Photo of the Day: Dish Network Delight

As a landlord, one of the concerns I face is the installation of satellite dishes on my properties.  Tenant turnover can mean that a property may end up being adorned with several unsightly dishes in a matter of years.  To prevent this unsightliness and to help preserve the property condition, I have a policy of not allowing dishes to be installed on my buildings.  To work around this, I usually have a post installed somewhere in the back of the property for the tenants to use.  Some landlords have other ways of making it work for their tenants.

Well, I guess that works too.

SLAP! Weber Sales Take Hit From Uncle Sam

Nearly 10% of Weber County residence depend on the Federal Government for their income.  So, when there are palpitations in the regularity of government paychecks being issued, it has an impact on the local economy.  The impact of October's government shut down can be seen in this chart showing the change in same month sales volume year-over-year.

See anything unusual?  Real estate sales usually lag four to six weeks behind the date that offers are submitted.  So, November's sales numbers reflect real estate contracts that were were not written in October. In this case, a 23% decline is the result...the first decline year-over-year in over 30 months.

The upside is that the Federal government shutdown is over (until at least January 15th...for now) and this anomalous decline in sales volume will hopefully not repeat itself.  Excluding the risk of political events and Federal budget drama, real estate sales should continue to trend upward in the medium term for Weber County.    

The Standard Examiner also did a write up on this.  You can read their story here.  

PHOTO OF THE DAY: Portending Plumbing Problems

This winter has been hard on plumbing already.  However, there are simple things property owners can do to prevent plumbing problems.  Disconnecting hoses from exterior spigots is a must-do.

I found this scene while out and about this week.  It looks like someone is going to be giving their local plumber a call this spring.  

Ogden House Prices: Up? Down? Where to from here?

It has been about a year since I last nerded-out on everyone and cranked out some house price charts.  Although, many of you know I have had plenty of opportunity to nerd-out on other topics.  In any case, I thought it was a good time to take a look back at the year and get a feel for the dirction of house prices in Weber County.  So, without further delay, here are the charts for your visual enjoyment:

The first chart shows Weber County house prices indexed over time.  It takes real estate worth $100,000 in 1979 and shows what its value would be based on changes in Ogden's house price index (red line).  It also shows what $100,000 of real estate in 1979 would be worth today when adjusted for inflation (blue line).  Not surprisingly, the the 'real' value of real estate moves sideways.  As incomes go up, the price of milk goes up, and house prices go up.  As it turns out, there is a natural balance and proportion between people's incomes and house prices.  Variations in this relationship reflect economic distortions like non-amortizing interest-only loans, mass layoffs, or other factors that take the market some time to absorb and correct for.

Our next chart is a close up of the previous chart and zooms in on the last 14 years to show sticker prices on homes.  Can you spot the bubble in this trend line?  As you can see, we have just overcome one major run up and blow off of market value.  The last two years have been marked by an increase in house prices as low interest rates and market sentiment have combined to return the market to relative equilibrium.    

But, lets zoom in on the inflation adjusted house prices over the same period.  As you can see, the bubble is very obvious here too.  But, when house prices declined, they fell below the long term trend and over corrected.  Since late 2012, house prices have been climbing back toward their long term trend lines and restoring the natural balance between household income and house price.

These charts show data from October.  My hunch is that we have reached that "sweet spot" where there is balance in house prices.  Any appreciation we see will be tied to income inflation.  Inversely, any declines in house prices we see will be related to job losses or an economic recession.  Nevertheless, any decline we see should not be nearly as catastrophic as the housing depression we have just survived.

Look for a more stable market for buyers and sellers for the time being.  If you are in the market for property, CONTACT ME, and lets discuss your real estate needs.  

Photo Gallery: Deferred Maintenance Disasters

Whenever I go out shopping with clients, I always make sure to have my camera with me.  I never know what kind of interesting things we will find along the way.  For your amusement, here are a few of the more interesting sights we have seen.  You won't find these photos on the MLS.

If the bare concrete walls and makeshift curtains don't make you feel at home, the giant sewer pipe intruding in your space certainly will.  

This is what happens when water is allowed to seep under the linoleum floor tiles. 

And this is what happens to your basement walls when you have a swamp cooler and sprinkler head dripping onto dirt that slopes into the foundation.  

Remember that time you ran your swamp cooler duct only to discover you made it pop out where you had framed a wall?  Then remember how you salvaged a box fan grill to cover it?  I do. 

This water is melted snow.  Typically we like to find this in the parking lot, not on the office floor and running down the hallway.

You know there is a design and water management problem when moss is growing on the stucco.  You know you have neglected to take care of the problem for a very long time when there are lichens growing there too.

I think it has been a while since someone has used this door.

Can you spot where the BBQ grill was?

Every property has its flaws, but these are just a few of the more interesting ones I have bumped into lately.  There will be more to see and share in the future.

FOR SALE: Light Manufacturing Commercial Building + 1 Acre Lot

I recently listed this attractive commercial building for sale.

The building is 6000 SQFT and located at 1641 S. 1100 W. in the Marriott-Slaterville Commercial Park.  Freeway access is nearby.  The building sits on.94 acres with the rear portion of the lot fully fenced.  The interior is nicely finished with two offices and a common entry area.  The site is zoned for light manufacturing.  The rear part of the building has two large bay doors for moving product.



If you are in the market for a commercial building, CONTACT ME, and we can set up a private showing for you.  You can also reach me for further details on this property.

Things To Do In Idaho: Craters of the Moon Nat'l Monument

While traveling to Idaho this Thanksgiving, our family decided to take a day trip out to Craters of the Moon National Monument.  It is located about 90 miles east of Idaho Falls, Idaho on Hwy 20.  The park encompasses volcanic formations that are as recent as 2,000 years ago.  The sheer desolation and rawness of the place was awe inspiring.    

Given the park's remoteness and the fact it was the day before Thanksgiving, we were the only souls in the park.  The solitude was amazing.  

Here the wife and kids pose in front of Inferno Cone.

The harshness of the terrain is contrasted by Lost River Mountain range in the background.

Our next stop was at the spatter cones.  These were formed when globs of lava were spit out of a vent to form a nice conical shape around it.

The vent is deep.  When we explained what these vents were, the kids kept worrying we would be blasted with an eruption.

The park also has some very interesting heat and cold tolerant plants.  The ground temperatures can reach 150 degrees Fahrenheit in the summer.  These plants are super hardy.

Here you can get a sense of the scale of this crater wall we descended along the Tree Molds Trail.  After returning to the trailhead we walked the Broken Top Loop.

The loops has a variety of interesting volcanic features.  It took a few moments to figure out what we were looking at.

Here you can see a "lake" of lava that has cooled.  Interestingly, this finger of the lake at the base of the hill marks the site of a vent that created Broken Top Cinder Cone.  The vent sprayed cinders into the air and the prevailing wind at the time blew them to the north east of the vent to create the hill.

There are a lot of limber pines growing on the north face of Broken Top.

Here is an overlook with a view to the east.  The volcanic flows and vent features span over 52 miles of central Idaho.

The kids were good sports except for a few less exciting parts of the trail.

Here the kids are posing in front of a lava bomb.  Notice its distorted shape.  It would have been hurled out of a vent as liquid lava.  While in the air it would form a teardrop shape.  You can see where the impact of hitting the ground compressed the bomb and formed a lateral crease.  Then as it came to a rest on its side while semi-solid, its 'tail' sagged with gravity.

There are some amazing color contrasts in the park as well.

 Here the purple crust of the lava flows contrasts the dark cinder cone behind.  

We found the collapsed roof of a lava tube and were compelled to explore.

If you explore a lava tube, be sure not to hit your head.  The roof is very unforgiving.

The kids enjoyed exploring the unique features.

At the end of the day, they were ready to go home.

The great thing about Craters of the Moon is that access is free and the trails are open as long as the service road is not covered in snow.  The only drawback was that the park had a perplexing attitude biased against humans which we discovered on our last hike.  Other than that, the solitude and unique landscape of the place was a great way to clear the mind and find awe in nature's creations.

Ogden Rising: Weber State University Opens Downtown Building

One of the benefits to having a university in a city is the prospect of leveraging the connections between school and community to rejuvenate and improve economic activity in up and coming urban centers.

Such an effort was recently realized in downtown Ogden.  The Weber State Downtown building is located at 2314 Washington Blvd. across the street from The Junction.

The facility was restored after serving decades ago as an tractor dealership.  The floor planks are made of extremely think hickory.  Amazingly, the building was originally constructed to hold the massive tonnage of metal machinery on each of its three floors.  It shows in the support beams.

The facility will also serve as an incubator for tech companies and entrepreneurial students.

More great things are happening in Ogden!

FOR SALE: Clinton Building Lot

I just listed this lot for sale in Clinton, UT.

Located at 614 N 1500 W., the lot is .24 acres in an area of new growth.

The lot has utility access and lines are ready to be installed.  

If you are looking for a lot to build your new home on in Clinton, CONTACT ME, and lets see if this one is right for your needs.

JUST SOLD! Eccles Historic District Lot

I just sold this lot in one of Ogden's premier neighborhoods:
The Eccles Historic District.

Located at 1052 25th Street, the lot sits adjacent to two architecturally significant homes built in 2007. 

The lot sits across the street from the Ivy Lanes reception center.

It also has a great view of Watermelon Park on Eccles Ave.

The architectural designs for the planned home are complimentary to the neighborhood.  The lot was purchased for $30,000 with a $10,000 down payment and seller financed note due in a year.  Congratulations to my buyers!

If you are looking for a lot to build a house on, CONTACT ME, and we will find the right space that makes sense for building your new home.