Even Celebrities are Not Immune to Real Estate Woes

Though this article doesn't deal with Real Estate in Utah, I found it pretty interesting and rather comical.

Hulk Hogan takes $25 million home off market
Thu Nov 30, 11:27 AM ET
ST. PETERSBURG, Florida (Reuters) - Celebrity wrestler Hulk Hogan has taken his $25 million Florida Gulf Coast mansion off the market after six months.

Hogan put the 17,000-square-foot (1,580-sq-metre) house near St. Petersburg up for sale in June after his family bought a $12 million home in Miami Beach to film the third season of their reality show "Hogan Knows Best" for cable channel VH1.

Hogan told the St. Petersburg Times he and his wife, son and daughter had decided this month to move back to the mansion in Belleair, north of St. Petersburg, now that taping is over.

Like much of the U.S. residential real estate market, the Florida market is in a slump after years of record sales.

The mansion has five bedrooms, eight bathrooms, a pool and waterfall, a guest house, a boat house, maid's quarters and a four-car garage. It is on the Intracoastal Waterway with access to the Gulf of Mexico.

Article Source: Yahoo News

The Terrace at Traverse Mountain in Lehi Utah and Forest City

Did Forest City pull out of Traverse Mountain? Juicy rumors have begun.

I live at Traverse Mountain, and have lived here for just about 3 1/2 years. When I bought my house no one lived here. When I moved in there was a dozen or so homes occupied. Since I bought the home as an investment in a private community, I like to keep track of what goes on in the community, as well as the gossip. The Traverse Mountain News website is a great resource started by one of the residents here, that allows residents to converse about topics, dispel rumors, etc.

Recently there was a juicy rumor (looks valid) that was posted in one of their forums about the possibility that The Terrace at Traverse Mountain may not happen, at least with Forest City at the helm. Looks like Cabelas might be our stand-alone retailer for a while.

Check out the forum posts here: Traverse Mountain News - Forest City?

The post involves a response from Nancy at Forest City stating that they were no longer involved with the project. A later email included a recall of this statement. Does this mean it was untrue? or Just confidential?

I don't like to talk bad about the development I live in, because they've done a lot of things right, but there does seem to be some mixed messages on what this development really is. Sure the development has changed a lot since I moved here, but my perception is that there are some "home grown" developers at the helm. (When I say "home grown" I'm talking about the good old Utah Entrepreneur Spirit, without much experience to back it up.) I think there is a lot of forgiveness of the people who live here, because the mountain is beautiful and it's such a nice place to live. I just hope that they'll continue to see advice from other developers of grand master-planned communities and keep us residents in the loop on changes. (Lehi City Planning Commision does a great job of that.)

Thanksgiving Point, Lehi Utah to Get Marriott

So I've seen the sign over by Thanksgiving point, just by the large pit that held water when Thanksgiving point first opened. It shows that a Springhill Suites by Marriott is coming. Here's a recent article I found in the Salt Lake Tribune about it.

Thanksgiving Point to get hotel of its own
By Mike Gorrell
The Salt Lake Tribune
Article Last Updated:11/24/2006 11:46:28 PM MST

Thanksgiving Point in Lehi soon will have its own hotel. Construction is expected to begin as soon as weather permits on a 94-room SpringHill Suites.

The hotel will be developed by Sunridge Properties of Mesa, Ariz., which recently purchased 2 1/2 acres at Thanksgiving Point, the entertainment complex created a decade ago by Alan and Karen Ashton. The family-oriented development already features a championship-caliber golf course, a series of gardens, a farm country area, a museum of ancient life and a retail village.

Sunridge Properties also executed an option to develop a second Thanksgiving Point hotel at an unspecified time in the future, said Bryson Duncan, a spokesman for NAI Utah Commercial. Two of the real estate company's agents, Rick Davidson and Dan Simons, handled the sales transaction between Thanksgiving Point and Sunridge Properties.

Terms were not disclosed.

Sunridge Properties has been involved in small-hotel development and management in Arizona since 1983. Its subsidiary, Sunridge Hotel Group, has operated hotels bearing the brand names Holiday Inn Express, Comfort Inn, Best Western, Ramada and Marriott Fairfield Inn in Phoenix, Yuma and Sierra Vista, Ariz. as well as Roswell, N.M.

The company also recently opened SpringHill Suites in Salt Lake City and Cedar City.

SpringHill Suites are a Marriott brand whose suites offer 25 percent more space than comparably priced hotel rooms as well as a complimentary breakfast, according to Marriott's Web site. The hotel also has a business service center, valet and guest laundry facilities, a swimming pool, whirlpool spa and exercise room and meeting rooms.

mikeg@sltrib.com

Source: Salt Lake Tribune

Existing home sales rise, prices fall - Yahoo News

Here's an article I found on Yahoo news today. In October we had the the biggest year-over-year price decline on the nation's home price on record. The west is still seeing rising sales, while the rest of the country either remained the same or sales were down. Inventory of unsold homes rose by 1.9 percent in October to 3.85 million units, the second highest total on record. What does this mean? Buyers market. I think that people are finishing up those homes they locked in on this last spring or summer while the interest rates were still good, and now they're still trying to unload their previous home. Here's the article.

Existing home sales rise, prices fall
By MARTIN CRUTSINGER,
AP Economics Writer
Tue Nov 28, 11:18 AM ET

WASHINGTON - Sales of existing homes posted a tiny increase in October but the median home price fell by a record amount. Analysts forecast more price declines in coming months as the once-booming housing market undergoes a painful correction.

The National Association of Realtors said Tuesday that existing home sales edged up 0.5 percent to a seasonally adjusted annual rate of 6.24 million last month. It was the first increase after seven consecutive monthly declines.

However, the median price for a home sold dropped to $221,000 in October, a decline of 3.5 percent from a year ago. That was the biggest year-over-year price decline on record.

It marked the third straight month that median prices have fallen compared with the same period a year ago, the longest stretch of such declines on record. The median is the point where half the homes sold for more and half for less.

David Lereah, chief economist for the Realtors, said he expected home prices to continue falling for the rest of the year as sellers, accustomed to the booming market conditions of previous years, reluctantly cut their prices.

"Many buyers remain on the sidelines," Lereah said. "After a period of price adjustment, we'll see more confidence in the market and a lift to home sales should be apparent in the first quarter of 2007."

The once-booming housing market, which had been one of the economy's standout performers for the past five years, has experienced a significant slowdown this year, which has dragged down overall economic growth.

Some analysts have worried that the correction in housing could be severe enough to drag the entire country into a recession. However, those fears have eased in recent months as a big fall in gasoline and other energy prices has provided support for consumer spending.

For October, sales were down 2.9 percent in the Northeast and 1.2 percent in the South. However, they rose by 6.4 percent in the West and were unchanged in the Midwest.

The inventory of unsold homes rose by 1.9 percent in October to 3.85 million units, the second highest total on record. It would take 7.4 months to exhaust the backlog of unsold homes at the October sales pace.

Analysts predicted further price declines with inventories of both existing and new homes hovering near record levels.

By region of the country, median prices were down the most in the South, a drop of 7 percent followed by declines of 5.2 percent in the Northeast, 1.2 percent in the Midwest and 0.6 percent in the South.

Lereah said the big price decline in the South could represent not only sellers adjusting their asking prices but also a changing mix of sales with lower-priced areas of the South such as Texas seeing an increase in sales while high-priced areas such as the Washington, D.C., area and Florida still suffering sales declines.

___
On the Net:
Realtors existing home sales: http://www.realtor.org

Source: Yahoo News

Home Prices in Utah 2002, 2003, 2004, 2005

I recently came across a great page on the Salt Lake Tribune website listing the home prices along the Wasatch front for the past few years. The home prices are listed by county and zip code and show number of units sold, median price and percentage change from the previous year. Check it out!

Home Prices Along the Wasatch Front

Home sales plummet in 38 states in 3Q

Here's an interesting piece of news I saw in Yahoo news. Always an eye-opener to see hard stats.

Home sales plummet in 38 states in 3Q
By LAUREN VILLAGRAN
AP Business Writer
Mon Nov 20, 8:00 PM ET

NEW YORK - The feeble U.S. housing market showed more frailty when third-quarter home sales plummeted in 38 states, hitting Nevada, Arizona, Florida and California particularly hard, government data showed on Monday.

The once-booming real estate market's persistent weakness over the past year has reined in expectations for economic growth but hasn't been severe enough to offset a rising stock market, lower gas prices and improved consumer expectations.

The National Association of Realtors reported Monday that sales of existing homes fell in 38 states during the summer. Sales retreated to a seasonally adjusted annual rate of 6.27 million units nationwide, down by 12.7 percent from the same period a year ago. Nevada, Arizona, Florida and California led the declines.

Home prices also dropped: The realtors' survey showed that the midpoint price for an existing home sold during the summer dipped 1.2 percent year over year to $224,900. Some 45 metropolitan areas saw home prices decline.

Meanwhile, the latest report of building permits showed the slowest pace of annual growth in nine years in October. Housing construction slid sharply as builders tried to curb swelling inventories of unsold new and existing homes.

Stuart Hoffman, chief economist at PNC Financial Services Group, said he thinks the housing market still hasn't reached its low point.

"I think the permits numbers point to yet another flight of stairs down on housing before we hit the basement," he said. "On the other side, stocks are rising, consumer confidence is good and jobs are rising. Those factors are keeping this decline in housing contained."

A closely watched indicator of future economic activity release Monday provided further evidence of that trend.

The Conference Board, an industry-backed research group based in New York, reported Monday that its Index of Leading Economic Indicators rose 0.2 percent in October. Increased real money supply and improved consumer expectations helped offset the sharp decline in housing permits and weaker vendor performance.

"The economy is growing more slowly, but we have yet to have weakness spread beyond housing and motor vehicles to such a degree that we need to fear the proximity of a hard landing," said John Lonski, chief economist of Moody's Investor Service, referring to when the economy turns from growth to a recession.

The housing market slowdown has weighed on the leading indicators index this year. But all told, strengths and weaknesses in the leading indicators have been roughly balanced, according to the Conference Board report. The index stood at 138.3 versus 139.1 in January — its peak so far this year. The index has declined four of the last seven months.

The Conference Board's labor economist, Ken Goldstein, said the October index suggests "the economy is unlikely either to reheat or to get significantly cooler."

"Instead, the kind of slow growth now being experienced could continue right through the winter and into the spring," Goldstein said.

In another sign of moderating economic growth, the Federal Reserve held its benchmark interest rate steady last month at 5.25 percent for the third straight session. The Fed had raised interest rates 17 times beginning in June 2004 to stave off inflation, before halting its campaign of credit-tightening in August.

Source: Yahoo News

River Oaks Estates South Jordan, Utah

I work just off of 90th South in Sandy, and have found myself passing a sign near the driving range several times that talks about new lots being available. I looked several times for "River Oaks Estates" online, but never did find the right website. Finally, I found it at riveroaksestate.com (singular).

Directions to River Oaks Estates
Exit I-15 at 90th South and go west. Cross 700 West (Riverside Drive) then turn left on 1075 West (Hidden Park Drive).
The 47 lots are situated next to the River Oaks Golf Course

Exclusive Agent
Lakshmi Johal-Dominguez, Realtor (Aspen RE & Development)
801-360-5969

The website shows that 15 of the lots are sold already and vary from $237,000 to just over $392,000.

Architectural Design Guidelines and Covenants, Conditions & Restrictions apply, and there is a Home Owners Association which has an estimated annual dues of $170.

Minimum Home Square Footage:
One-story home (rambler) 3800sf
Two-story home (two stories) 3800sf
Multi-level home (two to three levels) 3800sf

When I saw the prices, I was quite surprised. The lots seem to be located by condos/apartments that are right off of 90th South and though they are nestled next to the golf course, just across the ravine, you can nearly get an entire townhome for the price of one of these lots.

If your looking for quick freeway access (90th South, Sandy), and a spot next to the golf course, this may be a good spot for you.