Archives

September 2009

Rental Properties in Salt Lake City, UTAH.. Duplex, Triplex, Four plex

Economy Update,Real Estate Deals,Utah News No Comments

Ok, here are all of the best East side rental properties I can find. I left off a couple that have gone under contract. You wouldn’t believe the deals a few people are picking up. Apparently there are a few investors that are liquidating their inventory in the Salt Lake Valley. So I will keep the lists coming. Right now is the time to pick one of these properties up. If you continue to read the article that I wrote just below you will understand the great opportunity right now. These properties are priced very aggressively, and with interest rates where there at currently a lot of these will show positive cash flow. If you have any questions about any of these please give me a call.

Spencer Janke

Photo of Property MLS # List Price Stat|Type Style Tot SqFt Sold Price Ref #
Address City Year Blt NS/EW Tour/Open
1 Bed|SqF Rent 2 Bed|SqF Rent 3 Bed|SqF Rent 4 Bed|SqF Rent
901784 $149,900 ACT|DPLX Side by Side 2,646 $0 1
1452 ROBERTA ST Salt Lake City 1932 1452S/250E NA /
3|1323 $0 2|1323 $0 0|0 $0 0|0 $0

911024 $199,000 ACT|DPLX Up and Down 1,750 $0 2
3522 S 500 E Salt Lake City 1979 3522S/500E Tour /
2|875 $700 2|875 $700 0|0 $0 0|0 $0

883507 $199,900 ACT|DPLX Side by Side 1,624 $0 3
641 E LELAND AVE Salt Lake City 1962 3015S/641E NA /
2|812 $700 2|812 $700 0|0 $0 0|0 $0

857382 $219,900 ACT|DPLX Side by Side 1,740 $0 4
3973 S 2700 E 2 Salt Lake City 1964 3973S/2700E Tour /
1|870 $700 1|870 $670 0|0 $0 0|0 $0

903070 $219,900 ACT|DPLX Side by Side 1,600 $0 5
4358 ROSE GARDEN LN Salt Lake City 1954 4358S/940E NA /
2|800 $910 2|800 $0 0|0 $0 0|0 $0

903071 $219,900 ACT|DPLX Side by Side 1,600 $0 6
4343 ROSE GARDEN LN Salt Lake City 1954 4343S/935E NA /
2|800 $875 2|800 $0 0|0 $0 0|0 $0

891254 $228,000 ACT|DPLX Up and Down 1,736 $0 7
2568 S 500 E Salt Lake City 1936 2568S/500E Tour /
2|868 $850 2|868 $750 0|0 $0 0|0 $0

900844 $228,000 ACT|DPLX Side by Side 1,584 $0 8
225 WESTMINSTER AVE Salt Lake City 1954 1900S/225E Tour /
2|800 $750 1|784 $600 0|0 $0 0|0 $0

901592 $229,500 ACT|DPLX See Remarks 2,032 $0 9
1802 E 3170 S Salt Lake City 1962 3170S/1802E Tour /
2|1456 $0 1|576 $0 0|0 $0 0|0 $0

874669 $230,000 ACT|DPLX Side by Side 2,072 $0 10
7592 S HUSKY HWY Midvale 1977 7592S/700E NA /
2|1036 $750 2|1036 $825 0|0 $0 0|0 $0

912299 $239,900 ACT|DPLX Up and Down 1,796 $0 11
665 E 800 S Salt Lake City 1940 800S/665E Tour /
2|898 $895 2|898 $800 0|0 $0 0|0 $0

897692 $247,500 ACT|4PLX Side by Side 3,222 $0 12
2616 S 800 E Salt Lake City 1951 2616S/800E Tour /
2|848 $500 2|848 $600 2|763 $500 2|763 $500

897143 $249,900 ACT|4PLX Up and Down 2,496 $0 13
165 E LESLIE AVE Salt Lake City 1960 2610S/165E NA /
1|624 $465 1|624 $465 1|624 $465 1|624 $465

What will interest Rates do?Fed will need to boost interest rates quickly

Economy Update,Real Estate Deals,Utah News 2 Comments

Officials: Fed will need to boost rates quickly – Yahoo! Finance.

What have I been saying for months now? For all of those who do not believe your local professionals.. Read the article above. Interest Rates will have to rise very quickly to combat Hyperinflation. This is really a simple fact, look at history. We know that this is the case. There is no way interest rates will be able to remain as low as they are right now through 2010! So what do I think Interest Rates will do in 2010? The Fed is going to be forced to raise them just as fast as they dropped them. Now the untold effect this could and will have on our economy is yet to be determined, however one thing is for sure. Everyone who has been holding out for pricing to get better, and interest rates to drop some more are going to be sorely disappointed. In Salt Lake City, UTAH we have seen a stabilization of home prices. It is agreed throughout the Real Estate community, that affordable housing has seen it’s bottom. It is true your upper priced jumbo homes may drop a little more. However what will that do to your average purchaser? Absolutely nothing! Interest Rates are at an all time low, they are not going to get better. They will just get worse, oh how easy our society forgets the past. Do you not remember your history? In the 80′s people were happy to get a 12 percent interest rate on their mortgage. Right now people are freaking out if interest rates get to 6 percent. Every single day, our clients ask us. What do you all think interest rates are going to do this next year? I always tell them, “you better plan on the worst, and except to see interest rates climb a good point to a point in a half at a minimum.” Now don’t take just my word for it, it is simple economics. If interest rates maintain their all time low, it is cheap to borrow money, and therefore more accessible. What is inflation?  Inflation is an increase in the price of a basket of goods and services that is representative of the economy as a whole.

What is hyperinflation? Ruinously high increase (50 percent or more per month) inprices due to the near total collapse of a country’s monetary system, rendering its currency almost worthless as a medium of exchange. Although hyperinflation is caused mainly by excessive deficit spending (financed by printing more money) by a government, some economists believe that socialbreakdown leads to hyperinflation (not vice versa), and that its roots lie in political rather than economic causes. The longest lasting (15 months) hyperinflation occurred in Germany between August 1922 and November 1923 (in theaftermath of first World War) during which prices rose at anaverage rate of 322 percent per month, and sometimes doubled or even trebled in a single day.

So in conclusion, what do I think interest rates will do in 2010? In my humble opinion, everyone would be insane to think for a second that they will not be going up very quickly in the near future.. Good luck..

Mortgage your favorite seat at your sports Stadium.. Sports, Arenas, Stadium seating

Events, Concerts, Sports in UTAH No Comments

At Long Last, the Sports Mortgage – WSJ.com.

Are you serious? The best part about this article is that I have friends that would really finance their favorite seat at our local sports stadium if the team would actually allow that.

I think the marketing, and budget committees got together are figured it would be the same thing as selling tickets. What better way to get people committed to the team then, make them actually purchase their own seat in the new stadium. I mean we all know they make their money off of concessions anyway (not ticket sales).

So props to these sports nuts for being creative. My big question is, do you think we could get FHA financing on my stadium seat? For 3.5% down, I think my wife just might let me make that priority decision.

Bank Deals in Salt Lake City, UTAH.. Foreclosure, REO properties in the last week..

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As promised, here are all the new Bank deals that have come out in the last week. I have gone through them and weeded out the crap.. So all of these should at least be worthy of taking a look at. REO properties in Salt Lake City, UTAH are starting to move quickly, the good one’s at least. So if you see something you like, let me know ASAP so you can make a move. I am also going to be posting the best Duplex / Rental properties in Salt Lake City as well. Real Estate in Salt Lake is starting to move quickly.. So again time is of the essence on all REO properties..

Photo of Property MLS # List Price Stat Style Tot SqFt Sold Price Ref #
Address City Acres NS/EW Tour/Open
Bd/Bth/Fm Gar/Port Bsmt/%Fin List DT Sold DT Year Blt Type Photo Cnt
915631 $129,900 ACT Rambler/Ranch 2,100 $0 1
168 E 400 N Tooele 0.21 400N/168E Tour /
5/2.00/2 0/2 FULL/95% 09/25/2009 1959 SNGL 6

914788 $130,900 ACT Other 1,102 $0 2
3478 COZY RIVER PL 106 Salt Lake City 0.01 3478S/1225W Tour /
3/2.00/1 1/1 NO/CR/0% 09/22/2009 2007 CNDO 1

915064 $150,000 ACT Other 560 $0 3
350 W PIERPONT AVE 206 Salt Lake City 0.01 250S/350W NA /
1/1.00/0 0/0 NO/CR/0% 09/23/2009 2001 CNDO 12

914783 $164,900 ACT Tri/Multi-Level 1,667 $0 4
194 N PEACH ST Santaquin 0.14 194N/700E Tour /
3/3.00/2 2/0 NO/CR/0% 09/22/2009 2005 SNGL 10

915071 $169,900 ACT Tri/Multi-Level 1,712 $0 5
5963 LODER DR Salt Lake City 0.14 5963S/5180W NA /
4/2.00/2 2/0 FULL/100% 09/23/2009 1988 SNGL 1

915798 $169,900 ACT Rambler/Ranch 2,288 $0 6
3466 W 4305 S West Valley City 0.22 4305S/3466W Tour /
3/1.00/2 1/0 FULL/75% 09/26/2009 1958 SNGL 7

914559 $171,500 ACT Spanish 1,575 $0 7
1984 W 1940 N Saint George 0.17 1940N/1984W NA /
3/2.00/1 2/0 NO/CR/0% 09/21/2009 2002 SNGL 7

915256 $174,900 ACT 2-Story Conventional 2,981 $0 8
52 N PEACH ST Santaquin 0.12 52N/900E Tour /
3/3.00/1 2/0 FULL/0% 09/24/2009 2006 SNGL 6

914794 $185,500 ACT Townhouse/Row-End 2,175 $0 9
11758 ZEPHYR WAY South Jordan 0.06 11758S/4850W NA /
3/3.00/1 2/0 FULL/0% 09/22/2009 2006 SNGL 1

915728 $189,900 ACT Bungalo/Cottage 1,972 $0 10
3154 S 1000 E Salt Lake City 0.18 3154S/1000E NA /
4/1.00/1 1/0 FULL/100% 09/25/2009 1941 SNGL 9

916208 $189,900 ACT 2-Story Conventional 1,798 $0 11
1831 S 825 W Lehi 0.20 1831S/825W Tour /
4/3.00/1 2/0 NO/CR/0% 09/29/2009 2006 SNGL 7

914954 $192,000 ACT Rambler/Ranch 2,770 $0 12
388 E 840 N Tooele 0.17 840N/388E NA /
4/2.00/2 3/0 FULL/95% 09/21/2009 2001 SNGL 1

915062 $219,900 ACT Tri/Multi-Level 2,512 $0 13
9563 S HILLSBOROUGHHEIGHTS RD Sandy 0.19 9563S/2325E Tour /
5/3.00/1 2/0 FULL, PART/95% 09/23/2009 1980 SNGL 5

916016 $236,900 ACT Rambler/Ranch 2,634 $0 14
1166 E 3745 S Salt Lake City 0.19 3745S/1166E Tour /
5/3.00/2 2/0 ENTR, FULL/90% 09/28/2009 1957 SNGL 4

916222 $240,000 ACT Bungalo/Cottage 1,480 $0 15
3227 S 1575 E Salt Lake City 0.23 3227S/1575E NA /
2/2.00/1 0/0 NO/CR/0% 09/29/2009 1948 SNGL 2

914811 $242,500 ACT Other 930 $0 16
5 S 500 W 704 Salt Lake City 0.01 5S/500W NA /
2/2.00/1 2/2 NO/CR/0% 09/22/2009 2004 CNDO 1

916206 $245,900 ACT Rambler/Ranch 3,320 $0 17
6012 MEADOW CLOVER LN West Valley City 0.27 3372S/6012W NA /
3/2.00/1 6/0 FULL/0% 09/29/2009 2004 SNGL 0

915210 $258,000 ACT Rambler/Ranch 3,490 $0 18
50 W 4750 N Provo 0.91 4750N/50W NA /
5/3.00/1 0/2 FULL/90% 09/24/2009 1955 SNGL 1

915372 $264,900 ACT Bungalo/Cottage 2,016 $0 19
2470 SIMPSON AVE Salt Lake City 0.15 2200S/2470E Tour /
4/2.00/1 1/0 FULL/90% 09/24/2009 1947 SNGL 5

915803 $274,900 ACT 2-Story Conventional 3,212 $0 20
1783 TREE TOP LN Heber City 1.00 852S/9200E Tour /
5/4.00/2 2/0 FULL/100% 09/26/2009 1994 SNGL 7

915620 $279,000 ACT Rambler/Ranch 3,536 $0 21
814 S FAIRWAY LN Orem 0.20 814S/3100W Tour /
2/2.00/1 2/0 FULL, WLKO/0% 09/25/2009 2006 SNGL 9

914908 $283,500 ACT Rambler/Ranch 2,002 $0 22
2018 S 1700 E Salt Lake City 0.13 2018S/1700E NA /
4/2.00/1 2/0 FULL/75% 09/22/2009 1941 SNGL 1

914674 $288,500 ACT Bungalo/Cottage 1,860 $0 23
2312 HANNIBAL ST Salt Lake City 0.15 2312S/1740E NA /
4/2.00/2 1/2 FULL/80% 09/20/2009 1947 SNGL 1

915559 $298,900 ACT 2-Story Modern 3,604 $0 24
4608 KNOX DR South Jordan 0.23 10040S/4608W NA /
4/3.00/4 3/0 FULL/90% 09/25/2009 2000 SNGL 1

915662 $299,900 ACT 2-Story Modern 3,835 $0 25
5627 ELDORA CIR Herriman 0.36 14430S/5627W Tour /
4/3.00/2 3/0 DYLT, FULL, WLKO/0% 09/25/2009 2006 SNGL 8

Is this another word for Subprime? White House Could Put $35B More to Mortgage Aid

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White House Could Put $35B More to Mortgage Aid – FOXBusiness.com.

Really not to sure what to think about this article. To me it was more geared to lower income, and maybe not as highly qualified individuals. If so I really don’t know where this one is going again? In my opinion, if it is more for your first time home buyers I am all for it. I mean, considering credit, job history and anything else applicable. Someone who is trying to purchase their first home, I am all about helping. I just sure hope this is not another form of the whole subprime mess, I mean if you are not qualified to buy a home, go rent for a while until you can prove you know how to pay your bills!! I have to do that, I think everyone else should as well..

So changing the subject, I hope you all like the new look of UTAHCRIBS? I have been spending a lot of time updating, and changing  a few things to really make the site special. So please keep coming back, and I will try my hardest to keep you all entertained. We have some neat things that are going to be happening in Salt Lake City, UTAH in the coming months. And I am excited about sharing it with all of you. I am working on getting all of the old timers from the previous blog to come over and use this new one we have, so bare with me, I will keep the great articles coming your way. I will also start doing our weekly deals. We are starting to really be amazed at the quality of Real Estate deals people are buying. I hope we continue to help as many people as possible to capitalize on this down market. Someone needs to benefit from this mess other than all of these Rich CEO’s…

More to Come..

Frank Lloyd Wright’s Fallingwater to Open for Overnight Stays

Economy Update 1 Comment

Frank Lloyd Wright’s Fallingwater to Open for Overnight Stays.

If you have not seen this house, you need to check this out.. It is amazing..

US new home sales edge higher, extend streak! Housing Market not as bad as everyone thinks.

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US new home sales edge higher, extend streak – Yahoo! News.

So some interesting news for all of you who care. New results for home sales came out today. Sales are edging higher which is a good sign for the stimulus package that old Uncle Sam have been working on.

I do have one question, maybe someone out there can help enlighten me on? I have never understood why they analyze the housing market based on “New Home Sales”? Wouldn’t it make more sense right now to base it off of existing inventory, and show how the market as a whole is reacting? I think that would paint a more realistic view for everyone. Not to mention, I think Home Sales may be even better. It may take some time for people to catch on to this, so hopefully everyone figures this out..

KB Homes Post stronger sales..

SKI magazine gives Powder Mountain, Snowbasin high marks – Top of Utah News

Economy Update,Utah News No Comments

SKI magazine gives Powder Mountain, Snowbasin high marks | StandardNET – Ogden, Layton, Brigham, Weber, Davis, Top of Utah News.

This is great news… I am so excited about this. I have a vacation home in Eden Utah, which is just at the base of Powder Mountain Ski resort. This is one of the best resorts Utah has to offer.. If you don’t believe me, you will for sure need to check this place out the next time you are in Utah to ski.. I am local boy, who grew up skiing Alta, Snowbird, Brighton, and Solitude.. It wasn’t until the last several years that I started skiing up at Powder and Snow Basin. I am glad to see this article in SKI Magazine. It’s a great time of year, I just purchased a new set of ski’s for my wife, so we will see you all on the slopes of Powder in a couple of month’s.

Enjoy..

THE CHEAPEST EAST SIDE DUPLEX. PERIOD.

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So a few weeks ago I posted the cheapest duplex east of 1300 east and have had good response to it. I thought I’d put out the cheapest duplex east of State Street in Salt Lake County for you to see.

Let me know what you think

Presented by: Brad Miles 801-428-7223

List Price: $119,000 MLS#913979 Stat: Active Ref # 1  
Address: 444 WOODLAND AVE Type: Duplex Style:
Quadrant: SE Coord: 3220/444 Sold Price: $0 Area: 102
City: Salt Lake City, UT 84115 Project:
Tot Sq Ft:1,200
Gar/Port: 0/0
Yr Built: 1900
Taxes: $930
Acres: 0.15
Prop. Tour:  NA
 
Bedrooms:
Baths:
Fireplace:
Square Ft:
Rent:
Unit 1
2
1
0
700
$495
Unit 2
1
1
0
500
$475
Unit 3
0
0
0
0
$0
Unit 4
0
0
0
0
$0
Features & Info: / Range Gas / Uncovered Parking, Separate Power Meters, Separate Gas Meters, Separate Water Htrs, Laundry Hookup, Monthly Leases
Inclusions: Range, Refrigerator, Window Covers
Remarks: THE LOWEST PRICE DUPLEX ON THE EASTSIDE BY $26,000-EASY TO RENT-RENTS SHOULD BE $1075 OR MORE-LICENSED LEGAL DUPLEX-WELL WATER FOR YARD-NEW FURNACES-24 HOUR NOTICE TO SHOW-RENTED MONTH TO MONTH

Information deemed reliable but not guaranteed. Buyer to verify all information.

Interest Rates. What is going to happen to interest rates in 2010

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Fed slows housing market plan; rates to stay low – Yahoo! News.

I think the number one question I am being asked lately is, What is going to happen to interest Rates? What will interest Rates do in 2010? Do you think they will go UP? Will they stay as low as they are right now?

These are all great questions, and I keep telling people I wish I had the magical crystal ball. I mean I can definitely see ghosts and all, but telling the future was a paranormal gift the almighty didn’t seem fit to bestow upon me..

However, he did give me an opinion. And I just happen to have one on the particular subject. For those of you interested read the above linked article about the Fed maintaining current course. This will give you an idea about the immediate future of interest rates. Now I always throw out the disclaimer that I am in the Real Estate industry and so therefore am a little biased on the subject of interest Rates. Why you ask? Well when they are low I obviously make more money, because I am selling more homes. However, I am a realist and a true capitalist. And therefore have a firm understanding in what hyper-inflation can do to an economy.

So what is my verdict finally? Interest Rates are going to have to go up sooner or later. We are borrowing way too much money, and we are seeing our own Govt. go in to massive amounts of debt to keep our machined of an economy going. I am grateful for the immediate results of the home buying going on in the market. However, what is going to happen long term?

People if you are not insane make note, interest rates will be going up. I strongly believe those of you wanting to take advantage of a low interest rate, and you realize that affordable housing can not go any lower in some areas, you better take advantage of it now for it will not last too much longer. Now if it doesn’t happen in 2010 I will eat my own words, and I will make sure to post an apology to all of those who think I am full of it..

Thoughts anyone, I always love a good opinion either way.

Spencer Janke

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