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Alex Yeager
Utah Has A Lot To Offer	Utah Foreclosures	4/20/2010 2:54 PM
While much of the country experiences devastating decreases in home values, Utah real estate prices continue to rise dramatically. This trend can make it difficult for individuals and families to find the right home for their needs and budget since many home prices may increase in short periods of time while prospective homebuyers scout different communities. This guide to Utah County communities can help buyers narrow down the areas they'd like to investigate quickly and easily, bringing them closer to their dream of home ownership along the Wasatch Front. Why Utah County? When most people consider moving to Utah, the only city that comes to mind is the state capital, Salt Lake City. While the Salt Lake Valley - including Ogden, Logan, Sandy, Murray, and several other municipalities - is definitely booming, it is also more crowded and therefore less desirable for many incoming residents. Utah County, however, is conveniently connected to Salt Lake City via Interstate 15, and the road improvements made to accommodate the 2002 Winter Olympics in Salt Lake City make commuting easy. Even the southernmost Utah County city is only an hour's drive from Salt Lake City, making it within reasonable reach of the state's largest city. Utah County - also known as Utah Valley - offers many advantages for its residents. As home to Brigham Young University and Utah Valley State College (to become Utah Valley University in 2008), there are many educational opportunities for young residents. The area is also home to the Orem Owlz minor league baseball team and there are many recreational opportunities, including skiing, horseback riding, hiking, mountain biking, fishing, hunting, and other outdoor sports available. Utah Lake to the west and the Uinta National Forest, Mount Timpanogos, and various canyons to the east offer stunning natural beauty, while modern amenities such as the University Mall, Provo Towne Centre, Thanksgiving Point, Seven Peaks Water Park, and dozens of museums, theaters, and art galleries are available to stimulate any recreational passion. Choosing Your Best Utah County Community Individuals who decide to settle in Utah County will quickly find themselves beset with more than a dozen options for individual communities, and the wide range of choices can be disconcerting. Homebuyers who understand their personal preferences - types of homes, price range, amenities, etc. - can quickly narrow down the communities to those that best fit their needs. This list covers the major regions of Utah County that are most easily accessible to Salt Lake City and major transportation networks, therefore allowing residents to experience all the area has to offer. Northern Utah County The northern third of Utah County is closest to Salt Lake City and includes several small cities to choose from. Alpine: This upscale city in the eastern part of northern Utah County features a wide range of custom designed homes in higher price ranges. Boutique shopping and easy access to ski resorts are popular features of this community. Lehi: This community is one of the oldest in the county and offers a range of housing options in low to mid-prices. Newer developments in Lehi frequently feature town homes and semi-customizable floor plans from well known builders and developers. American Fork: This is another classic community in the area and features homes in all price ranges. American Fork is adjacent to Interstate 15, making it a prime choice for individuals who commute regularly to the Salt Lake Valley. Pleasant Grove and Lindon: These two small communities are nestled in the eastern portions of the northern county and both are growing rapidly. New school improvements are being made to support the population, and new single family home and town home developments are continuously available. Saratoga Springs and Eagle Mountain: These two communities are west of I-15 and offer some of the most affordable housing and real estate options in Utah County, with some home prices as low as $150,000 for a spacious floor plan. Many new housing developments are in progress in both communities and town homes, single family homes, and luxury custom homes are all available. Large land parcels are also available for individuals interested in owning several acres. Central Utah County Central Utah County is the most developed area of the county and offers the widest range of cultural, sporting, shopping, and educational opportunities. Provo: Provo is home to Brigham Young University and features all types of homes available. Older homes are relatively inexpensive options near downtown Provo, while newer developments on the eastern and western edges of the city offer more customization. There are also many town homes and apartment complexes available to serve the city's large student population. Orem: Just north of Provo, Orem has consistently been rated as one of the safest and most family-friendly cities in the United States. Dozens of parks abound throughout each neighborhood, and homebuyers can find houses in a range of styles and sizes. The entire range of home prices is represented in Orem, from small starter homes to extravagant luxury residences. Southern Utah County Furthest from Salt Lake City, the communities in southern Utah County are generally smaller than other options, but they also give prospective residents many choices for affordable housing that is still only minutes away from the features and amenities the rest of the county has to offer. Springville: A few miles south of Provo, Springville has a range of modest housing options available to meet homeowners' needs, and more housing developments are continually being built. Spanish Fork: Still further south, Spanish Fork also offers a range of housing options at more affordable prices. Payson and Santaquin: These two small communities are still relatively underdeveloped and lack the robust features of other cities in Utah County, but they also offer prospective residents the opportunity to settle into a rapidly developing area at an affordable rate. Mapleton: This luxury community in southeastern Utah County features stunning custom homes with prices beginning at $250,000 and higher. Lower priced alternatives are starting to appear in Mapleton, giving more homeowners the chance to invest in this exclusive community with its pristine natural beauty and multiple outdoor recreational options. Wherever prospective homebuyers choose buy Utah County real estate, they will find a community of welcoming, friendly residents genuinely eager to share their active, outdoor lifestyle. From exploring the Timpanogos Cave National Monument to rafting down the Provo River to enjoying the latest gallery display at the Springville Museum of Art, Utah County has something for everyone as long as they can find the right community to call home.
UDOT to Make Road Side Bio Diesel	Southern Utah Real Estate	4/12/2010 10:40 AM
What would you do if you maintained 100,000 acres of right-of-way along 5,000 miles of roadway that you owned, and you are sick and tired of paying high fuel prices? Maybe you would plant safflower, canola and perennial flax and in the Fall make your own dang biofuel! That is the plan for the Utah Department of Transportation (UDOT) in the nation's first experiment of its kind. The alternative fuel experiment was announced Tuesday by UDOT in partnership with Utah State University's (USU) College of Agriculture. The first crops were planted at a rest stop on Interstate 15 near Kaysville. If the green experiment works, the agriculture team will harvest the crops, press the seeds, and use the seed oil to make biofuel for the fleet of equipment used by UDOT. UDOT Executive Director, John Njord, said in a statement to KSL News that, "We predict that if everything works out just right, we could take a mile of our right-of-way and generate about 500 gallons of biodiesel per year on that right-of-way." If the project works at the peak levels projected, the state could generate as much as 2.5 million gallons of biodiesel fuel each year, enough to fuel almost its entire fleet of dump trucks, graders and other heavy machinery. The effort will potentially save the state of Utah millions of dollars in operations and maintenance expenses. Agriculture specialists from USU sowed the seeds on Tuesday of several crops along the right-of-way. "We picked western exposure and southern exposures because we figured this would be our most difficult seeding operation. If it grows here, we think it's likely it will grow in other places as well," said Dr. Ralph Whitesides with Utah State University's College of Agriculture. Initially, experts will convert the oil to biodiesel at a test site in Richfield, Utah. In the forward-thinking plan, they could ultimately use portable converters they on the side of the highway. Chuck Gay, from the USU Extension Program, says they will share their findings with other state and local governments when they know the results of the experiment. Gay also advises that if you want to grow your own crops at home to make biofuel, you may not get much from the typical backyard. There are some home enthusiasts who have been making their own biodiesel fuel for the past several years with used cooking oils. One such enthusiast is Mike Pelly, who offers his recipe at journeytoforever.org. For more information about the UDOT highway crop project, you can contact Adan Carrillo with the Utah Department of Transportation at 801-965-4706.
Utah...A Great State During Hard Times	Utah Foreclosures	4/10/2010 8:07 AM
With the real estate market bouncing up and down during these trying times there are 10 cities that are going to be the places many are going to consider living in because real estate is reasonable and offers a higher chance for job and career opportunities. With the recession affecting the real estate market it also gives way to the fact that smart shoppers can snag serious deals on homes and condos at some of the best prices on the market and many of those real estate deals are in these 10 cities. The ten cities that are featured are in fact scattered throughout the United States from all directions and it's becoming the choices for many who are moving from high priced places like New York and San Francisco. Below are a list of these cities and how many people are starting to call these cities home: Raleigh, North Carolina Boise, Idaho Cincinnati, Ohio Chicago, Illinois Salt Lake City, Utah Albuquerque, New Mexico Philadelphia, Pennsylvania Atlanta, Georgia Little Rock, Arkansas Birmingham, Alabama These 10 cities are going to be a choice for many who are looking for more job opportunities and somewhat more inexpensive living since New York and San Francisco are two most expensive cities to live in right now and many can't keep up with the rising cost of living in these two cities and are needing more of a break instead of having a financial choke hold. These cities are right now offering cheaper living and better job opportunities especially to those who are in the health care field because the job market for these 10 cities is booming big time and will continue to rise in the next 2-5 years. This is also the time now for many people to go back to school in these cities as well to make themselves more employable for the job market so when certain areas take off people are ready to jump right in and work and not have to face a crisis the way many people did when the recession started and for those who were working during the last recession when Reagan was president who are getting ready to retire, but will find themselves considering these cities as a place to move to because retirees will be looking for more cheaper accommodations and even a second career since many retirees ardent going to get much from retirement which may lead them to move to a more affordable city that offers them a chance to scale back financially and is friendly to the smaller budget. These cities are also being noted for other things besides cheaper living, but it's also more about education, career, and the best place to raise a family because some cities aren't suited for family life and are more suited for different lifestyles. More Midwestern cities such as Chicago are not only career savvy, but also family friendly for the working professional who wants to have an affordable place to raise a family. Southern cities like Little Rock and Birmingham are also good places to consider for cheaper living and a good place to raise a family. With the real estate market in recession mode this is the time to shop for the home of your dreams because the prices are fallen within affordable standards so those who are first time home buyers will snag deals on homes and even rental property because so many people who lost their homes to foreclosure have left a cornucopia of property that's worth taking a look at. You can get a lot out of this real estate recession by finding cheaper living in the 10 cities mentioned, but you can also find bigger and better opportunities in these cities where you can live in modest comfort without breaking the bank. View All Southern Utah MLS Equestrian Properties For Sale: http://tinyurl.com/pxdwax View All Southern Utah MLS Adult Community Property Listings: http://tinyurl.com/ra5oxe View All Southern Utah MLS Golf Home Listing: http://tinyurl.com/qzj6ud View all Southern Utah MLS Foreclosure Listings: http://tinyurl.com/aoctc5 View All of Saint George Utah’s Newest MLS Listings : http://tinyurl.com/yffwntqThis links is into the WCBR MLS Hot Sheet for Today!.
What is a REIT	Southern Utah Real Estate	4/7/2010 8:08 AM
What is a REIT? A REIT as we see in this part of this article, is a Real Estate Investment Trust. It can be a private or public firm. There are a myriad of "flavors" of REITS, and a REIT can have a smattering of different types of real estate within it. Thus, a REIT can be made up of 2 investment houses or 100,000+ other real estate properties. A unique math mystery occurs with a REIT that does not occur either simply or at all that does occur with non-REIT public firms. This is the mystery of market value compared to book value; with book value what a CPA would say a company is worth at any given time and the market value is what the securities buyers feel the company is worth. A non-REIT's market value is worth in NORMAL circumstances, 3-25X its book value. I discovered this in 1974. This difference is what has made many CEOs and early stage investors wealthy when their private investments went public. Some simple facts about private vs public REITs; a; anything public deserves disclose documents re expenses, income, intent, history of firm, growth focus and more. b ; a private REIT escapes the disclosure rules of Sarbannes/Oxley which should be unnecessary because of accounting rules but when it comes to accounting rules [think fiduciary] vs securities disclosures and company policies, one would think the general manager or operations officers would want to at least disclose to their private investors. So, while there are several forms needed by the fed, they are not horrible time consumers nor do they take attorneys to fill them out. What is a double escrow and how can it be an advantage to one's portfolio or investment strategy? Ordinarily, when one wants to buy real estate, one finds a property to buy via one's own search or through the retained services of a BUYER'S AGENT [who should NEVER EVER be permitted to represent the seller also, called dual agency]. One likes the property, gets financing arranged if needed and closes escrow in the name of the individual or the organization's name. End of story. Within the world of BIRD DOGS Instead of an assignment of a purchase contract, in a double escrow, there are two separate purchase contracts written up; one for a straw buyer, which he signs and the other contract is created which is between the straw buyer and the deal finder. At escrow close, there is necessarily full disclose as to who each party is and where any money paid goes. Thus, on a house found at $50,000 which is worth 100,000 with a ready buyer who is glad to pay $50,000, the finder of the house gets a friend to sign the first contract between the seller at $50,000 and the friend. and the second contract is between the deal finder and the buyer at $100,000. Everybody gets what they wanted. Everyone knows who did what and how. IF the buyer had been willing to take the time to find the discounted house, it is feasible he could have end up paying only $50,000 but he was happy to pay the $100,000 so he feels happy. There must be special attention paid to make sure that the buyer who is willing to pay the higher price is getting a house worth the higher amount and that the appraiser is not in collusion with the deal finder. If in fact, a REIT finds many properties available at discounts to the cost to build those properties and holds onto them, it stands to reason that soon, the equity build up in the REIT will become significant. Thus, a double escrow into one's REIT is an ideal way to gain equity for a REIT. Edelstein, R.H.,.Uroševic, B., Wonder, N. (2005. [Two contracts, two different prices, two different buyers, both contracts closing on the same day-NOT to be confused with a "flip" which is a contract ASSIGNED to someone else.] One of the criteria for the REIT or for any property acquisition program is identifying the type of property one wants to buy. Fisher, J. D.,.Goetzmann, W. N.(2005, September. REITs, Real Estate Investment Trusts, are good investment tools especially because they allow for incision into a public shell, thus re-capitalizing it. Darrat, A. F.,Shelor, R. M., Topuz, J. C.. (2005, November) When one identifies a property for acquisition, the REIT can pay cash for get financing for it. Titman, S., Tompaidis, S., Tsyplakov, S., (2005, Winter) When the REIT is sufficiently capitalized and the borrowers want off of personalized responsibility, it is an ideal time to either back into a public shell, a weak public firm or if not the most viable approach, an IPO. Dierker, M., Quan, D., Torous, W., (2005,Winter)To determine if the REIT one wants to purchase is prepared for its audit, one will need to hire a financial team to review the financial records. Jaffe, C. A.. (2001). Significance of the Problem USA banks make many loans to home buyers annually. These same banks and pension funds also make loans to buyers or builders of commercial properties; shopping centers, office buildings, industrial parks and free standing non-residential buildings and specialty buildings. Frequently, an opportunity is made available to a buyer and this buyer cannot get seller, bank or pension-fund financing. In those cases, including when the seller will not trade or take a chattel item in exchange for part or all of the price, the buyer must seek an alternative funding source and often this becomes the search for the elusive hard money lender. Instead of this occurring one time in 100 (only one in a hundred of any type of real estate purchased) this occurs as often as one of every 5 purchase contracts. Thus, in some years, fewer than 5% of real estate commercial real estate purchase contracts are successfully completed. While it is true that many teachers (facilitators), feel economically pinched, they have at their disposal considerable research and literature (both academic and working world) which discloses investment vehicles that provide returns of from 6.5% (the Fortune 500) to 2,500 % (K & S Investments; Phoenix, AZ) per annum, and the return's security is risk free. These inordinate returns are as safe as funds invested in any Fortune 500 blue chip stock, and carries the additional advantages of depreciation, control over (amount of) return, and is as liquid as stock without its return being taxable. By simply filing the necessary income tax documents provided by the Internal Revenue Service, one can learn how the return available with some investment tools (provided in this paper-- and which are not taxed) yet are totally supported by IRS rulings, instead of fly-by-night, flim-flam systems and methodology. Methods of creative financing as we have seen include Double Escrows, Hard Money Equity Only Loans, and Seller Carry-Back Paper. As real estate professionals, will agree that often, it is how a property is acquired that will determine the amount of profit to be gained. Thus, this section of the paper discusses methods of financing intended to produce the most profits. The most popular institutional financing systems include fully documented loans by credit worthy buyers whose notes are converted to securities and sold to FANNIE Mae or other securities firms discussed above. Real estate professionals will agree that of acquisitions systems used, this one is the least valuable. This book discusses three other types. Double Escrows Deal-doers find properties for 30-80% of the cost to rebuild (thus, 15-50% below fair market value). A common approach goes like this: A deal doer finds a property. The deal doer also brings in a friend to sign a purchase contract. The friend writes two contracts-one as buyer and gives same to the property owner that deal doer finds. In contract number one, the friend is the buyer. After the first contract has been filled out and signed by the seller, the friend writes up another contract and becomes the seller and sells to the deal doer. All the while, the deal doer lines up financing and pays for a new appraisal according to the requirements of the deal doer's lender. The title firm usually orders clean deeds to be created, termite reports, and title insurance and other items agreed to by both seller and buyer. A double (or triple escrow for that matter) is created when there is a single original seller and two buyers for the same property at two different prices, both contracts closed sequentially, ideally almost concurrently. As an example, buyer finds a deal. A commercial property in Kansas has a cost to rebuild of $1,400,000. buyer sees an appraisal to confirm this. The seller, has made a first mortgage on this property to James and James has not paid on the mortgage so Frank has foreclosed and re-taken possession of the property. Frank does not want the property so he puts it up for sale, for $400,000 the amount of his original mortgage to get rid of this property quickly. Kemper does not have $400,000 cash and does not want to have to borrow just to buy the building and then to have to borrow again to up-date the property and have operating capital. Thus, Kemper finds a "straw"buyer, Mr. Cohen. Mr. Cohen, for the fee of $20,000, writes a contract to purchase this property from Frank and offers $400,000 (naturally including on the line of the contract where name goes, he includes "and or assignees"). Frank in this case does not seek financing or even visits the property. Cohen writes a second contract after handing the first contract to Frank. In the second contract, he makes the purchaser Kemper (and or nominee), and puts in the purchase price of $1,400,000, the appraised value of the building, per the instructions of Kemper. Kemper has, concurrent with his review of the building and appraisal, sought and obtained financing at 75% of the appraised value of the building. Kemper's lender is one of the few that does review the contract and appraisal for legitimacy but does not pull a chain of title from the title (escrow) company to see who the actual seller is. This lender is not concerned with this data at this time. This lender only needs to make sure that title insurance is available for this property and that Mr. Kemper has qualified to finance it and is responsible for the mortgage. At close of escrow [the process where a neutral party reviews buyer's and seller's instructions to make sure they match, receives the lender's funds, orders title insurance and cuts checks and closes escrow and files with the county recorder which completes the transaction) the title officer has: Deposited the lender's check, and written a check to the seller Frank, for $400,000. The title officer has also written a check to "straw seller/buyer Cohen for $20,000. The title officer (holding Cohen's instructions too) has Kemper sign the lender's note, and gives Kemper copies of the note and deed-making Kemper the end buyer. The math has become $1,400,000, the building's value times 70% equals a $980,000 loan (plus the loan's expenses) as the gross amount of the check from the lender. $980,000 minus seller Frank's price of $400,000 equals $580,000. Minus $20,000 for Cohen equals $560,000. This final $560,000 minus title insurance fees and other closing costs goes to buyer Kemper. According to the US Supreme Court Ruling, the title officer must give a printed copy of the above to each participant in this transaction. Cohen will go on the chain of title as well, having been for one minute, owner of the property. In the State of Utah, it has been discovered that more than one buyer and seller and appraiser got together and stipulated to a value of a building to be transferred that was not appropriate to the building; creating a non-arm's length appraisal. All appraisals must be arm's length appraisals to be fair and legitimate. There can be no agreement in advance as to the evaluation to be arrived at by the appraiser. There is also a triple escrow and more if needed. The advantages to a double or triple escrow to the deal doer: getting a property with no cash out of pocket. Getting cash back at close. Another method of buying includes Seller Carry-back paper/notes, also known as Discounted Trust Deed Notes. A note associated to a trust deed (or mortgage) is a debt or a promise to pay to a lender (or investor) a specific amount of money at a specific rate of interest (it may change, like in an adjustable rate mortgage, known as an ARM), and may have any due date and be assumable or not. Any type of property may have any type of mortgage or deed against it, and there may be any interest rate and due date and it may be for any amount of money loaned.
Your Household Income vs. your Homes Value		2/9/2010 9:31 AM
Now that the irrationally exuberant Saint Georege real estate market has deflated, and Southern Utah real estate values are returning to more normal levels. Although with prices collapsing in some regional markets, many people question the very concept of normal value. But, the fact is, you need a place to live, you need a place to work and you need a place to play. These basic needs provide the foundation on which real estate value rests. If you need someplace to live, the choices are either buy or rent (assuming you are beyond living with Mom). If you decide to buy something, the choices are an existing home or a new home. Those three choices; rent, buy something new or something that exists intertwine to establish the basic value of homes. Real estate is a classic example of how markets function as buyers and sellers act in their self-interests. The average person has some part of their income they are willing to pay for a place to live. What they will pay could be used for rent or to buy a home. So, rents and home values compete in the marketplace. Likewise, many people will not pay more for an older home if they can buy an equivalent new house. Conversely, the prices of older homes tend to hold prices of new homes down. So, all the values are linked in this competing marketplace and are driven by personal income. The home mortgage crisis dramatically demonstrates how home values and household income are related. Starting in 1987, home values and household income increased in almost perfect unison to about 1999. In late 1998, home prices began to increase and soon outpaced income growth by double digits. This rapid price growth was fed by mortgage lending that essentially ignored risk. When the loan crises started in 2006, the mortgage money vanished and home values began to tumble. At the current rate, home prices should level off near household income in early 2010 although values will not stabilize completely until inventories are worked off. There were a couple of things driving this bubble in real estate. The huge amounts of money flowing into mortgage funds fed the easy financing that enabled the demand. There was also the widely held belief that property prices could keep increasing indefinitely. Many of the people in that real estate market had never seen any real decreases. This overconfidence helped created hyper-inflated markets, such as California and Florida, where speculation fueled double digit increases. These markets also were the first to fall. During this market the demand for bigger and more luxurious homes also increased. This was because home owners wanted to keep moving up the real estate ladder. Thus, there was more demand for upscale homes. Upscale homes mean that the functionality of the home is not really increased, but instead, convenience and luxury features are added to increase the perceived value of the home. At the top of this upscale pyramid is the so-called McMansion. These are over-sized homes in "prestigious" private communities. Sometimes it was like a contest to find the most expensive features. Custom cabinets, imported marbles, exotic hardwoods - anything that would add to the perceived value of the home. Many of these homes were two or three times the size of homes designed for the same size family. As prestige and luxury became the watchwords, the homes became less and less connect to their intrinsic value, the value of shelter. As could be predicted, this type of home took the biggest hit in dollars and percents and experienced deep declines even in markets that otherwise experienced only modest price decreases. Overall, this market serves as a dramatic demonstration of what happens when real estate values get out of line with the intrinsic value. Eventually the fundamental economics will work. To summarize, the value of real estate is directly related to the utility of the property and is tied to income. The values are established in the marketplace as buyers and sellers act in their own interests. While markets can be distorted and there may be temporary fluctuations, ultimately markets will return to this core value, the value in use.

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