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Show Page 14b The Enterprise Review , November 3, 1976 Investment Summary Chuck Akerlow Another mall w'hich claims to be the world's largest mall is a $175 million project located in North Randall, Ohio. In Lakewood, California, there is a 2.2 million square foot mall and across the country we find other centers in excess of 2 million square feet. Each mall covers close to 200 acres, including parking and necessitates at least major anchor stores. by Chuck Akerlow The average size of shopping malls has gone down over the past two years. Some centers have grown so large as to make the investment astronomical and the risk even higher. Can you imagine, for example, a shopping mall two and one-hatimes the size of Fashion Place? You will find such a mall in Schaumberg, Illinois. It is the Woodfield Mall and is a project of the Homart Devlf elopment Company of Chicago. five Most loans today are being made to the small or medium size shopping center. The risk is less and retailers have come to understand that it is not necessary to be in a center as large as some of those which have been built. In fact, shoppers prefer some convenience even in a shoppers center. so-call- ed Continue to look for increased numbers of foreign investors in the shopping center market. Canadian money is available in increasing amounts to good projects in the Intermountain West. Building Permits 1388-PInkert- & on Laws, owner and builder of a light mgf. and office, 28,700 squ. ft. of brick and steel con- struction located at 124 Charles Lindbergh Dr., SLC, Ut. Est. cost, $344,700. 1428-Allian- ce Builders, owner; Edwards & Daniels, architect; Doxcy Layton, builder of a retail store. Phase II, shell only located at 1401 S. 2200 E., SLC. Ut. Est. cost, $150,000 1449-Diamon- d Products, FNMA Considering Program to Finance Mental Units The Federal National Mortgage Association has announced that by it will make available the details of a proposed program to finance rental apartments. FNMA has a program to buy mortgages on conventionally financed single family residences but none for mid-Novemb- er conventionally financed apartments. Copies of the draft program will be circulated to organizations related to the housing and home finance industry and their comments will be considered before a final decision is made by the corporation on when the program will go into effect. Individuals or organizations wishing to receive copies of the program should address their requests to the Office of Corporate Rela- tions, Federal National Mortgage Association, 1133 15th Street, N.W., Washington, D.C. 20005. Real Estate Sales Flat on Higher Industrial Volume Real estate sales for the week ending Oct. 29, in- creased slightly despite a drop in the number of residential and multiple unit A 56 percent properties. increase in industrial properties accounted for an overall real estate sales increase of 1 percent. Total sales for the wreek amounted to $7,462,010, up slightly from last weeks sales of $7,323,021. Residential properties for $5,692,840, down 6 percent from the week prior. The average residential property sold for $40,375. Multiple unit sales (apartments and duplexes) dropped 10 percent as 14 properties sold for $522,620. accounted Business properties and industrial sold for $1,008,750, a substantial gain over last weeks sales of $437,817. Twelve vacant lots sold this week for a total of $237,800. MORTGAGE RATES FI1A 8.5 Vi VA 8.5 owner; Bosch Construction, builder of an additional 2280 square feet to building located at 1937 S. 300 W., SLC, Ut. Est. cost, $50,000. 1573-Uta- h Power & Light, owner and architect; Rocky Mnt. Const., builder of an addition to shop of 1800 squ. ft. located at 1569 W. N. Temple, SLC, Ut. Est. cost, $88,000. Home Purchases Continue Upward Trend While last year the number of houses purchased in Salt Lake County diminished after the second quarter, this year the trend is continuing upward. During the 1976 third quarter, 5918 warranty deeds were recorded, compared to 5476 during the same period last year. During the 1976 second quarter, 5807 deeds were recorded, compared to 5497 during second quarter 1975, according to figures com- piled by Security Title Co. Warranty Deeds Recorded Salt Lake County by Quarter (according to figures compiled by Security Title Co.) 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. |