Photo Courtesy of Daybreak Homes

There has been a pretty radical shift in how we are thinking about our homes and our communities in recent years and nowhere is that more evident than when looking at new homes in Utah. Planned communities are popping up all over the country but make no mistake, these aren’t the tired, generic retirement “walled cities” of past years. They are vibrant and affordable alternatives to your standard urban neighborhood and offer a lot of extras that a new home buyer might not expect.

Most of these modern planned neighborhoods in today’s construction world are geared towards creating sustainable communities by way of offering shops and services as well as residential homes in a predetermined area. The communities are safe, well maintained, and offer a sense of togetherness between residents that is more difficult within your regular suburban sprawl.

Not only are the homes designed to be individually unique rather than cookie cutter copies of one another, they are also designed with the environment in mind. Many new homes in Utah within these areas are EPA energy star rated which means they will use thousands of gallons less of water per month than the average home as well as up to 30% less energy. With our stronger focus on the impact we have on the planet, new home buyers are demanding responsible builds like these sustainable communities.

You get all of the safety and security, all of the individuality of a distinct and separate home as well as the community feel and the knowledge that your home understands what it means to be environmentally responsible. These new communities peppering our landscape truly do offer buyers a win/win situation. If you are considering a home purchase in the future, take a look at what a sustainable neighborhood can offer you and your family. You might be pleasantly surprised at what you find.

For more information on sustainable homes check out Daybreak Sustainable Living

Article, special to Salt Lake City Cribs from Daybreak

You probably already know which banks have the most streamlined short sales. See if your experience matches up with the list recently published by Deutsche Bank, which ranked major mortgage servicers based on their timelines for completing short sales. Here are the results based on loan type:

Prime

• Quickest: GMAC, about 6 months per transaction
• 2nd fastest: CitiMortgage, about 7.5 months per transaction
• 3rd place: Wells Fargo, roughly 8 months per transaction
• Slowest: Countrywide (Bank of America), more than 13 months per transaction

Subprime

• Quickest: Wells Fargo, more than 15 months
• 2nd fastest: HomEq Servicing, 16 months
• 3rd place: Morgan Stanley’s servicing arm Saxon Mortgage Services, a little more than 17 months
• Slowest: Equicredit and Ocwen, more than 29 months

Option-ARM

• Quickest: JPMorgan Chase’s EMC Mortgage, just over 8 months
• 2nd fastest: Aurora Loan Servicers, 10 months
• 3rd place: GMAC, more than 10 months
• Slowest: Countrywide, almost 14 months

Alt-A

• Quickest: First Horizon, just over nine months
• 2nd fastest: Wells Fargo and Aurora, roughly 11 months
• Slowest: Countrywide, more than 13 months

From Utah Association of Realtors

Before you plug in and light up for the holidays, run your decorations through this quick safety check.

Lights, inside and out, are a beautiful part of the holiday season. But as with all electrical devices, you need to take special precautions. Before you deck the halls, run through this checklist to keep your holidays merry and bright.

Inspect light strings. Discard any that are damaged. Frayed or cracked electrical cords or broken sockets are leading fire hazards.

Follow the manufacturer’s instructions for connecting multiple strings. The general limit is three strings. Light strings with stacked plugs can usually accommodate greater lengths than end-to-end connections.

Replace burned-out bulbs promptly. Empty sockets can cause the entire string to overheat.

Make sure outdoor lighting is UL-rated for exterior use. Exterior lights, unlike those used inside the house, need to be weather-resistant. The same goes for any extension cords used outdoors.

Don’t use outdoor lights indoors. They’re too hot for interior use. For the coolest bulbs and greatest energy efficiency, try LED lights, which come in a wide range of styles and colors.

Don’t attach light strings with nails or staples. They can cut through the wire insulation and create a fire hazard. Only use UL-approved hangers.

Take exterior lights down within 90 days. The longer they stay up, the more likely they are to suffer damage from weather and critters chewing on them.

Store lights safely. Tangled lights can lead to damaged cords and broken sockets. After the holidays, coil each string loosely around a stiff piece of cardboard, wrap it in paper or fabric to protect the bulbs, and store in a sturdy container until next year.

Pat Curry is a former senior editor at BUILDER, the official magazine of the National Association of Home Builders, and a frequent contributor to real estate and home-building publications.

article: HouseLogic.com

Windermere gang taking a break from Virtual RE BarCamp.

A beautifully-landscaped property can work wonders when it comes to selling your home. The Free Landscaping Ideas Blog offers these suggestions on how to save money without sacrificing quality or beauty.

• Make a plan that includes a schedule of tasks and rough sketches of your design to help you determine what items you need. For assistance, consult with an expert at a local gardening store or home improvement retailer

• Plan the project in phases and purchase products as money is available. The phased-in plan also helps you avoid the interest and fees associated with home-improvement loans or credit card purchases.

• Don’t sacrifice quality. Ask the staff at local specialty shops for recommendations about the best products available. If you are inexperienced with landscaping, consider spending a little extra for professional assistance.

• Carefully inspect plants for diseases and insect problems, especially if you didn’t purchase them from a nursery. Diseases and pests can spread to other plants. Also ask the gardening retailer if they offer warranties on their plants.

• If you plan ahead, you can take advantage of off-season prices. For example, buy lumber in the winter when it is cheaper and store it until you are ready to use it. Shop for trees, shrubs, perennials, mulch and soil late in the season when prices go down.

• Purchase products online or from catalogs, or join a gardening club, which may offer discount prices as well as helpful advice.

• Your municipality may have mulch and compost available. Also, try asking people in charge of construction or demolition sites if they have used stones or bricks they might give away.

• Ask neighbors if they’ll share some of the costs. By pooling all your resources, you may get some good deals on items bought in bulk, and you can split the cost of renting machinery for landscaping work.

Image: aspencreek.com

Starting January, 1, 2009, using the new Real Estate Purchase Contract (REPC), was mandatory for all real estate transactions involving a licensed real estate agent or broker. This form could be used starting August 27, 2008, but most people opted to wait until the mandatory date. There are a number of changes to this form, but I will focus on what I think is the most important change in this post. I will look at other changes in upcoming posts, so check back.

Section 10.2 of the REPC

The old REPC, 10.2 provided Seller Warranties:

10.2: Condition  of  Property.   Seller  warrants  that  the  Property  will  be  in  the  following  condition  ON  THE  DATE SELLER DELIVERS PHYSICAL POSSESSION TO BUYER: (a) the Property shall be broom-clean and free of debris and personal belongings.  Any Seller or tenant moving-related  damage to the Property shall be repaired at Seller’s expense; (b)  the heating, cooling, electrical, plumbing and sprinkler systems and fixtures, and the appliances and fireplaces will  be in working order and fit for their intended purposes; (c) the roof and foundation shall be free of leaks known to Seller; any private well or septic tank serving the Property shall have applicable permits, and shall be in working order and  fit for its intended purpose; and the Property and improvements, including the landscaping, will be in the same general condition as they were on  the date of Acceptance.

The New REPC, 10.2 is in AS_IS Condition:

10.2: Condition of Property/Buyer Acknowledgements.   Buyer acknowledges  and agrees  that  in  reference  to  the  physical condition of the Property: (a) Buyer is purchasing the Property in its “As-Is” condition without expressed or implied  warranties of any kind; (b) Buyer shall have, during Buyer’s Due Diligence as referenced in Section 8.1, an opportunity to  completely inspect and evaluate the condition of the Property; and (c) if based on the Buyer’s Due Diligence, Buyer elects  to proceed with the purchase of the Property, Buyer is relying wholly on Buyer’s own judgment and that of any contractors  or inspectors engaged by Buyer to review, evaluate and inspect the Property. 
 

What is the difference?

istockphoto.com

Basically, the old REPC provided some protections for the buyer, which at the time seemed like a good idea. The problem started when sellers were not aware of some of the problems discovered about their homes by a potential Buyer. After the discovery of a defected warranted item, it was mandatory for the seller to fix the specific warranted item. In some cases this was an extreme hardship for a seller if the repair ran into thousands of dollars and the seller didn’t have the money. The seller could NOT cancel the contract and could be in default.

What the Buyer needs to do now…

photo:loraineritchey

Caveat Emptor, meaning, let the buyer beware!  Seller’s are still required to disclose any known defects about the property, but it is the unknown defects that a buyer needs to discover. It is more important than ever for the Buyer to inspect the property. If you find a defect, you may request that the seller repair the item, but now, the seller is not required to repair a defect. The buyer can cancel the contract if the seller does not agree to repair an item.

If you are not sure how this change and all other changes will affect you when purchasing or selling your home, contact a professional who will help you navigate this process.

What is the new project at the University of Utah?

UPDATE: NOVEMBER 25, 2009; The Universe Project is on hold because of the economy, lack of retail interest and money. See here for more details.

For those that attend or live in and around the University of Utah in Salt Lake City, a new project is being planed for the south west part of campus that encompasses the 8 acres Rice-Eccles stadium parking lot. The Universe Project is a mixed use, transit-oriented development (TOD) proposal that will include university offices, housing, retail shops, restaurants and additional parking.

What is the purpose of this project?

According to the projects planners, the goals for project Universe are:

• Provide amenities that will attract outstanding students, exceptional faculty, neighbors, and visitors from the Salt Lake area and beyond
• Create an exciting and vibrant experience for patrons coming to the university, both for scheduled events and general visits
• Take advantage of the mass transit opportunities made available through the TRAX rail system
• Establish a compatible and stronger connection between the university campus and neighborhood communities
• Stimulate high quality development of the western edge of campus as an entry portal onto the University of Utah campus and a gateway to Salt Lake City
• Engage the community and weave the interests of the university into the fabric of the local community
• Enhance the appearance and functional use of the proposed site without detracting from or reducing the current functional aspects of the area, namely parking.

To learn more about the project and participate in comments for the community see this power point presentation.

Just released;  4th quarter real state statistics for 2008. This includes the counties of Salt Lake, Davis, Tooele, Utah, and Weber. These are provided by the Salt Lake Board of Realtors and have not been made available to the media as of this posting.

Summary of Results:

• Salt Lake County: Median Price; $239,500, down 0.17%
• Davis County: Median Price; $216,900, down 3.58%
• Tooele County: Median Price; $188,000, down 1.05%
• Utah County: Median Price; $230,000, down 2.50%
• Weber County: Median Price; $167,000, down 0.54%

These changes were significantly less compared to 3rd Quarter 2008.

What does this mean?

This shows that prices in most counties around the Wasatch Front have slowed their descent; it does not mean they have stopped going down. As I have said before, buying a home is not always about how much a homeowner can make on a home, it’s about a place to live, nest, shelter, and a place of rest. Either you are renting or you are owning. If your horizon is 3 years or more, buying is the logical choice.