I like to end the work week with a smile, So in the spirit of keeping our heads up. Here is something to make you smile.. I liked both of them, so I though heck why not.. Funny Cartoons about the Economy
Home Maintenance Tip -
Cooktops and Ranges
Cooktops and ranges generally do not require much maintenance, but a little care and prevention can do a lot to prolong the life of your unit. The key to maintaining range or cooktop function is to keep it clean. Wipe up spills as soon as they cool – acids from foods can cause damage, so clean up spills before they have time to react with the cooktop surface. Reflective drip pans should be cleaned regularly to maintain their shine, because shiny surfaces reflect heat back to the pot or pan. Plus keeping drip pans clean lengthens their life. When cleaning around burner elements, ensure the elements are completely cooled, (to be extra safe, unplug the unit before cleaning around burners), and be careful not to shove debris into wiring or gas ports. Choose non-abrasive cleansers to avoid scratching, pitting, discoloration or damage to vulnerable porcelain or ceramic cooktops.
I find it funny that anyone who starts a real estate conversation with me these days, generalize the market and says, “boy the market is really bad huh….” IF I have time to explain to them the real intricacies of the market. Market is GREAT for buyers right now. Also investors. Take the attached spread sheet for example. This small time local contractor has made over 100% PROFIT on four little rose park remodels in the past 12 months! IN THIS MARKET! Our analysis will show you what he paid and what he sold for and before and after pics. Heck, he’s making better money than any of my clients did back when everyone thought the market was good. Just goes to show, often time doing the opposite of the crowd yields the best return.
This is why when people ask, “How is the Real Estate Market in Salt Lake City UTAH?” I respond by saying, there is money to be made, and great buys right now if you can see the potential. I get asked on a daily basis, “Spencer, can you find us a great deal?” Yes, I can find you a great deal, but everyone wants to buy a home on the uppper East bench of Salt Lake City UTAH for $100,000. Not going to happen. However, if you want to make money on a deal.. Take a look at what this investor has done, and I dare you to tell me the market is bad..
New Bank REO listings in Salt Lake City UTAH. We are seeing alot of them coming out the last couple of days.. So you need to act fast to get the best deals.
FREE Bank Foreclosure listings in UTAH
Fed bumps up rate banks pay for emergency loans – Yahoo! Finance.
So if all of you are watching the market, you all better pay attention to this. The Federal Reserve just announced this morning they are raising the bank rate .500%.
This is going to effect the market, combine this with the fed dicountinuing the purchasing of mortgage backed securities in the next 30 days, you can almost gaurentee consumer rates “Interest Rates” for mortgages to go up. All of you that are on the fence this is the part where we scream at you and tell you, in a couple months you will be upset when interest rates are a full point higher.. So good luck..
Let us know if you want any more info on the announcement. Also a reminder to you all. The tax credit for new home buyers expires on April 30th.. Time is against you..
Architect shares aquarium vision – Salt Lake Tribune.
We all remember the agressive plans of a few developers to build the Sandy Proscenium Condo towers. The big anchor for the project was the controversial Broadway Theater. It would have put Sandy on the map. Now we all were a little skeptical on the Condo priceing, but we were excited about possibility of putting Sandy on the map..
The same architect that was designing the Proscenium project, has now taken on the new development named “The Meridian” he is trying to have the main anchor of the development and new 120,000 Sq. Ft. Living Planet Aquarium.. This would in theory do the same thing on a different scale. Give Sandy City, UTAH another attraction of national aclaim? Will they pull if off? Can Sandy City, UTAH compete with Downtown Salt Lake City. Especially with the New City Creek Center coming online in the next 12-18 months.
I will be waiting anxiously to see what they get approved, and more importantly. To see where the pricing come in at for the residential condos. Especially with the condo market being destroyed like it has. It will be interesting to see high end condos sell in the Downtown Sandy City ,UTAH area…..
| 942320 | $198,275 | Active | Rambler/Ranch | 2,503 | $0 | 2741 S 2700 E | |
| 2741 S 2700 E | Salt Lake City, UT | 0.21 | Tour | ||||
| 3/1.00/0 | 0/1 | Entrance; Full/0% | 02/15/2010 | 1960 | Single Family | 2 |
Hey everyone, this is a deal. So act fast, if you are looking for a great Real Estate Deal in Salt Lake City UTAH. Here it is.. I keep posting these great buys, and people are passing up on them. Act now, or you will miss out on a deal with low Intrest Rates..
I have a client who has been looking in Lehi, Draper, South Jordan, and Riverton. Lately we’ve been focusing on Lehi because there are some good buys there for a home built after 2004 with a 2 car garage, from 2,500 to 3,100 sq feet. There are a lot of bank repos and short sales and if buyers are patient with the shorts and are willing to jump on the REO properties, then they have a good chance at getting a good, solid buy. Inevitably the question for some of these buyers becomes, do I buy a home with an unfinished basement for around $212K-$220K, or do I just pay a bit more up to $230K range and get one with a finished basment? Even if you’re price range is more than this, the following example will still give you a good idea of what to do with your great buy you want to pick up. This is similar to the email I sent my client:
Here’s the things I would look at when considering an unfinished basement or a finished one.
1) Payment. Let’s just say you paid $228,000 for a bank owned listing with a finished basement and did an FHA loan with a 5.25% mortgage rate. Your monthly payment would be $1,215. Add taxes of $105/ month, HOA of $57, and mortgage insurance of roughly $100, and you’ll be looking at about $1,477 total. Now say you buy this other short sale listing with an unfinished basement for $211,800 with the same terms. Your monthly payment is $1,128, property taxes of $105, then an HOA of $57, and the mortgage insurance of roughly $100 as well, leaving you with an out the door monthly total of $1,390. The difference between the two scenarios is roughly $87 per month.
2) Are you going to finish the basement? I called a builder we have worked with and asked him what he can finish a basement for these days. He said a good number to start with is $20/sq foot for this grade of house. Granite countertops, knotty alder cabinets, upgraded carpet, tile and or wood floors, etc. Obviously this number can go up or down depending on how nice you decide to finish it, but this will get you started. Meaning, if you buy the unfinished basement house, you should plan on spending about $23,000 to finish it, effectively putting you INTO the house about $234,800 (more than the house with a finished basement), and a lot more cash out of pocket. (about $30,000 with your down-payment for the FHA loan AND the remodel, assuming the seller pays your closing costs. Compare that to roughly $8,000 down-payment ONLY if you buy the finished basement and do an FHA loan with seller paying closing costs ).
The biggest reason I bring this up is resale value. If you don’t plan on finishing the basement, then I think you will probably be better off buying one that is finished. Let’s say the properties appreciate to be $270K-$280K properties a few years down the road. Your demographic of potential buyers is still probably a younger couple with a couple children, and they tend to be more strapped for cash, meaning they probably won’t have the funds to come in and finish a basement even if the house is priced $15K-$20K lower. They’d rather just buy a finished product and have little bit higher monthly payment as shown in example #1 because they need and want the finished sq footage. There is always the couple where the husband is a handyman and can do some work himself, but if you’re playing the odds, I personally wouldn’t bet on that.
To sum up, I wouldn’t completely rule out an unfinished basement, but I would make sure you are getting a really, really good deal on it or else I would rather finance more and have a house that is ready to be lived in after some touch up paint and maybe some carpet. I would want to make sure that by the time I pay all the cash out of pocket to finish the basement, that it is still in line with other comparables with finished basements.
Free Bank Foreclosure list in UTAH
Here are the best deals for the week. I went through all of the new Bank foreclosures this week, and narrowed it down to the best one’s.. Let me know if you want any more info.. If you want a free list of the newest foreclosures, click on the link above..
Interest Rate Update..What will happend to interest rates this year?
