Salt Lake City, UT Real Estate News

By Mark Alder
The Avenues is the neighborhood on the North end of the valley up on the hill.  Everything north of South Temple and between A street and Virginia Street is considered the Avenues.  The streets running north and south are named after the alphabet starting at A and going to U and then ending on Virginia.  The streets running west to east are numbered 1-18 and are appropriately called 1st ave 2nd ave and so on.                  The higher you go on the bench the newer the homes. The homes around the 3rd ave area are older with a lot of large Victorian homes.  The homes around 18th ave and at the top of the hill are nice homes built in the last 20 years.  And there is a mixture of everything in between with 70's contemporary homes thrown in to the balance. The draw of the Avenues is the pr...
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Capitol Hill is at the North end of the valley and gets its name from the Capitol Building that sits on top of the hill.  For the purposes of this article, Capitol Hill is all homes East of 200 West, West of 200 East and North of North Temple.  There are several neighborhoods within Capitol Hill; Marmalade on the west slope, Heber’s Bench on the south slope, Wasatch Springs to the north, and City Creek to the east.   Marmalade District is the neighborhood with the most history and personality.  The homes  are mostly Victorians and brick Bungalows that have been restored.  The homes date back from the late 19th and early 20th century and they are some of the oldest homes in the valley.  There are also a few new green condo developments on the west side of the district.  Capitol Hill has...
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By Mark Alder
Rose Park, is located in the North West corner of the valley, North of 600 North and West of I-15.  Rumor has it that Rose Park gets its name from all the beautiful Roses that use to grow in the are but I can not verify that. The majority of homes in Rose Park are 1950's brick bungalows.  The streets of Rosepark are similar to other older neighborhoods in Salt Lake with mature trees.  The main advantage of Rose Park is that it is close to downtown and the prices are reasonable.  At the time I am writing this, there are 90 homes in the 84116 zip code (according to the WFRMLS) priced from 94,900 to 299,900.  Last month 21 sold.  That gives Rose Park an absortpion rate of 4.2.  Probably one of the lowest in the County but up from a month ago. To search available homes in Rose Park and the ...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Should Parleys Historic Nature Park be an off-leash dog park? This has been a very volatile issue for Utah home owners. The current city council has done extensive research on the park including a one-year "off-leash" trial period and utilizing a "working group" to decide whether the park should be off-leash, on-leash, or a shared use. On July 17th   the Salt Lake City Council reviewed and accepted recommendations from the Parleys Historic Nature Park Committee to: Appoint a park advisory board to provide stewardship for the park Adopt an interim management plan (within 90 days) Develop a Master Plan for the park which includes long range vision Monitor day to day operations and make recommendations Establish partnerships with user groups and interested parties Encourage user groups to ...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
SaltLakeSpeaks is sponsoring a Blog Debate for the Salt Lake City District 6 City Council candidates. To read the Introduction to the blog debate the format we are following click here. There are 4 candidates running for the seat vacated by Dave Buhler. They are:  William Huckins, Ellen R. Reddick, Roger J. McConkie, and JT Martin. Only three of the candidates have been willing to participate in our blog. Following are the brief bios each of the participating candidates e-mailed to us. They are presented as received without any editing and/or corrections: (I've also linked the candidates to their web-site if I could find one for them):  
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
SaltLakeSpeaks e-mailed an invitation to each City Council candidate in District #6 to participate in a Blog Debate - of sorts. Utah Home owners pleased that all but one candidate has accepted and provided us their answers to the debate questions. Our intent is to provide members of our community a look into the minds of each candidate early in the primary election. Hopefully it gives you an opportunity to vote based on some of the issues the candidates will face if elected rather than you voting for who places the most neighborhood signs. District 6 Area and Candidates The City Council District 6 chair is being vacated by Dave Buhler, current candidate for Salt Lake City Mayor. Dave did a terrific job representing the district for 7+ years and is a leading candidate for Salt Lake Mayor...
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By Mark Alder
This week I posted an ad on craiglist for a 2 bedroom apartment for $950 a month in Sugarhouse and was amazed at the results.  The ad looked something like this:   Sugarhouse Dogs Ok Utilities W/ Gas Included. Recently UpdatedGreat Top Floor Unit in Home with mother in law apartment below you. Large Yard. Recently Updated with refinished hardwoods, new paint, updated bathroom. Very Clean. *Water, sewer, garbage, power and gas included (tenant responsible for amount over cap) *Looking for a 6 month lease with 500 deposit *Carport and 1 car garage included *Fully Fenced Yard and Dogs Ok. $25 more a month with dog     I had the ad up for less than 5 minutes and my phone started ringing and did not stop for 2 hours.  I put the ad up around 3pm.  I told everyone that I was showing it that ni...
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By Rain Wallace, 801-971-0030
(SecurityNational Mortgage Co)
 According to a FannieMae representative visiting my office, FannieMae had four times the MyCommuityMortgage loans by April this year than they did the entire year of '06.  They are now trying to slow down the sale of this product. As of May 19th 2007 clients applying for 100% MyCommunityMortgage for purchasing a home will no longer be required to pay-off collections of any amount to close their loan for one-unit, owner-occupied properties.  (Judgements or things that show up at title that could end up being a lien against the property still have to be paid). Effective July 22, 2007 - Community Seconds may be used in conjunction with the interest only feature.  Effective August 1, 2007 - Loan-Level Price Adjustment or (llpa) of 1.00 percent applies to all MyCommunityMortgage loans.   Mo...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
The average home price in Salt Lake City Utah continues to increase despite continually dropping sales volume and increasing inventories. The number of homes sold during the second quarter are 20% lower than the 2nd quarter 2006 and and 25% less than the 2nd quarter 2005. The number of listings available continues to increase with the absorption rate (the number of months it would take to sell all current listings) now at 6.8 months and growing. It has clearly moved from a balanced market to a buyers market. The average price of a Salt Lake City Utah home continues to increase despite continually dropping sales volume and increasing inventories. The number of homes sold during the second quarter are 20% lower than the 2nd quarter 2006 and and 25% less than the 2nd quarter 2005. The numb...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Salt Lake School District and Clayton Middle School met with homeowners and parents last week to present the final plans for the construction of the new school. Clayton construction is scheduled to begin in September and will take about 2 years to complete. Parents and surrounding homeowners generally seemed pleased with the new plans. The biggest concerns were bus traffic dropping off and picking up kids and where to hold gym class. Currently the school bus loads and unloads on 1900 East. It is the busiest street in the neighborhood but kids load onto the curb and don't have to cross traffic. With the new building the bus will enter school property on the south end of the school completely off public streets to load and unload. The concern is the buses will then have to enter 1800 East...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Salt Lake City School District and East High School named the new principal last week. The new man in charge is Dr. Paul Sagers. KeithSellsUtah congratulates Dr. Sagers and wishes him the best in his new position. He takes the helm July 1st. So who is this new principal? The following is from an email sent by retiring principal Robyn Roberts. "Paul has a Bachelor's degree in English, Theatre and Communications, a Master's degree in Special Education, and a Doctorate in Educational Administration and Policy.  Paul will be retiring this month as the Assistant Superintendent for Program Services in Granite District and has 30 years of experience in education at the elementary, secondary and district levels.  His Principalship experiences have included Cyprus High, Olympus Jr. High, Crestvi...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Salt Lake City Home sales increased 26% in May over April but is still 14% under sales for May 2006. The average sold price for Salt Lake City Avenues homes increased almost 5% over April figures and are almost 14% higher than May 2007.   The saturation rate (number of months it would take to sell all current listings at current sales volume) is currently at 6.3 which is a neutral market. Neither buyers nor sellers really have any advantage. Many buyers are still taking a wait and see attitude. They're uncertain about the direction of the market and don't want to buy until they are more comfortable we are not going to see any price corrections. All sales statistics are taken from the WFRMLS as of 6/9/2007. To find a Salt Lake City Real estate Agent go to Utah Real Estate Directory.
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
The Salt Lake City Council  unanimously approved a resolution for eminent domain to take private property from three landowners in Tooele at the City Council meeting May 22, 2007. Salt Lake City isn't shy about using their power of eminent domain. This action will mark the third time they've used it to take real estate in 2007. The first was in February when they wanted land owned by Rocky Mountain Power and Rocky Mountain wouldn't sell but, was willing to make a trade. So Salt Lake City condemned some property owned privately that Rocky Mountain Power said they "might" want in the future for a power sub-station and traded it with the utility. Was the real estate taken from the private citizen for "public use"? Hmm. The second taking was in March and was done at the request of Salt Lake...
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By Julie Neerings~Lifting Hearts ♥ Building Dreams~
(Agent Referral)
 Gateway Wedding Show Show Hours: 10am - 4pm Saturday, June 23, 2007 10am - 6pm Held in The Gateway's Grand Hall 400 West South Temple 4 Designer Fashion Shows! The first 100 brides win "Swag Bags" with bonus prizes!   Come and see us at our booth.  Great giveaways and drawings.  Let us help you make your dream of homeownership come true. More information at www.gatewayweddingshow.com      Imagine… The wedding went perfect, the honeymoon even better, opening the front door to your new house instead of an apartment.                                                                                               Dream… Of opening up all your wedding gifts and where they’ll fit in your new house.     Inspire… Him, carrying you, over the threshold of your new house.                           ...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Salt Lake City March 2007 Home & Condo Sales Report Salt Lake City home sales declined 2.19% from March 2007 and 18.99% from April 2006. Home values declined 2.19% from March 2007 but were up almost 16% from their April 2006 levels. Days on market shortened by 7% from March and his holding strong at 36 days.    2006         2007Homes Sold 237192-18.99% Average Sold Price $248,297 $287,488 +15.78% Condos Sold 55 44-20% Average Sold Price $165,666 $241,370 +45.7% Average Days On Market 34 36 +5.88%   Salt Lake City Condo values increased dramatically compared to April 2006. Some of this increase is due to the area of the city the sales were concentrated in.The decline in volume appears to be a continuing reaction to national fears of an economic decline. But, values remain fairly strong. ...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
This is a quick analysis of the Salt Lake City residential Real Estate market comparing March 2006 home and condo sales activity to March 2007. Please be cautious in making any buy or sell decisions based on a single months analysis. Quarterly and trend analysis are much more meaningful than isolating a single month. But, it is interesting to compare our statistics to what we see in national and regional activity and trends.   March 2006March 2007Change %Homes Sold270224-17.04%Average Sold Price$254,803$293,936+15.36%Condos Sold8256-31.71%Average Sold Price$172,303$186,778+8.40%Average Days On Market4039-2.5%As you can see from the chart there was a huge drop in the number of units sold but some continued strength in values. The reduction is consistent with the rest of the country accor...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Salt Lake's Highland Rugby Club - The Nations Best High School Rugby Team update 5/10/2007: Don't miss the High School Rugby Nationals hosted by Highland Rugby on May 18th and May 19th.About 4 years ago I was talking with a friend and he happened to mention his son was playing Rugby for Highland Rugby. Just to make conversation I asked if he liked it. His comment startled me. "Keith, Highland Rugby is a Life Experience for the boys who participate. You should really check it out." I was surprised by his comment and asked more about the program so I could "check it out" for my boys. As a result of that conversation, I am now into my third son playing for the incredible coaching team that Larry Gelwix, yes the famous Getaway Guru, seems to be able to bring together year after year. I'm no...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
It must have been a quiet evening shortly after Christmas when the Salt Lake City Foothill location of Marie Callenders closed its doors and slipped out the back door. I drive by almost every day and hadn't even noticed they had closed until my wife mentioned it in late January.As I drove by Foothill Village a couple of weeks ago I wondered about the closing and what might be coming to our neighborhood. So, I called the Marie Callenders on 3900 South in Millcreek.  I spoke with the manager and asked why they had closed and if they had relocated.  She stated that business was good in Foothill but the building was in very poor condition and the owners were raising the rent but would not deal with the deteriorating building. They do not have any current plans to reopen the restaurant anywh...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
The numbers are in and Salt Lake City residents are anxious to hear how we did in home appreciation compared to last year and especially compared to projections. If you recall, Utah ranked #1 in appreciation in 2007 with an increase statewide of 17.55%. And the Salt Lake Metropolitan area was forecasted to increase 5.40% in 2007. So how have we done so far? Salt Lake City which includes zip codes 84101, 84102, 84103, 84104, 84105, 84106, 84108, 84109, 84111, and 84116 continues to see aggressive growth. Neighborhoods in Salt Lake include The Avenues, Marmalade, Federal Heights,  Beacon Heights, Foothill, Sugarhouse, Rosepark, Liberty Park, Liberty Wells, and Highland Park.1st Quarter 2006 Sales Compared to 1st Quarter 2007                                                 2006            ...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
While researching another project today Salty stumbled on to some new real estate developments for Trolley Square. According to our sources, Whole Foods Market a 195 store Natural and Organic food store chain will open a 51,000 square foot store in Trolley Square! There is some confusion because Whole Foods has announced the acquisition of Wild Oats Markets who only has 110 stores nationwide. So, which one will open up in Trolley Square? Most likely it will be Whole Foods, since there is already a Wild Oats just up the street on 400 south, and since the acquisition was just announced February 21st.Cool! I love Wild Oats and look forward to seeing what Whole Foods is all about.You might ask, where will they put a 51,000 Square foot grocery store in Trolley Square? Believe it or not, they...
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