OCR Text |
Show Page 10b Enterprise Review nm OMR (OUTSIDE) "N BOUNTIFUL TO FARMINGTON ROSE PARK SOUTH TEMPLE Residential Sales Report by Andrew B. Hansen At last writing I discussed the desirability of a Comparative Market Analysis in the pricing of real property. The necessity of such analysis is quite apparent; however, the mechanics of the procedure may not be as notable, so here is how it works: three different I will use of property classification to compare the subject property. They are properties that have sold in a recent period (adjusted for how long ago it was sold), properties that are now on the market, types and properties that have expired from the market. Your property should be classified with properties that are as closely similar as possible, in similar areas,, and similar ages. In comparing the with others, the pluses and minuses should be noted and adjusted to bring the subject property more closely in line with properties being used as comparables. Using the sold property catalogue of the Salt Lake Realtors, it is easy to find what has already sold on the market, the price it sold for, the days on the market, and the type of financing. The publication for internal use of Realtors, is published four times a year and if more current information is needed, the weekly Multiple book will provide the activity for the immediate prior three-mont- h period. This sold information is the most reliable source of information for resale and market price available. ?rd Next, you will want to find properties currently on the market and how these proper-propert- y ties are being marketed. Patrick J. Vacalin Mortgage rates on apartment buildings and shopping centers are continuing the sharp decline that began with the new year. Shiefman and Associates reported this week that typical apartment rates declined 14 percent in January, marking a total decline of 12 percent in the past two months. Typical shopping center rates fell a total of 14 to 12 percent over h the same period. Current rates in both categories are now the lowest in nearly two years. .There are other signs of easing in the commercial two-mont- mortgage market. More lenders are now willing to offer terms up to 30 years on apartment loans; downpay- ment requirements 9.75 percent a month ago, and from a firm 9.75 at the end of December. The benchmark rate for - by Patrick J. Vaculin are medium-size- shopping d centers is a flat 9.75 percent, down from 9.75 - 10 percent a month ago and 10 - 10.125 percent at the end of December. Mortgages on existing properties command rates 18 and 14 percent lower than these benchmark rates for the most part. Though rates and terms for commercial mortgages are easing, and available money exceeds the supply of good projects, there has been no easing so far in lenders quality standards. They are still looking for prime properties from developers with strong track records. These benchmark rates Shiefman and Assoc, are obtained from attractive project because Advance Mortgage and represent their best judgment of their rate is too high. & Shiefman Associates typical current rates for typical reported end of February mortgages on new construc- tion from the institutional benchmark rates for apartment mortgages was 9.S to investors now in the market. 9.75 percent, down from a flat Rates and conditions for indiv9.75 percent a month ago and idual loans may vary up or from 10 10.25 percent at the down from the benchmarks end of December. depending on such factors as The current benchmark rate location, size, delivery date, for shopping centers secured tenant credits and lease terms loan-t- o value rates, etc. by strong tenant credit is 9.25. - 9.50 percent, down from 9.25 slightly lower; and lenders are showing reluctance to lose an reported by . 2100 SOUTH These are the ones that are being placed in competition with the subject property. This is easy, just get the agent to look in the weekly multiple listing book and find properties that compare with subject, again, adjusted for pluses and minuses. GRANGER HUNTER MAGNA TAYLORSVILLE KEARNS 6200 South Lastly, the expired market is explored. It is the easiest to misinterpret, but still remains very important. Simply, it will show what properties are placed on the market and what buyers are unwilling to buy, whatever the reason (usually price). The agent may have to go back quite a few issues, but end results make it worthwhile. Ares Type Residential Ares 1 Residentisl Ares 2 Residentisl Ares 3 Residentisl Ares 4 Residentisl Ares S Residentisl Ares 6 Residentisl Ares 7 Residentisl Ares 8 Residentisl Ares 9 1 Residentisl Ares 10 Residentisl Ares 11 Residentisl Ares 12 Outside Metro Residentisl Condominiums Duplex Apsrtment Financial Summary GLENDALE Totsl All Ares BUTLER k. uI Hi S. JORDAN 30 70 78 110 145 26 260 813 170 420 107 112 106 175 New 5 9 13 20 21 5 21 45 20 46 10 14 7 90 110 14 20 12 3.267 349 4 S? 5 RIVERTON Totsl Active SANDY W. JORDAN COTTONWOOD HEIGHTS' 94th S. DRAPER |