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Show The Enterprise Review , November 10, 1976 Page 14b Realtors Total Real estate sales for the week ending November 5 show a decline in total sales of 3 percent as 169 properties sold for $7, 1 76,926 compared to last weeks sales of 178 properties that sold for $7,462,010. Residential properties accounted for $6,021,155 and 142 properties. Average Rates Decline; Mortgage Sales Life Insurance Firms Are Back in the Market home price for the week was $42,402, up over last weeks average price of $40,375. Multiple unit sales (apartments and duplexes) sold 15 units for $671,350; average unit price was $44,756. Five industrial properties sold for $375,300 and seven vacant lots sold for $109,121. Partnerships Limited, 10 Exchange Place, SLC; C.W. Pack II and Pat F. Pack. 12534-TescSalt Lake City; C. William Pack, II and M.D. Leasing, 526 Perrys Hollow, 12533-C.- P. o, SLC. 12535-M.- Leasing, Salt D. Lake City; C. William Pack II, C.P. Ltd, 10 Exchange and Clarence William Pack. Owner12536-Multi-Reso- rt ship Plan - Bear Lake Jack-so- n Hole, Phase I Sweetwater Park and Gordon D. Walker, 555 East 2nd South, SLC. 12537-Multi-Reso- Owner- rt ship Plan Bear Lake - Jackson Hole, Phase II Sweetwater Park and Gordon D. Walker, 555 E. 2nd S., SLC. -- 12538-Multi-Reso- Owner- rt ship Plan, Bear Lake - Jackson Hole - Park City Phase III, 555 East 2nd S., Sweetwater Prk and Gordon D. Walker. 12539-R.W.Associates, 745 Pacific Ave., Ronald W. Thornton, 2036 Laird Dr.; William L. Smith, 2002 Laurel Hurst Dr.; H. Jay Layton, 4724 Neptune, SLC. 12540-Flyin- g Diamond Coal Resources, No. 2, 1974, 1700 Broadway, Denver, Colo. Gary F. Sprouse, Pres. 12541 Little Stream Investments, 7442 Parkridge Circle, T. -- David S. Ricks, 7442 Parkridge Circ., SLC. Hill Properties, Ellis R. Ivory and Clark B. Hinckley, 151 S. Main, SLC. 12542-Capit- ol Sorensen Investment Co., Ltd., 1124 Augusta Way; Bruce F. Sorensen, M.D. g Family Limited, Partnership, William N. Ludwig, 2640 Roland Drive, SLC. 12543-B.- F. 12544-Ludwi- Braiding Permits 2149-Owncrbuild- Jack er: Ellcfscn; Architect: William Hargreaves of a 12 unit apartment located at 1815 Independence Blvd, 17,136 sq. ft., 6 story, attached Estimated cost: carport. $180,000. Apartment mortgage rates declined slightly during the past month, and so did rates on commercial projects secured by the credit of AAA-rate- d tenants. Advance Mortgage Corporation reported today in its monthly survey of benchmark mortgage rates. Mortgage rates on other commercial projects also softened but not enough to measure. Rates in California are lower than up to 14 elsewhere in the nation. Magic Number at Last For the first time in nearly three years, says Advance Mortgage vice president-income loans Philip H. Kozloff, apartment mortgage rates in part of the country are below the magic number which developers have said would turn on the apartment recovery. In Caifomia, loans on new complexes are available for 30 years. That at 4 is equal to a 9.88 constant (annual payment of interest plus principal). The magic number constant that developers have said would make new projects feasible in most 9-1- areas is 10. Elsewhere, the best available nt new-apart-me- loan is 2 for 30 constant. years, a 10.1 The California apartment recovery is already further 9-1- advanced than any other state. It is accounting for one-fift- h of this years U.S. apartment starts. Kozloff adds that life insurance companies have tentatively resumed lending to apartment builders, after a long period of extreme wariness. Several have recently committed their first apartment loans in two years or more. Advance Mortgages benchmark rate for mortgages on new apartments was 2 down from 8 a month ago, and from a firm 4 in the preceding two months. In California, the typical rate is now in the range of 4 down from 2 in the previous two months. d Rates on existing apartments are as low as 4 in New York in California, and 9 8 elsewhere. The current benchmark end-of-Octob- er 9-1- -34, -9- 9-5- -9- -34 9-3- 9-1- -12, -9- 9-1- well-rente- 8-3- 9-3- rate on medium-size- ing centers is 9-1- shopp- d - 4 9-1- 2 and the current rate on commercial or industrial projects secured by strong tenant credit is 9 Both ranges are unchanged since a month ago but more loans are available at the lower end of the range than was the case last month. The discount for loans secured bv extra-stron- g (AAA rated) tenant credit (telephone company subsidiaries or the equivalent in financial strength) has increased since last month. Such mortgages are now 8 in California, 4 elsewhere. The benchmark rates represent Advance Mortgages best judgment of typical current rates for typical mortgages on new construction from the institutional investors now in the market. Rates and conditions for individual loans may vary up or down from the benchmarks depending on such factors as region, location, size, delivery date, tenant credits and lease terms, ratio, etc. Advance Mortgage Corporation is a subsidiary of 9-1- 4. 8-5- 8-3- loan-to-val- ue Citicorp, New York. MORTGAGE RATES FIIA 8.0 M VA 8.0 Valley Bank & Trust; Builder: Rocky Mountain Construction Co.; Architect: Carpenter STringham of a bank building located at 1285 S. 2100 E.; 8,000 sq. ft., 1 story, 25 det parking. Estimated cost: $250,000. 2188-Owne- r: Business Licenses New City Licenses Continued from page 10b Francis Apts, 467 E. 400 S. Mrs. Albert Funk, 587 Eli;:a-bet- h St.; apts. Eldred L. Carr. Chelet Apts., 329 Beryl Ave. James E. Lentz, Lee Lov Ann A pts, 1264 E. 200 So. Lerome K. Grover, Karla Lee 6 W. 400 N. Apts, 1742-175- Property Service Corp., Wasatch Towers, 1235 E. 1865 S. Main, Suite 12; mtge. Mountain Valley Fried Chicken, Inc., 1603 Stratford Ave. The Plant Works, 245 Trolley Sq.; retail plants. Pcppertree Apartments, 714 N. 900 W.; apt. complex. Mills Corp., 2010 S. 10 E.; wholesale & plants & publish- Richards St.; steel fab, ing. Harwood Color, Inc., 1203 E. 2100 S.; printing & litho- manuf. & distributors. Pierson Lacquer, 238 W. 13 So.; wholesale & retail body shop supplies. Equitable Mtge Co., Inc., Daynes Fine Diamonds, 110 S. Main; retail jewelry. Crosswoods Village Apts., 780 N. 900 W. 200 S. Truck Specialties, Inc., 1155 graphy. 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. |