GreatScottUtah.com » Salt Lake

Amazing Remodel in Sandy…5 bedrooms

scott — Thu, 03 Jun 2010 18:57:52 +0000

Price: $278,000

Type: Single Family

Bedrooms: 5

Bathrooms: 2 Full, 1 Partial

Garage: 2

Square Feet: 2,640

This home has it all. Totally remodeled kitchen with 2 ovens, stainless steel appliances, granite countertops and cabinets. New carpet, new tile and 2-tone paint throughout. New central A/C, sprinklers system, and deck. Garage has tons of storage with an oversized loft for extra space. Yard has plenty of room with a vegetable garden. This beautiful home is sure to impress!

http://www.circlepix.com/tours/5?wfrnum=965534

Breaking News regarding FHA…

scott — Tue, 19 Jan 2010 20:03:01 +0000

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties

WASHINGTON – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.

In today’s market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.

2009 Salt Lake numbers at a glance!

scott — Tue, 12 Jan 2010 17:27:17 +0000

Yesterday I went to the Salt Lake Board of Realtors forecast luncheon and here are a few statistics I found. 1) In 2009 only 900 new single family homes were built in Salt Lake county-the lowest level since the 1940′s; while about 9100 existing single family homes were sold. 2) Historical experience suggest housing prices in Salt Lake Country will remain under downward pressure in 2010. 3) Foreclosures are the greatest threat to price increases as foreclosures continue to increase in Utah.

How much have home prices dropped in Salt Lake City?

scott — Tue, 08 Dec 2009 16:00:06 +0000

Salt Lake County Sales Graph

One of my clients asked me this question yesterday and it is a very good question. From the Salt Lake Board of Realtors, the average sales price for the 3rd quarter of 2009 was $251,500. At its peak (3rd Quarter of 2007), the average sales price was $281,300. That is a 12% reduction in sales price. But this is very misleading because on the high end priced homes ($500,000 +) they have dropped anywhere from 20 to 30%. Love to get your comments on this.

3rd Quarter Real Estate Figures for Salt Lake County

scott — Wed, 25 Nov 2009 18:27:35 +0000

Sales down 11% year over year (949 vs 1,161)

Median Price: down 7% year over year ($205,000 vs $220,000)

Median price per Square Foot: down 9% year over year ($104.22 vs $111.40)

All numbers compare 2009 3rd Quarter to 2008 3rd Quarter.

Beautiful Cottonwood Heights Home

scott — Thu, 19 Nov 2009 20:58:35 +0000

Price: $275,000

Type: Single Family

Bedrooms: 4

Bath: 2 Full, 1 Half

Garage: 2

Square Feet: 2,496

Beautifully updated home in a beautiful area! This home offers new tile, new lighting, new paint, new carpet,beautiful new kitchen cabinets, new windows, new A/C, and a new furnace. Everything is done and ready to go…Just move in!! This is a great location and is close to the Cottonwood Heights Recreation Center, near schools and a quick drive to the canyons. 2700 East is not a busy road. Call Scott today to see this wonderful home, you will not want to miss it! 801-209-1120

Virtual Tour

Former Model Home in West Jordan

scott — Thu, 19 Nov 2009 20:47:33 +0000

Price: $227,800

Bedrooms: 4

Bath: 2 Full, 1 Half

Garage: 2

Square Feet: 2,296

This incredible home is NOT a short sale! This home is the former model home and has many custom upgrades throughout (carpet, tile, paint, and A/C.) This home has large open rooms with tons of natural light. The backyard is amazing with a firepit and RV parking. There is a large master bedroom with private bath and walk-in closets. This home also offers plenty of storage. Call Scott today to see this wonderful house!

http://www.circlepix.com/tours/5?wfrnum=912050

Incredible Salt Lake Townhome

scott — Wed, 18 Nov 2009 20:06:54 +0000

Be sure to check out the Vertual Tour

Price: $215,000

Type: Condo/Townhouse

Bedrooms: 3

Bathrooms: 2 Full, 1 Half

Garage: 2

Square Feet: 1,580

Come and see one of the best townhouses around. This beautiful and well maintained townhouse has a beautiful entry-way and the floor plan is nice and open. The large bedrooms offer vaulted ceilings and wonderful natural lighting throughout. There is an upstairs loft that is perfect for a computer area. The master bedroom is a great size and also has a wonderful large master bathroom with double sinks and a large tub. This wonderful home has a nice patio area with a perfect spot for a garden. This great townhouse is situated on the end of the row and has a nice piece of yard to sit and enjoy. The garage is nice and big enough for plenty of storage. Call Scott Robbins today to take a tour of this great townhouse, you will not be disappointed. The HOA fee includes the water, sewer, garbage, grounds maintenance, snow removal and exterior building insurance.

Virtual Tour

Low mortgage rates are helping Salt Lake City homes move!

scott — Thu, 05 Nov 2009 18:49:25 +0000

Rates are still amazingly low. 5.0% or lower on single family homes. FHA now requires 3.5% down which is great especially for first time home buyers. Don’t forget about the new tax credit extension ($8000 for first time home buyers and $6500 for anyone else.) Call Scott for more details on this and also a local trustworthy lender.

Market News For Salt Lake City June 2008

mcintosh33 — Thu, 02 Jul 2009 20:55:45 +0000

While the rest of the nation continues to struggle with the real estate market, Salt Lake continues to move forward. The local market in Salt Lake seems to be healthier than the rest of the country. The truth is that our market is still moving. There is alot of inventory out there but if your home is price right then it will sell.

One of the reasons for the positive market is the strong job growth. We are still one of the leaders in the country in job growth. The Governor and Satl Lake’s City council understand the importance of job growth and have incentivized many companies to come to Salt Lake.

Right now the average time on the market is over 138 days. But many areas are less than 100 days. Still very positive right?

For more information send me an email at scott@greatscottutah.com