Archive for April, 2009
Posted by UtahCribs, Real Estate, Homes on April 20, 2009
I have been getting many inquries into affordable housing in Salt Lake City, UTAH. This post is a perfect example of affordability right now in Salt Lake City. Real Estate prices have come down. If you notice the address of all of the below examples, you will notice these are all nice East side subdivisions. These are a few of the good deals I found today. If you are looking for a great condo on the East bench for an affordable price. Take a look at theses.
Spencer Janke,
Posted in Real Estate Deals, Utah News | Leave a Comment »
Posted by UtahCribs, Real Estate, Homes on April 18, 2009
1. A house….. Time to buy a home is now. Why? Housing prices finally seem to be bottoming out in most regions. There are also some great buys available due to short sales and foreclosures, which accounted for 40%-45% of purchases in February, according to the National Association of Realtors. Falling interest rates (under 5% for a 30-year mortgage) and government incentives ($8,000 first-time home buyer’s credit) aren’t bad either.
2. Buy a Car, with all of the crazy incentives right now you will be upset that you didn’t
3.Go on Vacation. Flights are cheap, Hotels are offering insane deals. We stayed in the Wynn casion the Encore, for $75 a night a couple weekends ago..
4. Toys, deals, deals and deals
5. High-dividend stocks the stock market is down 40%. So if you are risky go for it..
6.Diamonds, they are down significantly they will go up.
7.Woman’s clothing, again deals deals and deals
8. A television, hello flat panels are going for half the cost now
9. Lap top, they are down 20% use one..
10. Furniture.. Deals people do I need to repeat myself.
I found this article great, considering I found in in Forbes magazine.
Any thoughts
Spencer Janke
Posted in Economy Update. | Leave a Comment »
Posted by UtahCribs, Real Estate, Homes on April 17, 2009
General Growth Properties, the nation’s second-largest shopping mall owner, filed for Chapter 11 bankruptcy Thursday. This is dissapointing to many residents in the Holladay area. All of us have been watching the once iconic mall be transformed into the empty barren lot is today. With huge plans for it to become the new Gateway of Salt Lake City UTAH. It is not looking ver promising for Utah Residents.
When I was a kid attending Cottonwood High School, I used to go to the old Cottonwood Mall for lunch. When a couple associates of mine started negotiations to become the sales agents of the project. I became very interested in their plans. With the economy in the state of unknown, it is anyone’s guess what will become of the old Cottonwood Mall. I am assuming this will open up the opportunity to other local investors to see if they can bite off the project. If not most likely we will be driving by an empty lot for a very long time.
FYI, for those of you who don’t know, General Growth Partners. Are also the owners of Fashion Place Mall, just in case you were wondering why they have not finished the remodeling of that mall either. I am willing to bet it takes them a long time to figure out this mess in UTAH..
Posted in Economy Update., Utah News | Leave a Comment »
Posted by UtahCribs, Real Estate, Homes on April 16, 2009
Wow.. another great deal for today. Everyone who is looking for a great buy, today is it. This house is in the heart of Holladay UTAH. This is one of the nicest neighborhoods in the Salt Lake Valley. Address 2844 E. 4430 S. Holladay UTAH. List Price $245,000, 4 beds 3 bths, 2 car garage, 3200 Sq. Ft. you will not find a house this size for this price, located in an area equivalent to this. For those of you who are looking, time is of the essence with this property as well. It will sell quickly. This is an approved price, no waiting like a short sale. Call me as quickly as possible, we are starting to see some great deals pop up. Remember in today’s market everyone is looking for that real estate deal. So they go quickly when they come up…
Spencer Janke 801-671-7877 spencer@utahcribs.com
Posted in Economy Update., Real Estate Deals | Leave a Comment »
Posted by UtahCribs, Real Estate, Homes on April 16, 2009
If you are looking for a house on the East bench in Salt Lake City, UTAH. This is the house you need to buy. This property is on about 2800 S. and 1800 E. This property is not on the market, meaning it is not listed. I have sold comps on the street from $250,000 – $280,000. This will go fast, there is no negotiation on the price, you can buy the home for $188,000.
1600 Sq. Ft., 2 car garage built in 1999, .14 acre lot, home was built in 1950
I know a lot of you are looking for a deal, well this is it. East bench, Salt Lake City.. This is a real estate deal you can’t pass up. To buy a property in this location for under $200,000 is hard to come by. So if you are not interested pass this on to your friends and family. Because it is such a good deal, time is of the essence so call me if you are interested.
Thanks, Spencer Janke 801-671-7877 spencer@utahcribs.com
Posted in Economy Update., Real Estate Deals | 1 Comment »
Posted by UtahCribs, Real Estate, Homes on April 15, 2009
So let’s just cut to the chase. Understandably, everyone wants a deal these days (us included) on their real estate purchase. This usually makes buyers lean towards a foreclosed home or a short sale. I wish the Utah Cribs Team had a dollar for everytime we got a call from a client, friend or family member inquiring about a “screaming deal” on a house they just found. We do the research, pull the house up on the MLS for them and answer their questions. Probably 95% of the time these homes are unapproved short sales. They inevitably want to know how much can we lowball the already low price and see if they can walk away with a home for 30-40 cents on the dollar. For the everyday home buyer, it simply does not work like that and you have to understand the short sale process in order to become a player in the game and actually get an offer to stick, otherwise you will just be writing a bunch of offers, waiting around, and probably have your significant other getting frustrated with you.
In a nutshell, short sales work like this: The seller realizes “Oh crap! I’m behind in my payments and I can’t sell for what is owed! What do I do?” The seller then talks to a real estate agent who says their only shot at getting out of the house without a foreclosure that will damage their credit for years to come is to see if the bank will accept a “SHORT” on the house. Meaning the bank takes an amount less than is originally owed to recover some of their money. Why would banks do this you ask? Because they also realize, “Oh crap, I can’t sell for what I’m owed even if I do foreclose on the seller. The foreclosure process can be expensive and time consuming, so we might as well take the loss on the house now if it looks like there’s NO WAY to get our money out of it!”
This means the seller lists the home with the agent and the agent typically has to start the home at a higher price to show the bank that it can’t be sold for what is owed. The agent will usually lower the price incrementally, or sometimes they will just lower it all at once to a ridiculously low price to generate activity and get an offer. The bank hasn’t even approved ANY of these prices!!! This is usually when the potential buyers come across it and give their agent a call telling them they have to get out there ASAP to see this house a write up an offer. The problem is the bank has yet to even start the short sale process which can take 2-3 months minimum. The banks want to be sure that the value really has dropped, so to do this they will order a BPO (Broker Price Opinion) to see what a neutral third party thinks about it. Once that has been done, the bank will then approve a price and that can take a couple weeks more to get through all the different employees in the bank that have to approve it.
So what does all this amount to for a buyer? It means short sales can take a long time and work BACKWARDS when writing an offer. Look at the recent comparables in the neighborhood, PUD, or develepment depending on what the property is and go from there. If there are recent sales in the neighborhood for $150K and the house is an UNAPPROVED short sale priced at $115,000, you more than likely will not be able to pick it up for $115,000. But think of it like this, if you picked it up for $125K-$135K, its still a great deal right? That’s what buyer’s have to understand. Most of the short sales are UNAPPROVED, and when they are approved, most of the time the sales price is either at list price or higher. If the home is priced super low and unapproved, statistically you shouldn’t even try to lowball him because it just won’t work out for you. Here is a list of APROOVED SHORT SALES and what they sold for to back up what I just said. List price is on the left, Final Sales price is on the right. Please call us about your short sale and we’d be happy to help you out.
 |
859725 |
$165,000 |
SLD |
2-Story Split |
2,104 |
$170,000 |
3 |
| 4407 W 6165 S |
Salt Lake City |
0.13 |
6165S/4407W |
Tour / |
| 5/2.00/1 |
1/0 |
PART/90% |
01/23/2009 |
03/12/2009 |
1991 |
SNGL |
9 |
Posted in Uncategorized | 1 Comment »
Posted by UtahCribs, Real Estate, Homes on April 15, 2009
As many of you know, we are in an interesting moment in history. Our current economic situation is uncharted territory for many individuals. I am a 28 year old Real Estate Broker from Salt Lake City, UTAH. What do I know?
That is the beauty of all this. None of us really know what is going to happen! We watch on the news every night different analysts telling us completely different things.
Fact. Currently interest rates are at an all time low. Fact. Real Estate prices are depressed and lower than they have been in years. Fact. In Salt Lake City, Real Estate prices have gone back to the prices before the boom. So basically you can just push delete on the last 5 years. Almost like it never happened.
Fact. Interest Rates can not stay this low forever. If they did we would be in a situation far worse than the current one. Inflation is on the rise, and the one thing the Fed. can control to combat that is raising interest rates. So, rest assured the one thing we all can predict right now, is that the great interest rates you are seeing advertised all throughout the media will not last forever. I am predicting by 2010 you will see an increase. Which will mean the average persons monthly payment will go up possible $200- $500 a month.. So take advantage now..
Spencer Janke
Posted in Uncategorized | 9 Comments »
Posted by UtahCribs, Real Estate, Homes on April 14, 2009
These homes are all approved short sales, meaning they are ready to go and the bank has approved the prices! The longest part of the short sale process is getting the banks to actually approve a price. These deals tend to go quickly once they are approved. If you are looking for a real estate deal in the Salt Lake City area, you should be looking at something like the list below. All to often people get hung up on the deal hunt, and they waste a lot of time making offers on properties which have really low list price. There is a big difference from list price and the approved price from the bank all to often. So be careful to not waste your time an energy looking at places that are not approved.Please contact us if you have any questions regarding the short sale process, or any real estate related question, or the local Salt Lake City market. Good luck on the Hunt…
Spencer Janke, Brad Miles
Posted in Economy Update., Real Estate Deals | 1 Comment »
Posted by UtahCribs, Real Estate, Homes on April 14, 2009
I am getting many requests for Bank owned homes.. People keep asking me for lists. First off, all we do get lists directly from many banks. Most banks are going to list their inventory across the multiple listing service to get as much exposure as they possibly can. Banks are getting a lot smarter than many people are giving them credit for. They have already made the bad loan, so if they are going to reposess the property, make no mistake they are going to recoop as much of their money as they possibly can. Often times, people correlate Bank owned home with the word “deal”
To be honest, most of the incredible deals, or buys we have seen lately have been the opposite. An individual owner who wants out, and can afford to get out. Here are a list of the area’s we are getting many Bank Owned properties…
Bank Owned homes in Sandy,
Bank Owned homes in Salt Lake City,
Bank Owned homes in Riverton,
Bank Owned homes in South Jordan.
Bank Owned homes in Park City,
Bank Owned homes in Draper
Bank Owned Homes in West Jordan..
And basically every other suburb of Salt Lake City, UTAH. Again, remember some of the best deals are normal private sellers. banks can’t lose any more money than they already have.. So if you are still interested in a bank property, let me know and I will email you the spreadsheet..
Spencer Janke
spencer@utahcribs.com
Posted in Real Estate Deals | 1 Comment »
Posted by UtahCribs, Real Estate, Homes on April 14, 2009
I found this really interesting..
SALT LAKE CITY -
University of Utah officials say a computer virus has infected more than 700 campus computers, including those at the school’s three hospitals.
University health sciences spokesman Chris Nelson said the outbreak of the Conficker worm, which can slow computers and steal personal information, was first detected Thursday. By Friday, the virus had infiltrated computers at the hospitals, medical school, and colleges of nursing, pharmacy and health.
Nelson says patient data and medical records have not been compromised.
“That’s secured in a much deeper way because of the implications,” he said.
Nelson said the virus is mainly attacking personal computers and could be siphoning login and password data, credit card numbers and banking information.
Directions for purging the virus from personal computers and equipment like thumb drives, digital cameras and smart phones has been distributed to staff and students.
Information technology staff shut of Internet access for up to six hours at some campus locations Friday so they could isolate the virus. They were expected to work through the weekend to eradicate it from the system.
Mindy Tueller of the university’s office of information technology said all faculty and students should take steps to make sure they are protected. The virus does not infect Macs.
“It can do a lot of bad things,” Tueller said. “Every university member should be concerned about this if they’re using Windows-based devices.”
Courtesy of tech.yahoo.com
Posted in Utah News | Leave a Comment »
