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Show t Page 10 Residential Sales Report Two weeks ago, I reported that the homes in Area Eight, with quite a large sample, had a selling price of only 91 percent of the asking price. This week, however, sales were at 99 percent of the asking price with a total volume of $1,164,000, representing a huge 25 percent of the total reported volume to the Salt Lake Board of Realtors. The single negative apparent factor is that the average length of time the properties stood on the market ' was 96 days. It was quite a nice w'eek for 32 sales with an sale average price of $36,378.00 for the area. The 235 program rides again as the FHA has announced the reactivation of a modified program. This will probably start a rash of d seekers for land to build low cost homes to fill the need created by the reactivation of a modified program. This will probably start a rash of seekers for low priced land to build low cost homes to fill the need created by the reacti- - vation. The low cost, no frills program is subsidised to the buyer by a reduction in interest charged him. The builder had best be informed that the new program has limitations. Briefly, they are: the house must be built to the MPS (Minimum Property Stan low-price- v Investment Summary Chuck Akerlow It isnt often that the Gen- eral Services Administration announces it plans to lease a 110,000 square foot building in Salt Lake City, but such an event happened recently. Requests for bids on a combination office and photo lab building went out to several developers in Salt Lake City and about 20 office builders sent bids to GSA in Denver. Among those bidding were The Boyer Company, Petersen Development, Ivory and Com-pany-Americ- an National Offices and John Price Asso- ciates. v The GSA told us they planned to make their decision soon. Their preference is to locate the facility in a residen- tial area rather than an industrial park. They have also fixed a maximum for the annual lease payment; a maximum which 90 percent of the New bids exceeded. The next step will include negotiations between GSAand the parties who have credible proposals. They hope to arrive at a firm price for a lease plus two options. The developer awarded the lease will have a plum. After all, it isnt often that a firm lease on an entire building can be obtained. When one is, the potential for selling the building to an investor is great and lucrative. Were told that the GSA plans to enter into more leases of privately owned buildings 10-yea- r, 5-ye- ar rather than building and owning their own. We applaud this since a privately owned building contributes to the local tax base and provides investment opportunity. And, if our memory serves us well, we recall that free enterprise is something about that. Plaza Nears Completion New office space should be available within 60 days at the Atherton Plaza, 4700 South 11th West, according to Alan Holbrook, Secretary-Treasure- r of Wallace Associates. Wallace Associates, a real estate investment firm, expects the total project will represent about a $1 million investment, Holbrook said. Atherton Plaza will be built on about three and a half acres, he added, and will offer about 28,000 square feet in office space. Five office buildings will be constructed by Wallace. State Farm Insurance will build an additional office building on the site. Construction of the Wallace Associates buildings was started in December, 1975. Holbrook said no major tenants have yet been selected. He speculated the five buildings would be completed and leased this year. by Andrew B. Bunsen m Gsfl dards); Maximum available financing is $21,600.00 for a $25,200 for a four bedroom, with a possible adjustment upwards to an additional $3,600, a selling price of not more than 120 percent of the mortgage amount. The program has three-bedroo- m, many fine point requirements, in addition to those listed above, that should be thoroughly checked out before getting too excited. |