You may think he’s up in the night but here you have the national association of Realtors chief economist saying the market is on it’s way back. I also read a similar article from Zions Bank chief Economist last week- Maybe it’s time to buy…..I am looking if that give you any indication! READ ARTICLE
Is it a sign? Most people’s thoughts, “market sucks, economy is bad, rates suck, get your cash out of the bank, put it under your mattress and WAIT.” Successful peoples thoughts…..”Cash flow properties are back! TIME TO BUY.”
HERE IS ONE OF THEM
| List Price: $359,000 | MLS#809091 | Stat: Active | Ref # 1 | |||
| Address: 9038 S 300 E 1-4 | Type: Fourplex | Style: Side by Side | ||||
| Quadrant: SE | Coord: 9038/300 | Sold Price: $0 | Area: 108 | |||
| City: Sandy, UT 84070 | Project: ROTH GARDENS | |||||
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Tot Sq Ft:3,715 Gar/Port: 0/0 Yr Built: 1969 |
Taxes: $2,106 Acres: 0.35 Prop. Tour: NA |
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| Features & Info: / Dishwasher Built-In, Kitchen Updated, Range-Oven Free Std / Uncovered Parking, Separate Power Meters, Separate Gas Meters, Laundry Hookup, Coin Laundry Inclusions: Dryer, Range, Refrigerator, Washer |
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| Remarks: CASH FLOW! Many updates. Largest unit like separate home w/wood flrs, fireplc & updated kit, private yard, drive, trees. New Kit.-2 units. Coin-op washer income. Strong rental history, can raise rents. Walk to Trax. No sign. Offer subject to inspection. | ||||||
Well here we are in mid June with analysts around the nation giving their gloom and doom forecasts or their “it’s not so bad” market updates. I personally love when they speak of real estate on a national or a global scale. Sure, the NATIONAL economy is not doing so hot and their are a lot or national and global companies that drive those factors. HOWEVER, adding my OPINION to the mix; You can’t talk about real estate as a NATIONAL MARKET.
Real Estate is obviously effected by national market trends such as rates, building permits, debt, average incomes ect. But you LOCAL statistics weigh much heavier on what the market will do than do national stats. What am I saying?
Utah, Salt Lake City (east side) and Summit and Wasatch counties specifically are still doing okay despite what you hear in the media. Sure, supply (active homes for sale) is up about 300% from the hot market but not rising much anymore and has been quite stagnant since winter. If you are talking east side specifically in SLC list prices for active homes have come down on average about 18% making it a great time to buy. Many of my “BUYER” clientele think this is just the START and are waiting for prices to come down further…….well that proved to be the WRONG thing to do over the past few weeks as interest rates creeped up over a half percent. A half percent hike in rates on your average priced east side home will cost you MUCH more over the long run than having possibly overpaid at the beginning by $20,000-$30,000.
Another way to look at it is Spencer, Brad and mines specific sales this year in comparison with the last 3 years. We are down about 25% in quantity and about 30% in total sales PRICE volume. When you look at the big picture that’s not that big a deal. We are still selling 4-5 houses a month!
I really track a lot of the numbers specifically and here I am speaking very generally. You want specifics? Shoot me an e-mail. The main point: It goes up, it goes down……..that doesn’t mean you shouldn’t get on the rollercoster.
–Jake Breen
A possible new mega sport arena is in the works. They are seeking private investors to fund $500,000 for 5% ownership in the future developments. The numbers look quite promising and I think the area is the right location for something like this. See these attachments for all the plans–
investment-summary-for-new-project
Today is June 11th, we’re not seeing much changes in the market, interest rate actually despite the credit crisis is been creeping up. The latest closing we’ve seen at 30 or fix is about six to even six and a quarter. As soon as the economy can get better and the lending crisis can slow up we will improve in the housing market. That’s a post for the day. Thanks. listen
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So back in 2004 I told you that houses on east side SLC would surpass $100 a square foot. Well in 2005-2006 they did that easily and MANY paid over $150 a foot. Well SURPRISE SURPRISE we are back down—- Look at this house on Robidoux that is under $100 a foot AND in ON Willow Creek Country Club Golf course AND, it’s NOT a repo AND, it’s pretty darn nice inside! We rode the wave and now we are back DOWN…..great time to Buy.
Oh, and the one on Evergreen, yeah it was listed at over $800K in the winter, and the guys next door still wants $300K for his LOTS……now you can have this new, super nice place for $600K–(IF YOU CAN GET THE FINANCING!! HAHA)
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Jake Breen and Spencer Janke Office
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| List Price: $599,900 | MLS# 806012 | Stat: Active | Ref # 1 |
| Address: 2632 ROBIDOUX RD | Type: Single Family | Style: 2-Story Modern | |
| City: Sandy, UT 84093 | Project: WILLOW CREEK | ||
| Prop. Tour: Tour | NS/EW: 8240 S / 2632 E | ||
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Tot Sq Ft: 6084 Tot Beds: 5 Tot Baths: 5.00 Family Rms: 3 Fireplace: 4 Gar|Port: 3 | 0 |
Yr Built: 1976 Taxes: $5,914 Acres: 0.34 HOA Fee: $0 Under Cnst: No Fin Bsmnt: 0% |
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| Exterior: Stone, Stucco | |||
| Lot Facts: Fenced Part | |||
| Features & Info: Balcony, Deck Covered, Double Pane, Patio / Bath-Sep Tub/Shower, Den/Office, Dishwasher, Disposal, Formal Dining, French Doors, Jetted Tub, Master Bath, Oven-Gas, Range-Gas | |||
| Inclusions: Workshop | |||
| Remarks: WONDERFUL NEIGHBORHOOD,ON GOLF COURSE LOT!CUSTOM BUILT WITH SPACE FOR EVERYONE*2 LARGE DECKS FEATURE FABULOUS VIEWS OF THE WASATCH MOUNTAINS & THE WILLOW CREEK GOLF COURSE*UPDATED KITCHEN,FLOORING,FAMILY ROOM ON ALL LEVELS*SOLD AS-IS* | |||
 Information deemed reliable but not guaranteed. Buyer to verify all information. |
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Jake Breen and Spencer Janke Office
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| List Price: $600,000 | MLS# 805778 | Stat: Active | Ref # 2 |
| Address: 1957 EVERGREEN AVE | Type: Single Family | Style: 2-Story Modern | |
| City: Salt Lake City, UT 84106 | Project: | ||
| Prop. Tour: Tour | NS/EW: 3435 S / 1957 E | ||
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Tot Sq Ft: 4286 Tot Beds: 4 Tot Baths: 5.00 Family Rms: 1 Fireplace: 3 Gar|Port: 2 | 0 |
Yr Built: 2006 Taxes: $1,624 Acres: 0.22 HOA Fee: $0 Under Cnst: No Fin Bsmnt: 0% |
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| Exterior: Stone, Stucco | |||
| Lot Facts: Curb & Gutter, Fenced Full, Paved Road, Secluded Yard, Sidewalks, Sprinkler, Auto-Full, Terrain,Flat, Wooded, Private Yard | |||
| Features & Info: Balcony, Deck Covered, Double Pane, Entry(Foyer), Patio / Bath-Sep Tub/Shower, Closet-Walk-In, Den/Office, Dishwasher, Disposal, Formal Dining, French Doors, Gas Log, Hardwood Floors, Jetted Tub, Master Bath, Oven-Gas, Range Oven Free Std., Range-Gas, Vaulted Ceilings | |||
| Inclusions: Ceiling Fan, Fireplace Insert, Microwave, Range, Refrigerator | |||
| Remarks: IT’S THE NORDSTROM HALF-YEARLY SALE!*APR. 2008 APPRAISAL AT $720K*OVER 4200 FINISHED SQ FT*AUTHENTIC ROCK EXTERIOR*HANDSCRAPED HARDWOOD FLOORS*2 MASTER SUITES*EVERY BEDROOM WITH A BATHROOM*GORGEOUS GRANITE*TILE*KNOTTY ALDER CABINETS*WOOD TRIM*FULLY FENCED | |||
So this house JUST came for sale a few hours ago! It easily comps out at $600+ remodeled. It appraised for $425K BACK IN 2005 BEFORE THE HOT market! I imagine a buyer would have to close FAST with CASH OR QUICK FINANCING, NO CONTINGENCIES to get this place……check it out…..NO, I don’t have PICS- It will be sold before pics come up.
| MLS #: | 804144 | Tour/Open: | NA / |  |
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| List Price: | $304,900 | Status: | Active | ||
| CDom: | 0 | List Dt: | 05/30/2008 | ||
| Dom: | 0 | ||||
| Address: | 4260 HOLLOWAY DR | ||||
| NS/EW: | 4260 S / 1900 E | Area: | 106 | ||
| City: | Holladay, UT 84124 | ||||
| County: | Salt Lake | Restrict: | No | ||
| Proj/Subdv: | |||||
| Tax ID: | <!––> 22-04-228-018 [INFO] | Taxes: | $2,315 | ||
| Zoning: | Res | HOA Fee: | $0 | ||
| School Dist: | Granite | Elem Schl: | Crestview | Jr High: | Olympus |
| Sr High: | Olympus | Priv Schl: | Other Schl: |
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| Roof: | Asphalt Shingle | Basement: | Full |
| Heating: | Electric Radiant, Forced Air | Garage/Park: | 2 Car Deep |
| Air Cond: | Evap. Cooler Roof | Driveway: | Asphalt |
| Floor Cov: | Carpet, Hardwood, Linoleum | Water: | Culinary |
| Window Cov: | Part | Sewer: | Public |
| Pool Feat: | Possession: | RECORDING | |
| Exterior: | Stucco | ||
| Landscape: | Full Landscaping, Mature Trees, Terraced Yard | ||
| Lot Facts: | Fenced Full, Secluded Yard, Sidewalks, Sprinkler, Auto-Full, Terrain, Grad Slope | ||
| Exterior Feat: | |||
| Interior Feat: | |||
| Amenities: | Cable TV avail, Cable TV wired, Electric Dryer Hookup | ||
| Inclusions: | |||
| Exclusions: | |||
| Terms: | Conventional, Cash | ||
| Remarks: | [View Agent Remarks] Sold as is, section 10.2 REPC does not apply. No FHA-fixer upper, needs work. Seller reserves right to choose offer regardless of order submitted, received, or countered. 48-96 hrs for response. Buyer to verify all info. Must see agent remarks. | ||
Searched everything that hit the MLS between yesterday and this AM. Here are the best 4 deals:
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802199 | $349,900 | ACT | Bungalo/Cottage | 2,100 | $0 | 1 | |
| 1538 LAIRD AVE | Salt Lake City | 0.11 | 1145S/1538E | Tour / | ||||
| 3/2.00/2 | 2/0 | ENTR, FULL/0% | 05/22/2008 | 1925 | SNGL | 6 | ||
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802045 | $399,000 | ACT | 2-Story Conventional | 2,691 | $0 | 2 | |
| 1944 E BLAINE AVE | Salt Lake City | 0.15 | 1750S/1944E | Tour / | ||||
| 3/2.00/1 | 1/0 | FULL/30% | 05/22/2008 | 1941 | SNGL | 12 | ||
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802016 | $499,500 | ACT | Rambler/Ranch | 3,486 | $0 | 3 | |
| 3442 E EASTOAKS DR | Salt Lake City | 0.25 | 4380S/3442E | NA / | ||||
| 6/3.00/1 | 2/0 | DYLT, ENTR, FULL, WLKO/100% | 05/22/2008 | 1962 | SNGL | 0 | ||
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802077 | $575,000 | ACT | 2-Story Modern | 5,172 | $0 | 4 | |
| 3148 OLD MILL CIR | Cottonwood Heights | 0.24 | 6650S/3148E | NA / | ||||
| 4/3.00/2 | 3/0 | FULL/0% | 05/22/2008 | 1996 | SNGL | 1 | ||
Following the Wall Street Journal Article yesterday suggesting the Real Estate crisis has come to an end we are posting so rock bottom deals for you to consider. You see, when the market gets bad inventory goes up and prices come down…..that’s the simple equation. More than that, builders and developers often offer many incentives to move their inventory quickly. The Shire Ridge development that we introduced you too a month ago has now decided that:
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2. The Homebuilder purchases all 13 Lots at the appraised bulk value amount of $2,700,003. (Appraisal completed April 8, 2008).
This is a great opportunity to buy while its down. Did I mention these lots have great views of the Jordan River Temple? here is a view from the LAND:
