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Salt Lake County

  • Hendricks and Partners released their second quarter Utah Apartment News Report, which shows promising trends for the beehive state's economy.

    Rent prices are bouncing back, the report stated, "If you are a tenant looking for an apartment, you may have already missed some of the lowest rents."

    The report compared rates and trends from the second quarter of 2009 with second quarter of 2010. This years second quarter rent rates are between $750 and $800, after taking a dip below $750 during second quarter of 2009.

  • Lenders are repossessing over half a million homes across the nation, yet Utah remains relatively stable despite the calcuated predictions.

    In August of 2008, the University of Utah Bureau of Economic and Business Research released a report projecting Utah foreclosures would likely set a record high in 2009.

  • By Ken Holman

    Overland Group, Inc.

     

    Salt Lake County existing home and condominium sales rose by 30 percent this April, compared to sales from April of 2009.

    There were 1,128 homes and condos sold in April, compared to 867 sold last April. Home and condo sales in April were the strongest on record since April 2007, when 1,400 residential properties were sold, according to the Salt Lake Board of Realtors.

  • To qualify for the home buyer's tax credit incentive, buyers were required to be under contract with their home by April 30 and the home must close before June 30.

    The incentive's deadline caused home purchases across the nation to soar in March by 30 percent.

    From April 2009 to April 2010, there has been a 47.8 increase in new home purchases and sales, concentrated mainly in the southern United States, according to the findings of the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

  • (Salt Lake Tribune) Four public meetings are scheduled this week for Wasatch Canyons Tomorrow, the next step in updating Salt Lake County's master plan for the Wasatch canyons.

    Organized by Envision Utah, the open houses will allow residents to comment on strategies ranging from watershed and recreation to transportation.

  • (South Valley Journal) After more than seven years of planning, construction on Salt Lake Valley portion of the Mountain View Corridor is finally getting underway. Construction will begin on a 15-mile segment of the corridor between 5400 South and approximately 16000 South along 5000 West in late spring. A segment in Utah County (2100 North from Redwood Road to I-15) is already under construction.

  • (Salt Lake Tribune) Application denied.

    Salt Lake County won't get the chance to lend thousands of dollars in low-interest loans to homeowners who want to replace drafty windows, upgrade a furnace or put solar panels on the roof.

    A bill that would have made those loans possible never reached a Utah Senate vote, largely because of the lobbying efforts of the Utah Banking Association.

  •  (Salt Lake Tribune) The Friends of Great Salt Lake say they weren't given enough notice to object to the Utah Lake Master Plan.

  • By Kelly Lux
    Real Estate News Utah
     
    Local real estate professionals gathered Tuesday morning to hear a review and forecast of the commercial market in Utah.
     
    Various real estate professionals addressed the audience during the 2010 Utah Commercial Real Estate Symposium ‘Corralling Fundamentals: The Real Estate Drive for Solutions’ held in the Hilton Ballroom.
  •  (Salt Lake Tribune) Stimulus dollars meant to help Salt Lake County survive the worst economic downturn since the Great Depression are showing up in shelters for the homeless, detox centers for recovering alcoholics and treatment programs for drug addicts.

    They are widening streets, paying for energy retrofits and shoring up banks along the Jordan River.

  • Sales of existing single-family homes in Salt Lake County surged in last year’s fourth quarter, ending a three-year decline in falling home sales, according to the Salt Lake Board of Realtors’ Housing Market Report.

    Overall, more than 2,400 single-family homes were sold in the fourth quarter, a 36 percent increase compared to 1,785 sales in the same quarter in 2008. Home sales also showed a 19 percent gain in the month of December compared to the same month a year earlier.

  •  SLCO Retail Market Year End 2009

  • (Salt Lake Tribune) No need for a bank loan to replace those drafty windows, swap that decades-old furnace or install solar panels on your roof.

    Salt Lake County soon could become a low-interest lender to homeowners who want to make their houses more energy efficient.

    But first, it will take a law change.

  • (Millcreek Journal) Salt Lake County’s community resources and development division is allocated funds every year to use for improvements within the communities of the unincorporated areas. This year, they are asking for your input on improvements you want to see in your area by completing a survey.

  • (The Enterprise) Alliant Techsystems Inc. sold 47 acres of land to Salt Lake County for the construction of a regional park, according Richard Ellis. The land, located at 6200 South and 6200 West, was purchased for $4.5 million. Lodestone Park will be combined with 17 acres of property. Doug Scheel, vice president of CB Richard Ellis, represented ATK, the seller, in the transaction. The land was purchased with funds from the Park Land Acquisition Bond.

  • (The Enterprise) Salt Lake City’s apartment vacancy is on the rise in the third quarter at 6.8 percent, up from 4.3 percent one year ago, according to a report released by CB Richard Ellis. The vacancy rate has been increasing. However, there are 13 apartment projects (with a total of 3,103 units) under construction in Salt Lake County. The average apartment rental rate is $794 per month, which is down from $820 last year.

  • (Deseret News) Sales of existing homes (single-family and condominiums) in Salt Lake County in September were down 11.6 percent compared with 1,061 sales in September 2008, the Salt Lake Board of Realtors said Friday.

    The county had a total of 938 transactions last month, with a median price on sales of all housing types being $205,000. That is down 6.8 percent compared to a median price of $220,000 a year earlier. Nationally, the median existing home price for all housing types was $174,900 in September.

  • (Deseret News) Salt Lake County's office vacancies rose to 15 percent at the end of the third quarter, up from 13.6 percent in the second quarter, according to figures from Commerce CRG.

    Class B and C buildings have been hardest-hit, with each showing a 35-percent increase in vacancies in the past year.

    Commerce CRG also said that industrial lease rates are declining. Rents fell about 10 percent by the third quarter, compared with a 23.4 percent rise in 2008.

    Commerce CRG, based in Salt Lake City, has five Utah offices and a Las Vegas office.

  • (Deseret News) Rhetoric is heating up between Salt Lake County and Sandy over an annexation procedure under way while Granite community residents are working to secure township status.

    At issue is whether a clause that allows fast-track municipal annexations of connected "peninsulas or islands" undermines the intent of a bill passed by the state Legislature last year that halts annexations while a township petition is under way.

  • Hotel occupancy rates were down again last month, but not quite as much as the year-to-date average. Hotels in Salt Lake County filled 66 percent of their rooms in September, down from 73 percent in the same month a year earlier.

  • (Deseret News) Salt Lake County's apartment vacancy rate was 6.8 percent in the third quarter, up from 4.3 percent a year earlier, according to a CB Richard Ellis report released this week.

    In communities with more than 100 units, the average apartment rental rate in the county was $794 in the third quarter, down 3.2 percent compared to $820 in the same quarter a year earlier. The highest rent on the average two-bedroom unit was found in the northeast submarket at $932 per month, and the lowest average two-bedroom rate was found in the northwest submarket at $765 per month.

  • (Deseret News) Rhetoric is heating up between Salt Lake County and Sandy city over an annexation procedure under way while Granite community residents are working to secure township status.

    At issue is whether a clause that allows fast-track municipal annexations of connected "peninsulas or islands" undermines the intent of a bill passed by the state Legislature last year that halts annexations while a township petition is under way.

  • By PR or News Wire

    The apartment vacancy rate in Salt Lake County rose to 6.8 percent in the third quarter, up from 4.3 percent compared to the same quarter one year ago, according to the CB Richard Ellis Apartment Report.

     

    “Over the past year the apartment vacancy rate has substantially increased, but it appears to be stabilizing going into the fourth quarter,” said Seth Rossow, multi-family investment specialist at CB Richard Ellis. “In 2010, the vacancy rate will again rise as new apartment buildings come on-line.”

  • (Salt Lake Tribune) Salt Lake County has stitched itself -- and its 16 cities -- closer together with a countywide plan that could help residents map out a bicycle route to work, find the nearest public library or figure out how their community ties into a proposed trail system.

    The county unveiled a cooperative plan Monday that combines information about land use, transportation, trails, fire stations and schools in communities reaching from the eastern heights of Emigration Canyon to south-valley burbs such as Bluffdale and Herriman into a single, searchable database.

  • (Desert News) Vacant office space in Salt Lake County hit a five-year high in the third quarter, according to the CB Richard Ellis market report.

    The report released Thursday stated that as of Sept. 30, the office-vacancy rate in Salt Lake County was 14.6 percent, up from 13.8 percent in the 2008 third quarter. The countywide office-vacancy rate reached its highest point since 2004, when it was 20 percent. In the third quarter, the average asking lease rate in Salt Lake County fell to $19.25 per square foot, down 2.7 percent from the second quarter.

  • (Deseret News) Recognizing a "code red" situation in a state experiencing some of the highest foreclosures rates and mortgage delinquencies in the country, Salt Lake County Mayor Peter Corroon is getting behind a new program offering no-cost financial services to families coping with or trying to avoid crisis.

    Corroon said a volatile economic climate has laid the perfect groundwork for financial predators seeking to take advantage of those in financial peril.

  • (Deseret News) The Salt Lake Board of Realtors on Monday reported that existing home and condominium sales in Salt Lake County fell 4 percent during August compared to the same period last year.

    There were 1,007 homes and condominiums sold in August 2009, down slightly from August 2008, when 1,052 homes and condos sold.

    The countywide median sales price of homes and condominiums for the period fell to $218,500, down 3 percent from $225,000 in August 2008.

  • Sales of existing houses and condos in Salt Lake County dropped in August from a year earlier, as did the median sales price, indicating the area housing market remains soft.

  • The smidgen of savings amounts to only an extra candy bar or a soda, but Salt Lake County hopes it will sweeten an otherwise sour tax taste. A week after dozens of sometimes-angry residents appealed to policymakers for relief, the County Council voted Tuesday to erase $104,000 from a $2.

    Original Article

  • (Deseret News) Salt Lake County property owners will dole out $10.3 million in taxes to help pay for new schools in the Jordan School District in the next year under a new law. And for some parents who live in the Canyons, Granite, Salt Lake and Murray school districts, that seems unfair.

    But according to lawmakers, that's the only way the state can help pay for the buildings the ever-growing Jordan School District needs.

    The capital equalization law came out of the 2008 Legislative session and goes into effect this fiscal year.

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