Tuesday, January 28, 2014

WOLF MOUNTAIN: The Reinvention of an Ogden Valley Resort

Ogden Valley Real Estate For Sale

The Standard Examiner reports recently that Wolf Mountain has been purchased by local investor and businessman Josh Richards.

The resort, previously known as Nordic Valley, will receive an injection of capital and improvements.  The new owners plan to make the following changes:

  • Improved Restroom Facilities
  • Additional lockers for storing personal belongings
  • Ski rentals
  • Year -round restaurant and catering services
  • Shuttle service to the resort (when purchasing tickets at Gear:30 in Ogden)
  • Special Events

Ogden Valley Real Estate For Sale Vesta Real Estate

These certainly sound like meaningful changes to the resort.  Wolf Mountain has struggled for several years as the adjusting economy and the debt hangover from the real estate boom have left their mark.  Depending on the details of the sale, the plans of the new owners may offer new vitality for the resort and adequately fill a market niche that is currently underserved.

Development of the resort should also help increase prices of homes and land nearby.  Let's keep our eyes the new Wolf Mountain.    

If you are interested in homes or land in the Wolf Mountain area, CONTACT ME, and let's find a place that is right for you.

Monday, January 27, 2014

JUST SOLD! New Construction Townhouse

I just sold this townhouse to some first-time homebuyers.

Located at 404 E 475 N in Ogden, these townhouse units were recently finished being built.  The seller listed the unit for $114,900.  We offered $114,000 and asked the seller to pay for my client's closing costs of $3,500.  The sellers accepted this offer.

Everything went smoothly until the appraisal came back.  The appraiser indicated that the unit was only valued at $111,500.  That was a shock to us since comparable sales seemed to support the sales price and the contract price was within the 5% "margin of error" which appraisers are granted when adjusting for market movements up or down.

We challenged the appraisal but were rebuked by the Appraisal Management Company.  They rebuffed us by indicating they should have lowered the price further.  Let us never mind the fact that a willing buyer and a willing seller negotiated (with no gun to the back of either party) a price point and terms that were agreeable to each.  Apparently, these sort of free market negotiations don't fit into the rigors of this Appraisal Management Company's valuation method.        

Thus, we were compelled to make adjustments to our contract to consummate the transaction.  We reduced the price to $111,500 and asked the sellers to only include $1,000 in closing costs for the buyer.  Fortunately, the buyers were well qualified and had the additional resources available to make this work.  We closed about 5 days earlier than anticipated.

Congratulations to my buyers!

If you are looking for a new home, CONTACT ME, and lets see what is out there that is just right for you.

Friday, January 24, 2014

JUST SOLD! East Bench Bargain Bungalow

I just sold this property located on the East Bench of Ogden.

Vesta Real Estate Ogden Utah

We listed this home in January 2013 after an attempt to rent the property was foiled when the sewer line failed.  We moved the tenants out following that surprise and immediately pursued a short sale.  The seller had purchased the home in July 2007 for $184,900.  Our list price was $124,900.    

Vesta Real Estate Ogden Utah

We received several offers right after listing the property.  However, due to the complexity of the transaction, the process moved very slowly.

Vesta Real Estate Ogden Utah

Finally, after about 9 months, the bank gave us an approval at $119,900.  The buyer who had an offer on the property decided to excuse themselves from the transaction at the last moment.  We reduced the list price to match our approval price and quickly received a cash offer at $115,000.  It took the bank another month to work through this offer but they ultimately agreed to approve the short sale at that price.

Vesta Real Estate Ogden Utah

Congratulations to the buyer and seller of this property!

If you are upside down on your home and considering a short sale, or you are looking for an investment grade property to purchase, CONTACT ME and I would be glad to sit down with you to discuss achieving your goals.

Saturday, January 18, 2014

Things To Do In Utah: Snowshoeing Clegg Canyon in Wasatch County

We took the kids to Midway, UT for the weekend to get away before a very busy time of year arrives for our family.  This year we decided to do some snowshoeing away from town.  We explored a bit and found ourselves at Clegg Canyon.

To get there from Heber City, head south on HWY 40 for about 10 miles.  The pull over is about 30 yards before the canyon trailhead and on the opposite side of the road.  It will catch you off guard so keep your eyes peeled.

Vesta Real Estate Ogden Utah

The trail is for horses and hikers only.  But, I hear that a Polaris snowmobile has about 125 horses in it so I am sure the fellow that made these tracks was simply confused by the signage.

Vesta Real Estate Ogden Utah

The trail is lined by quaky aspens and pine trees.

Vesta Real Estate

The hoar frost made for some beautiful photos.

And of course, no outdoor adventure with my girls would be complete without some startling scene of blood to damper there tender spirits.  Last year's snowshoeing treat was half-eaten baby dear carcasses.  This year's trail was simply dribbled in mysterious blood.

Despite the gore, the trail was very pleasant, easy to ascend, and most importantly quiet.  If you are looking for some solitude, I highly recommend Clegg Canyon.  Just make sure you don't get eaten my a mountain lion while you are there.    

Monday, January 13, 2014

JUST SOLD! The Shultz Commercial Building

I just closed recently on this commercial transaction.

This building, known as the Shultz Building after its long time owners, sits at the intersection of Lincoln and 32nd Streets in Ogden.  This building was also featured in a blog post last year entitled Scrap Metal Scoundrels.

As you can tell, the property is a diamond in the rough.  At approximately 12,000 SQFT on nearly a half acre, the property was priced very affordably at $250,000.

We wrote an offer on the property in June of 2013 at list price.  Due to the extensive repairs needed, we also asked that the property be seller financed so that funds could be spent on repairs. The sellers agreed and after several weeks of fine tuning the terms, the contract moved forward.

One issue my client faced was rezoning the property to comply with their plans for the space.  Ogden City had already been working on a rezone plan for this area and so my client's application dovetailed nicely with their efforts.  The rezone occurred without event.

The process took quite a while but the property should be a worthwhile asset after repairs are made.  The space should provide room for growth for my client's business.

Congrats to my client!

If you are looking for a space for your business, CONTACT ME, and let's see what we can find that meets your needs.