S A LT L A K E C I T Y A BUYER ’ S RE AL ES TATE GUIDE
E X TR AORDINARY HOMES , SKILLFULLY MARKE TED PRESIDENT, PRINCIPAL BROKER
BU Y ER ’ S GUIDE
CONTENTS 0 5
WELCOME TO S A LT L A K E CI T Y
A B OU T S A LT L A K E CI T Y:
0 6 BUSINE S S 0 7 A RT S , CULT URE , EN T ERTA INMEN T, RECRE AT ION 0 8 EDUC AT ION 1 0 NEI GHB ORH O ODS 1 2
A B OU T T HOM A S WRIGH T
14
E X T ENSI V E SUPP ORT T E A M
1 5
CL IEN T T E S T IMONI A L S
1 6
BU Y ING A HOME :
WH AT YOU NEED TO K NOW
1 8
FREQUEN T BU Y ER QUE S T IONS
2 0
S OT HEBY ’ S C A RE S: GI V ING B ACK &
SUPP ORT IN G N ON-PR OFI T S
2 2
CLOSING NOT E FR OM T HOM A S WRIGH T
4
W E L C O M E T O S A LT L A K E C I T Y, U TA H
This is your Buyer’s Real Estate Guide to help introduce Salt Lake City and the unmatched lifestyle it has to offer. As a Salt Lake City native, I am proud to introduce this city to you and share how my experience of over 35 years in real estate can offer you an unparalleled buyer experience in this fast-paced market. I hope this Buyer’s Guide gives you more insight on this great city and helps you understand how the real estate services of our brand, Summit Sotheby’s International Realty, combined with my expertise, can successfully guide you through the purchase of your property. – Thomas Wright
5
ABOUT S A LT L A K E C I T Y BUSINESS The city is emerging in 2021 with a thriving economy, positive job growth, and a growing population.* Downtown Salt Lake City is only 10 minutes from the international airport which makes the city a desirable location for many businesses and industries. Public transportation includes the Utah Transit Authority which provides more than 100 bus routes or the TRAX system, and a public light rail which serves over 135 miles connecting downtown to county neighborhoods and the airport. Salt Lake is home to a range of impressive companies in a range of industries including finance, healthcare, software and construction. The tech scene is also quite impressive and will continue producing work that is having an impact worldwide. Here are some of the largest companies in Salt Lake City: •
Zion’s Bancorporation
•
Intermountain Healthcare
•
Resource Management
•
Innophos Holdings
•
Biofire Diagnostics
•
Myriad Genetics
•
Clearlink Technologies
•
O.C. Tanner
•
Varex Imaging
•
ARUP Laboratories
*Source: Salt Lake Tribune, March 21, 2021
6
A R T S , C U LT U R E & E N T E R TA I N M E N T While Salt Lake City is popular for its outdoor and recreation scene, one of its best kept secrets is the arts, culture and entertainment sector. For starters, there are galleries and museums all around Salt Lake including: •
Utah Museum of Fine Art
•
Utah Museum of Contemporary Art
•
Urban Arts Gallery
•
Natural History Museum of Utah
•
The Leonardo: Museum of Creativity and Innovation
There are also local seasonal festivals to celebrate culture and art including: •
Utah Arts Festival
•
Utah Blues Festival
•
Chalk Art Festival
R E C R E AT I O N With its unique valley location between the Wasatch and Oquirrh mountains on the east and west, Salt Lake City offers numerous options for recreation through strikingly different terrain including foothills, valleys, and mountains. The city is surrounded by 10 world-class ski resorts which are within a one-hour drive. These resorts offer year-round adventure, so residents of the city have great access to outdoor sports and recreation. Salt Lake City has over 90 parks throughout the city limits with protected greenspace which makes Salt Lake a great place to live for biking, hiking, and trail running. There are also five national parks within a half-day drive from the city including: •
Canyonlands National Park
•
Arches National Park
Patrons of the performing arts can also get appreciation in the city at the following venues:
•
Capital Reef National Park
•
Bryce Canyon National Park
•
Eccles Theatre
•
Zion National Park
•
Utah Opera
•
Capitol Theater
•
Ballet West
For local entertainment, the Vivint Arena is home for the Utah Jazz games and also hosts over 100 events annually, including concerts and other events. Smiths Ballpark is home for the minor league baseball team, the Salt Lake Bees, and the Hogle Zoo houses animals from all ecosystems across 42 acres located at the mouth of Emigration Canyon.
7
E D U C AT I O N The Salt Lake City School District is the oldest public school district in the State of Utah. Under the public district, there are three high schools which all offer grades 9-12: •
•
•
East High School Founded in 1914 and located near the University of Utah Serves the southwest and central east part of the city West High School The oldest high school, founded in 1890 and located in western downtown Serves the north and west area Highland High school Opened in 1956, located adjacent to Sugar House Park Serves the southeast area of the city
There are five middle schools in the District including: •
Bryant Middle School in Central City
•
Hillside Middle School in East Bench
•
Clayton Middle School in Sugar House
•
Northwest Middle School in Rose Park
•
Glendale Middle School in Glendale
The Nibley Park School in Sugar House is the only school serving K-8th grade in the district. There are 27 elementary schools within the Salt Lake District. The schools are located in various neighborhoods including Rose Park, Sugar House, Central City, East Bench, Glendale, Capitol Hill and The Avenues. There are two public charter schools under the operation of the district including Open Classroom (middle and elementary) and Open High School of Utah.
8
There are also private school options within Salt Lake City for preschool, middle and high school, some of which include: •
Challenger School
•
Elizabeth Academy
•
Montessori Community School
•
Our Lady of Lourdes Catholic School
•
Redeemer Lutheran School
•
Reid School
•
Rowland Hall
•
Saint Sophia School
•
St. Vincent de Paul Catholic School
•
The Avenues Preschool by Child Time Inc.
•
Wonderbloom Nature Preschool
•
The McGillis School
•
The Madeline Choir School
•
Mrs. Carolyn’s Learning Tree Preschool
•
Mindful Forest School by The Child’s Element
•
Judge Memorial Catholic High School
•
Intermountain Christian School
For higher learning, the city is home to several colleges and institutions including: •
The University of Utah Go Utes! This is the State’s flagship University with a population of over 31,000 students. According to Princeton Review, the University is one of the top 25 business and entrepreneurial schools.
•
Westminster College This is a private college located in Sugar House which provides liberal arts and professional programs.
•
Salt Lake Community College This college has over 61,000 students per year which makes it Utah’s largest higher education institute.
•
Neumont College of Computer Sciences This is located downtown and provides students with elements from traditional colleges, technical skills, and project based learning.
•
Ensign College For students seeking skillsbased education on the most economical path.
9
Salt Lake City has many diverse neighborhoods which offer residents city to suburban lifestyles. There are also various architectural home styles which can also tell the timeline story for the development of the city. D OWN TOWN The downtown area includes several neighborhoods such as The Avenues, Federal Heights, Capitol Hill/Marmalade, and Granary District. T H E AV EN U E S One of Salt Lake City’s oldest neighborhoods as evidenced by its historical Victorians, brick bungalows and cottages. Residents can easily walk to coffee shops, farmers markets, restaurants and public transit. FED ER A L H EI G H T S Next to the Wasatch Mountains, this neighborhood lies in the northeast corner of the city providing fantastic access to neighborhood trails. C A PI TO L HIL L / M A R M A L A D E Northwest of downtown, this area shows off its history with Gothic and Victorian style homes. The area is easily accessible to downtown and the airport.
10
G R A N A RY D I S T R I C T Includes gastropubs and warehouses which are being redeveloped into trendy shared workspaces. The walkability factor here is great with access to Smith’s Ballpark, eclectic coffee shops (try a local favorite, Publik Coffee), restaurants and more. R O S E PA R K Located just to the northwest of the Downtown area, Rose Park is a culturally rich, diverse neighborhood. The public schools in this area are highly rated and there are several parks as well as the Rose Park Golf Course for recreation. It is easily accessible to downtown and the airport. L IB ER T Y PA R K While this area offers residents a suburban feel, it has great access to Liberty Park, coffee shops, restaurants and bars. The majority of the homes in this area are historic bungalows. Liberty Park is about 80 acres and features a pond with two islands and houses the Tracy Aviary and Botanical Garden.
S A LT L A K E N E I G H B O R H O O D S SUGAR HOUSE
U NI V ER S I T Y / FO OT HIL L
This area of the city, once home to a sugar beet factory (hence the name) offers great access to various bars, restaurants, parks and shopping. The area has become extremely popular for homes which are typically 1920s bungalows. Sugar House Park offers 110 acres of outdoor options
This area surrounds the University of Utah and the Utes! Many of the homes here are historic and provide quick access to restaurants, the Wasatch Mountains, Wasatch Hollow Park, and the Hogle Zoo. The nearby Foothill Village shopping area includes tons of restaurant options, shops, fitness
such as trail running, biking, bird watching and picnic areas.
studios and spas. Bonneville Golf Course is a great recreation option.
YA L ECR E S T / H A RVA R D This neighborhood is just to the north of the Sugar House area and is peaceful with tree-lined streets and gorgeous views of the Wasatch Front. Many of the homes here include the architectural styles of English Tudor and cottages. The area offers some fine restaurant dining options (try One O Eight), galleries and coffee shops. This is also home to the Miller Bird Refuge & Nature Park, a walking trail along Red Butte Creek, and Laird Park. CEN T R A L CI T Y / L IB ER T Y WEL L S Just to the west of Yalecrest on the east side of I-80 is the Central City/ Liberty Wells neighborhood. The area offers walkable restaurants, bars and coffee shops. Alcehmy Coffee, Bricks Corner, Thirst Drinks, and the Glow Up Beauty Bar are just some of the neighborhood retail options.
BONNE VILLE HILL S / ST. MARY ’ S / IND I A N HIL L S This is a mainly residential area off of Foothill Drive and just south of the University / Foothill area. Homes in this area sit up on the East Bench of the city and have fantastic views of the valley and Downtown. The neighborhood is great for walking, running and taking in the scenery of this beautiful area! 9 TH & 9 TH This trendy area is known for its quaint, cute cafes, restaurants, yoga /pilates studios and local shops. The homes in this area consist mainly of historic bungalows, Victorians, and some new and older condo developments. The area lies just to the east of Liberty Park which is a great area for farmers markets, running, walking and biking.
11
THOMAS WRIGHT
PRESID EN T A ND PRIN CIPA L B R OKER
Thomas Wright owns and is the president and principal broker of Summit Sotheby’s International Realty. Since stepping in as the managing partner in 2008, the company has become the top brokerage in the Park City resort community and the leading brokerage in Utah. Together, with his business partner, Thomas also owns and operates Sierra Sotheby’s International Realty which serves Lake Tahoe and Reno, Nevada; Synergy Sotheby’s International Realty in Las Vegas; Pacific Sotheby’s International Realty in Palm Springs; and LIV Sotheby’s International Realty in Colorado. The combined company is the largest Sotheby’s International Realty affiliate in the world, based on sold dollar volume, with 850 sales and 175 support staff associates. In 2020, the combined companies closed over $9 billion in transaction volume.
Born and raised in Utah, Thomas attended Quince Orchard High School in the greater Washington, D.C. area. After graduating, he spent two years in Eastern Europe for the Church of Jesus Christ of Latter-day Saints. When he returned to the States, Thomas’s overseas experience inspired him to learn more about Ukraine and Russia and its culture. He graduated from the University of Utah with dual Bachelor of Arts degrees in both Russian and Marketing. Through his experiences and education, Thomas has grown to appreciate cultural and perspective differences, confirming good ideas and people come from all walks of life. This is a philosophy he extends to the communities and organizations he now serves, including each of the agents that represent Summit Sotheby’s International Realty.
To achieve this market position, Thomas has brought his relentless work ethic, creative thinking and vision, and an invaluable understanding of the real estate brokerage industry. Thomas is inspired by those he works with and is very quick to credit the success of his incredibly talented sales and support team, and the support of the remarkable Sotheby’s International Realty brand.
A civically minded person, Thomas is proud to have served in a number of different capacities with several key organizations in his community – Utah State Board of Regents, Dixie State University Board of Trustees, United Way of Utah, Co-chair of the Utah Debate Commission, Chairman of the Salt Lake County Republican Party, and Chairman of the Utah Republican Party and Republican National Committee where he served as vice chair. He currently sits on the Board of Trustees of the Utah Symphony | Utah Opera and has become a vocal advocate for solving the affordable housing crisis in Utah.
Thomas also believes that a less obvious aspect of the company’s success comes from their unique take on the definition of luxury. To quote Thomas, “It’s not about a price point, it’s about providing every client with an exceptional customer service experience”. Thomas’ impressive success story has caught the attention of the Sotheby’s International Realty network. As a result, Thomas has become a nationally recognized speaker and advisor. His frequent topics include improving individual agent and brokerage profitability, sales associate recruiting, new development marketing, and brokerage management. These significant achievements and leadership responsibilities have not hindered Thomas from being of service to his clients. He continues to be a top-performing sales agent specializing in Salt Lake County.
With all of his responsibilities, Thomas considers the most important to be his family. He currently resides in Salt Lake City with his wife, Caroline, and their four children. His greatest joys are being the resident breakfast chef and attending the many dance recitals and sporting events his kids are a part of. Thomas also enjoys golfing, fishing, volunteering in his local community, and the more recent adventure of running for Governor in the State of Utah during a global pandemic.
WH Y WORK WI T H
THOMAS WRIGHT PH ILO S O PH Y Regardless of what industry you are in, success revolves around three things: strong focus on the client’s needs, the skill of the individual, and knowledge of the market. Thomas believes that through honest ongoing communication with his clients and daily attention to the market, he can achieve the goal of having extremely satisfied clients. A D MIN I S T R AT I O N Providing “first rate” service has always been our top priority. Summit Sotheby’s International Realty is Utah’s only full-service brokerage with over 50 support staff and a 4:1 agent ratio. Their efforts allow Thomas to dedicate his time to focus on his biggest strengths – networking with other top producing agents in the marketplace, negotiating contracts, and following up on leads. CO MMI T MEN T Thomas Wright prides himself on his professionalism, expertise, and most importantly, his commitment to represent each of his client’s best interests. Thomas is passionate in his interaction with his clients, associates and peers to deliver unparalleled service.
13
EXTENSIVE SUPPORT TEAM
President, Principal Broker
Accounting and Operations
Leadership
OVER
Property Management
Relocation
50
SUPPORT S TA F F Marketing
14
Business Development Director
Transaction Management
In-House Contract Support
The staff and management of Summit Sotheby’s International Realty are a unique team of talented, diverse individuals who have combined their efforts in the goal of delivering the most effective real estate services to our clients.
CLIENT TESTIMONIALS “We couldn’t be more pleased with our experience with Thomas. We bought our dream home, and he did an amazing job negotiating the deal, handling some tricky timing issues, and getting us to our closing smoothly. He is also a great guy to work with, very personable but also very professional and firm when necessary. I would recommend him to anyone buying a home on the East Bench in Salt Lake City.”
“We have used Thomas in multiple purchase and sale transactions. He has provided outstanding advice and service – we recommend him very highly. He knows the Salt Lake market extremely well and his team of professionals are also very responsive. BU YER /SELLER , S A LT L A KE CI T Y
BU YER , E A S T BEN CH S A LT L A KE CI T Y
“I have worked with Tom on multiple home transactions. He is extremely knowledgeable
“Thomas was always available to answer questions or show the unit I was interested in multiple times before I made an offer. The owner was very difficult to deal with but Thomas was always professional helping me to work through the issues as they arose. I would definitely use him again for my real estate needs.”
about real estate in general and Utah markets in particular. He is very detailed in his analysis. He is reliable and timely. One of the things I most appreciate about him is that he doesn’t try to put rose colored glasses on you when viewing a deal. If a property has problems he will tell you. He’s not just out to sell something and get a deal done. I highly recommend Tom.”
BU YER , S A LT L A KE CI T Y
BU YER , S A LT L A KE CI T Y
15
BUYING A HOME WH AT YOU NEED TO KN OW
Exceptional Outcomes Only Come from Using Exceptional Experts At Summit Sotheby’s International Realty, we believe your best life comes from a home that inspires you. During the real estate buying process, who you have on your side matters. This is why we strongly believe, especially in today’s fast-paced market, that having a local real estate professional on your team to guide you through the buying process and advocate on your behalf can make a difference in your buying experience and outcome. Finding a House Online is Just the Beginning…. During your real estate transaction, you could encounter hundreds of different steps for a successful sale. You need a local real estate expert to help you from price evaluation, determination and negotiation. You need a partner who will advocate on your behalf from the offer to settlement, and every negotiation that could come up in between to help secure your best deal and home. Overview of Buyer Process On the following page is a list of what to expect with Thomas as you begin your search for your new home. In this fast-paced market, being fully prepared is the best way to a successful purchase.
16
S T EP 1 : B U Y ER CO N S U LTAT I O N Initial consultation in person, by phone, or web to get to know each other. This discussion will include your description of the ideal property, its characteristics, location, price, and amenities. Your timeline, budget, available funds or financing will also be addressed. This is an informal meeting so we can both determine if we are the right fit for each other on this journey. It is important to understand we become a team, so we both want to be on the same page when it comes to your goals. S T EP 2 : B U Y ER B R O K ER AG R EEMEN T If we both determine that this is the right fit you will be provided a Buyer Broker Agreement which outlines our partnership in the search for your perfect property. This is our commitment to one another so that we can ultimately end up in a successful settlement and transaction. S T EP 3 : PR O PER T Y S E A R CH The fun begins! Thomas will begin identifying properties whether on or off the market that meet your criteria as discussed in our buyer consultation. S T EP 4 : PR EPA R IN G T HE O FFER When you select a property, Thomas will help meticulously prepare an offer which will meet your goals but also be as competitive as possible to appeal to the seller. Communication is a high commodity at this stage, and Thomas has an impeccable reputation of communicating with not only clients but listing agents as well. This characteristic becomes extremely valuable especially in the situation of multiple offers. S T EP 5 : CO N T R AC T GU IDA N CE Once an offer is accepted, this is only the beginning of the journey to the closing table. During the contract period there are numerous obligations and deadlines a buyer must meet in order to have a successful transaction. There may be numerous negotiations and /or re-negotiations that happen during this timeframe where it becomes imperative to have a professional realtor to guide you in a direction that best fits your needs and goals. Sometimes this could include contract cancellations whereby you want to make sure that your realtor has guided you along the way to protect all of your interests and earnest monies. S T EP 6 : S E T T L EMEN T When approaching settlement, Thomas and his team will help make your transition to the new home as smooth as possible. We will help schedule your walk-throughs, settlement signing, and key exchange so you can settle into your new home. S T EP 7: P O S T CLO S IN G Our relationship doesn’t end after closing! We will check in periodically and always be available should you need a re-evaluation of your home or have any other real estate related business where we can be of assistance.
17
M AY I A S K . . .
If I want to obtain a loan, do I need to be pre-approved to start the real estate search? The short answer to this is yes. Especially in this market where properties are sometimes under contract within a few days from listing, you need to be as prepared as possible to submit a strong and competitive offer. It could be frustrating if you are not prepared. Obtain a pre-qualification with letter from a lender which will not only help you understand your budget, but inform the seller that your offer is serious and you are ready and qualified to purchase. Do I really need a home inspection? Home inspections can help protect you against unknowns of a property – ie., things that the seller may not even be aware of (so it was not disclosed on their Seller Disclosures) or other items which were not visible on the initial tour(s) of the home which could greatly affect is market value. Ignorance is not bliss when it comes to a real estate transaction. A professional, licensed home inspector will identify potential problems with roofing, plumbing, heating, electrical, radon, meth, mold, and flag any potential issues in a home inspection report. Thomas will thoroughly review this report and advise you on any negotiations or re-negotiations that should occur with the seller to protect your investment. Is there anything that I should avoid during a real estate transaction? Yes, if you are obtaining a loan you may want to avoid the following which could put your loan approval in jeopardy:
18
•
Changing jobs
•
Making Any Other Large Purchases
•
Changing Marital Status
•
Do Not Co-Sign for Other Loans or Lines of Credit
•
Moving Funds
•
Do Not Apply for New Lines of Credit or Close Credit accounts
•
Paying off Debts (unless lender requires it)
FREQUENT BUYER QUESTIONS As a buyer, what are included in my closing costs? At the settlement, you might be asked to pay for the following costs (if applicable) which will be itemized on the Settlement Statement: •
Loan Fees (could include credit report, origination, or appraisal fees)
•
Prorated Property Taxes and/or HOA Dues (if applicable)
•
Recording Fees
•
Title Fees
•
Other Prepaid Fees (such as HOA dues, assessments, HOA transfer fees etc.)
In Utah, the standard Real Estate Purchase Contract (REPC) designates that the Seller will pay for the title policy premium which will be issued by the escrow company; however, this could be negotiated by the parties and may become a cost of the Buyer.
19
20
SOTHEBY’S CARES GI V IN G B ACK Our passion for real estate is only matched by our passion for our community. At the close of every escrow, our sales associates and our firm voluntarily donate a portion of earnings to a 501(c)(3) that we call Summit Sotheby’s Cares. Through this program, the team at Summit Sotheby’s International Realty is able to participate in giving back to the Park City, Salt Lake and Southern Utah communities in which we live. With donations since 2010 surpassing $1,200,000, this program is not about real estate, it is about gratitude and social responsibility. This is a feat that not just humbles me, but it inspires me to continue our commitment to our communities and embody the change we want to see in the world. We appreciate what these organizations do and it is an honor to support them with our time, our energy, and these resources.
21
22
CLOSING NOTE At Summit Sotheby’s International Realty, we don’t define luxury as a price point. Instead, luxury represents a high quality service, knowledge, and experience that every client receives regardless of area, size of home, or price point. As a company, the magnitude of our network, along with the quality of our services is what sets us apart from other brokerages. Today’s real estate market is complex. As a buyer, you deserve representation that is not only professional, but also knowledgeable on the complexities of negotiations in order to remain competitive and meet your purchase needs. These are reasons why choosing a qualified brokerage and agent to represent you is a fundamental step in the purchase of your home. With a lifetime in Salt Lake City and decades of experience in the local real estate industry, I believe our brand of Summit Sotheby’s combined with my expertise can assist you to successfully navigate any deal. - Thomas Wright
23
THOMAS WRIGHT Extraordinary Homes, Skillfully Marketed President, Principal Broker
801.652.5700 thomas.wright@sothebysrealty.com summitsothebysrealty.com
©MMXXI Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit Sotheby’s International Realty 2021.
