Thursday, June 28, 2012

Photo of the Day: Nicotine Two-Tone

I previewed a property this week to possibly list for sale.  Here is what greeted me:

This is the "smoking chair".  What you see are the results of smoking inside for 35 years.  It's almost a work of art....almost.  

Wednesday, June 27, 2012

FOR SALE: Cute Brick Cottage - Ogden, Utah

I recently listed this property for sale at 711 Darling St. in Ogden, Utah.

The home is 1630 SQFT and has four bedrooms, two bathrooms, and a big two car garage.  There is lots of storage on this property.  The home has new plumbing as well as many upgrades including updated bathrooms, new pergo-style flooring, tile floors, new paint, new roof, etc.  The property is in excellent condition and ready for move in.  The yard has mature fruit trees and a pergola.  The basement is plumbed for a mother-in-law apartment.

The home also qualifies for $5,000 in Own-In-Ogden grant money. If you are interested knowing current pricing or want to view this property, CONTACT ME and I would be glad to walk you through. 

Thursday, June 21, 2012

HISTORIC HOME FOR SALE: Browning Family Craftsman

I recently listed this fantastic historic  home:

Built in 1913 by the Browning family, this home is located in the illustrious Eccles Historic District neighborhood.  The home has 6 bedrooms, 4 baths, and 5572 SQFT.  You can see a video tour below:

The home has a very private and large back yard, two car garage, excellent landscaping, and a big workshop space.  It is elegant living in the city at it's best.  If you are interested in seeing this home, CONTACT ME for current pricing and a showing schedule.  Please do not disturb the occupants of the property. 

Sunday, June 17, 2012

Ogden Temple: June 2012 Renovation Update

The work on the Ogden temple continues forward.  You can see pictures from last summer's update HERE

The exterior appears to be taking shape as concrete pouring has been completed to form the shell of the structure.  Wood supports have recently been removed from the massive window openings.  I am sure these acted as braces while the concrete cured.  The main level of the building has some type of exterior covering and new window inserts. 

It's great to see the work progressing. 

Friday, June 15, 2012

Ogden Rising: The Ogden River Parkway

The improvements going on in Downtown Ogden continue to impress.  The Ogden River Parkway now connects to greenbelt trails in West Haven and Riverdale.  The trail system is quite remarkable and enjoyable to run or ride on. 

Today I wanted to showcase the portion of the trail between Washington Blvd. and just west of Wall Ave.  Ogden now has a tremendous asset flowing through the heart of the city. 

The Ogden River is now a great place for family outings.  Note: The wildlife in the area is still unfamiliar with people.  Unlike the ducks at Beus Pond which have had generations of people feed bread crumbs to them, the ducks on this stretch of the Ogden River run away from people well before you can can get close to them.  I guess that is a testament to their "newness" to the area.  Regardless, they are a welcome addition.    

Be sure to get out and enjoy this great part of the city!

Tuesday, June 12, 2012

JUST SOLD! North Ogden Condo Investment Package - Owner Financing

I recently sold four listings in North Ogden.

The Sunbrook Condos in North Ogden were built in 1998.  My client had purchased and been renting them out since their construction.  Due to changes in life circumstances, my client felt that it was time to liquidate them.  We listed these 2 Bed 2 Bath units for sale originally in July 2010 for $89,900.

After several summer listings passed, we put them on the market again in February of this year to give it another go.  My client had hoped that another investor would come along and snap up the bundle in one transaction.  Unfortunately, the investment financing climate for condos has been adverse.  When someone accounted for the multiple loans that were required, the transaction costs added up and reduced the return on investment.  The large down payments required by lenders also reduced the overall return on investment.  

So, to work around these issues, we put together an owner financed transaction for four condo units in one building.  The closing costs were greatly reduced.  Also, since the condos were owned free-and-clear, that allowed us to do a traditional note and deed of trust without worrying about "wrapping" an existing mortgage.  You can read more details on how owner financing (aka seller financing) works HERE.

In this case, the four units sold for a combined price of $328,000 with 14.6% down and an interest rate of 5%.  The buyer agreed to a balloon payment in 10 years.  Congrats to my client on converting their rental income into passive note income while avoiding capital gains taxes in the process.

If you or anyone you know is having trouble selling a property and is interested in learning more about how owner financing works, CONTACT ME and I can explain all the benefits and advantages and help determine if it is right for you.

Monday, June 11, 2012

RECOVERY! Housing Market Awakens From Coma

We are almost at the half way point for the year and it is time to take a look at our sales statistics.  First lets take a look at our long running chart:

As you can see from the chart, home sales plummeted in 2008 and meandered downward through 2010.  Our trendline bottomed in 2011 and we have trended upwards ever since.  Unlike 2010 which was marred by government interference, the market seems to have made a reversal direction for sales numbers.  This time though, there are no major legislative gimmicks to goose the market upward.  We finally appear to be out of the abyss we had fallen into.

To illustrate this better, let's take a look at sales on a month-to-month comparison.  Queue chart please:

Notice that compared to last year, we have seen solid gains in sales volume.  With inventories being so low, this portends price stabilization in the near future.

I anticipate that we bottomed out in prices around the beginning of the year.  Once all the REO and scratch-and-dent inventory is cleared from the market, we should start to see prices edge upwards.

The market dynamics seem reminiscent of 2003 which was a year of increased sales volume.  However, it took a whole year before prices started to increase.  I don't expect prices to increase nearly as much as they did back then but tracking with inflation may be in the cards.  Let's watch and see.

Friday, June 8, 2012

Historic Homes: The Eccles Historic District - Ogden, Utah

Today I wanted to spotlight one of Ogden's premier neighborhoods:  The Eccles Historic District.  The district is found just east of Downtown. Built mostly between 1910 and 1925, it boasts some of the most amazing Prairie School and Craftsman style architecture to be found in Utah.

Here is a video montage for your delight:

The neighborhood is adorned with antique style street lighting, decorative sidewalks, and stone street crossings.  It is nestled near the mountains and is just minutes to recreational hiking, biking and outdoor fun.  Shopping, restaurants, and entertainment are just minutes away.  It is a great location.  

If you are interested in learning more about homes FOR SALE in the Eccles Historic District, CONTACT ME and I will get you all the details on what is currently available.

Tuesday, June 5, 2012

Real Estate Disclosure and Ancient Roman Lawsuits

I have been reading some very old books lately.  My most recent one happens to be a work by Cicero of Rome.  While plodding through, the book comes to an interesting section describing litigation from ancient real estate transactions.

First, some background on Roman law. In Roman cities, there were zoning ordinances that allowed for neighbors to have the water from their gutters run-off onto a neighbors homes.  Due to density, a homeowner could also use their neighbor's wall as a support for their own structure.  The laws also dealt with height restrictions on construction of residences so as to not darken the light falling upon existing residences.

One example on the book involves a case against Marius Gratidianus who sold a home to a man named Aurata.  Marius failed to disclose to Aurata the specific zoning ordinances that encumbered his building.  The result was a lawsuit where Aurata sought indemnification from the zoning ordinances due to a lack of disclosure by Marius.

In another example, Marius Bucculcius sold a home to Lucia Fufius with the stipulation that the window lights should remain as they were.  However, Fufius, being a litigious man, sued Marius when a building began to be constructed some distance away from his home.  His logic? That whatever portion of the sky was interrupted by the construction of an new building on the skyline, at however great a distance, the window light underwent a change.

These are some interesting examples that have some analogy to real estate transactions today.  In modern times, the buyer is responsible for doing zoning research, but the seller still has to give material information about the condition of the property.  This precedent dates back to Roman law which "ordained, to avoid deceit in bargain and sale, that the seller should give notice of all the bad qualities in the thing sold which he knew of, or pay damages to the purchaser for his silence."

This sounds a lot like our seller disclosures today.

So while buying and selling real estate, be sure disclosures are a part of the transaction to make for a transparent and satisfying experience. 

If you are thinking of selling your property and have questions on this subject, contact me and I can answer your questions for you and explain the forms we use.