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THURSDAY JUNE 6, 2019
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Uphill battle By JOSH BOAK and LARRY FENN Associated Press SALT LAKE CITY — For millennials looking to buy their first home, the hunt feels like a race against the clock. In the seven years since the housing crash ended, home values in more than three-quarters of U.S. metro areas have climbed faster than incomes, according to an Associated Press analysis of real estate industry data provided by CoreLogic. That gap is driving some firsttimers out of the most expensive cities as well as pressuring them to buy something before they are completely priced out of the market. The high cost of home ownership is also putting extreme pressure on 20- and 30-somethings as they try to balance mortgage payments, student loans, child care and their careers. “They do want all the same things that previous generations want,” said Daryl Fairweather, chief economist for the brokerage Redfin. “They just have more roadblocks, and they’re going to have to come up with more creative solutions to get the homes that they want.” A Redfin analysis found these buyers are leaving too-hot-totouch big-city markets — among them, San Francisco and Seattle, where the tech boom has sent housing prices into the stratosphere. The brokerage found that many millennials are instead buying in more reasonably priced neighborhoods around places like Salt Lake City, Oklahoma City and Raleigh, North Carolina. That, in turn, is driving up housing prices in those communities. Jake and Heather Rice, both 35, moved to Utah last year from Mountain View, California, where the biggest employers are tech gi-
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Young homebuyers scramble as prices rise faster than incomes
This Associated Press chart compares home prices to income since 2000 and the outpacing rise of home prices to income since 2012; ants such as Google, Symantec and Intuit and the median home price is a dizzying $1.4 million or so. The couple and their three children settled into a 4,500-squarefoot house in fast-growing Farmington, just far enough away from Salt Lake City to feel rural but minutes from a major shopping center and Heather’s sister. They did not disclose the purchase price for the sake of privacy, but they said their monthly mortgage payments will be $3,000, roughly the same as the rent for their former two-bedroom, 1,000 square-foot
apartment in Mountain View. “We didn’t expect to stay in California because of how ludicrous the prices had become,” said Jake, a mechanical engineer who works in the medical device sector. Nationally, home prices since 2000 have climbed at an annual average rate of 3.8%, according to the data firm CoreLogic, while average incomes have grown at an annual rate of 2.7%. And in the metro areas with the strongest income growth — for example, parts of Silicon Valley — home prices have risen even faster. The Salt Lake City area is
among the hottest spots for firsttime buyers in part because of a staggering burst of home construction and a surge of high-tech jobs. The suburb of Lehi, which served as a film location for the 1984 Kevin Bacon movie “Footloose,” about a rural town that banned dancing, is in what is now known as “Silicon Slopes” because Adobe, eBay and Microsoft have opened offices there. Of course, the influx of people from unaffordable cities is contributing to the very problem they were trying to escape: Home prices in the greater Salt Lake City
area surged 10.8% in the past year, while average incomes rose only 3.9%, according to figures from CoreLogic and the U.S. Bureau of Labor Statistics. Scott Robbins, president of the Salt Lake Board of Realtors, sees the price growth as having changed the habits of first-time buyers. They are putting less money down and carrying more debt. And some first-time buyers are looking at condos and duplexes instead of houses. There is also more pressure on families to earn two incomes, rather than letting one choose to be the stay-at-home parent. This could be a particular challenge in the Salt Lake City area, where families are generally larger, mostly because of the influence of the Church of Jesus Christ of Latter-day Saints, and about 28% of the population is under 18, compared with nearly 24% nationwide. “The one thing that really would make it even more sustainable is if wages would increase,” Robbins said. “Whereas before you could have a young couple buy a place and only one of them would work. Now, you need both of them to work.” Andy and Stacie Proctor made a bid on a house in the Salt Lake City suburbs, only to rescind it upon learning there were 13 rival offers. At one point, they almost decided not to buy a house just yet, figuring the bubble was going to burst eventually, said Andy, a 35year-old who hosts the podcast “More Happy Life.” But there was also the opposite risk: “There is the question about whether it’s going to keep going up,” his 31-year-old wife said. The couple ultimately made a successful offer on a three-bedroom house for $438,000 in See Scramble p. 2D
Left: In this April 27 photo, Andy and Stacie Proctor stand in front of their new home in Vineyard, Utah. For some millennials looking to buy their first home, the hunt feels like a race against the clock. The Proctors ultimately made a successful offer on a three-bedroom house for $438,000 in Vineyard. Right: This April 13 photo shows homes being built in suburban Salt Lake City. (AP photo)
In the Garden
A lesson from Miss Kim: Give other lilac species a try The problem with Miss Kim is she doesn’t look like what you might expect. She’s a lilac (Syringa patula), but not what we usually think of as a lilac. Miss Kim, who is from north China and Korea, is a different species from the lilac we know in the U.S., called, appropriately, common lilac (S. vulgaris), and hailing from southern Europe. She looks and acts differently from, and is in many ways better than, her common lilac cousin.
LEE REICH
A BETTER FIT FOR SMALLER SPACES For one thing, Miss Kim is a compact shrub, often billed as growing only 3 feet high and wide. In fact, she’s capable of growing 8 to 10
feet. That’s still substantially smaller than common lilacs, which, left to their own devices, swell to 20-foot behemoths. My own Miss Kim is 5 feet high, in her third year, and still growing strongly. So for smaller yards or more intimate spaces, Miss Kim might be the lilac of choice. And rather than creating an arching fountain of stems, leaves, and flowers, Miss Kim presents a dense, rounded mass of greenery and flowers. Her leaves are also smaller than those of the common lilac and, with their rippling surfaces, lend an unlilaclike look to the shrub. Miss Kim also looks decidedly unlilac-like in summer, when her leaves retain their See Garden p. 2D
This undated photo shows Miss Kim lilac growing in New Paltz, N.Y. Miss Kim lilac is one of a number of species of lilac that differ from, and are worth growing in addition to or instead of the usual Common Lilac. (AP photo)
2D The Mining Journal
House to Home This undated photo provided by Laura Hill shows a dish towel design available on her website, www.aloveofdishtowels.com, and located in Sheffield Village, Ohio. Tea towels are a way to brighten a kitchen or let someone know you are thinking about them, design experts say. (AP photos)
Quirky, nostalgic, practical: Tea towels make a splash By MELISSA KOSSLER DUTTON Associated Press When Corinne Morse found one of her late grandmother’s handwritten recipes inside an old cookbook, she wanted to share it with her mother. So she transferred an image of the recipe card onto tea towels for her mother and other relatives. “I just loved them. It was something I used all the time. It was with me in the kitchen while I was cooking and it was useful,” said Morse of Smyrna, Tennessee. She was so pleased with the towels she created that she began offering the option for customization to others through Nesting Project , her online business and Etsy.com site . Sales of her custom tea towels featuring family recipes jumped from 1,500 to 10,000 in five years, she said. Tea towels, which are typically made of linen, cotton or a combination of the two, have a smooth flat surface that’s ideal for printing and embellishing, Morse said. Used to dry dishes, they have become popular as gifts and as a simple way to brighten a kitchen. “We find tea towels to be popular on Houzz because they’re an easy way to add character to any kitchen,” said Cynthia Simmons, a category manager with Houzz.com , an online source of interior design photos and decorating ideas. “Whether you’re looking to add a pop of color or a whimsical message, you can usually find a tea towel to fit any mood or theme.” Etsy shoppers have searched for “tea towels” more than 450,000 times in the last six months, said Hannah Album of Etsy.com. The practicality of tea towels also appeals to millennials and others concerned about the environment, said Leana Salamah, vice president of marketing for the International Housewares Association
Scramble from
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Vineyard, Utah. It includes an apartment that could be rented out to defray their mortgage payments. That will make it easier for them to afford starting a family. Roughly 1 in 6 homes sold in the Salt Lake Valley since 2004 have been in a 4,100-acre development called Daybreak, being built on land once owned by mining giant Rio Tinto. About 5,500 homes have been constructed, with an additional 14,500 units
, in Rosemont, Illinois. “Sustainability is huge,” she said. “The option for an absorbent tea towel versus a paper towel is appealing. The less waste millennials can produce, the happier they are.” Tea towels’ approachable price point and wide array of themes make them particularly gift-worthy, said Laura Hill, who has worked in the gift industry for 20 years and currently runs the website www.aloveofdishtowels.com . There are tea towels themed around pets, cooking, holidays, hobbies, funny sayings and much more. “They’re easy to make personal,” she said. Kay Gardiner of New York City, who has collected tea towels for years, considers them a form of folk art. Some of her favorites are kitschy ones depicting British royal weddings and births. She also likes towels with an artistic flair, like those created by well-known printmaker Jen Hewett . Tea towels remind her of happy days spent in her grandmother’s kitchen. “I’m drawn to them,” said Gardiner. “They’re cheap and cheerful.” Nostalgia definitely prompts people to buy, Hill said. Tea towels remind people of drying dishes after holiday meals in days gone by, she said. Others appreciate that while many kitchen gadgets have gotten complicated, the tea towel hasn’t. “It’s a reminder of the simplicity of the kitchens we grew up in,” she said. And tea towels do more than dry dishes and soak up spills, Hill noted. They can be used to keep baked goods warm and to cover up other fresh foods. She lines baskets with them or swaddles a bottle of wine for a hostess gift. “They’re just really practical,” she said. “They’re timely. They’re quirky. They’re nostalgic. They work for everybody.”
planned — enough in total to house roughly 65,000 people. The homes range from $180,000 to $1 million. One of the guiding principles is that homeowners can upgrade or downsize without having to move out of the neighborhood. But that cycle of upgrading might not continue as it did for past generations. Home values need to rise for people to build equity that they can use to buy a new house. Yet if they rise too fast, it will become too expensive for many people to move up.
Parry Harrison, a 26year-old divorced father of two small children, bought a townhouse in Daybreak for $309,000 in March. His down payment came in large part from selling his previous home, which appreciated a robust 25% in the two years he owned it. He hopes to upgrade again in five years, when his children might need more space. “It’s definitely not a forever home,” he said. “It’s a lot more convenient if I have move-up opportunities that are right next door.”
Thursday, June 6, 2019
Mortgage Index 30-YEAR Rate-Fee/Pts.
15-YEAR Rate-Fee/Pt.
High rate
4.000
1
4.625
1
Low rate
3.750
1
3.250
1
Average rate
3.844
1
3.594
1
Garden from
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healthy green color rather than being marred by the powdery mildew disease that attacks common lilac (but does those plants no particular harm). In autumn, as common lilac’s leaves drop with little fanfare, Miss Kim’s leaves turn reddish burgundy. FLOWERS DIFFER ALSO Face it: We grow lilacs mainly for their flowers. In this respect, Miss Kim is similar to her Occidental cousin. Her blooms, which open two weeks or more after those of the common lilac, have more white in them, giving them a pleasantly icy appearance. The flowers, like those of common lilac, are fragrant. Not to my nose deliciously
so though because they have more of the aroma of privet (a lilac relative). For some reason, Miss Kim changes once she comes indoors, however, then becoming pleasantly and strongly fragrant, with even a single cluster of blossoms perfuming a whole room. OTHER LILACS WORTH GROWING Miss Kim is not the only lilac that is unlilac-like. There’s also the so-called early lilac (S. oblata) from Korea, which, besides blooming early, has loose panicles of flowers and nice autumn leaf color. Japanese tree lilac (S. reticulata) is — what can I say? — from Japan and a tree, developing a hefty, single trunk and blooming a couple of weeks after common lilacs. The
This graphic represents a Tuesday survey of regional lending institutions. Figures are based on rates at Range Bank, mBank, First Bank of Upper Michigan and Marquette Community Federal Credit Union.
branches become smothered in frothy, white blooms which, unfortunately, smell very much like privet blooms. Meyer lilac, from northern China, is unlilac-like in that its blooms develop all along the stems, covering the entire shrub from top to bottom. Cutleaf lilac, from western China, is notable for having finely lobed leaves that give the whole bush a lacy texture. All these unlilac-like lilacs have qualities that make them worth growing not instead of but in addition to the common lilac which, on the other side of the Pacific Ocean, is itself the unlilac-like lilac. Online: http://www.leereich.com/ blog http://leereich.com
“We change the lives of people put in our path.” 1900 Presque Isle Ave.
228-7255
FEATURED PROPERTY
Les & Judy Thatcher
OFFICE: 942-7699 • 466 TOWNHALL RD., SKANDIA
4 0 9 N P in e S t, Is h T h is c u te 3 b e d r o o m , 3 b a th , s p a c io u s h o m e in Is h p e m in g h a s m a n y g re a t fe a tu re s ! T w o o f th e b e d r o o m s h a v e fu ll b a th r o o m s a tta c h e d ! P le n ty o f r o o m to r e la x , g o o d s iz e d k itc h e n w ith r e c e s s e d lig h tin g ! W ith a little T L C , th is h o m e w ill r e a lly p o p ! (1 1 1 3 8 1 5 ) $ 7 2 ,9 0 0 1 7 E N ic o le t B lv d , M q t L u x u r y liv in g in th e d e s ir a b le S h ir a s H ills s u b d iv is io n ! 4 B e d r o o m , 3 b a th r a n c h . V a u lte d liv in g r o o m c e ilin g s w ith la r g e w in d o w s , flo o r to c e ilin g s to n e g a s fir e p la c e a n d a tw o - r o o m k itc h e n . D r e a m M a s te r S u ite , m a r b le to p je tte d tu b a n d fir e p la c e ! A tta c h e d g a r a g e , s a u n a , ta n n in g b o o th a n d s p a c io u s b a c k y a r d w ith a n u n d e r g r o u n d p o o l! (1 1 1 4 2 7 5 ) $ 3 9 9 ,5 0 0 1 2 0 S M a rig o ld S t, Is h S p a c io u s 3 b e d r o o m h o m e h a s a s c r e e n e d in s u n r o o m , tw o c a r g a r a g e a n d b a s e m e n t w ith p le n ty o f s to r a g e ! T h e b a th r o o m a n d k itc h e n a r e b o th la r g e , to n o f p o te n tia l! (1 1 1 0 7 0 3 ) $ 1 2 5 ,9 0 0 1 0 0 C o le s D r, M q t T h is s p a c io u s b u ild in g h a s 1 3 ,8 0 0 S q . F t. a t a n e x c e lle n t lo c a tio n fo r y o u r b u s in e s s ! N e a r ly 9 ,6 0 0 S q . F t. o f r e ta il s p a c e a n d a n a m p le a m o u n t o f s to r a g e , th is b u ild in g h a s m a n y p o te n tia l u s e s ! (1 1 0 7 3 9 9 ) R e d u c e d ! $ 5 5 9 ,5 0 0 C o o c B o u re n ta 1 6
1 5 3 0 N S e c o n d S t, Is h m m e r c ia l b u ild in g , p r e s e n tly c u p ie d b y T h e C lip p e r, B r id a l tiq u e a n d a n a p a r tm e n t. O th e r l s p a c e w ith th e 2 g a r a g e s w ith 2 2 S q . F t! (1 1 0 4 4 7 0 ) $ 1 5 0 ,0 0 0
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The Mining Journal 3D
Thursday, June 6, 2019
Real Estate Classifieds
“Cash in” on all the latest lottery numbers every day in
The Mining Journal
Open Houses OPEN HOUSE Saturday, June 8, 11:00 AM – 1:00 PM 105 Juliet St., Chocolay
Directions: US 41 south, just past M-28 & US 41 intersection, turn right onto Juliet.
This gem is waiting for you! Move in ready home with newly updated Schwalbach kitchen, four bedrooms, two baths and 2-car attached garage. Large backyard with deck, shed & raised garden beds. $249,900 MLS #: 1114380
1901 W. Ridge St. Marquette
(906) 250-1981 theresahntr@gmail.com
Shown by: Theresa Hunter
4D The Mining Journal
Northern
Thursday, June 6, 2019
WATERFRONT PROPERTIES
Michigan
Land Brokers FENCE LAKE
LAKE SUPERIOR NEW LISTING!
LAUGHING WHITEFISH RIVER
PRIVATE LAKE
NEW LISTING!
Lot 19, E Fence Lake Road Michigamme
Upper Peninsula northwoods lake front parcel ready to build your dream cabin that is surveyed with approximately 324’ of frontage on Fence Lake $149,900 MLS#: 1114773 BOB SULLIVAN
BEAR LAKE NEW LISTING!
N2156 Bushy Creek Truck Trail Big Bay
Parcel 3, Section 5 Trail Deerton
45 Acres, Fence Lake Road Michigamme
100’ of frontage on Lake Superior in Alger County $59,900 MLS#: 1114491 ROB SULLIVAN
True Northwoods appeal can be found in this immaculate log cabin/home on Bear Lake situated on 13 acres in Northern Marquette County $185,000 MLS#: 1114541 SUE FELDHAUSER
High quality 45 acre parcel surrounding a gorgeous private lake with year round access $ 149,900 MLS#: 1113412 BOB SULLIVAN
PAINT RIVER
POWELL LAKE
PERCH LAKE NEW PRICE!
22 Acres, M28 Deerton
#3 Paint River Amasa
Nicely wooded acreage with over 1600’ of frontage on the Laughing Whitefish River with good road access $49,000 MLS#: 1113196 ROB SULLIVAN
Terrific riverfront views on this 18 acres with over 1400 feet of frontage on the Paint River $49,900 MLS#: 1099417 BOB SULLIVAN
BLACK RIVER
N4270 Powell Lake Road Wetmore
40 Acres, Perch Lake Road Republic
Beautiful year round 3 bedroom, 2.5 bath home on 100’ of Powell Lake sand frontage $199,900 MLS#: 1111087 DON WILLSON/BOB ANDERSON
LAKE SUPERIOR
40 acre parcel with over 1,700 feet of lake frontage on Perch Lake near Republic $132,500 MLS#: 1099414 BOB SULLIVAN
BIG MANISTIQUE LAKE NEW PRICE!
W9614 US-2 Highway Naubinway
24 Acres, Co Road KB Big Bay
N4950 Manistique Lakes (aka H-33) Road, Curtis
Stunning turnkey home situated on the Black River just east of Naubinway on US2 with 186 feet of frontage on the river $199,900 MLS#: 1111006 SUE FELDHAUSER
Lake Superior frontage with over 24 acres of beautiful rolling hardwoods on a well maintained County Road $165,000 MLS#: 1108553 ROB SULLIVAN
Chamberlin’s Ole Forest Inn in Curtis is well known and an extremely popular bed and breakfast, restaurant, bar, and gift shop on the shore of Big Manistique Lake $749,900 MLS#: 1099205 SUE FELDHAUSER
LAKE SUPERIOR
SEMI-PRIVATE LAKE
HELEN LAKE
14490 Taylor Dam Rd Seney
1008 S. Helen Lake Road Ishpeming
Lot 11E Ravenswood Dr L’Anse
Great building site potential on Lake Superior $69,900 MLS#: 1111130 BOB SULLIVAN
Secluded cabin just 12 miles North of Seney and overlooking a semi private lake with 90 acres for year around outdoor enjoyment $199,000 MLS#: 1112622 BOB ANDERSON/DON WILLSON
Waterfront cottage/cabin that is clean and ready to go with two lots and 200 feet of frontage on Helen Lake $139,900 MLS#: 1111189 ROB SULLIVAN
LAKE MICHIGAMME
LOST CREEK
DEXTER CREEK
Parcel 2, Brass Road Michigamme
N2025 Co Rd 510 Marquette
E2848 ET Rd Limestone
Beautiful lakefront parcel with yearround access and 266 ft of frontage on Lake Michigamme $135,000 MLS#: 1107353 BOB SULLIVAN
Amazing 113 acres with a red pine log cabin, 1/4 mile frontage on Lost Creek, and beaver ponds $150,000 MLS#: 1106072 ROB SULLIVAN
More than 8 acres in a great location for your new home on a very nice trout stream $27,900 MLS#: 1110785 ROBERT ANDERSON/DON WILLSON
OTHER FEATURED LISTINGS NEW LISTING!
165 Townline Road, Skandia
Impressive home beautifully set on a quiet country road well maintained and updated at an affordable price in a great location.
$189,900 MLS#: 1114440 BRIAN OLSON
Love the Land!
Bob Sullivan
Associate Broker/ Owner Cell: 906-361-4212
650 Brookton Road, Marquette Immaculate home beautifully updated and well maintained featuring an open floor plan, 3-4 bedrooms, a great recreation room, a master bath, workshop and garage in a great location
Rob Sullivan
Associate Broker, Office Manager Cell: 906-362-3337
$229,000 MLS#: 1114004 BRIAN OLSON
Brian Olson
Associate Broker Cell: 906-869-6446
Sue Feldhauser Agent Cell: 906-360-2891
1168 N Winters Road, Trenary
Gorgeous working agricultural dream property with a beautiful home and a great well built and sturdy barn surrounded by fertile fields great for growing crops, horses, cows, a variety of animals on 30 acres. Motivated sellers!
$289,000 MLS#: 1114091 BRIAN OLSON
Charles Drury Agent Cell: 906-235-3198
Bob Anderson Agent Cell: 906-362-8388
Don Willson
Agent Cell: 906-202-0457
906-225-LAND (5263) • www.northernmichiganlandbrokers.com • www.premiumupproperties.com West, Marquette Toll-free 1-866-231-LAND • www.northernmichiganlandbrokers.com • 2552• 2552 USUS 4141West, Marquette