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Archive for November, 2008

Chief Economist Says Stats Show Housing Turn

Posted by UtahCribs, Real Estate, Homes on November 26, 2008

Don’t take it from me…..take it from the NAR chief economist.  He’s NOT GUESSING on the future….he stats that OCT and NOV stats show a upturn in homes sales in the down trodden markets like Florida, Cali and Nevada.  And of course what do we know about Salt Lake…..WE ALWAYS FOLLOW (at least in the past).  Furthermore he stats these markets reached and average of 20-30% DROPS in home prices.  This is what we have seen so far in Salt Lake!  SO WHO THINKS IT WILL GET WORSE??? I don’t (at least not by much), the chief economist from the NAR doesn’t and Warren Buffet doesn’t.  See the full article november-market-trends

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DUPLEX DEAL and First time BUYERS

Posted by UtahCribs, Real Estate, Homes on November 17, 2008

So this is a decent duplex deal.  far east side….CASH FLOWS and has LARGE bedrooms.  There are a lot of you out there still fence sitting.  I often hear, “my uncle told me the market is really going to crash….I am waiting until then to buy.”  Don’t kid your self…..it’s BAD now, the market DID crash!  Now is a grea time to buy….as soon as YOU feel good about buying SO WILL EVERYONE ELSE……and THEN what will happen?  As everyone buyys it will go back up!  Don’t get me wrong…..it will not skyrocket back up.  BUT, when no one will buy and things look very grim…..those willing to buy get the best deals.

See the attached first time home buy credit….it goes away THIS coming July.  Many of you should buy before then so you can take advantage of all the governmentchart_homebuyer_tax_credit_ is willing to offer in the horrible market.

Presented by: Brad Miles – 801-428-7223

List Price: $349,900 MLS#847266 Stat: Active Ref # 1  
Address: 2711 E CONNOR ST Type: Duplex Style: Side by Side
Quadrant: SE Coord: 2150/2711 Sold Price: $0 Area: 103
City: Salt Lake City, UT 84109 Project:
Tot Sq Ft:3,186
Gar/Port: 0/2
Yr Built: 1967
Taxes: $2,137
Acres: 0.14
Prop. Tour: Tour

Bedrooms:
Baths:
Fireplace:
Square Ft:
Rent:
Unit 1
4
2
0
1,593
$1,150
Unit 2
4
2
0
1,593
$1,150
Unit 3
0
0
0
0
$0
Unit 4
0
0
0
0
$0
Features & Info: Double Pane, Sliding Glass / / Covered Parking, Uncovered Parking, Separate Power Meters, Separate Gas Meters, Separate Water Htrs, Separate Air, Laundry Hookup
Inclusions: Range, Refrigerator, Window Covers
Remarks: Incredible value-Large 4 bedroom units-Excellent location-Close to schools, shopping and freeways-Can purchase with next door duplex, MLS #847287-Contact Agent for details-2nd bath in west unit needs to be finished-Available to show with reasonable notice

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Cap RATES

Posted by UtahCribs, Real Estate, Homes on November 11, 2008

When it comes to economic times like this the bottom line is, How safe is my money where it is and how good is my return.  Many have flooded to the treasury market in order to get safe government binds returning a horrible 2-4%.

Is this the best place for your MONEY if you have some to spare?

I Like to think there are better deals out there.  Brad Miles (on our team) recently did a large market study of large apartment complexes and what the going CAP RATE IS.  Cap rate is the same as the return you can expect on your money after making the mortgage payment, the costs of running an apartment complex and the taxes.  He found the AVERAGE of GOOD LOCATION complexes RIGHT NOW on the SLC market is around 8%!  Can you believe that!  And that does NOT account for APPRECIATION in the complex….that’s just return on your $$$ with current rents and interest rates!

Personally I think it’s safer to OWN LAND and have renters than even investing in GOVERNMENT BACKED BONDS THESE DAYS!  If you have the $$$, now is the time to buy these places in SLC.

His full report and finds are attached HERE: cap-rates

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The DEALS ARE BACK!

Posted by UtahCribs, Real Estate, Homes on November 11, 2008

Look at these two around the Willow Creek Country Club!  First one is $80 a foot! Are you kidding me-  Mark my words again…..many keep saying it will get worse and worse and THEN they’ll BUY.  Those of you saying that will miss the down turn!  Don’t take it from me…..take it from Warren Buffet.  He’s been buying while everyone is scared…..accordingly I have too.  If you are ready to buy a house but just FENCE SITTING—NOW is the TIME!

Jake Breen and Spencer Janke Office

List Price: $209,000 MLS# 845730 Stat: Active Ref # 1  
Address: 8664 S ASPEN WAY Type: Single Family Style: Split-Entry/Bi-Level
City: Sandy,   UT 84093 Project: WILLOW CREEK
Prop. Tour: NA NS/EW: 8664 S / 2500 E
Tot Sq Ft: 2634
Tot Beds: 5
Tot Baths: 3.00
Family Rms: 2
Fireplace: 2
Gar|Port: 2 | 0
Yr Built: 1972
Taxes: $1
Acres: 0.23
HOA Fee: $0
Under Cnst: No
Fin Bsmnt: 100%
Exterior: Aluminum/Vinyl, Brick
Lot Facts:
Features & Info: /
Inclusions:
Remarks: Bank Owned! Sec. 10.2 does not apply! Great Area! Sold as is! Please call for appt. Commissions to be split equally between agents! BUYER(S) / BUYERS AGENT TO VERIFY ALL!

Information deemed reliable but not guaranteed. Buyer to verify all information.
Jake Breen and Spencer Janke Office

List Price: $219,900 MLS# 844858 Stat: Active Ref # 2  
Address: 1726 S 1700 E Type: Single Family Style: Rambler/Ranch
City: Salt Lake City,   UT 84108 Project:
Prop. Tour: Tour NS/EW: 1726 S / 1700 E
Tot Sq Ft: 2300
Tot Beds: 3
Tot Baths: 2.00
Family Rms: 2
Fireplace: 2
Gar|Port: 1 | 0
Yr Built: 1948
Taxes: $1,898
Acres: 0.18
HOA Fee: $0
Under Cnst: No
Fin Bsmnt: 95%
Exterior: Brick
Lot Facts: Curb & Gutter, Fenced Part, Paved Road, Sprinkler, Auto-Full
Features & Info: Patio, Patio Covered, Porch Open / Dishwasher, Disposal, Gas Log, Range Oven Free Std.
Inclusions: Range, Refrigerator, Washer
Remarks: Very motivated seller. Clean brick rambler. Short Sale-Subject to bank approval. This home is in a great area. Good ceilings height in basement. Mother in law apt. down with a separate entrance. This home is very easy to show.

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