Salt Lake Realtor – July 2016

Salt Lake

REALTOR

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slrealtors.com

July 2016

2016 Parade of Homes Preview p. 14

Wasatch Front is No. 1 in Mansions p. 26 Why Professionalism Matters p. 30

AN APPLE iPAD PRO & DINNER FOR YOU! INTERNATIONALLY ACCLAIMED NEIGHBORHOOD FOR THEM. City Creek combines the best of city and mountain living—beautifully designed living spaces and Salt Lake City’s most stunning views. Homeowners experience a sparkling creek running through canyon-like walkways and doorstep access to world-class shopping, fine dining, NBA basketball and the new Eccles Theater. The magic of City Creek living can’t be matched.

Realtors® whose clients go under contract from May 1 through August 31, 2016 will receive a 32GB iPad Pro and dinner at BRIO* upon closing. *Awarded in the form of Apple and BRIO gift cards.

Schedule an appointment at 801.240.8600 to tour City Creek designer model homes.

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Even the smallest of gestures can mean so much to others

Every year since 1984, Windermere associates have dedicated a day away from work to complete neighborhood improvement projects. Creating vibrant communities is one of the things that inspire our network to be involved in service projects that make things a little brighter for all our neighbors.

Our goal for the 2016 Windermere Community Service Day was to create a backyard sanctuary for the Somali Refugee Community. We laid sod, repaired fences, built a playground, planted a garden and much much more. It is very exciting to be a part of a project that has an impact on such an inspiring and resilient community and give them a place to feel at home.

w i n d e r m e re . c o m

To become a part of the largest regional real estate company in the Western U.S., contact our Principal Broker Grady Kohler at (801) 815-4663 // GradyKohler@Windermere.com

Flying High with the Charity Challenge. p. 12

Table of Contents Features 12 Charity Challenge 2016 14 Salt Lake Parade of Homes Celebrates 70 Years

22 Style a Master Bedroom as a Sleep Retreat

Barbara Ballinger 26 Wasatch Front is Home to More Mansions than Any Other U.S. City

Dave Anderton

30 Why Professionalism Matters

Curtis A. Bullock

32 ‘Brexit’ Could Give U.S. Real Estate Brief Boost

Robert Freedman Columns 7 Freedom … and Then Some!

Cheryl Acker – President’s Message

Departments 8 Happenings 8 In the News 34 Housing Watch 36 Realtor® Connections 36 On the Move

On the Cover: Photo: Dave Anderton Photo left: Dave Anderton

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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June 2016 volume 76 number 7 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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President Cheryl Acker Realtypath

Directors

First Vice President Troy Peterson Equity Real Estate Second Vice President Adam Kirkham Summit Sotheby’s International Treasurer Jared Booth CBC Intermountain Past President Dave Robison goBE Realty CEO Curtis A. Bullock

M. Brock Andersen Berkshire Hathaway J. Scott Colemere Colemere Realty Associates Kimberly Farber-Bowen Equity Real Estate Kevin Larsen Coldwell Banker Residential Mike Morgan Realtypath Jodie Osofsky Select Group Realty Steve A. Perry Realtypath Scott Robbins Coldwell Banker Residential Michael Rowe Berkshire Hathaway Randal Smith Equity Real Estate Matthew Ulrich Ulrich Realtors®

Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Leslie Hanna Ken Magleby Patrick Witmer

Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas

Administrative Assistant Ruth Gainey

Office Assistant Jessica Snow

Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.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 achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which 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 expressed by writers and persons 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 and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs.

While unsolicited original manuscripts and 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 REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

Freedom … and Then Some!

J

uly is a month where two major holidays are celebrated, Independence Day and Pioneer Day. It is a month where many families take vacations, plan family reunions, light some fireworks and make some memories.

As you celebrate this month, please take time to think about the many freedoms and privileges we enjoy – the freedom to vote, to communicate our views to our lawmakers, the freedom to be Realtors® – and please take advantage of those freedoms by thanking a Veteran or others who have fought for those freedoms. We are the land of the free and the home of the brave. Let’s pay tribute to our brave heroes no matter what day of the year it may be.

As we celebrate our nation’s independence this year, I would like to take special note of those who have paved the way for not only our freedom, but the entrepreneurial freedom we enjoy in these United States of America. Entrepreneurial freedom is forever intertwined with who we are as a country, and the people who have forged ahead to make great strides. Moreover, the entrepreneurial promise of being able to move up the ladder of achievement and reach greater financial success – through personal work, drive, and dedication to doing something that is both worthwhile and adds value to others is at the heart of the American dream.

Entrepreneurial freedom has always been, and will forever be intertwined with the American heritage. People who work for themselves are happier because of the freedom that working for one’s self permits. I appreciate the opportunity to be a Realtor® and entrepreneur. I love being able to help others, not only my clients but all the ancillary industries who help the transaction to go smoothly.

As Realtors® and entrepreneurs, we are always in the pursuit of freedom and balance in our careers. We look for the freedom to do what we enjoy and to pursue our dreams. We seek for opportunities to help others, find the best deal for our clients, and always to keep a smile on our face. That is the essence of the American dream. It’s not about greed or money, it’s about freedom.

My country, tis of thee,

Our fathers guard to thee,

Sweet land of liberty

Author of liberty

Of thee I sing.

To thee we sing.

Land where my fathers die,

Long may our land be bright

Land of the pilgrims pride,

With freedoms holy light

From every mountain side,

Protect us by thy mind,

Let freedom ring.

Great God, our king.

May we ALL remember the freedoms we have and enjoy them each day!

Cheryl Acker 2016 President

OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

July 2016 | Salt Lake Realtor ® | 7

Happenings

In the News Drones and Real Estate

© Adobe Stock /Knowlesgallery

Downtown Salt Lake City is Rising

The Realtors® Commercial Alliance hosted a Town Hall June 7 at the Realtor® Campus on the future of downtown Salt Lake City. The event focused on Salt Lake City’s biggest commercial and residential developments now underway. Panelists included Ben Davis, project manager for the Redevelopment Agency of Salt Lake City, and Jason Mathis, executive director of the Downtown Alliance. Downtown Salt Lake City has a long list of upcoming new venues including the George S. and Delore Eccles Theater, which is scheduled to open this fall. Also, a mix of new office, residential and retail establishments are underway.

Fewer Home Owners Underwater

Across America, 268,000 home owners regained equity in Q1 2016, bringing the total number of mortgaged residential properties with equity at the end of Q1 2016 to approximately 46.7 million, or 92 percent of all mortgaged properties. Nationwide, home equity increased Photo: © iStockphoto.com /Kial year over year by $762 billion in Q1 2016. In Salt Lake City, 5,339, or 2.5 percent, of all residential properties with a mortgage were in negative equity as of Q1 2016 compared with 8,949, or 4.1 percent, in Q1 2015 and 6,626, or 3.1 percent, in Q4 2015. An additional 3,050 properties, or 1.4 percent, were in near-negative equity for Q1 2016 compared with 4,929, or 2.2 percent, in Q1 2015 and 4,370, or 2.1 percent, in Q4 2015.

8 | Salt Lake Realtor ® | July 2016

Commercial drone use in the real estate business got a boost in June with the release of the Federal Aviation Administration’s final rule governing small unmanned aerial systems, or UASs, in the national air space.

Drones are increasingly being used in commercial applications, but federal regulations have required commercial drone operators to apply for a “Section 333” waiver from the FAA before they can fly. Over 5,000 waivers were issued to commercial entities, a significant portion of which were used for the real estate business, but only licensed pilots were eligible to fly commercially.

FAA rules released today create a clearer pathway for real estate professionals to use drones for commercial purposes, a prospect that National Association of Realtors® President Tom Salomone called a win for the industry.

“We’ve worked hard to strike a responsible balance that protects the safety and privacy of individuals, while also ensuring real estate professionals can put drones to good use,” said Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “That effort just took another big step forward. The rules unveiled today will help more real estate professionals take flight, making the efficiency and innovation that drones have to offer available to a much broader base of operators.”

The FAA’s announcement marks a long-fought victory for the National Association of Realtors®.

Since early 2014, NAR has worked with the FAA and industry partners to integrate drones into the national airspace for commercial use. NAR wrote to the FAA on numerous occasions to weigh in on the final Small UAS Rule, and testified before Congress to support the use of drones in real estate.

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Charity Challenge 2016 I

t was a fantastic evening of food, fun, music and other activities on June 16 at the Charity Challenge. The event included a mechanical bull, basketball, climbing wall, Jazz dunk team, inflatable slides, dunk tank, face painting, and lip sync contest. The Salt Lake Board of Realtors® thanks everyone who participated and helped. Thousands of dollars were raised. Proceeds will help build a Salt Lake Valley Habitat for Humanity home. Thank you to all of our sponsors: Windermere Real Estate, Citywide Home Loans, PPG Porter Paints, Bank of Utah, UtahRealEstate.com, Select Group Realty, Exit Realty Utah, Fidelity National Home Warranty, Foundations Real Estate Group, and Utah Real Estate Inspector’s Guild.

12 | Salt Lake Realtor ® | July 2016

Photos: Dave Anderton

July 2016 | Salt Lake Realtor ÂŽ | 13

Argyle Homes

Bangerter Homes LLC

Parade | Riverton | 84065

Parade | South Jordan | 84095 | 8,505 Sq Ft

Salt Lake Parade of Homes Celebrates 70 Years Discounted Parade tickets available to members at Parade Preview Brunch July 26 at Daybreak

T

he Salt Lake Parade of Homes started in 1946 and is the nation’s first home parade, according to Jaren Davis, executive officer of the Salt Lake Home Builders Association. This year’s Parade runs from July 29 through Aug. 13, open daily from noon to 9 p.m. (closed Sundays). The Parade features 32 homes by some of Utah’s most exclusive home builders. Doug Jessop, managing member of Park Capital Homes, is showing a $1.3 million home. The 6,000 square-foot home in Sandy is a modern farm house with open-ended wood rafters, lots of windows, exposed beams, metal roofing and a large front porch. Jessop said Parade participants can gain color, design and product ideas for their own homes.

Discounted tickets to the Parade can be

purchased by Realtors® and affiliate members at the Realtor® Parade Preview Brunch at Daybreak on Tuesday, July 26, from 8:30 a.m. to noon at 11241 Kestrel Rise Road (SoDa Row) in South Jordan. At the event, members can preview two Parade homes on display and visit another 20 model homes.

With more than 30,000 people expected to walk through the Parade of Homes, Davis attributes the success of the event to the value Utahns give homeownership. In the first quarter of this year, Utah’s homeownership rate shot up to 73.9 percent, up from 70.7 percent a year earlier.

Utah’s homeownership rate is the third highest rate in the nation, behind New Hampshire (75 percent) and Minnesota (74.5 percent).

Breen Homes

Candlelight Homes

Parade | Sandy | 84092 | 4,407 Sq Ft

Model | Herriman | 84096 | 4,066 Sq Ft

14 | Salt Lake Realtor ® | July 2016

D.R. Horton

David Weekley Homes

Model | Bluffdale | 84065 | 2,012 Sq Ft

Model | Cottonwood Heights | 84121 | 2,652 Sq Ft

Edge Homes

Elevation Homes

Parade | Herriman | 84096

Parade | South Jordan | 84095 | 8,390 Sq Ft

Ensign Custom Homes

Ezra Lee Design + Build

Parade | Herriman | 84096 | 5,413 Sq Ft

Parade | Draper | 84020 | 8,104 Sq Ft

Far Side Construction

Finsand Development

Parade | Salt Lake City | 84124 | 4,600 Sq Ft

Parade | Sandy | 84092 | 9,343 Sq Ft July 2016 | Salt Lake Realtor ÂŽ | 15

Garbett Homes

Green Ridge Builders

Model | Sandy | 84092 | 5,583 Sq Ft

Parade | Sandy | 84092 | 5,154 Sq Ft

Hardrock Homes

Huish Construction

Model | South Jordan | 84095

Parade | Riverton | 84065 | 6,078 Sq Ft

Huish Construction

Ironwood Custom Builders

Parade | Riverton | 84065 | 3,618 Sq Ft

Parade | Salt Lake City | 84109

Ivory Homes

Ivory Homes

Parade | Holladay | 84117 | 5,216 Sq Ft

Model | South Jordan | 84095 | 3,440 Sq Ft

16 | Salt Lake Realtor | July 2016 ®

JCraft Homes

J. Thomas

Parade | Riverton | 84065 | 5,426 Sq Ft

Parade | Herriman | 84096 | 4,705 Sq Ft

Lane Myers Construction

Oakwood Homes

Parade | South Jordan | 84095 | 6,000 Sq Ft

Model | Herriman | 84096 | 4,456 Sq Ft

Park Capital Homes

Rainey Homes

Parade | Sandy | 84070 | 6,000 Sq Ft

Parade | South Jordan | 84095 | 6,508 Sq Ft

Richmond American Homes

Sego Homes

Model | Riverton | 84065 | 4,650 Sq Ft

Parade | South Jordan | 84009 | 1,750 Sq Ft

18 | Salt Lake Realtor ÂŽ | July 2016

Tailor Built Homes

Tree Haven Homes

Parade | Riverton | 84065 | 6,071 Sq Ft

Parade | Bluffdale | 84065 | 8,885 Sq Ft

Willowood Homes

Wright Homes

Parade | Riverton | 84065 | 5,377 Sq Ft

Model | Draper | 84020 | 6,132 l Sq Ft

Making our team a part of yours

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See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation.

Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2016 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLCA77410)

July 2016 | Salt Lake Realtor ® | 19

We know location plays a HUGE role in buying a home. At Ivory Homes we build where your clients want to live.

We have over 75 communities spread across 37 cities throughout the state with more coming all the time.

We are dedicated to developing beautiful neighborhoods in the best locations in the state.

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Edison Traditional Model at Redmond Place 12025 S. 300 E. | 801-553-9400

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Fulton Traditional Model at Estates at Smith Fields 2227 W. 5180 S. | 385-315-3710

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Ontario Mountain Model at Timp Cove 9976 Alpine Hwy. | 801-766-8888

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Montclair Model at Foothill Park 596 Ridge Dr. | 801-373-9022

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San Marino Model at Monte Bella 920 E. Doris Place | 801-447-4141

Hamilton Model at Cranefield Estates 3448 W. 2300 N. | 801-985-5555

Hanover Model at Country Fields 3111 N. 1100 W. | 801-648-7191

Or for more visit ivoryhomes.com

© Adobe Stock /pics721

Style a Master Bedroom as a Sleep Retreat There’s big buzz these days about the importance of getting enough Z’s for health, happiness, and productivity. Also, a nicely designed bedroom is likely to bring in more money at resale.

By Barbara Ballinger

A

dults spend more time in their bedroom than in any other room in their house. But you wouldn’t know it from the home sales process.

Buyers and sellers alike often pay more attention to kitchens, master bathrooms, closets, and yards than they do to this vital space where they will usually spend more than a third of their 24 hours each day.

“Who spends that kind of time in the kitchen?” asks sleep expert Nancy H. Rothstein, founder of The Sleep Ambassador in Chicago, a source for education, consulting services, and resources that optimize healthy sleep.

Yet more attention is being paid to the importance of getting adequate sleep, from high-profile advocates like Arianna Huffington, who recently published her book, The Sleep Revolution: Transforming Your Life, One Night at a Time (Harmony, 2016), to medical professionals.

“Fewer than six hours [a night] can lead to diseases — a higher rate of diabetes, obesity, cardiovascular problems, and even shorter life spans,” says Dr. Susheel Patil, clinical director of Johns Hopkins

22 | Salt Lake Realtor ® | July 2016

Sleep Medicine in Baltimore.

While there’s no magic figure for the amount of sleep one should get, Patil suggests adults try for seven to eight hours on average. Dr. Michael Breus, a board-certified sleep specialist in Los Angeles known as The Sleep Doctor, uses his household as an example of the variation. “I need between 6 1/2 and 7 hours while my wife needs between 8 and 8 1/2,” he says.

Buyers and sellers alike should strive to furnish a master bedroom that contributes to high-quality sleep. Updating or remodeling the room offers another benefit, says certified color consultant Michelle Mohlere, a salesperson with Gibson International in Los Angeles. A nicely designed bedroom is likely to bring in more money at resale than one without these touches, she says.

Sellers looking to better stage this room will also gain from the following six steps: 1. Stage the bed in a choice spot.

Connecticut architect and author Duo Dickinson prefers the bed be set away from the room’s

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© Adobe Stock /bmak

entrance to keep it out of the main circulation path. Kathryn Baker, vice president of design services with Polaris Pacific, a real estate sales and marketing firm in San Francisco, likes to place a bed in a spot so occupants can enjoy the best view — whether that’s inside (maybe toward a fireplace or favorite piece of art) or outdoor (with views of trees or water where possible). Chicago designer Michael Del Piero suggests pairing a bed with an upholstered headboard for those who like to sit up in bed and read; she dresses up the bed with decorative pillows, a duvet, and a throw to personalize it and make it more welcoming to tuck in for sleep.

2. Install the right window treatments.

Minimal is the design mantra when it comes to much of the standard room décor today. But while no coverings in some rooms, such as kitchens and living rooms, allows in more light and views, some amount of treatment in a bedroom is needed to block outside light and provide privacy. Del Piero likes to use a blackout shade behind a transparent shade or drapes or a woven wood shade with blackout drapes. Baker favors motorized shades to make opening and closing a task that can be performed from the bed or set by a timer.

from certain electronics equipment and adversely affects melatonin production, says Patil. But only recently have they suggested that you can enhance unwinding and falling asleep by turning off TVs, smartphones, and iPads at least an hour before bedtime. Shutting them off also helps train the brain that the bedroom is primarily a place to sleep rather than stay awake, Patil says.

If the temptation is too great, home owners might consider making the master bedroom a no-electronics zone. Baker’s company furnishes model bedrooms in its residential projects without TVs and other electronics technology to demonstrate this idea. “People have responded favorably, and some put TVs in a second bedroom or home office” instead, she says.

5. Pick a soothing palette. Of course, color is a personal preference, but color experts can offer guidelines. “You can’t say one is soothing for all and will make a person feel calm,” says Jessica Boyer, a Chicago designer with Susan Fredman Design Group. Sue Wadden, director of color marketing for paint manufacturer SherwinWilliams, says colors that aren’t extreme are more restful. “They’re neither too bold, dark, bright, or intense. Rather, soft and calming,” she says.

Designer Kimba Hills of Rumba Style in Los Angeles prefers a palette of pale blues, greens, beiges, grays, and whites for the bedroom. Boyer also likes to bring in bedding in white and light creams because she finds they’re calming.

“It’s the equivalent of sleeping in a cloud with nothing to distract me. What’s important isn’t what’s trendy but nurturing,” she says.

3. Use the right lighting. Dickinson discourages installing recessed cans since they chop up a ceiling and aren’t attractive to look at while in bed. He prefers task lighting from lamps on night tables or wall-mounted sconces.

Michigan designer Francesca Owings likes hanging one decorative fixture in a ceiling’s center for an aesthetic punch. Sensitive sleepers might appreciate the new Good Night Biological LED bulbs that claim to help regulate a body’s natural circadian rhythm through the production of the hormone melatonin, which helps control sleep and wake patterns, says Breus.

6. Add creature comforts. If the room’s size allows, consider adding a chaise, chair and ottoman, and night tables. Also, a large area rug or wall-to-wall carpeting can help deaden noise and provide warmth underfoot, says Owings.

If the room is located so it opens directly to the outdoors, play this up. Mohlere says real access to bucolic scenery can contribute to a sense of tranquility even more than just viewing the outdoors can. If outdoor access isn’t possible, check to see that windows are operable for fresh air. Other amenities worth considering: a gas- or log-burning fireplace for coziness, artwork for eye candy, and good storage for tidiness. “Too much clutter is distracting,” Rothstein says.

At the end of the day — or the beginning of a new one — real estate pros can emphasize the master bedroom as one more “fabulous room where you spend time in your new home,” Rothstein says.

4. Conceal or banish electronics. For years, scientists and health professionals have known about the danger of the blue light that comes

Reprinted from Realtor® Magazine Online, May 2016, with permission of the National Association of Realtors®. Copyright 2016. All rights reserved.

24 | Salt Lake Realtor ® | July 2016

Summer

BEACH

Party You coul d wi n a

c ruise fo r 2

to the Car i bb e a n .

(Ent er raffle at event.)

JULY 27 12-3 PM

...........................

Salt Lake Parade of Homes REALTOR Preview Tour homes in Herriman prior to parade.

presents

VIP

TOUR

FOOD TRUCKS

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Fre e Pa ra d e o f H o m e s Ti cke t & Pu rch a s e D i s c o u n t e d Ti cke t s

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( 1 f r ee t i cket p er Realtor in attendance)

4549 West Breezy Mead ow Drive Herriman

For more information

SLREALTORS.COM

A higher percentage of mansions are found along Wasatch Front cities than other U.S. cities, like this million-dollar home sold by Realtor® Lisa Radke.

Wasatch Front is Home to More Mansions than Any Other U.S. City Move over Beverly Hills, the Wasatch Front ranks No. 1 in the highest percentage of homes with 15 rooms or more.

By Dave Anderton

W

hen you think of mansions, most people picture Beverly Hills, but a new study says the Wasatch Front is home to more mansions than any other large U.S. city.

Yes, that’s right. Provo-Orem, OgdenClearfield, and Salt Lake City claim the top three spots in the highest percent of mansion ratios of America’s 100 largest metropolitan areas,

26 | Salt Lake Realtor ® | July 2016

according to New York City-based Smart Asset.

Each of Utah’s three biggest metros has mansion ratios of more than 1.4 percent. Only four other U.S. metros broke the 1 percent mark, according to the study. Provo-Orem was way ahead of the pack, at 2.4 percent.

“It was definitely surprising to see Utah’s three metro areas in the top 10,” said AJ Smith,

Parade Preview Brunch Tuesday, July 26, 2016 8:30am – Noon Daybreak’s SoDa Row 11241 Kestrel Rise Road South Jordan

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“Who do real estate professionals refer clients with legal issues? The attorney that is a real estate professional.”

Smart Asset’s vice president of content, who oversaw the research. “Across the 100 metro areas we analyzed, about 0.5 percent of homeowners live in a mansion.”

Smart Asset used Census Bureau numbers to determine how many homes fit the mansion criteria. A mansion was defined as a home having at least five bedrooms and at least 15 rooms total.

The total included living spaces only, not storage closets, bathrooms, or hallways.

“Utah’s biggest metro area, Salt Lake City, isn’t quite as mansion-filled as the Provo and Ogden metros, but it beats every other major U.S. city,” the study said. “Our analysis found that 1.44 percent of houses in Salt Lake City have at least five bedrooms and at least fifteen rooms total.”

One factor offered for the large number of Wasatch Front mansions is the area’s exceptional economy. At 3.3 percent, Utah came in No. 2 among all states in the highest percent increase of new jobs created from May 2015 to May 2016, according to the U.S. Bureau of Labor Statistics.

In addition to the economy, bigger families mean bigger homes, according to Linda Secrist, a Realtor® with Berkshire Hathaway Home Services. Families in Provo, for example, are much larger than those in the rest of the country, with an average household size of 3.62. The national average is 2.63. In Utah, Secrist

added, many homes have fully finished basements, which add several more rooms to the living space.

Rounding out the top 10 metro areas with the most mansions: Bridgeport, Conn.; Washington, D.C.; Atlanta, Ga.; Honolulu; Orlando, Fla.; Raleigh, N.C.; and Oxnard, Calif.

Lisa Radke, a Realtor® with RE/MAX Results in South Jordan, said many of her clients want bigger homes, especially baby boomers who desire more space for entertaining, grandchildren and toys.

“The houses they grew up in the old days are not feasible,” she said. “I see people building bigger. A lot of it has to do with where you are building. Some builders are requiring a minimum of 5,000 square feet. They want them to be luxury homes.”

Radke recently moved into her own mansion, a 6,700 square foot home in South Jordan’s Daybreak community.

Once her basement is finished, the home will host seven bedrooms and more than 15 rooms total.

“I grew up in a small brick rambler in Wyoming and for my parents to have their seven kids at home with our families was impossible,” Radke said.

“To have a room fit everyone and guests requires a big house.”

Dave Anderton is the communications director of the Salt Lake Board of Realtors®.

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28 | Salt Lake Realtor ® | July 2016

Image licensed by Ingram Image

Some of the members of the Professional Standards Committee include: Kelly Shuldberg, left, Tom Hoffman, Donna Pozzuoli, Ravath Pok, and Mary K. Olsen.

Why Professionalism Matters We should all make the Golden Rule our priority not only in our personal lives, but also in our professional lives.

By Curtis A. Bullock

I

n the preamble to the NAR Code of Ethics, we are reminded of the century old Golden Rule - “Whatsoever ye would that others should do to you, do ye even so to them.” As Realtors® we should all make this our priority not only in our personal lives, but also in our real estate business.

The real estate industry is grounded on the principle of cooperation- especially with our own competitors. It is a unique but brilliant system where we share fees and cooperate with each other - all in an effort to help our clients realize the American dream of homeownership. When the market is hot, inventory is limited and homes are moving fast with multiple offers and anxious buyers and sellers. We all need to be nice to each other and maintain a high level of professionalism.

It sounds simple, but it sure makes life that much easier for all of us.

With that in mind, I want to highlight a few

30 | Salt Lake Realtor ® | July 2016

ethics related issues that the Board has dealt with over the past several months. I have seen recent fines levied by the Board’s professional standards hearing panels that are as high as $5,000. Fines can range anywhere from $250 to $15,000 for more serious violations of the Code of Ethics. Continuing education courses may also be required as part of a disciplinary sanction for unethical conduct.

Honesty Article 1 of the Code of Ethics is routinely cited in complaints. This article requires that Realtors® protect and promote the best interests of their client as well as treat all parties honestly.

Article 2 is also a common basis for a complaint.

It states that Realtors® should avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction.

Service Directory Earnest Money

In one case, a member was found in violation of the Code of Ethics for the following actions: failing to collect and then deposit the earnest money in a timely manner, failing to obtain signatures on the REPC and failing to disclose the fact that the earnest money was not received. The member was also deemed to have subjected the client to the possibility of legal action.

Disparaging Comments Another ethics issue that has arisen more and more regards the making of disparaging comments about competitors. I’ve noticed a trend where this happens a lot in online or other public forums including blogs, Facebook, and Instagram.

These types of public forums can be an excellent tool for members to share ideas and help each other, but they can also be a problem if the online discussion starts to go downhill.

In the preamble to the Code of Ethics, it counsels Realtors® to refrain from making unsolicited comments about other practitioners.

Article 15 also says that Realtors® shall not make false or misleading statements about other real estate professionals, their business, or their business practices. Standard of Practice 15-2 mentions that Realtors® should not recklessly publish or repeat misleading statements made by others whether it by in writing, by technological (e.g., the Internet), or by any other means.

It is vitally important that as Realtor® members we all think carefully before making what could be considered a disparaging comment about a competitor. The internet can be a magnet for this type of discussion. To avoid a potential ethics citation, always resolve a complaint you may have by taking it directly to the offending individual and always avoid making public comments that could come back to bite you.

Exclusive Representation Article 16 of the Code of Ethics is also often cited in complaints. This article states that Realtors® shall not engage in any practice or take any action inconsistent with exclusive representation agreements other Realtors® have with their clients. Simply put, if you know that a buyer or seller is bound to an exclusive representation agreement with another Realtor®, don’t try to represent that person. A recent fine of $500 was issued to a member for violating this article.

In my 13 years of being in the Realtor® family, I have had the pleasure to work with some of the finest real estate professionals in the country. I have learned a lot from each and every one of them.

I am consistently amazed each day at the level of professionalism and courtesy that our members demonstrate. With about 100 new members

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Curtis A. Bullock is the CEO of the Salt Lake Board of Realtors®.

July 2016 | Salt Lake Realtor ® | 31

© Adobe Stock /kamasigns

‘Brexit’ Could Give U.S. Real Estate Brief Boost U.S. real estate could be flooded with investors flocking to the U.S. as a safe haven, pushing up the dollar and sending down mortgage rates.

By Robert Freedman

B

ritain’s vote to exit the European Union will likely have a long-term impact on the world economy, but in the short-term, U.S. real estate could be flooded with investors flocking to the U.S. as a safe haven, pushing up the dollar and sending down mortgage rates. “Demand for U.S. real estate could rise,” said NAR Chief Economist Lawrence Yun.

On the commercial side, global corporations could show additional interest in U.S. real estate as they come to see the U.K. as a less certain place to set up or maintain their businesses, Yun said, “especially in London, as it becomes a less attractive place to conduct global business.”

While a rise in the dollar could hurt U.S. exports, it’s also expected to put downward pressure on long-term mortgage interest rates.

“Mortgage rates will tumble,” says Greg McBride, chief financial analyst at Bankrate.com, “possibly hitting new record lows. If you’re a borrower, don’t wait to lock in your rate, as this opportunity may not last long.”

However, Fannie Mae Chief Economist Doug Duncan said low rates because of economic uncertainty could last for a while. “The Fed will very likely be on hold for some time as it observes the impact on U.S. and global financial markets and economic activity,” he said.

If mortgage rates — already at historic lows

32 | Salt Lake Realtor ® | July 2016

— drop even further, that could help drive up sales of all types of U.S. real estate, including on the residential side. Foreign households who might have otherwise looked to London to buy might turn to U.S. residential real estate, although U.K. citizens, who historically are among the top buyers of investment and vacation homes in the U.S., could pull back. “The British economy will be disrupted, and hence we should expect fewer Brits able to buy in the U.S.,” Yun said.

Steve Rick, chief economist at CUNA Mutual Group, was quoted in a Bankrate.com article saying a further drop in mortgage interest rates could give new life to home-mortgage refinancing, which started to cool early this year after several years of big growth. “This would create another mini refinance mortgage boom at financial institutions, as homeowners rush to lock in nearhistoric low interest rates,” he said.

In the long run, though, the uncertainty stemming from the vote could cause broad global weakening, which would hurt jobs, income, and consumer confidence. That would be a netnegative for U.S. real estate, even if it sees gains in the short-term.

Reprinted from Realtor® Magazine Online, June 2016, with permission of the National Association of Realtors®. Copyright 2016. All rights reserved.

Housing Watch May Home Sales in Salt Lake County at Highest Level in 10 Years

T

he limited supply of housing inventory isn’t deterring home buyers. Home sales in May in Salt Lake County climbed to 1,764 units sold, up 5 percent compared to 1,681 units sold in May 2015.

May’s sales were the highest on record since May 2006, when 1,817 homes were sold.

In Davis County, home sales rose 4 percent to 507 units sold, up from 486 sales a year ago.

Nationally, existing-home sales sprang ahead in May to their highest pace in almost a decade, while the uptick in demand this spring amidst lagging supply levels pushed the median sales price to an all-time high, according to the National Association of Realtors®. All major regions except for the Midwest saw strong sales increases.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, are now up 4.5 percent from May 2015 (5.29 million) and are at their highest annual pace since February 2007 (5.79 million).

Lawrence Yun, NAR chief economist, said existing sales continue to hum along, rising in May for the third consecutive month. “This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve

6

3

Salt Lake County Sales (all housing types) Year-Over-Year (Up 5%)

1,681 34 | Salt Lake Realtor ® | July 2016

1,764

accumulated in recent years and finally deciding to trade-up or downsize,” he said. “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.”

The median home price in May in Salt Lake County increased to $273,000, up 7 percent compared to a median price of $255,000 year-overyear. In Davis County, the median price climbed sharply to $259,900, up 16 percent compared to last year’s median price of $224,500.

Salt Lake’s home absorption rate or “months supply of inventory” rose slightly in May to 4.04 months based on sales trends over the past year.

In April the absorption rate was 3.95 months.

The “months of supply” is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to sixmonth supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

The cumulative median days on the market for a listing in Salt Lake County in May fell to 8 days, down from 17 days a year ago.

Salt Lake County Median Price (all housing types) Year-Over-Year (Up 7%)

$255,000

$273,000

1

2

Salt Lake County Days on Market (all housing types) Year-Over-Year (Down 53%)

2 - C OLOR

Salt Lake County

Pending Sales (Up 8%)

1,984

8

1,840

17

Sales $

5 Davis County $259,900 4 Median Price (all housing types) Year-Over-Year (Up 16%)

Sales

Davis County Sales (all housing types) Year-Over-Year (Up 4%)

507

486

$224,500

July 2016 | Salt Lake Realtor ® | 35

REALTOR® Connections Q&A: Curtis Bullock Curtis Bullock is the CEO of the Salt Lake Board of Realtors®. Curtis earned a law degree from the J. Reuben Clark Law School at BYU. Previously, he was legal counsel for nine years at the Utah Association of Realtors®. He is responsible for implementing all decisions made by the Board of Directors.

Q: When and how should I use the new UAR Personal Property Transfer Agreement form?

A: The Utah Association of Realtors® recently released a form designed to help buyers and sellers better negotiate and handle personal property that is being sold with a home. This form is designed to be used when there is a significant number of personal property items that are being included in the sale. Transactions that involve a home that is fully furnished or a home that has a large list of items of personal property that are being included in the sale are good examples of when to use the PPTA. The Personal Property Transfer Agreement & Bill of Sale is premised on the concept of transparency and disclosure. It is imperative that when the PPTA is used, a disclosure statement is inserted onto the blank line in section 1.2 of the REPC that alerts the underwriter of the fact that personal property is being sold with the home. More specifically, a statement in section 1.2 of the REPC that reads, “additional items of personal property Buyer intends to acquire from Seller shall be by separate written agreement” should be included. Once that statement is inserted into the REPC, the PPTA may be used to handle the transfer of personal property with the sale of a home.

When using the PPTA be sure to carefully read the form and acquaint yourself with how it is worded. A separate Inventory List of Personal Property (UAR Form 55D) and the Addendum to the PPTA (UAR Form 55C) are also designed to be used in conjunction with the PPTA. If you have further questions on how or when to use this form, please contact the UAR legal hotline on Monday, Wednesday or Friday at (801)676-5211.

It’s a Boy and Girl!

The Salt Lake Board of Realtors® congratulates Amanda Wright, member services director, on the birth of her twins, Rudy and Rey. All the best!

36 | Salt Lake Realtor ® | July 2016

On the Move Elevate Home Warranty announced that Lesa Beuchert is the company’s new Salt Lake City sales executive marketing representative. Lesa has been with Elevate since June 2015, growing the Davis County territory.

Lesa has spent the last four years in the title business. Prior to that, she was a home warranty specialist. She has worked in real estate field for 27 years. She has served on the Salt Lake Board of Realtors’ Christmas in July and Government Affairs committees.

Rents for office buildings that make up Salt Lake City’s skyline have jumped into record territory in 2016 — an average of $22.77 per square foot, 4.6 percent higher than the first quarter of 2015, according to JLL’s 2016 Skyline report.

Rents for trophies (those ultrapremium office towers within the skyline) are even pricier at $27.63 per square foot. But the report shows that rent growth may be moderating, especially in highgrowth markets that have recorded consistent rent appreciation over the last several years. “The Salt Lake market is currently trading at record low cap rates and record high prices per foot across product types,” said Eric Gustafson, senior vice president, JLL Capital Markets. “Investors are still eager to acquire assets in Utah given its diverse employment drivers, its continually increasing level of national recognition as an up-andcoming market and its proven stability through the previous downturn. Owners, generally, are reluctant to trade given their perception that values will remain elevated for the foreseeable future and the ever-present conundrum of reinvestment alternatives. Together, these factors have led to a reduction in transaction volume.”

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