Salt Lake City, UT Real Estate News

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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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
 An unprecedented band of business leaders came together in Salt Lake City to formally unveil their collaborative vision for Utah's capital city labeled Downtown Rising.  The packed unveiling at the Salt Lake Marriott was enthusiastically received.  The plan is in itself a revitalization of the "Second Century Plan" created by a similar alliance in 1962.  That plan was the catalyst for development of many of today's landmarks such as the Salt Place Convention Center, farmers market, Main Street Plaza, the restored City and County Building and the downtown Federal Building.  Though there were several key projects not completed in this plan, I believe it is the overall success of the 1962 plan that will instill the drive and the passion necessary to make "Downtown Rising" an example of ho...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
So who will pay for the new water lines and fire hydrants in Millcreek?Salt Lake County created a tax assessment in 2006 for new water lines, fire hydrants, and some other appurtenances.  I don't know what the "other appurtenances" are yet?  The new lines will generally benefit homes in the area  of Millcreek from 700 East to 2700 East and from 2700 South to 3900 South.  Each home within that area will be tagged with a tax assessment of $1,961.68.  Home owners can be pay in one payment or in 10 equal "annual" installments of $242.19.So the question relating to home sales is, who pays the assessment if the home sales in 2007 - 2017?  The answer: who ever the buyer and seller decide.  It is simply part of the negotiation.  The problem is many real estate agents gloss over the preliminary ...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Salt Lake City has had some pretty good press lately about our residential real estate market and overall economy. Most recently Fortune engaged Moody's Economy.com and Fiserv Lending Solutions to look into their crystal ball and tell us which housing markets will be winners in the near future. Their outlook is as expected with 37 of the biggest markets expecting price declines. The good news is that more than half (63) the 100 largest metropolitan markets are expected to increase in 2007. Salt Lake City ranked 4th with an expected home price increase of 5.4% in 2007 and 1.9% in 2008. The only markets that topped Salt Lake are McAllen-Mission, TX, El Paso, TX and Albuquerque, NM. Not surprisingly, areas hardest hit in the forecast are those that had the greatest increases in the housing...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
At a work session on 3/20/07, the Salt Lake City Council heard a briefing from the planning commission on an amendment to what landscaping is allowed in Salt Lake City residential districts. The current zoning allows trees, grass, and shrubs lower than 12 inches high.Now that we're out of the drought, the city is responding to residents concerns about water conservation and their desire to landscape with more drought tolerant vegetation. That's a good thing, but a little behind the curve?The stated purpose of the amendment is to "foster aesthetically pleasing development which will protect and preserve the appearance, character, health, safety and welfare of the community.The new amendment will require that at least 33% of the yard be devoted to vegetation which could include:Turf grass...
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By Terrilee Fitz
(Bond Real Estate)
The grid pattern of Salt Lake City was created by Joseph Smith, the founder of The Church of Jesus Christ of Latter-day Saints, when he planned the layout of the town. Smith's original vision for Salt Lake City included 10-acre square lots that would provide plenty of room for a family to spread out and plant a large garden. While the lack of zoning laws in the early 1900s resulted in Smith's vision being corrupted by 2.5 acre lots in The Avenues, the grandeur of large city lots is still appreciated and enjoyed by many of today's residents.Salt Lake City is divided into two regions by Interstate 15. The western portion of the city has historically been known as the less desirable portion but is experiencing a phenomenal amount of interest and growth. In fact, many neighborhoods such as ...
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