tower Salt Lake City

    Posted on August 21st, 2010 admin No comments

    20 story tower at 50 S. Main, demolished to make way for the City Creek development
    August 2007.

  • Some facts about the City Creek Development in Salt Lake City

    Posted on August 20th, 2010 admin No comments
    1. Ownership of condominiums or (presumably) commercial sites will be made subject to a Land Lease.  That is, the buyer will not actually own the land under the building but will instead have a 99 year lease from the developer.  This is very unusual for Salt Lake, but common in some other areas such as Hawaii.  Normally when you purchase a condominium you own an undivided specific percentage of the land and common areas.
    2. The project covers almost 20 acres in the center of Salt Lake City and should be completed by 2012.
    3. Site work began in 2006 with the complete demolition of Crossroads Mall, ZCMI Mall, the Inn At Temple Square and the original 20 story Key Bank Tower at 50 S. Main.
    4. When finished there will be over 700 new apartment and condominium units, 6 acres of green space with streams and fountains, 775,000 square feet of retail space, a Harmons grocery store, and 1,600,000 square feet of office space (most of which already exist in on-site high rise buildings).
    5. All parking will be underground with 5000 spaces.
  • Salt Lake City Sky Bridge for City Creek

    Posted on August 18th, 2010 admin No comments

    The much debated sky bridge is in place over Main Street.  The pedestrian bridge will join the two large sections of City Creek development currently under construction.  Photo dated June 22, 2010.

  • The Regent Condominiums in Salt Lake City

    Posted on August 18th, 2010 admin No comments

    This new 20 story mixed use condominium at 35 E. 100 South in Salt Lake is part of the City Creek development.  The Regent has 150 Residential units that are being pre-sold with prices between $308 per square foot to over $800/sf.  This building is currently 63% reserved.  Photo taken June 22, 2010.

  • Richards Court Condominiums in Salt Lake City

    Posted on August 17th, 2010 admin 1 comment

    Twin condo buildings now completed at 45 and 55 W. South Temple.  The pedestrian walkway between the buildings will provide one of the main entrances to the greater mall area of the new multi-billion dollar City Creek development.   The two buildings host 91 residential units with prices ranging from $298 per square foot to over $900/sf.  Currently 33% of the units have been sold.
    Photo taken June 22, 2010.

  • Promontory Point building in Salt Lake City

    Posted on August 17th, 2010 admin No comments

    The cornerstone building of the new City Creek development in Salt Lake.  The building name is still unofficial and is not yet being actively marketed.  Located at the intersection of West Temple and South Temple this 32 story condominium will be the tallest residential structure in the city.  Photo taken June 22, 2010.

  • Salt Lake’s Tire Town

    Posted on August 17th, 2010 admin No comments

    This great old building has been well preserved and restored.  It now host a small condo complex, restaurants, bakery and more.  The detail shows the old elevated roll-up door for offloading trains that used to run behind many buildings in this neighborhood.  Located on the corner of 300 West and Broadway.

  • Utah Ice and Storage

    Posted on August 14th, 2010 admin No comments

    About the time these photos were taken, the building was scheduled to become yet another Salt Lake urban loft condo project.  SE corner of 300 South and 600 West.  Would be a great commuter location, right across from the UDOT inter-modal hub.

  • Historic Salt Lake City HOtel

    Posted on August 12th, 2010 admin No comments

    Still in service as subsidized housing.  Located at 428 W. Broadway.

  • A Collection of Corner Color Candids, Clearly Contrary to Cottage’s Charisma

    Posted on August 11th, 2010 admin No comments

  • Video update from the Salt Lake Board of Realtors 1st quarter 2010

    Posted on August 10th, 2010 admin No comments

    A new feature from the Salt Lake Board of Realtors.  A bit rah-rah, but a concise and factual update that cuts to the chase.  Watch for the flying port-a-potty at about 1:05.

  • Unattached bedroom

    Posted on August 2nd, 2010 admin 1 comment

  • 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.

  • 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.