OCR Text |
Show Page A8 Th rsday, April 7, 1983 Park City News IP(IDflll(E(B 4 Real Estate Investing Michael Sloan, Broker REAL ESTATE INVESTMENT REAL ESTATE AND INTEREST RATES QUESTION: Interest rates are coming down for residential properties. proper-ties. Are they likewise being lowered for investment properties? ANSWER: Residential mortgage interest in-terest rates are lower now than they have been in the past few years. In practice, most banks treat owner-occupied owner-occupied two, three, and four-family houses exactly as they treat single-family single-family houses or condominiums. The lowering of interest rates, then, applies directly to this type of investment real estate. Historically, the investment rate often of-ten applied to the mortgaging of larger non-owner-occupied income property has been one to three points high than the residential rate. The good news is that when the residential rate is lowered, the investment rate is usually also proportionally lowered. Investment real estate is bought and sold every day by pragmatic business people. They know numbers. The numbers have to work. A buyer will only purchase an investment property if there is a reasonable expectation of an acceptable return on that investment. invest-ment. Financing is one of several components com-ponents which can be adjusted during negotiations between investment seller and buyer to make the numbers work. You often hear non-investors exclaiming ex-claiming that they wouldn't pay 16 percent, 17 percent or 18 percent on any deal. Successful active investors are rarely this inflexible. They choose instead to make their investment decisions based upon all the facts. I suggest that you and I work together from this latter perspective. Let's discuss your investment needs. Call us at 801-649-9134 or stop by the Group 1 Real Estate Offices at 750 East Kearns Boulevard, Park City, Utah 84060. We look forward to meeting you and answering your investment questions. -Advertisement- Revelers keep cops busy The Park City Police are to be commended for surviving a week which featured a brimful town and festivities both condoned and not. As expected, they were called almost constantly to answer a host of complaints of varying severities. On Tuesday March 29, Ian Mcllraith reported that his skies had been stolen from outside the Summit House while he was having lunch. His Dynamic VR 17's have still not been recovered. A theft was also reported by Richard Gerheiser who said that $220 was taken from his condo. A theft of a smaller nature was perpetrated at Alpha Beta but we are not sure how severe the punishment was. China (Ridge Restaurant Open 7 days a week, Mon. thru Fri. 11:30 a.m. -11:00 p.m. Sat. k. Sun. 3:00 to 11 :00 NL- X Pork Fried Rice $2.95 LUNCH SPECIAL Monday - Friday 11:30 a.m. -3:30 p.m. Roll, Chicken Chow Mein, Talt out availsbk mini bottk service. - Two juveniles from Larch-mont, Larch-mont, New York were caught snitching Cadbury Bars and were handed over to their parents for appropriate appro-priate disciplinary measures. mea-sures. That evening P.C.P.D. officers were called to the Edelweiss Haus where a 5-year-old boy had nearly drowned in the pool. Two lodge guests had already begun administering CPR and Life Flight was summoned. sum-moned. Young Charles Wray was later reported to be recovering at Primary Care Children's Hospital. On March 30, Norma Bates of Heber reported that her Chevy pickup had been hit in the underground parking lot at the resort. The damage was estimated at $150. A minor car accident was reported at the intersection of Main Street and Daly Avenue on March 31. Shawn Hazelrigg was backing into the roadway and was hit by Steve Deckert. Deckert hit the rear of Hazelrigg's vehicle lifting the wheels of the pickup truck up off the ground. In the meantime Alan Grant reported the theft of a five-foot oak cocktail table from his Crescent Ridge Condo. P.C.P.D. also assisted in controlling traffic at the 'Prospective buyers should be sure to contact the premier firm in Deer Valley Park City, Cump & Ayers ..." Town & Country Magazine December, 1982 This week's featured properties: - THE BEST FOR LESS Terrific 2 bdrm, 2Vi bath Park Avenue Condominium Condomini-um on the golf course. Improved furniture package with many extras. Excellent terms, comparable units have been offered for $30,000 more! Only $129,000. Bob Richer 649-1132 (home) or 649-8550 (office). IN THE COUNTRY Check out this 1600 sq. ft. home in Highland Estates. A 3 bdrm, 2 bath home which includes ap-prox. ap-prox. 1.3 acres zoned for horses. Even with a selling price of $80,000, seller will provide additional $5,000 credit toward closing costs or as refund. Dick Mitchell 649-8550. VICTORIAN COTTAGE Renovated quaint Victorian cottage. Pine trees, garage, white picket fence. Low down to assume existing loan. Cyndi Sharp 649-4090 (home) or 649-8550 (office). WANSHIPMINI FARM Hardwood floors, natural woodwork, full basement, updated counter tops in home on 2 plus acres. Property also includes old cabin, 8-10 stall barn with concrete floor, 2 car garage and irrigation system. Silver Creek runs along property line. $105,750. Gene Zenger 277-1875 home or 466-8704 office. 1 P 7PF LEAST EXPENSIVE This Prospector Square Condominium unit is the least expensive kitchenette on the market! Excellent terms with low down payment. Price of $45,500 includes in-cludes furniture package. Excellent rental history! Bob Richer 649-1132 (home) or 649-8550 (office). ADVANTAGE, RACQUET CLUB Leverage, fine terms, most amenities in Park City, Jack Nicklaus Golf Course, superior 2 bdrm plus loft Phase III unit. Immaculate condition, upgraded furniture fur-niture package. $155,000. Bob Richer 649-1132 (home) or 649-8550 (office). ........"""" HORSE PROPERTY Beautiful Snyderville Basin horse property available only 5 minutes to ski areas. 4.4 acres with fence, corral and small barn. Spectacular views. Cyndi Sharp 649-4090 (home) or 649-8550 (office). H&4 Urn Be sure to ask us about our "FANTASTIC 1 5" Best Buys in Park City real estate, an in-depth analysis our agents did on today's best bargain values. GUMP & AYERS REAL ESTATE I N C. Park Meadows Plaza, Park City, Utah 84060 649-8550 ( mile east of the Holiday Inn) 649-8550 intersection of Marsac and the Deer Valley Road so Life Flight could land and pick up a heart attack victim who was a guest at the Stein Erikson Lodge. On April 1, Dr. Robert Flesch reported that a valuable valu-able belt had been stolen from his belongings at the Alpine Prospector. And Karin Huber's Nikon camera was stolen at Shadow Ridge. According to Police Chief Frank Bell, Clown Day created a lot of problems for the police. "We were busy breaking up fights from 5 p.m. on," he said. "It was a nice day and people used that as an excuse to get drunk." Among the most serious Clown Day incidents was an assault on Main Street. According to witness reports, Emmett Huggard of Park City was having a fight with his ex-wife Elynn Brus-naham Brus-naham while drinking at the Club. He dragged her outside onto Main Street, carried her across the street and then threw her onto the hood of a parked car, they said. After that he allegedly threw her down on the sidewalk in front of the Post Office. Police were called to the scene and Huggard reportedly threatened threat-ened Sargeant Ingersoll. Huggard was arrested and taken to Coalville where he was held on $1,000 bail. Also on April 1, the Park City Fire Department was called to put out a dumpster fire caused by some hardwood hard-wood ashes. Park City firefighter fire-fighter Chris Gamblin in jured his knee in his efforts to quell the fire. Throughout the evening officers were dispatched to the Alamo Bar to enforce the Door Closing Ordinance. Loud music issued forth from the party inside and numerous revelers spilled out in front of the building with their alcoholic beverages. be-verages. "But it's Clown Day," a woman told police. After making his demands clear many times and receiving re-ceiving no cooperation, Officer Of-ficer Witt noted that he was outnumbered 250 to 1 and retreated from the scene. The Alamo management, door personnel and bartenders bar-tenders were all cited for violating the ordinance. On April 2 Park City was relatively quiet everyone must have been recuperating. recuperat-ing. On April 3 Elaine Root and Gary Sneed, whose cars were parked on Woodside, reported re-ported that they had been sideswiped. The offender is not known. A one-car accident was reported that same day on Utah Highway 224 northbound. north-bound. Robert Bunyard of South Jordan rolled his Chevy pickup off the highway. high-way. Bunyard was not injured in-jured but the vehicle sustained sus-tained $3,000 damages. On April 4 Mary Hogan reported that a basket of geraniums had been stolen from in front of the Art Network on Main Street. "Don't people know that stolen plants won't grow?" asked Hogan. Water rights to be topic of meeting The Park City Summit County League of Women Voters has just completed a study of water rights and quality in Summit County which will be the subject of a public meeting Tuesday, April 19, at 7:30 p.m. in the Parish Hall of St. Mary's Catholic Church on Park Avenue. The League study, which gives a detailed account of the developments that have led to recent issues about obtaining enough water for the area, provides a thorough explanation of the old rhyme, "Water, water everywhere, but not a drop to drink ..." Summit Coun-. ty's vital-need fot assuring' adequate water supplies is" complicated by the existence of water sources whose rights are owned by entities outside the county. This situation has fueled controversy about expansion and environmental issues, currently coming to a head in arguments over the proposed Jordanelle Dam Site and the proposed enlargement of Smith-Morehouse Reservoir. Reser-voir. These and other recent developments concerning water adequacy and water rights will be discussed at the upcoming meeting. Speakers will be Park City Attorney At-torney Tom Clyde and the director of the Snyderville Basin Sewer District, Bruce Decker. The local League's water study committee was chaired by Gretchen King, who was assisted by Barbara Bar-bara Gurski, Sue Zuchetto, Cindi Sharp and Evelyn Richards. 0 ccn ' .11111 W I II II . I ! ' ill mm ! ' i J '''' . ft. f CHALK GAHDen TROLLEY SQUARE and DEER VALLEY |