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Show Enterprise Rerieic, January 28 , 1976 lape Mine OF Residential Sales Report Market Price Shrinks 9 by Andreie 11. Hansen With a fairly large number' of sales and a good dollar volume of reported sales this past week in area Xo. 8, it has lost a sizeable nine percent off of the listed price of its residential sales. What this means to the casual observer is that the seller who has placed his property on the market, with a price tag of $35,000, was forced to discount the price by $3,150 in order to close the deal at $31,815. This may not be the case in all sales, but the average will make some of the individual sales really losers if others are not discounted badly. The. potential buyer should note carefully that a thorough investiga tion of the market in area Xo. 8 should lie made a good lniv may be possible, or a liad buy could lie avoided. Area Xo.l is not too far liehind with a market to sale of 93 percent, but the size of the sample is not nearly as large as it was in Area Xo. 8. As issues go on, Ill try to investigate pricing of homes and how Ixith the seller and buyer can be better infonned in the residential market place. In reporting a summary of weekly residential sales activity, I credit the Salt Lake Board of Realtors and its Multiple Listing Service for the information. Although it does contain the vast majority of residential sales, it is by no means conclusive. Statistics, I believe, will lie useful OMR (OUTSIDE) in sighting trends in residential sales by area, price, etc. I will not deal with metro land sales or commercial sales, which will hw4ever appear in the total volume figure. The figures are difficult at liest to obtain and plunge us into a whole new kill game. Comments about the weeks activity are expressly my own and not those of the Salt kike Board of Realtors. New Flans For Old Building Since the postal service moved to Redwood Road and 21st South, what is happening to the old post office on 4th South and Main? According to Denver officials in the federal General Services Administration, former postal offices will be remodeled and occupied bv overcrow'ded agencies Fedhoused in the currently eral Building. Federal government architects and contractors will do the w'ork on the building, the officials said. MORTGAGE RATES Investment Summary Chuck Akerlow It now' appears that the best strategy for the Salt Lake City Redevelopment Agency is to update its feasibility study on its property on 2nd South and West Temple. Much time has elapsed since the Agencys original intention of developing the ground with Harnett Shaw of Company Development Chicago. The Agency had to decide whether to go back out for new proposals or whether to update its feasibility study and then ask for new proposals. It chose the latter course because an updated feasibility study w'ould better enable it to make a decision on proposals it w'ould receive. Mike Chitwood has received proposals from three firms and six local companies to complete the updated feasibilitv studv. A deci-- 0 sion will be made shortly on which firm will get the nod. After the feasibilitv studv is completed, new proposals will lie sought from interested developers. The feasibility study will l)e completed bv May, 1976. It is doubtful that new' proposals and an award would le made lefore late 1976. Therefore, it -- out-of-sta- te seems unlikely that any development activity will take place prior to the spring of 1977. To the casual olserver, the delav mav seem unconsciona-ble- . However, in order for the to Agency Redevelopment maximize its income from the sale of the land, it will le necessary for a careful feasibility study and appraisal report to le finished. And for the developers to make meaningful proposals, it is necessary that the data on the site lie brought current. Finally, to this observer, it seems that downtown Salt Lake is not immediately ready for another large scale development. These rates were obtained by telephone conversation with the above institutions. 'The rates are correct to the best of our knowledge but their accuracy cannot be guaranteed. |