Salt Lake
REALTOR 速
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slrealtors.com
March 2012
Skewed Views of Home Marketing p. 12 Vacation Home Sales Surge Foreclosures Dry Up p. 22
p. 20
August 2014
Two Legends. One Magnificent Future. “Having spent much of my career at Prudential Utah Real Estate, I’m very excited about our transition to Berkshire Hathaway HomeServices Utah Properties. The new services they are providing for the agents are like nothing I’ve seen in almost forty years of selling Real Estate”
Kevin Jensen ASSOCIATE BROKER Berkshire Hathaway HomeServices | Utah Properties UtahKevin.com 801-205-2505
Good to know.™
© 2014 BHH Affiliates, LLC. An independently owned and operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity.
Table of Contents Features 10 Christmas in July 12 Home Sellers Hold Skewed Views
As a member of the National Association of Realtors® you have access to a wide array of benefits p. 18
of Home Marketing Teresa Boardman Inman News
18 The Value of Membership 20 Vacation Home Sales Surge in 2013, Investment Property Declines By the National Association of Realtors®
22 U.S. Foreclosure Rate Decreases
to Lowest Level Since July 2006, Before Housing Bubble Burst
Columns 7 Harder to Own a Home? Angie Domichel Nelden – President’s Message
Departments 8 Happenings 8 In the News 26 Housing Watch 28 Realtor® Connections 28 On the Move
On the Cover: Photo: iStockphoto.com/dgphotography Photo left: iStockphoto.com/EmilyPackardw
This Magazine is Self-Supporting
Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.
Salt Lake
REALTOR slrealtors.com
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August 2014 volume 74 number 8 The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.
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Salt Salt Lake Lake
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® ® ®
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President Directors Managing Editor Angie Domichel Nelden Dave Anderton Cheryl Acker Coldwell Banker Residential
At Home Realty
Copy Editor
M. Brock Andersen First Vice President Georgia Cuthbert Prudential Utah Real Estate Dave Robison Communications Committee Jared Booth Robison & Co. Coldman Banker Lori Lee – Chairwoman Annie Hedberg – Vice Chairwoman Tom Colemere Second Vice President Colemere Realty Publisher Troy Peterson Inc.Linda Geer Equity Real Estate Mills Publishing,Coldwell Banker Residential www.millspub.com Shirley Jacobson President Sales StaffReal Estate Treasurer Windermere Miller Paula Bell Adam Dan Kirkham Lisa Jungemann Kirkham Real Estate Bill LinesReal Estate Windermere Office Administrator Karen Malan Cynthia Bell Snow Tony Ketterling Paul Nicholas Past President Equity Real Estate Art Director Don Nothdorft Dave Frederickson Mike Morgan Jackie Medina Keller Williams Keller Williams Administrative Assistant Magazine Designer ChloéMichael Herrman Rowe Erin Tripp CEO Prudential Utah Real Estate Office Assistant Curtis Bullock Graphic Design SharonSnow Spratley Jessica Prudential Utah Real Estate Erin Tripp Ken Magleby Patrick Witmer Advertisinginformation informationmay maybe beobtained obtainedby bycalling calling Advertising (801)467-9419 467-9419ororby byvisiting visitingwww.millspub.com www.millspub.com (801)
Managing Editor Directors President DeAnna Dipo Dave Anderton Cheryl Acker Distinctive Properties
At Home Realty
First Vice President Publisher Jillinda Bowers Purdential Utah Donna PozzuoliMills Publishing, Inc. Daniel Christensen Prudential Utah www.millspub.com Coldwell Banker
Second Vice President President Sarah M. Colbert Dave Frederickson Dan Miller Summit Sotheby’s Keller Williams Art Director Tom Colemere Treasurer Jackie Medina Colemere Realty Charlotte Thomas Kim Farber-Lynch OfficeEquity Administrator Graphic Design Keller Williams Real Estate Cynthia Bell Snow Leslie Hanna Lisa Hyte PastKen President Magleby RE/MAX Canyons Office Assistant Bill Heiner Patrick Witmer JessicaJacobson Snow Shirley RE/MAX Associates
Sales Staff Chief Executive Officer Paula Bell Bryan Kohler Jim Copeland Karen Malan Paul Nicholas
Windermere
Administrative Assistant Fred Law Kyrsten Holland Law Real Estate Angie Domichel-Nelden Coldwell Banker
Troy Peterson Equity Real Estate
Harder to Own a Home?
Salt Lake Board: (801) 542-8840 Salt Lakee-mail: dave@saltlakeboard.com Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy ® for the equal housing opportunity the nation. We The Saltachievement Lake Board ofofREALTORS is pledged to thethroughout letter and spirit of U.S. policy encourage and support the affirmative advertising throughout and marketing for the achievement of equal housing opportunity the program nation. Wein which thereand are support no barriers obtaining advertising housing because of race, color, religion, encourage thetoaffirmative and marketing program in sex, handicap, familial or national origin. which status, there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions ® persons quoted in articles are their own and do not necessarily expressed by writers is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions The Salt Lake REALTORand reflect positions of theand Saltpersons Lake Board of REALTORS expressed by writers quoted in articles®. are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®. Permission will be granted in most cases, upon written request, to reprint or reproduce articles well and photographs this issue, provided proper is given to The Salt Lake REALTOR®, as Permission will beingranted in most cases, uponcredit written request, to reprint or reproduce articles ® as any writers and photographers whose names appear withtothe andREALTOR photographs. , as well andtophotographs in this issue, provided proper credit is given Thearticles Salt Lake While unsolicited original manuscripts and photographs related to the real estate profession as to any writers and photographers whose names appear with the articles and photographs. are welcome, no payment is made for their in the publication. While unsolicited original manuscripts and use photographs related to the real estate profession are welcome, no payment is made for their use in the publication. Views and opinions expressed in the editorial and advertising content of the The Salt Lake ® ® not necessarily by theand Saltadvertising Lake Board content of REALTORS REALTOR Views andare opinions expressedendorsed in the editorial of the. However, The Salt Lake advertisers do not make publication of this magazine so consideration products and necessarily endorsed by the Saltpossible, Lake Board of REALTORS®.ofHowever, REALTOR® are services listed greatly appreciated. advertisers doismake publication of this magazine possible, so consideration of products and services listed is greatly appreciated.
O
wning one’s home has long been considered a part of the American Dream. In 2000, 2-in-3 householders in the United States owned their own homes. In 1900, less than half owned their homes. However, some states have always had high homeownership rates – over 50 percent. These states were located in the Rocky Mountains, the Midwest, and northern New England (for example, Utah, Michigan, and Maine). According to the Census Bureau, Utah is the only state where the homeownership rate has never fallen below 60 percent. The U.S. homeownership rate for all Americans peaked at 69.2 percent in June 2004, according to the Census Bureau. Yet last month the Bureau reported that the U.S. homeownership rate fell to 64.7 percent (non-seasonally adjusted) in the second quarter. This rate of 64.7 percent was 0.3 percentage points lower than the second quarter 2013 rate (65.0 percent) and 0.1 percentage point lower than the rate last quarter (64.8 percent). This marks the lowest ownership rate in nearly 20 years. After peaking in 2004, the ownership rate has been steadily falling, at first from the aftermath effects of housing market bubble-crash to the ongoing tight mortgage availability conditions now.
What’s more, the report showed that quarterly homeownership for Americans under 35 years of age has fallen below 36 percent, a number that constitutes a new low. The falling homeownership in recent years is partly due to the struggles of first-time buyers. Lower wages and larger student debts among recent college graduates have limited the millennial generation from taking advantage of the historically low interest rates. “Though the (overall) homeownership rate fell, it is worth noting that there were more homeowners in the latest data then before,” said Lawrence Yun, NAR chief economist. “It’s just that the renting population grew faster. Specifically, over the past three months, the number of renting households increased by 312,000, while the number of homeowners increased by 54,000.” According to Yun, the strange pattern of more homeowners but a falling homeownership rate (because of an even faster rise in the number of renters) will continue for the next two years at least. That’s because household formation of young adults who had been living with their parents will seek out their own housing with an improving economy, first as renters before making the shift to homeowners. This trend also means that housing demand for both home purchases and rentals will be on the increase.
Angie Domichel Nelden 2014 President
OFFICIAL PUBLICATION OF THE OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ®® SALT LAKE BOARD OF REALTORS REALTOR is a registered mark which identifies a professional in real estate who subscribes ®
® . toREALTOR a strict®Code of Ethics asmark a member of the NATIONAL ASSOCIATION REALTORS is a registered which identifies a professional in realOFestate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.
October 2005
October 2005
Salt Lake Realtor® August 2014
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Happenings
In the News
Jim Bringhurst Gives $50,000 to RPAC The Salt Lake Board of Realtors® recently recognized Jim Bringhurst, principal broker of The Bringhurst Group, in giving more than $50,000 to the Realtors® Political Action Committee. Bringhurst is the only Realtor® in Utah to have invested over a lifetime more than $50,000 to RPAC. He is a past president of the Salt Lake Board of Realtors® and just completed serving six years as a director to UtahRealEstate.com.
Broker Warns Against Syndication
On July 31 UtahRealEstate.com held a broker luncheon featuring Jim Abbott, of San Diegobased Abbott Realty Group (ARG). Abbott pulled his brokerage’s listings from third party websites in 2012 and has been a leading voice against syndication. “If your real estate office outsources listings to third-party, non-broker syndicators like Zillow and Trulia, your next transaction isn’t coming,” Abbott said. “In fact, you’ve surrendered that income to brokers and agents who pay fees to syndicators in order to hang their names next to your listings.” Abbott Realty Group is one of the top real estate brokerages in San Diego and has been named one of most innovative brokerages due to their decision to stop all listing syndication outside of the MLS. Brokers who belong to UtahRealEstate.com can choose whether to syndicate their listings to third-party websites.
Realtors® Tour Parade Homes
Pictured: Angie Nelden, president of the Salt Lake Board of Realtors®, and Curtis Bullock, CEO of the Salt Lake Board of Realtors®.
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Salt Lake Realtor® August 2014
Hundreds of Realtors® on July 29 were treated to a preview of homes featured in this year’s Salt Lake Parade of Homes. The annual Realtor® Day at the Parade of Homes included a brunch sponsored by Daybreak and food trucks at the Herriman Towne Center. In addition, the Salt Lake Home Builders Association held its first Chefs on Parade VIP Tour at four custom homes where professional chefs offered a sampling of different cuisines.
New Home Sales Down New home sales slid in June, according to the National Association of Realtors®. The decline is not a reflection of slower housing demand, but more related to homebuilders putting up fewer homes. Whatever builders build, they are able to find buyers reasonably quick. But the homebuilding industry has been hampered by a labor shortage and the difficulty of obtaining construction loans. Numerically, in June, new home sales fell 8 percent. The decline is inconsistent with existing home sales, which had risen 3 percent. Since the existing home sales market comprises over 90 percent of all home sales, the overall housing market recovery is still intact. The decline in new home sales do not reflect a lack of buyers since it takes only 3 months to find a buyer on average now versus 10 to 14 months a few years ago. The decline instead reflects too little new home construction. If homebuilders build 10 homes, then there will be 10 new home sales; if building only 3 homes then there will be 3 new home sales. Housing starts of single-family homes have mysteriously tumbled in the past two months. Newly constructed home price is notably higher than that of existing homes. Higher construction costs have opened the gap between the two property types. That means there is more room for existing home price to rise to catch up.
PEOPLE WHO HELP PEOPLE
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We are currently building 13 schools this year in villages where illiteracy is the norm and running water is uncommon. All donations raised will be sent to a village in need, where Escalera employs local laborers to build classrooms. Before Foundation Escalera, children in the villages of Mexico did not have access to schools within four kilometers of their home. Students who did have access to these schools were oftentimes out of school for weeks at a time due to poorly built facilities. With Escalera’s presence in the area, over twelve thousand children have been given the opportunity to attend school in properly built and adequately staffed facilities. Our goal is to create a better future for children whose education is paramount to a higher quality of living.
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Christmas in July
Members of the Salt Lake Board of Realtors® came together at the annual Christmas in July event to give to The Road Home homeless shelter in Salt Lake City. Hundreds of backpacks filled with games, toys, books and personal hygiene items were distributed to nearly 300 individuals. Pictured (top clockwise): Santa and his elves greeted children. The snow cone booth was a big attraction for a hot summer July day. Children wave to Santa and Mrs. Claus as they arrive at The Road Home. Callie and Lisa Jungemann, Sandy Day. Opposite Page (top): Angie Nelden, president of the Salt Lake Board of Realtors®; Dave Robison, president elect of the Salt Lake Board of Realtors®; Emily Norris, director of operations for the Salt Lake Board of Realtors® and Laura Harrison, director of events for the Salt Lake Board of Realtors®. Santa arrives in a horse-drawn carriage. Santa and Sue Hoggan, chairwoman of the Christmas in July Committee. Children enjoyed jumping on the bounce house.
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Salt Lake Realtor® August 2014
Special Thanks Contributors and Donors Adventure Dental Albertsons Almond Dental Davis County Board Dominoes Pizza Goldenwest Credit Union Harmons Grocery KW Cares and KW Foundation Dr. Russell Lewis Snow Cone Truck West 56th Dental Windermere Andrew Adams - Keller Williams Barbara Breen Bill Gallagher Becky Grubel Cal Harkness - Citywide Lending Cathy Sneyd Corry Sue Cutler-Wells Fargo Danielle Holbeck - Wells Fargo Bank Danielle Young - Guaranteed Rate Dawna Pistorius DeAnn M. Taylor Monument Jill Allsop - Coldwell Banker Jim Bringhurst
Jolene Lehman, Al Rickard, Cassie Rickard, Rachel Simmons, Callie Jungemann - ALL-POINTS Inspections Julie Bentley Kelly Shuldberg - RE/MAX Metro Lana Ames Larry Soule - Soule Productions Lisa Radke- Coldwell  Lynn Cannon Mark and Sandy Day-Title West Marly Sharp Michelle Gilvear - Coldwell Banker Sugar House Michelle Sisam - SWBC Mortgage Monica Timpson - Bank of England South Jordan Rick and Mary Robins Pam Sessions - RE/MAX Metro Sue Hoggan-Waxing Gurus Sue Soule Hoggan-Title West Susie Nelsen Tanya Holbeck - Paragon Properties Troy Peterson - Equity Ellen Wood
Photos: Dave Anderton Salt Lake RealtorÂŽ August 2014
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Photo: Dave Anderton
Home Sellers Hold Skewed Views of Home Marketing By Teresa Boardman Inman News Homebuyers ask for pictures and they want lots of them. They want great photographs that they can look at on their computer screens, tablets or smartphones. The way buyers look for homes has really changed now that everything is on the Internet. Marketing homes on the Internet is old news for real estate agents and for homebuyers, but home sellers have not caught on. Homeowners who purchased their last home in the 1980s, ’90s or the early ’00s remember going to open houses and looking at newspaper advertisements. For many homeowners, the process of selling a home hasn’t changed since then. As a result, they may not even be asking their real estate agent the right questions. Instead of asking us how many open houses we plan on doing, they should be asking us if we plan to hire a professional photographer.
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Salt Lake Realtor® August 2014
Those same homeowners don’t really pay much attention or even notice the poor photographs of their home on the Internet. You know – the ones with the dimly lit rooms and the bright yellow date stamps across the bottom of the photograph. Technology really has changed the way homes are marketed. Effective marketing happens on multiple websites with photography and words. Each picture is seen by thousands of people instead of the two to 10 people who show up at the open house. There isn’t anything wrong with having an open house. Many agents use open houses as a way to prospect, and real estate companies like it when agents put out all of those open house signs with the real estate company logo on them. It’s good for business. Open houses are also a great way for agents to represent both the buyer and the seller, which means more money for the real estate agent.
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Photos: Dave Anderton
“Superb interior photographs displayed on the Internet will get more qualified buyers into a home than an open house.” Homeowners believe the open house is going to sell their house. They don’t understand that there is actually a much bigger pool of qualified buyers out there — including people who cannot go to open houses on Sunday afternoons. Home sellers don’t really see us working unless we are holding an open house. Marketing on the Internet is still an abstract concept for most, and it doesn’t really seem like the kind of work a seller wants to pay thousands of dollars for. Some home sellers will act all impressed when I talk about photography and the kind of visual marketing experience I need to create to get the attention of homebuyers. But if I asked them to choose between digital marketing and having open houses, many would choose the open house because they understand it. If photography was important to home sellers,
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Salt Lake Realtor®
they would insist on better pictures. They would ask agents for samples of how they market homes on the Internet, rather than asking them if they will do an open house every weekend and if they will pay for print advertising. As an industry, if we really want to improve the home buying process, we need to start working on the home selling process. We need to educate homeowners on how today’s homebuyers will shop for their next home. We need to help them understand that things may have changed since they purchased their home. Superb interior photographs displayed on the Internet will get more qualified buyers into a home than an open house. We need to get home sellers up to speed on how the Internet has changed the home buying process — even though it is probably easier and less expensive for real estate agents to just do open houses. Teresa Boardman is a broker in St. Paul, Minn., and founder of the St. Paul Real Estate blog. This article was reprinted in Salt Lake Realtor® Magazine with permission of Inman News. Copyright 2014. All rights reserved.
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Photo: iStockphoto.com
The Value of Membership As a member of the National Association of Realtors® you have access to a wide array of benefits, business tools, real estate market data, educational opportunities, and discount programs designed to help you succeed in today’s market. Some of the valuable programs and services you receive include: Realtor® Benefits Program Your official member benefits resource, bringing you discounts and special offers on products and service just for Realtors®: 1. Personal Insurance options including the Insurance Marketplace-private Realtors® exchange just for members and access to public (government) exchanges, wellness programs and member-only discounts on auto, home and renter’s insurance. 2. Electronics & Mobile Technology to help you stay current with the latest in tablet, laptop, PC, printer and smartphone technology all at Realtor® exclusive pricing. 3. Travel & Automotive discounts saving you time and money on the road with discounted pricing and special offers on the purchase or lease of select new vehicles or rentals. 4. Financial Services & Risk Management programs allow you easily manage many aspects of your life. 5. Office Supplies and Services, Technology Services, and Marketing Resources so that you can work smarter, soar higher, and go further. 6. Transaction Management services keep you ahead of the curve for less. 7. Educational Tools allow you to expand your knowledge and make yourself indispensable with discounts on select courses towards various certifications and designations.
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Salt Lake Realtor® August 2014
Member Value Plus Program
The MVP Program rewards Realtors® for being an active participant in your national association. Every two weeks a new MVP offer will be announced. Just complete the specified action within the two-week timeframe, and you’ll earn a reward ranging from free e-products to discounts on NAR event registration, and more.
Advocacy
NAR’s Government Affairs division works to develop, advance, and implement the federal legislative objectives of the REALTOR® Association. We work with Congress and the Executive Branch through lobbying, policy development, political field representatives, political communications, grassroots advocacy, and the nation’s largest contributor of direct contributions to federal candidates: Realtors® Political Action Committee (RPAC).
Library
NAR is home to the world’s largest real estate library that covers a myriad of topics related to commercial and residential real estate. The collections include: • 2,300 digital books, audiobooks, and videos • 1,700 journals in digital format through ProQuest® • 12,000 printed books, reports, and guides • 750 hard-copy journals
Realtor.com
Realtor.com offers online marketing systems and innovative tools that enable Realtors® to leverage advanced marketing, prospecting and brand building methods online. Only NAR members can access the valuable free benefits and education available at Realtor.com®.
All of your listings, with a photo, are always posted for free, but you can enhance your presence and listings with what consumers want most online— multiple photos, detailed descriptions, virtual tours, and more. To receive this benefit you must be an MLS participant and your MLS must be a Realtor.com data content provider.
Realtors® Property Resource
The goal of Realtors® Property Resource (RPR) is to provide NAR members access to a national database of valuable data on every property in the United States. With RPR, you have unparalleled access to data that will give you a competitive edge with your clients. At its base are over 147 million property records, built from public record and assessment information. Then layers of data have been added such as zoning, permits, and mortgage and lien data, schools, and the largest database of foreclosure information in the industry. Realtor® members of participating MLSs will also have their localized MLS active and off-market data integrated with these robust national data sets.
Consumer Outreach
Through a number of vehicles, NAR communicates directly to consumers about the value of home ownership and its important role in the American Dream: 1. Real Estate Today — On radio stations, satellite, podcasts, and even cell phones, the Real Estate Today radio show provides fast-paced and factpacked information with experts, interviews, call-ins, field reports, and more.
2. HouseLogic — With content covering home improvement, maintenance, taxes, finance, insurance, and more, HouseLogic helps home owners make smart and timely decisions about their homes. 3. Public Advocacy Campaign — NAR’s national advertising efforts deliver messages to consumers and policymakers on the issues that affect Realtors® and their clients’ ability to buy, sell, and own real estate.
Research & Statistics
NAR’s Research division collects and disseminates timely, accurate, comprehensive real estate data and conducts economic analysis in order to inform and engage members, consumers, policymakers, and the media with key information about the housing market. It delivers this information through press releases, reports, presentations, and daily blog posts offering insight on the economy, housing market, and other factors that will impact your business. Resources for Commercial Practitioners NAR supports commercial advocacy efforts and provides services specifically for commercial members, including education, publications, and commercial market research. Member Center Find out more information about NAR’s core benefits, as well as state and local Realtor® association benefits, in the online Member Center. Just log in using your NRDS ID.
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Presented by the Utah Sales and Marketing Council (A Utah Home Builder Association Affiliate) The Council serves sales and marketing professionals in the Utah home building industry. The SMC is dedicated to furthering new home sales in the Utah market through education and the interchange of ideas. To register and to learn more about membership benefits contact:
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Vacation Home Sales Surge in 2013, Investment Property Declines By the National Association of Realtors® Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of Realtors®. NAR’s 2014 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2013, shows vacation-home sales jumped 29.7 percent to an estimated 717,000 last year from 553,000 in 2012. Investment-home sales fell 8.5 percent to an estimated 1.10 million in 2013 from 1.21 million in 2012. Owner-occupied purchases rose 13.1 percent to 3.70 million last year from 3.27 million in 2012. The sales estimates are based on responses from households and exclude institutional investment activity. NAR Chief Economist Lawrence Yun expected an improvement in the vacation home market. “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.” Vacation-home sales accounted for 13 percent of all transactions last year, their highest market share since 2006, while the portion of investment sales fell
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Salt Lake Realtor® August 2014
to 20 percent in 2013 from 24 percent in 2012. Yun said the pullback in investment activity is understandable. “Investment buyers slowed their purchasing in 2013 because prices were rising quickly along with a declining availability of discounted foreclosures over the course of the year,” he said. “In 2011 and 2012, investment property was a no-brainer because home prices had sharply over corrected during the downturn in many areas, creating great bargains that could be quickly turned into profitable rentals. With a return to more normal market conditions, investors now have to evaluate their purchases more carefully and do their homework,” Yun added. The median investment-home price was $130,000 in 2013, up 13.0 percent from $115,000 in 2012, while the median vacation-home price was $168,700, up 12.5 percent from $150,000 in 2012. All-cash purchases remained fairly common in the investment- and vacation-home market: 46 percent of investment buyers paid cash in 2013, as did 38 percent of vacation-home buyers. Of buyers who financed their purchase with a mortgage, large down payments continued to be the norm in 2013. The median down payment for investment buyers was 26 percent, while vacation-
home buyers typically put 30 percent down. Forty-seven percent of investment homes purchased in 2013 were distressed homes, as were 42 percent of vacation homes. Lifestyle factors remain the primary motivation for vacation-home buyers, while rental income is the main factor in investment purchases. The typical vacation-home buyer was 43 years old, had a median household income of $85,600 and purchased a property that was a median distance of 180 miles from his or her primary residence; 46 percent of vacation homes were within 100 miles and 34 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 6 years, down from 10 years in 2012. Five percent of vacation-home buyers had already resold their property, while another 9 percent plan to sell within a year. “This reflects the 28 percent of recreational property buyers who said they purchased to diversify investments or saw a good investment opportunity,” Yun said. Buyers listed many reasons for purchasing a vacation home: 87 percent want to use the property for vacations or as a family retreat, 31 percent plan to use it as a primary residence in the future, 28 percent wanted to diversify their investments or saw a good investment opportunity, 23 percent plan to rent to others and 22 percent intend it for use by a family member, friend or relative. Forty-one percent of vacation homes purchased last year were in the South, 28 percent in the West, 18 percent in the Northeast and 14 percent in the Midwest. Investment-home buyers in 2013 had a median age of 42, earned $111,400 and bought a home that was relatively close to their primary residence – a median distance of 20 miles. Fifty percent of investment buyers said they purchased for rental income, 34 percent wanted to diversify their investments or saw a good investment opportunity, and 22 percent bought for a family member, friend or relative to use – often to house a son or daughter while attending college. Seven percent of homes purchased by investment buyers last year have already been resold, and another 10 percent are planned to be sold within a year. Overall, investment buyers plan to hold the property for a median of 5 years, down from 8 years in 2012. Thirty-eight percent of investment properties purchased last year were in the South, 25 percent in the West, 18 percent in the Northeast and 19 percent in the Midwest. More than eight out of 10 second-home
“Vacation homes are recreational property purchased primarily for the buyer’s (or their family’s) personal use, while investment homes are residential property purchased primarily to rent to others, or to hold for other financial or investment purposes.”
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buyers, both for vacation and investment homes, said it was a good time to buy. Approximately 43.4 million people in the U.S. are ages 50-59 – a group that dominated second-home sales in the middle part of the past decade and established records. An additional 42.7 million people are 40-49 years old, which is the historic prime age range for purchasing second homes, while another 40.4 million are 30-39 years of age. NAR’s analysis of U.S. Census Bureau data shows there are 8.0 million vacation homes and 43.7 million investment units in the U.S., compared with 74.7 million owneroccupied homes. NAR’s 2014 Investment and Vacation Home Buyers Survey, conducted in March 2014, includes answers about 2,203 homes purchased during 2013 from a representative panel of 2,008 U.S. households. The survey controlled for age and income, based on information from the larger 2013 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents. The 2014 Investment and Vacation Home Buyers Survey can be ordered by calling 800874-6500, or online at www.realtor.org/ prodser.nsf/Research. The report is free to NAR members and costs $149.95 for nonmembers. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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Salt Lake Realtor® August 2014
21
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U.S. Foreclosure Rate Decreases to Lowest Level Since July 2006, Before Housing Bubble Burst Foreclosures fell to their lowest level since July 2006, according to RealtyTrac’s Midyear 2014 U.S. Foreclosure Market Report™, which shows a total of 613,874 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the first half of 2014, a 19 percent decrease from the previous six months and down 23 percent from the first half of 2013. The report also shows that 0.47 percent of all U.S. housing units (one in 214) had at least one foreclosure filing in the first six months of the year. The report also includes new foreclosure activity data from June, when a total of 107,194 U.S. properties had a foreclosure filing, down 2 percent from the previous month and down 16 percent from a year ago to lowest level since July 2006, before the housing price bubble burst. Total foreclosure activity in June was the lowest since the housing bubble burst in August 2006 in 10
22
Salt Lake Realtor® August 2014
states, including Texas, Georgia, Colorado, Tennessee, Arizona and Nevada. “Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006,” said Daren Blomquist, vice president at RealtyTrac. “Over the next six to nine months nationwide foreclosure numbers should start to flat line at consistent historically normal levels. “There continue to be concerning trends in some states and local markets that clearly indicate those markets are not completely out of the woods when it comes to the lingering foreclosure problem left over from the housing bust,” Blomquist continued. “While it’s important that any remaining foreclosure infection is addressed promptly to keep it from festering, foreclosures are no longer a widespread contagion threatening to derail the housing market’s return to full health.”
Other high-level findings from the report: Only nine states saw overall foreclosure activity increase in the first half of 2014 compared to a year ago, including New Jersey (up 54 percent), Maryland (up 18 percent), Iowa (up 10 percent), Massachusetts (up 4 percent), and Connecticut (up 4 percent). States with the highest foreclosure rates in the first half of 2014 were Florida (one in 74 housing units with a foreclosure filing), Maryland (one in 107), Illinois (one in 123), New Jersey (one in 134), and Nevada (one in 138). A total of 47,243 U.S. properties started the foreclosure process for the first time (not including re-filings) in June, down 4 percent from the previous month and down 18 percent from a year ago to the lowest level since November 2005 — a more than 8 and a half year low. Foreclosure starts in June increased from the previous month in 15 states and were up from a year ago in 20 states, including Massachusetts (105 percent increase), New Jersey (70 percent increase), Nevada (66 percent increase), Indiana (65 percent increase), Oregon (50 percent increase), and Ohio (17 percent increase). Halfway through 2014, a total of 315,895 U.S. properties have started the foreclosure process, on pace to reach more than 630,000 for the year, which would be down from the 747,728 in 2013. A total of 26,889 U.S. properties were repossessed by lenders via foreclosure in June, down 5 percent from the previous month and down 24 percent from a year ago to the lowest level since June 2007 — an 84-month (7-year) low. Lender repossessions in June increased from the previous month in 16 states and were up from a year ago in 12 states, including Iowa (up 86 percent), Maryland (up 86 percent), New York (up 49 percent), Oregon (up 22 percent), California (up 18 percent), Illinois (up 8 percent), and New Jersey (up 5 percent). Halfway through the year a total of 174,691 U.S. properties have been repossessed by lenders via foreclosure, on pace to reach nearly 350,000 for the year, which would be down from the 462,970 lender repossessions in all of 2013. A total of 46,743 U.S. properties were scheduled for foreclosure auction (in some states these are foreclosure starts) in June, down 1 percent from the previous month and down 13 percent from a year ago to the lowest level since July 2006 — a 95-month low. Scheduled foreclosure auctions increased from the previous month in 12 states and were up from a year ago in 17 states, including Connecticut (up 68 percent), Pennsylvania (up 62 percent),New Jersey (up 25 percent), North Carolina (up 15 percent), Florida (up 15 percent), and New York (up 10 percent). For properties foreclosed in the second quarter of 2014, the average time to complete a foreclosure was 577 days, up from 572 days in the previous quarter and up from 526 days in the second quarter of 2013. States with the longest time to foreclose were New Jersey (1,098 days), New York (930 days),
Florida (925 days), Hawaii (915 days), Illinois (850 days), and Massachusetts (784 days). Local broker quotes from the RealtyTrac Network “Distressed properties continue to wane as more traditional sellers find their way into the housing market and home prices continue to rise,” said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market. “Most indicators show the immediate future will stay the same for the Front Range housing market,” said Greg Smith, broker/owner of RE/MAX Alliance, covering the Denver, Colo. market. “The absorption rate is beginning to show movement towards a balanced market, but buyers and sellers emotionally tend to lag the market as a whole, so even though the overall indicators are showing a balanced market many sellers and buyers are still behaving as if it is a seller’s market.” The Florida foreclosure rate was the nation’s highest in the first half of 2014: 1.35 percent of housing units with a foreclosure filing (one in 74) during the six-month period — nearly three times the national average. A total of 121,412 Florida properties had a foreclosure filing in the first six months of the year, the most of any state but down 16 percent from the previous six months and down 22 percent from a year ago. In June, Florida foreclosure starts (LIS) and foreclosure completions (REO) were down from a year ago, but scheduled foreclosure auctions increased 15 percent from a year ago. Florida scheduled foreclosure auctions have increased annually in 16 of the last 18 months. Maryland foreclosure activity in the first half of 2014 decreased 12 percent from the previous six months but was still up 18 percent from a year ago, helping boost the state’s foreclosure rate to second highest in the nation: 0.93 percent of housing units with a foreclosure filing (one in 107) during the six-month period. In June, Maryland foreclosure activity increased 7 percent from the previous month and was up 12 percent from a year ago, boosted by an 86 percent year-over-year increase in bank repossessions. A total of 42,866 Illinois properties had a foreclosure filing in the first half of 2014, 0.81 percent of all housing units (one in every 123) — the nation’s third highest state foreclosure rate. The Illinois foreclosure rate ranked No. 3 in the first half of 2014 despite a 16 percent decrease in foreclosure activity from the previous six months and a 32 percent decrease in foreclosure activity from a year ago. Overall foreclosure activity in Illinois jumped 23 percent between May and June, but was still down 19 percent from a year ago driven by decreases in foreclosure starts and scheduled foreclosure auctions. Bank repossessions in Illinois in June increased 8 percent from a year ago, the third consecutive month with an annual increase. A total of 26,467 New Jersey properties had a foreclosure filing in the first half of 2014, a 54 percent increase from a year ago and 0.74 percent
Salt Lake Realtor® August 2014
23
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of all housing units (one in every 134) — the nation’s fourth highest state foreclosure rate. A total of 8,504 Nevada properties had a foreclosure filing in the first half of 2014, a 48 percent decrease from a year ago and 0.73 percent of all housing units (one in every 138) — the nation’s fifth highest state foreclosure rate. Other states with foreclosure rates ranking among the nation’s 10 highest in the first six months of 2014 were Ohio (0.69 percent of all housing units with a foreclosure filing), Delaware (0.68 percent), Connecticut (0.66 percent), Indiana (0.63 percent), and South Carolina (0.62 percent). 79 percent of metros post decreasing foreclosure activity in first half of 2014 Of the 212 metropolitan statistical areas tracked in the report, 168 (79 percent) posted decreasing foreclosure activity compared to a year ago, with an average decrease of 32 percent. Major metros with decreasing foreclosure activity in the first half of 2014 compared to a year ago included Los Angeles (down 20 percent), Chicago (down 30 percent), Dallas (down 28 percent), Houston (down 29 percent), and Miami (down 30 percent). Meanwhile 44 metro areas bucked the national trend with increasing foreclosure activity from a year ago in the first half of 2014. Major metros with increasing foreclosure activity included New York (up 20 percent), Philadelphia (up 6 percent), Washington, D.C. (up 12 percent), and Baltimore (up 3 percent). Despite the annual decrease, Miami posted the nation’s highest metro foreclosure rate: 1.65 percent of all housing units (one in 61) with a foreclosure filing during the first half of the year. Eight other Florida metro areas joined Miami among the top 10 metro foreclosure rates nationwide: Orlando at No. 2 (1.57 percent of all housing units with a foreclosure filing); Port St. Lucie at No. 3 (1.49 percent); Palm Bay-Melbourne-Titusville at No. 4 (1.49 percent); Tampa-St. Petersburg at No. 5 (1.41 percent); Lakeland at No. 6 (1.35 percent); Deltona-Daytona Beach-Ormond Beach at No. 7 (1.29 percent); Ocala at No. 8 (1.26 percent); and Jacksonville at No. 9 (1.24 percent). Of the Florida markets with top 10 foreclosure rates, all posted annual decreases in foreclosure activity except for Port St. Lucie (up 19 percent from a year ago), Lakeland (up 2 percent), and Deltona-
24
Salt Lake Realtor® August 2014
Daytona Beach-Ormond Beach (up 21 percent). The only metro area outside of Florida with a top 10 foreclosure rate in the first half of 2014 was Rockford, Il., where 1.24 percent of housing units (one in 81) had a foreclosure filing during the sixmonth period. Foreclosure process lengthens nationwide, down from a year ago in 17 states U.S. properties foreclosed in the second quarter of 2014 were in the foreclosure process an average of 577 days from the initial public foreclosure notice to the completed foreclosure, up 10 percent from 526 days in the second quarter of 2013. The average time to foreclose decreased from a year ago in 17 states, including Minnesota (down 20 percent), Texas (down 17 percent), Maryland (down 17 percent), Georgia (down 11 percent), New York (down 10 percent), and California (down 7 percent). The average time to foreclose was 1,098 days in New Jersey, the longest of any state, followed by New York at 930 days, Florida at 925 days, Hawaii at 915 days, Illinois at 850 days, and Massachusetts at 784 days. The average time to foreclose was 169 days in Delaware, the shortest of any state, followed by Texas at 173 days, Alaska at 185 days, Minnesota at 192 days, and Alabama at 207 days. Report methodology The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee’s Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.
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Housing Watch Q2 2 - C OLOR
Affordability Concerns Results in Falling Home Sales Sales of single-family homes in Salt Lake County fell 9 percent in the second quarter (year-overyear) to 3,298 units sold, down from 3,626 units sold in the second quarter of 2013, according to the Salt Lake Board of Realtors®. In the first six months of 2014 home sales dropped 7 percent compared to the first half of 2013. Other Wasatch Front counties that experienced falling home sales included: Davis County (down 9 percent); and Utah County (down 6 percent). “Less inventory and rising home prices have caused some home buyers to pull back or not qualify for a mortgage,” said Angie Domichel Nelden, president of the Salt Lake Board of Realtors®. “Slowing sales are having an effect on home prices, which increased less than 2 percent in the second quarter.” Home sales fell in most Salt Lake County cities including: Draper, down 14 percent; Herriman,
down 21 percent; Magna, down 16 percent; Riverton, down 10 percent; Sandy (84092) down 17 percent; South Jordan, down 12 percent; and Sugar House (84105) down 10 percent. In the second quarter the median home price increased to $254,000, a 2 percent rise compared to a median price of $249,900 in the second quarter of 2013. Sales of condominiums in Salt Lake County climbed to 827 in the second quarter, an increase of 3 percent compared to 802 sales in the second quarter of 2013. During the same period, the median condo price in Salt Lake County climbed to $174,900, up 3 percent compared to a median price of $170,000. New listings increased to 6,584 homes in the second quarter, up 1 percent compared to 6,489 new listings a year ago.
UtahRealEstate.com Home Sales Graph Report
Home Sales Per Quarter
Search Criteria: State is Utah, County is Salt Lake, Property Type is Single Family
Prepared By: Dave Anderton Salt Lake Board of Realtors 801-542-8840 This report was generated automatically by the Wasatch Front Regional MLS on 08/01/2014 at 10:08 AM
26
Salt Lake Realtor® August 2014
Home Prices Per Quarter (Salt Lake County)
% +/- CHANGE
2014 Q2 AVERAGE CDOM
3
% +/- CHANGE
n/a
2014 Q2 NEW LISTINGS
$0.00
% +/- CHANGE
n/a
2014 Q2 CONDO MEDIAN SALES PRICE
% +/- CHANGE
2014 CONDO # SOLD
% +/- CHANGE
2014 Q2 MEDIAN SALES PRICE
% +/- CHANGE
2014 HOUSE # SOLD
CITY
ZIP
COUNTY S.L. CO
84006
COPPERTON
2
-33.33%
$130,500 -24.13%
0
-66.67%
9
-52.63%
S.L. CO
84020
DRAPER
159
-14.05%
$372,825 -10.16%
57
-9.52%
$199,450
-1.51%
379
8.60%
72
10.77%
S.L. CO
84044
MAGNA
98
-15.52%
$155,000
0.00%
3
-40.00%
$84,500
-23.18%
142
-6.58%
71
14.52%
S.L. CO
84047
MIDVALE
59
-20.27%
$209,100
3.81%
48
-7.69%
$183,305
-2.47%
196
16.67%
82
95.24%
S.L. CO
84065
RIVERTON
123
-9.56%
$326,500
4.98%
38
171.43%
$209,760
4.13%
251
8.66%
71
7.58%
S.L. CO
84070
SANDY
77
-8.33%
$220,000 -1.57%
23
0.00%
$154,160
2.77%
158
19.70%
62
0.00%
S.L. CO
84081
WEST JORDAN
127
-3.05%
$245,000
3.16%
16
23.08%
$155,000
6.16%
220
12.82%
65
-15.58%
S.L. CO
84084
WEST JORDAN
108
-20.59%
$209,950
11.11%
34
100.00%
$151,559
8.26%
197
3.68%
75
38.89%
S.L. CO
84088
WEST JORDAN
117
4.46%
$243,500
1.46%
25
47.06%
$177,000
14.19%
195
-2.99%
54
3.85%
S.L. CO
84091
SANDY
0
n/a
$0
n/a
0
n/a
$0
n/a
0
n/a
0
n/a
S.L. CO
84092
SANDY
99
-16.81%
$373,000
0.81%
3
200.00%
$255,500
222
9.90%
84
16.67%
S.L. CO
84093
SANDY
86
2.38%
$331,300 -1.83%
2
260.12%
146
-7.59%
77
45.28% 36.59%
-33.33%
$907,500
-77.29%
S.L. CO
84094
SANDY
102
-1.92%
$242,000
0.85%
13
8.33%
$207,000
2.60%
188
6.82%
56
S.L. CO
84095
SOUTH JORDAN
225
-12.11%
$350,000
7.69%
67
39.58%
$215,517
15.40%
553
7.59%
74
5.71%
S.L. CO
84096
HERRIMAN
147
-21.39%
$290,900 -1.39%
35
16.67%
$180,000
-4.64%
334
15.17%
72
1.41%
S.L. CO
84101
SLC
4
0.00%
$132,500 -16.67%
23
$233,599
-20.27%
60
15.38%
107
-37.06%
S.L. CO
84102
SLC
39
-20.41%
$272,000 -5.06%
35
34.62%
$159,900
7.68%
107
-9.32%
49
-39.51%
S.L. CO
84103
SLC
71
-1.39%
$435,000
19.02%
34
17.24%
$204,250
-13.09%
190
9.83%
121
15.24%
S.L. CO
84104
SLC
57
26.67%
$136,990
10.07%
3
200.00%
$67,000
-2.90%
58
-27.50%
48
-30.43%
S.L. CO
84105
SLC
120
-10.45%
$325,375
8.84%
1
n/a
$175,000
n/a
213
10.94%
43
S.L. CO
84106
SLC
130
-20.25%
$265,750
1.82%
37
-28.85%
$143,900
4.28%
253
-12.46%
64
S.L. CO
84107
MURRAY
67
4.69%
$217,000 -0.69%
54
-14.29%
$134,350
-7.34%
198
-2.46%
72
24.14%
S.L. CO
84108
SLC
85
-2.30%
$429,500
7.46%
20
-35.48%
$264,500
1.73%
162
-11.48%
72
-27.27%
S.L. CO
84109
SLC
103
3.00%
$315,000
0.00%
5
-37.50%
$179,900
22.01%
165
5.10%
62
-4.17%
38.71% -3.03%
158.33%
S.L. CO
84111
SLC
15
-40.00%
$177,000 -1.67%
29
0.00%
$158,000
-17.92%
70
-1.41%
93
22.37%
S.L. CO
84115
S SLC
77
-2.53%
$194,000
14.12%
13
-48.00%
$153,000
-1.86%
137
-8.05%
62
21.57%
S.L. CO
84116
SLC
68
-6.85%
$159,825
4.46%
3
-50.00%
$145,000
-9.32%
87
-25.64%
76
11.76%
S.L. CO
84117
HOLLADAY
40
-29.82%
$310,500 -25.18%
47
-2.08%
$155,000
2.82%
185
0.00%
69
11.29%
S.L. CO
84118
TAYLORSVILLE/ 191 KEARNS
-14.35%
$168,500
6.38%
6
500.00%
$193,250
92.67%
265
-5.36%
69
4.55%
S.L. CO
84119
WVC
90
-11.76%
$165,000
1.69%
41
46.43%
$130,000
15.04%
171
-9.52%
52
-13.33%
S.L. CO
84120
WVC
151
11.85%
$173,000
1.76%
13
-23.53%
$150,000
-16.67%
193
-6.31%
63
26.00%
S.L. CO
84121
COTTONWOOD
117
-22.52%
$310,000 -0.64%
36
-7.69%
$202,500
6.58%
292
-3.63%
94
18.99%
S.L. CO
84123
TAYLORSVILLE/ KEARNS
68
1.49%
$229,912
0.40%
37
-7.50%
$119,000
7.74%
147
-9.26%
59
-34.44%
S.L. CO
84124
HOLLADAY
77
-9.41%
$370,000
5.71%
10
-33.33%
$193,000
9.04%
164
9.33%
69
46.81%
S.L. CO
84128
WEST VALLEY
96
-1.03%
$179,500 -0.22%
12
0.00%
$141,500
14.34%
137
0.00%
52
-23.53%
S.L. CO
84129
TAYLORSVILLE
103
$197,650
4.08%
4
-60.00%
$160,500
10.77%
146
15.87%
55
7.84%
$254,000
1.64%
827
3.12%
$174,900
2.88%
6584
1.46%
69
7.81% -4.92%
S.L. CO TOTALS
18.39%
3298
-9.05% -6.36%
DAVIS CO
84010
BOUNTIFUL
103
DAVIS CO
84014
CENTERVILLE
35
20.69%
$257,000
17.05%
25
8.70%
$150,000
31.12%
256
-2.66%
58
$260,000
9.70%
25
-3.85%
$152,000
4.47%
82
3.80%
77
16.67%
DAVIS CO
84015
CLEARFIELD
256
0.79%
$173,700
3.70%
18
0.00%
$116,500
4.77%
414
-1.19%
77
DAVIS CO
84025
FARMINGTON
73
-3.95%
$346,000
25.82%
13
-35.00%
$181,900
8.63%
114
-18.57%
84
-6.10% 3.70%
DAVIS CO
84037
KAYSVILLE
103
-22.56%
$316,600
22.24%
2
-75.00%
$164,750
-11.32%
182
9.64%
81
-1.22%
-2.09%
100
2.04%
66
15.79%
80
48.15% 1.10%
DAVIS CO
84040
LAYTON
78
-27.10%
$247,000
7.86%
6
-14.29%
$118,132
-31.26%
187
DAVIS CO
84041
LAYTON
169
-17.16%
$191,800
0.63%
7
-50.00%
$156,500
13.82%
292
DAVIS CO
84054
N. SALT LAKE
87
-1.14%
$249,900
12.57%
18
20.00%
$176,195
24.08%
167
DAVIS CO
84075
SYRACUSE
101
-12.17%
$223,000 -3.88%
2
n/a
$155,400
n/a
186
10.06%
92
DAVIS CO
84087
WOODS CROSS
60
13.21%
$232,000
1.53%
14
133.33%
$187,892
4.63%
89
3.49%
80
6.67%
$225,000
5.63%
130
$162,450
11.27%
1969
1.65%
78
4.00%
DAVIS CO TOTALS
1065
-8.90%
-5.11%
16.33% -3.47%
Salt Lake Realtor速 August 2014
27
REALTOR® Connections Q&A: Dave Frederickson Dave Frederickson, principal broker of Keller Williams Salt Lake, is the past president of the Salt Lake Board of Realtors®. He also is chairman of the 2014 Nominating Committee. Q: How many open seats are there on the Board of Directors? A: There are three open positions on the Board of Directors. Each position is a four-year term that begins on Jan. 1, 2015. The 16-member Board of Directors creates policies and programs to achieve the fourfold mission of the Board: education, advocacy, service and communication. Q: Who are the nominees running for director? A: Six nominees are running this year. They are: Cameron Wood (RE/MAX Associates); Kim Farber (Equity Real Estate); Mike Gabel (Keller Williams); Claire Larson (D.R. Horton); Cheryl Acker (RealtyPath); and Matt Ulrich (Ulrich Realtors®). The 2014 Nominating Committee reviewed each candidate to ensure he or she met the qualifications outlined in the bylaws. The committee included: Lisa Jungemann, Tony Ketterling, Brock Andersen, Scott Colemere, Greg Fabiano, Kevin Larsen, and Brandy Tilo. Q: Where do I vote? A: Realtors® can vote online anytime from Aug. 18-24 at www.UtahRealEstate.com. You must login before you can vote. Please remember you can vote for up to three candidates. Winners will be announced on Aug. 25.
New Draper Townhome Community Announced
James “Eric” Saxey, owner of Everest Builders LLC, has just broken ground on a luxury townhome community in the heart of Draper. All homes will come with an oversized two-car garage, private deck off of the kitchen and a fully landscaped fenced back yard. With roughly 2,000 square feet of interior living space, residences will range from two-bedroom to four-bedroom plans. To create and maintain the unique exterior private and common areas at Draper Creekside, Saxey has chosen to also fully landscape each private back yard at no additional cost – or buyers can choose from either of two upgrade packages being offered. Pricing starts at $240,000. Such standard items include stainless steel Whirlpool appliances, solid granite countertops, tiled bathrooms and hardwood floors. Presales are now being offered on the first units scheduled for completion this September.
28
Salt Lake Realtor® August 2014
On the Move The National Association of Realtors® will begin offering its 1 million members Web addresses with a new .realtor toplevel domain sometime before October. The trade group has a signed contract with ICANN to launch .realtor. NAR estimates that it will make .realtor domains available to members this quarter, which ends on Sept. 30. “We are hoping to establish and announce a firm launch date within the next 30 days,” NAR spokeswoman Sara Wiskerchen said. NAR will provide one free .realtor domain for one year to the first 500,000 members who register, according to www.dotrealtor.org, the dedicated website NAR has created to help administer the domain. After that threshold’s been reached, Realtors will pay $39.95 a year for a domain. Equity Real Estate welcomes: Veronica Jones, Vanessa Cannon, Paul Cannon, Scott Graham, Michelle Clayburn, Dawn Lee Jenks, Henry Blas, Nicholas Pittson, Adam Charles Ward, Steven Fritzsche, Megan Hammond and Trevor Thompson. Coldwell Banker Residential Brokerage announced that it has named top local Realtor® Brett Naisbitt manager of the company’s South Ogden office. Naisbitt, a 10-year residential real estate veteran, will oversee a growing sales team of more than 50 independent affiliated agents assisting buyers and sellers in Weber and Davis counties. Naisbitt began his real estate career as an affiliated agent in Coldwell Banker Residential Brokerage’s South Ogden office, where he worked for six years and graduated from the company’s Journey to Mastery professional program. Most recently, he was an agent at Prudential Realty, where he also served as a trainer and coach for three years.
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E R C O A C S for RP with
E K A LT L
A S L EA
R
Must register and pay by Friday Aug. 29 at
slrealtors.com
Saturday, Sept. 6th 6p.m.-10p.m.
Rio Tinto Stadium $75 per person
buffet dinner, game ticket Or, $50 for game ticket, concessions
Opening reception 6 p.m. Buffet Dinner in the Club 6:30 p.m. -7:15 p.m. RSL vs. Dallas 8 p.m. Parking pass for purchases of four or more tickets Families welcome All proceeds go to RPAC!
Only members of the Salt Lake Board of REALTORS速 may contribute to RPAC. Note: Contribuuons are not deduccble for income tax purposes. Contribuuons to RPAC are voluntary and are used for poliical purposes. You may refuse to contribute without reprisal and the Naaonal Associaaon of REALTORS速 or any of its state associaaons or local boards will not favor or disfavor any member because of the amount contributed. 70% of each contribuuon is used by your state PAC to support state and local poliical candidates.
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