Salt Lake Realtor – May 2016 by Mills Publishing Inc.

Salt Lake

REALTOR

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May 2016

Falling in Love with Silicon Slopes p. 12

New Forms Increase Professionalism p. 23 Our Pack Helping RPAC p. 30

AN APPLE iPAD PRO AND DINNER FOR YOU! MUSIC, MEMORIES, MOUNTAINS AND MORE FOR THEM. City Creek combines the best of city and mountain living—beautifully designed living spaces and Salt Lake City’s most stunning views. 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 June 30, 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. Hours: Mon-Fri 10 a.m. to 6 p.m. Saturdays & evenings by appointment. City Creek Living pays 3% 3% BAC | www.CityCreekLiving.com

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SUGAR HOUSE | UNION PARK | PARK CITY | COALVILLE

Beautiful landscaping can increase a home’s value by as much as 17%. p. 18

Table of Contents Features 12 The Rise of Silicon Slopes

Dave Anderton

18 Why a Yard Makes Good Sense

Kris Kiser

23 New Forms Increase

Professionalism of the Sales Transaction Curtis A. Bullock

30 Realtypath Success Achieves 100% RPAC Contributions

Columns 7 Helping Those in Need and Then Some! Cheryl Acker – President’s Message

Departments 8 Happenings 8 In the News 26 Housing Watch 28 Realtor® Connections 28 On the Move

On the Cover: Silicone Slopes. Photo: Dave Anderton Photo left: Image licensed by Ingram Image

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.

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May 2016 volume 76 number 5 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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2011, 2012, 2013 2015, 2016

ColdwellBankerHomes.com ©2016 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates and are not employees of Coldwell Banker Real Estate LLC, Coldwell Banker Residential Brokerage or NRT LLC.

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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.

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

Helping Those in Need and Then Some!

e all spend our hard-earned dollars on many things; fancy cars and expensive clothes to fine dining and exotic vacations. There is nothing wrong with rewarding yourself for a job well done – but what would happen if you rewarded someone else instead? Some people love charity. Some love the idea of jumping in and lending a hand while others take a little more convincing. As Realtors®, we are very busy small business owners. I am sure that we are all finding it very challenging to squeeze another minute into our already hectic days. Yet, I am impressed that so many of you are involved in charitable activities. One of the components of the Salt Lake Board of Realtor’s® Vision statement is service. “The Salt Lake Board of Realtors® delivers contemporary and relevant services, including programs, business and technological tools, information, charitable opportunities and resources custom tailored to meet community and individual member needs.” We have two opportunities this summer to help our communities by helping with the Charity Challenge (June 16) and Christmas in July (July 15). Charity Challenge (June 16) Even though the Charity Challenge Committee has about 50 members, they cannot raise enough money for Habitat for Humanity without our help! There are more than 200 people who have submitted applications to become a Habitat Family. With the funds we raise, we will be able to help build a home for one of the selected families. If you know someone who would like to be a sponsor or a vendor such as a food truck, rock wall, etc., and may want to participate in our event, please email laura@slrealtors.com. If it’s easier for you to donate money, the Salt Lake Board has established a 501(c)3, tax-exempt, non-profit charity, making donations easy. You can make donations at https://www.crowdrise.com/slbrcharities and specify which charity you would like to donate to. Christmas in July (July 15) This year the Christmas in July Event will be held at the Road Home’s Midvale Family Shelter. We are looking for donations to help more than 350 homeless people/families. Chris MacPherson, co-chairman of the Christmas in July Committee, stated, “We would welcome any help. You can volunteer for a specific booth. We could also use help with lunch preparations and directing people through registration.” Many items are needed such as diapers, wipes, stuffed animals, Band-Aids, t-shirts, flashlights, etc. For a complete list of needed items, please email laura@ slrealtors.com. I would love to see lots of office involvement and challenges amongst fellow Realtors® and affiliates to raise the level of donations for both events. I know of one brokerage that will match donations that the agents make. What challenge will you and your office do? “The life of a man consists not in seeing visions and in dreaming dreams, but in active charity and in willing service.” Henry Wadsworth Longfellow Let’s be willing to serve our communities and support the Charity Challenge on June 16 and Christmas in July on July 15 with money, item donations, your time, and spreading the word of these events. We are Realtors® helping those in need . . . and then some.

Cheryl Acker 2016 President May 2016 | Salt Lake Realtor ® | 7

Happenings

In the News Active – Service Military Buy Homes at a Greater Rate

Pictured: Cheryl Acker, left, president of the Salt Lake Board of Realtors®; Terry Simmons, CRS Utah Chapter state chair; and Al Bingham.

Useless Credit Scores Al Bingham, author of “The Road to 850” was the featured speaker at a luncheon of the Council of Residential Specialists at the Realtor® Campus. Bingham noted that most credit scores provided to consumers are estimated scores and always inaccurate and not the classic FICO® credit scores used by lenders. “When your consumer-based credit scores improve, this does not mean that your lender’s FICO credit scores are also improving,” Bingham said. Bingham’s advice? Don’t buy useless credit scores.

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Salt Lake County Ranks No. 3 in Annual Employment Survey Salt Lake County ranked No. 3 in annual employment growth among the top 50 U.S. counties with the most employees, according to new data released by the U.S. Census Bureau. Salt Lake’s employment grew 4.7 percent (up 24,763 employees) in 2014 (latest data available). Salt Lake’s health care sector had the most paid employees followed by the retail trade and manufacturing sectors. San Francisco County ranked No. 1 in the survey with a one-year employment growth rate of 5.7 percent. Travis County, Texas, came in second place, also with a growth rate at 5.7 percent. Suffolk County, Mass., ranked last, showing a 2.7 percent decline in employment. In Salt Lake County, average payroll per employee increased to $47,058 in 2014, up 1.3 percent from $46,473 a year earlier.

8 | Salt Lake Realtor ® | May 2016

Differences in household demographics and affordable financing options spur homebuying demand for young active-service military members, causing them to significantly outpace the share of non-military homebuyers under the age of 35, according to the firstever 2016 Veterans & Active Military Home Buyers and Sellers Profile, which evaluates the differences of recent active-service and veteran home buyers and sellers1 compared to those who’ve never served. The survey also found that while nearly all veteran and non-military buyers and sellers use an agent, usage is practically universal among activeservice military members. NAR’s survey gathered greater insight into how each population of buyers and sellers differs and is similar to those who have never served in the military. Of all homebuyers, 18 percent identified as veterans and three percent as active-military. Of all home sellers, 21 percent identified as veterans and one percent as active-military. The results revealed quite a few contrasts between active-service military buyers and buyers who’ve never served. At a median age of 34 years old, the typical active-service buyer was a lot younger than nonmilitary buyers (40 years old) and was more likely to be married and have multiple children living in their household. As a result, they typically bought a larger home that cost more than those purchased by both non-military buyers and veterans. Lawrence Yun, NAR chief economist, says young activeservice buyers (ages 18-35) bought homes at a far greater rate (51 percent) than non-military buyers (34 percent).

We Welcome

Will Cooper To Our Team PROFESSIONAL GROWTH THROUGH FORWARD THINKING

“I am honored to work with such outstanding agents, professional and caring staff and learn from a leadership group that has demonstrated extraordinary abilities. I couldn’t be more grateful to the Roney family and the team at Berkshire Hathaway Utah Properties for welcoming me into your family. Thank you all. I am thrilled to be a part of this amazing company. I am looking forward to a long and prosperous future as we grow together.” Will Cooper, President, Business Development of Berkshire Hathaway HomeServices Utah Properties “In real estate’s constantly evolving and competitive landscape, Mr. Cooper will ensure BHHS Utah Properties agents are given the resource support to distinguish their service and offer enhanced quality service to clients. We are thrilled to have Will aboard.” Steve Roney, Owner and CEO of Berkshire Hathaway HomeServices Utah Properties

B H H S U TA H .CO M | 8 0 1 . 9 9 0.0 4 0 0 © 2016 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.

FROM THE

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Walk to the Lake

Miles of Trails

· · ·

Neighborhood School Clubhouse and Pool Neighborhood Parks Private Dog Park

· · · · ·

Gorgeous master-planned Saratoga neighborhood less than 7 miles from I-15 Resort style clubhouse and pool New elementary school inside the community Less than 1.5 miles from the high school, middle school and Lakeview Academy charter school 3 miles of walking trails 37 acres of open space 2 large neighborhood parks Multiple skateboard and bike features along a ½ mile trail 7.5 acres of linear greenway park space

*D.R. Horton is America’s #1 Homebuilder per Builder Magazine. This is not an offer to purchase, nor does it constitute an obligation or contract of any kind. Actual terms of sale may vary and all information is subject to change without notice. Photographs or other graphics, prices, designs, plans lot size, square footage and other features are approximate and should be considered estimates only. In particular, prices shown, are base prices and do not include taxes, fees, modifications and custom features which may substantially affect dimensions and final cost. All homes, products and features are subject to availability and applicable laws and other restrictions. For specific information or to consider purchasing a home, please contact a community sales representative.

MASTER-PLANNED COMMUNITY IN SARATOGA SPRINGS

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A half basketball court and large picnic pavilion Sports team practice areas Tree-lined streets Decorative stamped asphalt gathering areas and courtyards Walking distance to Utah Lake 1 mile to the Inlet Hot Springs Park 2 miles to the Utah County radio controlled airplane park 5 miles to the Saratoga Marina boat ramp Less than 10 miles from Lehi’s tech corridor including the Adobe, Micron, Microsoft, Vivent Smart Homes and others Private resident-only dog park

760 S. Redwood Rd. Saratoga Springs 801-509-9492 drhorton.com

2002

2016

Jared Booth, vice president CBC, says out-of-state investors are attracted to Utah’s prosperous economy.

The Rise of Silicon Slopes Why a young, talented and fiercely entrepreneurial workforce is making this place home. By Dave Anderton

nc. magazine recently declared American entrepreneurship was vanishing. Blame it on a host of reasons – a graying population, fewer younger people willing to take risks, or investors making fewer deals to startups. “The broader problem may be that U.S. population growth is shrinking,” the Inc. article stated. “If you have fewer people, there are fewer companies being formed.” Not so in Utah. The state is one of the nation’s fastest growing populations and is home

12 | Salt Lake Realtor ® | May 2016

to 4,300 technology companies, which make up 9 percent of the total workforce and provide an annual payroll of $6.9 billion. Most of that tech workforce is centered on the Wasatch Front, where entrepreneurship and a dynamic economy are defining what is known as Silicon Slopes. Earlier this year Salt Lake City grabbed the No. 5 spot on Forbes magazine’s annual list of America’s Fastest-Growing Cities, beating Orlando, Fla., San Jose, Calif., and Denver, Colo. Ogden came in at No. 6. What’s more, Utah boasts

the nation’s youngest population. The median age of residents in the state is 29.6 years old. Yet, it’s not just youthfulness that is so attractive to outof-state companies, according to Jeff Burningham, CEO of Peak Ventures, an early-stage venture capital firm based in Provo that has funded 31 companies since 2014. Utah’s skilled workforce and entrepreneurial talent are turning heads. “Utah’s entrepreneurial and innovative spirit has been in place for decades,” Burningham said. “Those who have lived here have long known this. The secret is just now starting to get out and the world is taking notice. The real secret to the region’s emergence is the people. Utah boasts one of the youngest, most highly educated workforces in the nation who are ambitious and fiercely entrepreneurial.” Jared Booth, vice president at Coldwell Banker Commercial, said Salt Lake City is the No. 1 requested place to work by New York-based Goldman Sachs’ employees. Goldman’s Utah employees number nearly 2,000 people, making Salt Lake City the No. 2 largest location in the United States for the financial services firm and the fourth largest center worldwide. According to recruiting firm Glassdoor, Goldman’s Salt Lake jobs range in pay from about $51,000 for a financial analyst position to $111,000 for a senior analyst developer. Adding to the appeal are more affordable home prices. Home prices in the Salt Lake area average $138 per square foot – a whole lot lower than other tech cities like Boston at $463 per square foot, San Francisco, $771 per square foot, and New York City where prices average $1,368 per square foot. Booth recalled a conversation with Adobe executives, who told him that Utah is a very desirable location for its employees because of the lower cost of living and the abundance of outdoor activities. “We work with a number of out-of-state investors and developers who have been attracted to Utah’s stable and prosperous economy,” Booth said. “Personally, my experience is that almost each individual I’ve spoken with has been enamored by our outdoor living opportunities. We have something very unique here.” Combine lower housing prices with shorter commute times and world-class skiing and you can see why young professionals like Bruce Arnett, vice president of engineering at a Lehi software company, picked Utah. Arnett, 39 years old, is building a new 7,000 square-foot home in Lehi’s Traverse Mountain subdivision. He joins an expanding workforce that is smart, young and rich. “Lehi has changed a great deal because of the number of tech companies that are moving in,” Arnett said. “It’s in the middle of two large population centers. Living here reduces the

Bruce Arnett, vice president of engineering at a local software company, at his 7,000 square-foot home under construction at Traverse Mountain.

May 2016 | Salt Lake Realtor ® | 13

Since 2010, more than 1.7 million square feet of office space has been completed in Lehi.

Utah boasts one of the youngest, most highly educated workforces in the nation who are ambitious and fiercely entrepreneurial. – Jeff Burningham amount of commuting and allows tech companies to recruit from both counties.” Brook Madsen, a Realtor® with Keller Williams Salt Lake City, moved to Lehi in 2006. “Then, it was all farms around me,” Madsen said. “Now everything around me is getting developed.” That includes developments like the new Mountain Point Medical Center, a Hyatt Hotel, the Ken Garff Porsche dealership, a second Lehi high school, a Harmons grocery store, and more than a dozen new Class A office buildings that include tenants like Xactware (200,000 square feet), Oracle (100,000 square feet), Visa (80,000 square feet), Microsoft (50,000 square feet), MoneyDesktop (five-story building), Vivint Solar, Ancestry.com, and Entrada (formerly Property Solutions). Madsen, who has been an agent for 16 years, said the past year selling homes has been exceptionally busy. “If you can find anything under $300,000 you’ve got to move quickly. As a

14 | Salt Lake Realtor ® | May 2016

first-time home buyer, expect to spend $300,000 to $350,000.” In the first quarter of 2016, the median singlefamily home price in Lehi (84043) climbed to $303,500, up 6 percent from a year earlier. More than 220 existing homes sold during the quarter, a 22 percent jump from a year earlier. Lehi’s firstquarter home sales ranked second highest among all cities across the Wasatch Front. Last year Lehi issued nearly 500 single-family building permits valued at $146 million, according to Construction Monitor. In terms of new-home construction, Lehi is the second fastest growing city on the Wasatch Front behind South Jordan. The residential growth is fueling a commercial building boom. Since 2010, more than 1.7 million square feet of office space has been completed in Lehi, according to commercial brokerage CBRE. That’s a half-million more square feet of space than the size of New York City’s 77-story Chrysler Building. What’s more, another 600,000 square feet of office space in Lehi is currently under construction. “Tech growth in Utah is having a huge impact on commercial real estate markets,” said Darin Mellott, director of research and analysis for CBRE’s southwest region. “The reality is that these high paying jobs also support further growth in the economy. Some studies have asserted that for every one job in tech there are five others supported across other industries.”

For Booth, the growth of residential and office space provides a strong and necessary base for retail development. For example, office developments provide daytime users and increased residential densities, including multifamily communities. They also provide evening traffic that supports new retail developments such as the 15-acre Terrace at Traverse Mountain development where Harmons is opening a new 68,000 square-foot store this August. Booth added that 70 percent of the retail center was pre-leased before construction started. Additionally, The Ridge is a 350,000 square-foot retail development with soon-to-be announced anchors. Multiple hotels in the nearby area are supporting a vibrant office and tech sector. “The Wasatch Front recently beat Silicon Valley in some key metrics for funding and startup growth,” Booth said. “Silicon Slopes is real. We are on the map. Owning real estate of any kind along the Wasatch Front over the next 40 years should be a positive investment.” Dave Anderton is communications director for the Salt Lake Board of Realtors®.

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May 2016 | Salt Lake Realtor ® | 15

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Over 17,000 Utah families have chosen to build with Ivory Homes over the years. Why? Because Ivory has the experience, variety and integrity buyers are looking for. Ivory Homes has over 60 plans to choose from so anyone can find their perfect plan.Ivory builds all over the Wasatch Front and in St George. With over 75 incredible neighborhoods in the best locations. Ivory Homes builds where you want to live.

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Why a Yard Makes Good Sense Beautiful landscaping can increase a home’s value by as much as 17%. A fifty by fifty-foot square of grass generates enough oxygen each day for a family of four. By Kris Kiser

uckily, the drought hasn’t impacted the Wasatch Front as much as it has in other Western areas of the country. Rains come and go in Utah, and the important thing to do in this area is capture the rain when it falls. The best way to do that is with a living landscape. Salt Lake City-area homeowners seem to appreciate the value of their lawns for improving curb appeal, expanding living space and allowing a safe place for kids and pets to play. That’s good news not only for property values, but also for the real estate industry in general. But some

18 | Salt Lake Realtor ® | May 2016

homeowners may not realize their everyday yard contributes to the health of their family and the environment. Even if the drought worsens again in Utah, homeowners can be responsible, good environmental stewards and keep their yards full of growing, healthy plants. They just have to make the right decisions around these living landscapes. With the right mix of grass, trees, shrubs, and flowering plants, homeowners can reap all the benefits a truly balanced, healthy living landscape provides.

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What are these benefits? First, homeowner’s lawns produce lots of oxygen. A fifty by fifty-foot square of grass generates enough oxygen each day for a family of four. Ordinary turfgrass also is the largest carbon sink (natural system that traps the greenhouse gas carbon dioxide from the atmosphere) in the country. Grasses remove about six tons of carbon dioxide per acre, per year from the air. Without grass, the carbon sequestration processes won’t occur, and carbon footprints grow larger. Grass also plays a vital role in capturing dust, smoke particles and other pollutants that contribute to “red” air quality days. Grasses, trees, shrubs and other plant life provide food and habitat for birds and small mammals. Insects, spiders and worms live among the grass blades and below the surface in the turf. Replacing a living landscape with xeriscaping or hardscaping forces common backyard animals to forage for food elsewhere. By eliminating turfgrass from urban and suburban life, birds and wildlife loses critical habitat. Other environmental benefits of living landscapes – especially grass – include how well they capture and filter water, reduce the heat island effect, and prevent soil erosion. These are important environmental “jobs” of the everyday landscape.

20 | Salt Lake Realtor ® | May 2016

Grassy areas slow down and absorb runoff, and cleanse rainwater of impurities and dust. When the area receives rain, grass retains moisture and filters storm water run-off better than xeriscaped or hardscaped areas. Turfgrass also dissipates the heat island effect – the opposite of pavement and concrete, which builds heat. Remarkably, studies have shown that lawns can be 31 degrees cooler than asphalt and 20 degrees cooler than bare soil. Without grass and other plantings to reduce the heat island effect, neighborhoods in Salt Lake would grow hotter. And home cooling bills? Expect them to go up if green space is reduced. Preventing soil erosion is another important job of turfgrass, which holds soil in place through its natural, dense and fibrous root system. Without grass, more soil washes into the water, reducing the amount of sunlight that can penetrate the water. The nutrients and chemicals carried with the soil can cause large algae blooms, which can steal oxygen from the water and kill fish. But there are also health benefits to living landscapes that might surprise you! Knowing and experiencing nature makes us generally happier, healthier people. It turns out that getting dirty is good for you. Mycobacterium vaccae in soil mirrors the effect on neurons that Prozac provides. People who spend time gardening and have direct contact with soil feel more relaxed and happier. Research also found that people moving from nature-deficit areas to greener areas experience an immediate improvement in mental health. Scientists have also discovered that children’s stress levels fall within minutes of seeing green spaces. Living landscapes also help kids and pets be healthier. Playing outdoors increases fitness levels and builds healthy, active bodies. Children also gain attention and working memory benefits when they are exposed to greenery. Exposure to natural settings may be widely effective in reducing attention deficit/ hyperactivity disorder (ADHD) symptoms in children. Research also shows walking or running in nature, rather than a concrete-oriented, urban environment, results in decreased anxiety, rumination and negative affect, and produced cognitive benefits and increased working memory performance of those studied. Kris Kiser is president & CEO, Outdoor Power Equipment Institute (OPEI) As a Realtor®, you can help your clients make informed decisions about their living landscapes. For more information, including infographics and fact sheets you can share with your real estate clients, visit www.opei.org/stewardship.

BEYOND CURB APPEAL Why Living Landscapes Matter for Homeowners It’s no surprise that beautiful landscaping improves curb appeal and increases home value (by as much as 17%1). But there are other benefits of living landscapes that smart buyers and sellers should know to protect their real estate investment and the environment.

How Do Lawns Benefit Homeowners? Produce Oxygen Just 50 square feet of turfgrass produces enough oxygen to meet the daily needs of a family of four.4

Improve Quality of Life Without grass, your outdoor dining area, barbecue, fire pit and other outdoor living areas will be hotter and less enjoyable. Plus, greenspace reduces stress and makes kids smarter.3

Combat Carbon Turfgrass is the biggest carbon sink in the country, and lawns sequester more carbon than it takes to maintain them.5

Reduce Energy Costs Planting the right living landscapes makes your home warmer in the winter and cooler in the summer.2

You Can Still Have a Yard – You Just Have to Choose Wisely

Choose the right plants

Don’t overwater

Brown happens

Diversify

Select the right grass, shrubs, trees and plants for your climate zone and lifestyle.

Less water makes grass grow deeper roots so it does a better job trapping carbon and releasing oxygen.

Grass will go dormant during a dry spell but will “green up” again when the rains return.

Incorporate native plants with adaptive plants and grasses. Pollinator plants are good for local bees, butterflies, hummingbirds and more.

Sources: 1. Department of Agriculture and Applied Economics, http://bit.ly/1Qed288 2. Department of Energy, http://1.usa.gov/1L9JW9I 3. “Green Spaces and Cognitive Development in Primary Schoolchildern” PNAS (May 2015), http://bit.ly/1H3PF8e 4. The Lawn Institute, http://bit.ly/1Ot5XLg 5. Carbon sink, http://bit.ly/1Ot5XLg

For more information, go to: www.opei.org/stewardship/

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New Forms Increase Professionalism of the Sales Transaction The UAR Forms Committee recently adopted eight new forms. Are you familiar with them? By Curtis A. Bullock CEO, Salt Lake Board of Realtors®

eing a member of the Realtor® family has many advantages. One of those advantages is having access to many forms and contracts that are essential to your real estate business. The UAR forms committee has recently adopted several new forms that I will review in this brief article.

Buyer Notice of Withdrawal of Offer/ Counteroffer This form is very simple. At any time prior to an offer of counter offer being accepted pursuant to Section 23 of the REPC, the Buyer may withdraw that offer. The Buyer is not required to have a specific reason and simply needs to notify the other party that his/her offer or counter offer is being withdrawn. This form does just that. Simply fill out the form, have your Buyer sign it and send

a copy to the Seller’s Agent. Once that happens, the Buyer’s offer or counter offer can no longer be accepted. Seller’s Notice of Withdrawal of Counteroffer This is the same as the form noted above but is designed to be used by the Seller. If the Seller has sent a counteroffer to the Buyer, the Seller may decide to withdraw that counter before the Buyer has accepted it. This form notifies the Buyer that the counteroffer has been withdrawn. Seller’s Notice to Backup Buyer of Termination of Primary Contract When a Backup Buyer is under contract, the Seller is required to notify that Backup Buyer if/

May 2016 | Salt Lake Realtor ® | 23

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when the primary contract has failed and that the Backup Buyer is now in first or primary position. This notice must be given in writing. This new form acts as that written notification that the Seller would sign and send to the Backup Buyer in that scenario. Once received, the Backup Buyer is now moved into primary contract position. Closing Costs Addendum It is not uncommon for a Buyer to ask the Seller to pay for some or all of the Buyer’s closing costs as part of the offer. A Buyer and Seller may have a different idea as to what constitutes a “closing cost.” This form includes language that clearly defines what the closing costs are. Personal Property Transfer Agreement & Bill of Sale The real estate industry needs to increase the level of professionalism when it comes to personal property that is included in the sale of real property. There are many legal pitfalls to watch out for when dealing with personal property and the sale of real estate. To help alleviate some of

24 | Salt Lake Realtor ® | May 2016

these problems and to help facilitate the transfer of personal property this form may be used. The REPC notes in section 1.2 that the sale of personal property should be done on a separate bill of sale. That’s just what this form is. In conjunction with using this form, the Realtor® should include a phrase in section 1.2 of the REPC that says “In addition to the above, there are additional items of personal property Buyer intends to acquire from Seller at Closing by separate written agreement.” This phrase makes certain that there is full disclosure and transparency to the lender regarding the personal property. The Personal Property Transfer Agreement then outlines the rights and obligations of the buyer and seller as it relates to the personal property being sold with the home. Addendum to the Personal Property Transfer Agreement & Bill of Sale This form may be used right along with the above form to amend the terms of the Agreement if necessary. Inventory List of Personal Property The Personal Property Transfer Agreement & Bill of Sale form contemplates the use of an Inventory List that itemizes in detail what personal property is being sold with the home. This Inventory List would be used as an attachment to the Personal Property Agreement described above. Single Party Compensation Agreement & Agency Disclosure If you are approached by a Seller who already has a potential Buyer ready and able to purchase the Seller’s property, you might be interested in using this form. This Single Party Agreement Compensation Agreement is not a listing agreement, but it secures payment of your brokerage fee and outlines the duties and responsibilities of the agent and the client for that particular transaction. If you have any questions about how to use these new forms, feel free to contact the UAR Legal Hotline at (801)676-5211. Also watch the Salt Lake Board of Realtors® E d u c a t i o n calendar for live CE classes where these and other UAR forms are discussed in more detail. Curtis A. Bullock, J.D., is the CEO, Salt Lake Board of Realtors®.

Housing Watch Single-Family Home Sales Fall; Uptick in Condominium Sales

2 - C OLOR

he Salt Lake Board of Realtors® reported fewer single-family homes were sold in Salt Lake County in the first quarter of 2016, while sales of condominiums increased. “Demand for housing is strong, but a limited supply of housing inventory pushed sales down,” said Cheryl Acker, president of the Salt Lake Board of Realtors® and branch broker of Salt Lake-based Realtypath. “In contrast, more buyers are looking for more affordable options and moving to condos and townhomes.” There were 2,569 single-family homes sold in the first three months of 2016, a 2 percent decline compared to 2,614 sales in the first quarter of 2015. Condominium sales increased to 730 units sold, a 1 percent increase compared to 720 sales a year ago. New listings of homes fell to 4,994 in the first quarter, down 8 percent from 5,406 new listings a year earlier. In Salt Lake County there is currently a four-month supply of housing inventory, based on sales trends of single-family homes over the past year. Single-family home sales increased in Utah

26 | Salt Lake Realtor ® | May 2016

(up 8 percent), Tooele (up 4 percent) and Weber (up 4 percent) counties. Davis County home sales dropped 3 percent. Overall, sales of single-family homes across the Wasatch Front were flat yearover-year – 5,688 sales in this year’s first quarter compared to 5,691 sales last year. The median price of a single-family home in Salt Lake County climbed to $271,400 in the first quarter, up 6 percent compared to $255,000 in the first quarter of 2015. Condo prices increased 5 percent to $188,250 from $179,650 a year ago. The top five most expensive ZIP code areas across the Wasatch Front in the first quarter for single-family homes were: the Avenues (84103) $451,000; Emigration Canyon (84108) $437,500; Draper (84020) $431,750; Holladay (84124) $413,500; and Sandy (84092) $399,900. Four of these five areas in the first quarter saw a drop in home sales. Only the Avenues saw sales rise. The average cumulative days a listing was on the market in the first quarter in Salt Lake County fell to 59 days, down from 79 days in the first quarter of 2015.

COUNTY ZIP CITY 2016 HOUSE % +/- 2016 Q1 MEDIAN % +/- 2016 CONDO % +/- 2016 Q1 % +/- 2016 Q1 % +/ # SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE CONDO MEDIAN CHANGE AVERAGE CHANGE SALES PRICE CDOM S.L. CO

84006

COPPERTON

10.06%

n/a

$0.00

n/a

-58.57%

S.L. CO

84020

DRAPER

S.L. CO

84044

MAGNA

$431,750.00

1.71%

$189,900.00

13.07%

5.88%

$217,500.00

8.78%

-30.00%

50.00%

$123,500.00

5.78%

-2.04%

S.L. CO

84047

MIDVALE

S.L. CO

84065

RIVERTON

28.07%

$233,000.00

7.37%

18.68%

$331,000.00

6.77%

-38.03%

$197,500.00

-12.22%

-24.62%

143.75%

$234,400.00

17.76%

-1.27%

S.L. CO

84070

SANDY

S.L. CO

84081

WEST JORDAN

0.00%

$250,800.00

-11.01%

$296,000.00

11.47%

-21.88%

$165,900.00

-9.10%

-39.71%

8.62%

-33.33%

$187,000.00

10.06%

-6.35%

S.L. CO

84084

S.L. CO

84088

WEST JORDAN

105

10.53%

WEST JORDAN

111

13.27%

$235,000.00

11.90%

26.92%

$169,000.00

0.39%

-45.76%

$266,000.00

12.24%

-40.00%

$190,950.00

9.90%

-50.68%

S.L. CO

84091

SANDY

n/a

S.L. CO

84092

SANDY

-15.19%

$0.00

n/a

$0.00

n/a

$399,900.00

22.67%

-75.00%

$424,900.00

-23.10%

-25.69%

S.L. CO

84093

SANDY

-20.00%

S.L. CO

84094

SANDY

-21.69%

$342,450.00

10.29%

100.00%

$316,200.00

14.15%

-31.58%

$259,000.00

5.71%

0.00%

$192,000.00

-15.60%

38.33%

S.L. CO

84095

SOUTH JORDAN

138

-26.20%

S.L. CO

84096

HERRIMAN

167

8.44%

$373,450.00

2.32%

8.06%

$224,000.00

3.42%

-11.34%

$329,900.00

10.10%

57.58%

$227,335.00

11.01%

-28.24%

S.L. CO

84101

SLC

S.L. CO

84102

SLC

33.33%

$147,500.00

-30.42%

78.26%

$259,100.00

11.68%

-38.78%

-36.00%

$339,950.00

13.70%

24.00%

$184,262.00

-3.02%

-6.58%

S.L. CO

84103

SLC

S.L. CO

84104

SLC

6.82%

$451,000.00

13.17%

-28.57%

$178,583.00

-3.99%

-17.43%

25.00%

$159,950.00

3.86%

0.00%

$122,750.00

31.99%

65.79%

S.L. CO

84105

SLC

S.L. CO

84106

SLC

6.35%

$355,000.00

12.70%

n/a

$425,000.00

n/a

-7.14%

-22.41%

$293,800.00

11.66%

-9.68%

$150,247.00

-8.39%

-33.75%

S.L. CO

84107

MURRAY

S.L. CO

84108

SLC

-26.23%

$235,000.00

-1.05%

-3.70%

$138,200.00

-12.25%

-42.86%

-37.50%

$437,500.00

4.67%

-11.11%

$259,950.00

5.89%

-8.82%

S.L. CO

84109

SLC

S.L. CO

84111

SLC

-25.81%

$360,000.00

7.40%

0.00%

$264,850.00

91.64%

-34.18%

-30.43%

$234,000.00

17.00%

-15.00%

$227,500.00

-3.40%

-65.48%

S.L. CO

84115

S SLC

S.L. CO

84116

SLC

-8.33%

$198,625.00

7.36%

-13.33%

$150,000.00

11.11%

-31.58%

-12.07%

$200,000.00

24.22%

-36.36%

$85,000.00

7.94%

-54.29%

S.L. CO

84117

HOLLADAY

S.L. CO

84118

21.88%

$375,000.00

-5.06%

0.00%

$183,500.00

40.08%

-26.04%

TAYLORSVILLE/ KEARNS 194

36.62%

$200,000.00

17.30%

200.00%

$178,000.00

-7.05%

-53.42%

S.L. CO

84119

WVC

S.L. CO

84120

WVC

15.48%

$198,500.00

14.41%

11.76%

$143,750.00

14.09%

-19.44%

115

-3.36%

$201,000.00

12.61%

36.36%

$186,900.00

48.33%

-33.33%

S.L. CO

84121

COTTONWOOD

S.L. CO

84123

11.90%

$370,887.00

22.40%

6.25%

$212,500.00

2.43%

101

0.00%

TAYLORSVILLE/ KEARNS 53

23.26%

$247,749.00

15.29%

-23.53%

$127,750.00

-1.69%

-43.04%

S.L. CO

84124

HOLLADAY

S.L. CO

84128

WEST VALLEY

-16.13%

$413,500.00

27.04%

-50.00%

$124,900.00

-36.11%

-30.36%

6.85%

$223,500.00

14.64%

-30.77%

$158,000.00

11.27%

-7.14%

S.L. CO

84129

TAYLORSVILLE

S.L. CO TOTALS

-40.00%

$175,000.00

-4.90%

112

12.00%

73 108

-8.45%

$223,000.00

11.50%

16.67%

$125,000.00

-26.45%

-27.12%

2569

-1.72%

$271,400.00

6.43%

730

1.39%

$188,250.00

4.79%

-25.32%

DAVIS CO 84010

BOUNTIFUL

5.26%

$260,000.00

9.41%

16.67%

$134,950.00

-24.38%

-53.60%

DAVIS CO 84014

CENTERVILLE

4.76%

$312,500.00

27.55%

-38.89%

$222,900.00

42.66%

-25.42%

DAVIS CO 84015

CLEARFIELD

237

-2.87%

$201,000.00

12.92%

38.89%

$134,900.00

18.07%

-31.40%

DAVIS CO 84025

FARMINGTON

-31.11%

$389,000.00

11.63%

42.86%

$203,250.00

14.19%

-30.43%

DAVIS CO 84037

KAYSVILLE

10.67%

$319,500.00

6.50%

33.33%

$184,479.00

11.13%

-26.44%

DAVIS CO 84040

LAYTON

-1.43%

$270,000.00

10.20%

-25.00%

$193,419.00

15.87%

-49.30%

DAVIS CO 84041

LAYTON

144

3.60%

$201,500.00

6.05%

72.73%

$166,900.00

19.21%

-28.00%

DAVIS CO 84054

N. SALT LAKE

-33.33%

$269,945.00

-2.19%

25.00%

$185,000.00

6.35%

-4.69%

DAVIS CO 84075

SYRACUSE

10.71%

$265,000.00

4.95%

-100.00%

$0.00

-100.00%

8.06%

DAVIS CO 84087

WOODS CROSS

-5.41%

$239,642.00

-0.78%

-37.50%

$209,000.00

13.16%

-55.38%

844

-2.54%

$243,000.00

7.40%

123

9.82%

$169,900.00

2.77%

-32.18%

DAVIS CO TOTALS

May 2016 | Salt Lake Realtor 速 | 27

REALTOR® Connections Q&A: Jason Eldredge Jason Eldredge is president of Property Landing and has been a Realtor® for 15 years. Q: What are the top five fastest growing cities in terms of single-family building permits? A. South Jordan, Lehi, Eagle Mountain, Herriman and Saratoga Springs issued more permits in 2015 than any other cities along the Wasatch Front. Q: Why are these cities growing so fast? A: In South Jordan, Daybreak accounts for almost half of all residential permits (single family and multifamily). It’s a big draw for home buyers with all its amenities. It’s really a city within a city. With the extensions of Pioneer Crossing and 2100 North to the West, development in Lehi has exploded. For Eagle Mountain the appeal is pricing. Buyers can still find new single-family homes for less than $300,000. Herriman is one of the few cities left in Salt Lake County with large amounts of land to be developed. Herriman Town Center also is a big draw. Saratoga Springs still produces somewhat affordable product lines. Q: What is your prediction going forward? A: Favorable but cautious. The concern I have is affordability especially when it comes to new construction. In Salt Lake County, finding a newly constructed single-family home under $300,000 is a challenge at best. Additionally, buyers will find little relief when looking to the townhome market as 65 percent of townhomes built in 2015 that are currently for sale are priced at $230,000 or higher. Unfortunately, land prices continue to soar, so we don’t expect to see price relief in sight for buyers. With all this said Utah’s demographics and employment remain very strong and demand for housing continues to be very hot.

Pictured: Brad Bjelke, president and CEO of UtahRealEstate.com.

MLS to Provide More Services UtahRealEstate.com recently held a leadership conference and announced it will soon include a residential lease section inside the MLS that will offer listing input, forms, searching and reporting. The lease will give Utah’s Realtors® a new way to promote cooperation and compensation. Rentals also will show on UtahRealEstate.com. In addition, the MLS is looking at methods to provide more up-to-date property records. New property offerings will include recorder data for members. Representatives of the MLS are meeting with home builders in order to help facilitate ways for Realtors® and home builders to work together and take advantage of what the MLS has to offer.

28 | Salt Lake Realtor ® | May 2016

On the Move Utah-based real estate powerhouse Century 21 Everest announced that it will expand its reach into California by partnering with Southern California’s Troop Real Estate. This news comes after the Midvale-headquartered Century 21 Everest was ranked as the No. 1 Global Office in the CENTURY 21® System based on Units sold in 2015. Troop is a 29-year unaffiliated brokerage with 550 agents and 14 offices in and around Ventura and Los Angeles counties and will now operate as Century 21 Troop Real Estate. Additionally, Troop’s affiliation with the CENTURY 21 brand marks record growth for CENTURY 21 Real Estate. Century 21 Everest founder and chief executive officer is George Morris. Coldwell Banker Residential Brokerage announced that it received the Utah Best of State Award for 2016, marking the second straight year and fifth time in the last six years that the company has received the prestigious honor. Now in its 13th year, the Utah Best of State Award program honors excellence in a vast array of industry sectors including business, entertainment, education, hospitality, retail, technology and sports. Coldwell Banker Residential Brokerage was the winner in the Real Estate/ Appraisal category. The program is dedicated to recognizing and promoting outstanding individuals, businesses and organizations throughout Utah. “We are very proud to have been named the winner of Utah’s Best of State Award once again this year,” said Chris Jensen, president of Coldwell Banker Residential Brokerage. “Our affiliated agents and staff are committed to providing the very best service to Utah’s homebuyers and sellers.”

Revolutionizing Real Estate!

Pictured: The office of Realtypath Success.

Realtypath Success Achieves 100% RPAC Contributions Our pack helping RPAC.

he brokerage Realtypath Success has achieved 100 percent investments to the Realtors® Political Action Committee (RPAC) from each of its Realtors®. Every agent contributed his/her fair share amount. The Sandy-based office has 185 agents. Cheryl Acker, president of the Salt Lake Board of Realtors®, is branch broker of Realtypath Success. “This is the first large office to achieve 100 percent RPAC investments,” said Curtis A. Bullock, CEO of the Salt Lake Board of Realtors®. “We congratulate Cheryl on this significant accomplishment and thank each Realtypath agent for making a difference in safeguarding the real estate profession.” In addition to helping her office achieve 100 percent RPAC donations, Acker personally is a Sterling R investor ($1,000 donation in the past year) and a member of the President’s Circle. The President’s Circle is an influential group of Realtors® who contribute directly to Realtor®friendly candidates at the federal level. Political Action Committees, like RPAC, can only legally contribute $10,000 per election cycle to a member of Congress. The President’s Circle Program

30 | Salt Lake Realtor ® | May 2016

supports Realtor® Party Champions – members of Congress who have made significant achievements in advancing the Realtor® public policy agenda. The President’s Circle Program allows Realtors® to contribute beyond RPAC dollars and increase the strength of the Realtor® voice on Capitol Hill. Since 1969, the Realtors® Political Action Committee (RPAC) has promoted the election of pro-Realtor® candidates across the United States. The purpose of RPAC is clear: Realtors® raise and spend money to elect candidates who understand and support their interests. The money to accomplish this comes from voluntary contributions made by Realtors®. These are not members’ dues; this is money given freely by Realtors® in recognition of how important campaign fundraising is to the political process. RPAC doesn’t buy votes. RPAC enables Realtors® to support candidates that support the issues that are important to their profession and livelihood. Other brokerages of the Salt Lake Board of Realtors® that recently achieved 100 percent RPAC contributions include: The Bringhurst Group, goBE Realty and Windermere Real Estate.

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