Northern Utah Residential and Recreational Real Estate Specialist

$13,000 - Two Acre Camping Lot - 30 Minutes from Ogden

John Allaire (Prudential Utah Real Estate) — Thu, 07 Feb 2013 09:19:49 -0800

Two acre camping lot in Evergreen Park only 30 minutes from Ogden. Mountain views and wildlife at 6200' elevation for cool summer nights. Close to Causey Reservoir, Monte Cristo, South Fork of the Ogden River. Ideal recreational property for horseback riding, ATVs, fishing, mountain biking and hunting.

No improvements (water, septic, power). Lot is approximately 3/4 mile off county-maintained road (Evergreen Park Drive). Roads above Evergreen Park Drive are not maintained by Weber County.

Driving Directions:

Highway #39 East from Huntsville approximately 9.5 miles, just past Red Cliff Ranch to Evergreen Park Drive on left. Left on Evergreen Park DR approximately 2 miles to Green Hill RD on right. (All roads above Evergreen Park DR are not maintained by Weber County.) Right on Green Hill RD, approximately 3/4 mile off Evergreen Park DR. Green Hill RD turns into Cherry Way at Spring Way intersection. Lot is on right, just beyond Oak Canyon RD. Lot address: 3036 N Cherry Way, lot #473.

I specialize on recreational property in areas including Evergreen, Causey Estates, Sunridge Highlands, Legacy Ranch and Monte Cristo.

Prudential Utah Real Estate

801-745-2619

$29,900 - Sunridge Camping / Cabin Lot

John Allaire (Prudential Utah Real Estate) — Fri, 27 Jul 2012 16:33:30 -0700

Mountain and valley views in every direction. Ready to use as a camping lot. Great lot with gradual slope and building area for future cabin. Secluded camp spot set back from road 150', on circular driveway. Water and septic hookups already installed at camp spot. HOA fee covers water, road maintenance, gate security, picnic area and Moose Lake. Elevation: 6900'.

Prudential Utah Real Estate

SOLD $59,900 Causey Estates Lot Water, Power, Septic, Shed

John Allaire (Prudential Utah Real Estate) — Sun, 02 Oct 2011 13:03:48 -0700

2.38 acre turnkey camping or future cabin lot in Causey Estates, a gated recreational community 30 minutes from downtown Ogden. The rear of this lot borders protected common area and a seasonal stream. Power, water and septic tank and hookups are already installed for two campspots. Minimal excavation required to build. Views in all directions, with Causey Reservoir view potential from deck and upper levels of a future cabin.

2008 12' X 14' Super Shed with 8' Double Doors, Roof Overhangs, Light and Wall Vents.

Seller Financing is available to qualified buyers.

I specialize in recreational real estate throughout Northern Utah, including Causey Estates, Sunridge and Monte Cristo.

Lot #117 - Causey Estates

Contact agent for additional information.

Phone: 801-745-2619

Email: John@RockyMountainHomes.net

Prudential Utah Real Estate

For Real: Install Your Own Inexpensive Off Grid A/C Solar System

John Allaire (Prudential Utah Real Estate) — Wed, 29 Jun 2011 20:28:46 -0700

After years of research, my wife and I finally pulled the trigger and purchased and had a licensed electrician install an inexpensive, effective solar system for our cabin. Over the past several years, I have helped many of my clients find and purchase off-grid recreational property. The old school approach to these cabin properties is to use a generator, providing cabin owners two choices once the sun goes down: a) Noisy Option: Crank up the generator and turn on the lights, or b) Quiet Option: Wander around with a flashlight or propane lantern. Based on the information I had, I would always tell my clients they could have an inexpensive solar system installed for as low as $4000 - $5000. Not bad, right?

By researching and shopping both on the web and locally (both have advantages depending on the item), I found out what I needed to build a solid system that could be expanded in the future, without breaking the bank on the front end.

Below are the components and costs for each used for our system:

- * 85 Watt Solar Panel - $200 (Web Purchase)

- 3000 Watt Modified Sine Wave Inverter - $450 (Web Purchase)

- 10 Amp Solar Charge Controller - $60 (Web Purchase)

- * 2-Six Volt 225 Amp Hour (Rated at 20 Hours) Golf Cart Batteries - $260 (Local Purchase)

- PV Cable (connects solar panel(s) to solar charge controller) and Romex Electrical Wire - $150 (Local Purchase)

- 30' of 3/0 Battery Cable (15' run x 2 between batteries and inverter) plus 4 lugs (ends) installed - $180 (Local Purchase)

- Labor (Licensed Electrician) - $450

> Total: $1750

(*) Items that can be easily doubled later if needed for increased capacity

Please feel free to contact me if you have any questions or want additional details on our system. If you are willing to do some of your own research, an affordable solar system is within reach. I highly recommend having a licensed electrician install your solar system. Less risky, less frustrating, and they need the work!

SOLD 3 Bedroom / 2 Bath Liberty Horse Property in Recreation Paradise $229,500

John Allaire (Prudential Utah Real Estate) — Fri, 20 May 2011 21:31:28 -0700

6068 North 2250 East, Liberty Utah

Low maintenance, solid brick home 15 minutes from North Ogden, 60 minutes to SLC airport. Hike, ride horses, ski, and camp in North Fork Park next door. Three ski areas (Snowbasin, Powder Mountain and Wolf Mountain), Pineview Reservoir and snowmobiling in Monte Cristo are all within 30 minutes. Wasatch mountain views are to die for. Barn with power, water and corral. Irrigation water included.

Specifications:

3 Bedroom / 2 Bath (1- Full / 1-3/4) Rambler/Ranch Style Home

- Fireplace, Central Heat and A/C

- 1276 FT2 - Main / 1276 FT2 - Basement (Unfinished)

- Walkout Basement

- 2 Car Oversized Garage

- Barn with Water and Power

- .91 Acre Lot with Irrigation Water

- 2010 Taxes: $1,749

Contact John@rockymountainhomes.net, 801-745-2619 for more information

Prudential Utah Real Estate

22% of Single Family Homes Listed in Utah are Short Sales

John Allaire (Prudential Utah Real Estate) — Sat, 26 Feb 2011 18:08:04 -0800

I had the pleasure of representing some awesome, patient buyers who recently closed on a short sale transaction in Utah "only" five months after their original offer was written. I have represented only buyers in short sale transactions, and after many attempts, I can finally say that short sale trasnactions CAN actually close. Having closed only one of 10 short sales transactions, my personal recommendation to buyers looking to purchase a short sale property is to avoid them unless they enjoy waiting for inept, non-responsive mortgage companies to respond (if at all).

Now to the shocking figure in the subject line of this blog entry: As of 2/26/2011, 3427 of the 15,057 homes (22.8%) actively listed on Utah's largest MLS system are short sales. Many buyers and most agents are now well educated on the low odds of getting a short sale transaction over the finish line, so this does not bode well for the housing market, especially the over 3000 Utah homeowners who hope to sell their home as long as lenders continue to drag their feet in responding (if at all) to offers on short sale properties. The odds of a short sale property getting shown to a prospective buyer in the first place is very low, and if the property IS shown AND a buyer likes the property enough to write an offer, the odds are 10% (at best by my estimate) that the buyer will hang in there long enough to wait for a bank negotiator to actually become engaged in the process.

I often wonder why once a bank forecloses on a property and takes over ownership (known as REO, "Real Estate Owned" property) that same lender is suddenly able to respond to an offer within days vs months? Are we as real estate agents and the general public really getting the straight scoop regarding short sales? Does anyone else wonder if there may be an incentive for mortgage companies to drag out short sales, forcing many homeowners into foreclosure? Comments are welcome!

SOLD Horse Property - Home on 1.95 Acres on River Drive in Eden

John Allaire (Prudential Utah Real Estate) — Sun, 09 Jan 2011 19:08:26 -0800

Bring your horses! Two bedroom, 3 bath 2642 FT2 home with two car garage on 1.95 acres on River Drive is five minutes or less to Valley Market, Pineview Reservoir and Wolf Mountain. Powder Mountain and Snowbasin are only 20 minutes away.

This home has a downstairs den with closet that can be used for a third/guest bedroom.

Motion Tour: http://www.spotlighthometours.com/tours/tour.cfm?mls=984439&referer=activerain

Update - Ogden Valley Single Family Home Prices

John Allaire (Prudential Utah Real Estate) — Sat, 27 Nov 2010 14:02:23 -0800

Below is an update to my periodic posts on the Ogden Valley single family home market.

In a previous blog post from mid-2009, I called the bottom of the Ogden Valley real estate market, when home sales averaged $93/FT2 for the 2nd and 3rd quarter of 2009.

The data below provide monthly single family home sales data from our local MLS system for 2000 through 11/26/2010.

During the five year 2000-2004 period, sales volume doubled between 2000 (50) and 2004 (100), as Utah and the Ogden Valley were discovered by out of state buyers, helped by the 2002 Olympics.  Even with this volume increase, pricing remained stable, and a baseline was established, with an annual range of $80 to $90/FT2.

Volume peaked in 2005 at 115 homes sold.  Between demand and reduced inventory, prices really started heading up at this point.  2006 - 2008 saw significant price appreciation, with homes selling in the $140-160/FT2 range. Note that sales volume declined each of these years.

Looking back to my July 2009 blog post, I called the bottom of the market.  At that point, our average through mid-2009 was $91.64/FT2, and we climbed from there, ended 2009 at an average $100/FT2.

As I have said before, although $/FT2 is not a perfect measure, it provides a good view of the market overall, and helps identify trends. A large percentage of our single family home sales continue to be distressed properties, meaning many are short sales, REO or bank-owned properties continue to drive the overall market. In spite of this, the Ogden Valley market continues to absorb these distressed sales, and prices have held up well since 2009, and more recent sales data shows that our market has begun to firm up from the mid-2009 levels.

Please don't hesitate to contact me if I can answer any questions or provide assistance with the sale or purchase of Ogden Valley and Northern Utah real estate.

YEAR HOMES SOLD AVG SALES PRICE AVG SQ FT AVG $/SQ FT

2000 50 $301,849 2,897 $88.95

2001 56 $226,303 2,902 $79.13

2002 74 $248,568 2,878 $83.21

2003 87 $256,575 3,081 $83.35

2004 100 $266,801 2,966 $88.59

2005 115 $391,378 3,502 $112.25

2006 81 $454,620 3,001 $151.54

2007 63 $445,401 2,980 $145.71

2008 48 $552,998 2,839 $162.91

2009 61 $343,258 3,397 $100.36

*2010 60 $379,250 2,689 $107.76

Through 11/26/2010

Thanks,

John Allaire

Prudential Utah Real Estate - Eden

SOLD Cabin in Sunridge Highlands - $149,999

John Allaire (Prudential Utah Real Estate) — Sat, 09 Oct 2010 13:53:55 -0700

Beautiful, well maintained cabin & grounds in Sunridge. Summer and winter (snowmobile) getaway. New metal roof installed recently. Bring your horses for the weekend. Multiple out buildings and a huge picnic area with fire pit and plenty of parking for large groups. Three bedrooms, remote start generator, propane and electric lights throughout, two decks. Clean, turnkey opportunity with most furnishings included / negotiable.

Contact agent for more details.

Prudential Utah Real Estate - Eden

801-745-2619

RockyMountainHomes.net

John@RockyMountainHomes.net

OFF MARKET Beautiful Log Home on 1.35 Acres in Liberty

John Allaire (Prudential Utah Real Estate) — Tue, 21 Sep 2010 21:36:55 -0700

This log home is a 10! Meticulously maintained, lofted second level ideal for den or office. Attached 2 car garage plus a 28x28 detached Toy / RV garage and a log 12x13 shed. A lifetime (Certainteed Presidential) roof installed in 2009. This home sits on a beautifully landscaped 1.35 acre terraced lot on a quiet, dead end street. Elementary and junior high schools, Valley Market grocery store, Wolf Mountain ski area, Pineview Reservoir and Ogden are all within a 5-15 minute drive. Snowbasin and Powder Mountain ski areas are only 20-30 minutes, and SLC international airport is 60 minutes away.

Specifications:

- 3880 Square Feet

- 5 Bedrooms

- 3 Bathrooms

- 2 Car Attached + 2 Car Detached Garage

- 1.35 Acres

- Wheelchair Access

Prudential Utah Real Estate - Eden Branch

Update - Ogden Valley Home Prices

John Allaire (Prudential Utah Real Estate) — Wed, 21 Jul 2010 16:52:32 -0700

When comparing Upper Ogden Valley single family home sales transactions for the first two quarters of 2010 vs the same period in 2009, it appears our local market is continuing to form a baseline and may be starting to show signs of life and appreciation after many challenging quarters.

Below are statistics pulled from the Wasatch Front MLS comparing volume, price and price per square foot data for single family home transactions for the first half of 2009 and 2010. Sales volume improved from 16 to 35 untis (+119%) and average cost/square foot increased from $98.29 to $109.82 (+12%). The inventory of homes currently listed remains high, however.

Please feel free to contact me for more information.

John Allaire

Prudential Utah Real Estate - Eden

John@RockyMountainHomes.net

RockyMountainHomes.net

801-745-2619

Month

Count Avg Sold $ Avg SQ FT Avg $/SQ FT Jan-09 2 $351,000.00 1,932 $185.53 Feb-09 2 $485,000.00 6,482 $84.53 Mar-09 4 $363,725.00 3,296 $112.32 Apr-09 4 $291,450.00 3,444 $92.75 May-09 2 $234,944.00 2,501 $93.95 Jun-09 2 $256,500.00 2,443 $105.25 1st Quarter 8 $390,863 3,752 $104.19 2nd Quarter 8 $268,586 2,958 $90.80 1st Half 16 $329,724 3,355 $98.29 . Jan-10 3 $241,000.00 2,700 $110.92 Feb-10 0 $0.00 0 $0.00 Mar-10 10 $277,442.30 2,977 $100.56 Apr-10 6 $545,300.00 4,043 $113.17 May-10 7 $357,142.86 4,585 $86.53 Jun-10 9 $534,277.89 3,774 $130.26 1st Quarter 13 $269,033 2,913 $92.35 2nd Quarter 22 $480,923 4,105 $117.14 1st Half 35 $402,221 3,663 $109.82 % vs 2009 119% 22% 9% 12%

Weber County Offers Down Payment Assistance Program

John Allaire (Prudential Utah Real Estate) — Thu, 08 Jul 2010 09:43:41 -0700

Qualifying Weber County residents can now receive down payment assistance. Home buyers with maximum household income of $38,550 (one person) or $75,700 (eight people in household) may be able to qualify for $5000 down payment assistance with this program. The purchase price of the home must be $180,000 or less, and the home must be in Weber County, Utah, but cannot be within Ogden City limits.

Funding has been provided to assist up to 45 families. Contact myself or The Weber Housing Authority at 801-399-8691 for more information.

John Allaire

Prudential Utah Real Estate

Congress Extends Homebuyer Tax Credit Closing Deadline to September 30, 2010

John Allaire (Prudential Utah Real Estate) — Thu, 01 Jul 2010 12:41:16 -0700

Good news. Congress has passed a bill that extends the Homebuyer Tax Credit closing deadline to September 30, 2010. Please understand this applies only to real estate transactions with ratified contracts in place as of April 30th, 2010 that have not yet closed. Previously, contracts had to close by June 30th, 2010.

John Allaire

Prudential Utah Real Estate - Eden Utah

John@RockyMountainHomes.net

RockyMountainHomes.net

$34,500 - View Lot in the Aspen - Sunridge Highlands Utah

John Allaire (Prudential Utah Real Estate) — Thu, 24 Jun 2010 15:03:36 -0700

View lot (#243) in Sunridge Highlands, a gated recreational cabin community in northern Utah. 1.75 acres, water and fire hydrant at front of lot. Monte Cristo and Middle Fork River panoramic views go for miles and miles. Sunridge dues are only $300/year and cover water, road maintenance, security with guard at third gate, picnic area and Moose Lake, stocked for fishing. Great area for ATVs, snowmobiling and relaxing and enjoying the wildlife and views in the cool mountain air.

Wolf Creek Properties Files for Bankruptcy Protection

John Allaire (Prudential Utah Real Estate) — Sun, 20 Jun 2010 10:27:34 -0700

Wolf Creek Properties recently filed for Chapter 11 bankruptcy protection. According to information released, Wolf Creek Properties has filed several motions allowing it to continue day to day operations. Wolf Creek Properties owns Wolf Creek Utah Ski Resort, formerly known as Wolf Mountain and Nordic Valley Ski Area.

Wolf Creek is exploring restructuring options while talking with potential purchasers of what it considers "non-strategic portions of its operations" in an effort to attract new ownership. The press release did not indicate which assets Wolf Creek may be interested in divesting.

Wolf Creek Properties has at least 100 creditors, and larger debts include approximately $450,000 owed to Randy Marriott Construction.

SOLD - 2.2 Acre Camping/Cabin Lot in Sunridge Highlands

John Allaire (Prudential Utah Real Estate) — Wed, 16 Jun 2010 12:14:38 -0700

Recreation paradise! 2.18 acre camping/building lot with beautiful mountain views in all directions. Flat,easy to build, ready to use as-is for camping or to build a future dream cabin. Water is already stubbed to the camp spot. Enjoy wildlife, fishing in Moose Lake, ATVs, hiking & snowmobiling. Sunridge HOA dues are $300 annually. This covers water, road maintenance and gate security with guard on duty during busier summer months.

John Allaire

Prudential Utah Real Estate - Eden

801-745-2619

Want to Give Local Workers and Businesses a Shot in the Arm?

John Allaire (Prudential Utah Real Estate) — Mon, 07 Jun 2010 14:49:01 -0700

My wife and I hired an architect to draw up plans and had local contractors bid on a two-car garage addition in 2006. After receiving bids well above what we had budgeted ($33,000 - $55,000), along with a slowing real estate market in late 2006, we decided to put the project on hold. This spring (four years later), with the real estate market beginning to show signs of life, we decided to have the architect dust off the original garage plans and have them re-certified by the engineer to comply with IRC 2006 building codes, then went to work having contractors re-bid on the work. This time around, bids came in between $20,000 and $34,000. We settled on a contractor we know with a great track record, at $22,500.

The US (and world) is slogging through economic conditions not experienced in 50-60 years, and tens of millions of people are either out of work or underemployed.

We are now about 1/3 of the way through construction (excavation, footings and foundation completed so far). What is great about our small construction project:

a) After waiting over four years, we will finally have a new garage addition built for a reasonable price

b) All of the people on the various crews working on this project are top notch professionals with several years of experience

c) The best part is that by doing this now, our project is having a direct, positive impact on our local economy by hiring businesses and workers who desperately need the work to stay afloat and put food on the table.

This was an eye opener for us, and made us realize that even a small project touches so many people. Below is a partial list of the many entities involved in building our garage addition. For an addition involving living space, plumbing, HVAC, flooring, cabinet, appliance, and other contractors would be added to the list.

- Architect

- Structural Engineer

- Building Inspector

- General Contractor

- Excavation Crew (2)

- Concrete Footing Crew (4)

- Concrete Foundation Crew (4)

- Concrete Floor Crew

- Concrete Company / Delivery

- Concrete Supply Company (Rebar, Forms, Fastners, etc.)

- Aggregate / Sand Company / Delivery

- Framing Crew

- Lumber Company / Delivery

- Truss Manufacturer / Delivery

- Electrician

- Electrical Supply / Fixture Company

- Insulation Crew

- Roofing Crew

- Roofing Supply Company / Delivery

- Painter

- Paint Store

- Window Supply Company

- Garage Door Supply/Installation Company

Snowbasin Announces Residential and Commercial Development Plans for Weber and Morgan Counties

John Allaire (Prudential Utah Real Estate) — Sat, 05 Jun 2010 12:30:12 -0700

On the heals of the Weber County commission's approval last Tuesday of Powder Mountain's Memorandum of Understanding (MOU) for future development, yesterday Snowbasin announced development plans for the 11,800 acres it owns (8000 in Morgan County, 3800 in Weber County). Snowbasin estimates 1500 or more units will ultimately be built in/around Earl's Village adjacent to the main lodge.

Unlike Powder Mountain, Snowbasin has worked with the Weber County Planning Commission and Ogden Valley residents all along, and is utilizing the "Destination and Recreation Resort Zone" that was created last year, and will be transferring over 500 development units from land in the Ogden Valley, near Pineview Reservoir for development at the resort. Snowbasin also announced it will be adding a second entrance to the ski area on the Morgan County side, which should help to minimize traffic-related congestion.

This is a 50 year plan, to include single family homes, condos and townhomes, hotels, new lifts, its own fire station, wastewater treatment plant, golf courses, ice skating, grocery sto9re, restaurants and trails for horseback riding, mountain biking and hiking.

Powder Mountain Memorandum of Understanding Gets Green Light from Weber County Commission

John Allaire (Prudential Utah Real Estate) — Wed, 02 Jun 2010 12:11:37 -0700

Following a three hour, standing room only public hearing I attended last night (June 1st), Powder Mountain owner/developer representatives (Western America Holdings management company, Pronaia Capital Partners) Joseph Pierce and Steve Nielsen and 40 primarily Ogden Valley residents voiced their respective opinions, the Weber County commission unanimously approved a ten-point BINDING Memorandum of Understanding (MOU). The MOU gives the green light for the development agreement (DA) process to move forward for Powder Mountain.

Bottom line: 1477 units are allowed before a traffic safety/impact study of any type is conducted. As defined in the MOU, a single family home represents one unit, while a 100 unit hotel would count as 33 units. The developer stated over 80% of the total acreage in Powder Mountain would be open space, and that Eden Heights would be removed from the MOU. The MOU provides for a total of 1477 (phase 1) and 1323 (phase 2) units for a total of 2800 units over 4475 acres.

Powder Mountain Memorandum of Understanding - Summary

John Allaire (Prudential Utah Real Estate) — Thu, 27 May 2010 14:46:38 -0700

Following is a high level summary of a proposed Memorandum of Understanding between Weber County and Powder Mountain ownership (Western America Holding, LLC). This MOA will be open to public comment on June 1st, 2010.

Phase 1: 1477 units. This assumes the following: each single family home is counted as "1" while each hotel room is counted as "1/3. In other words, a 30 room hotel would be counted as 10 units. Commercial development is NOT included in the density number. Recreational and commercial uses will be developed as needed to support the resort. Phase 1 will move forward as long as the development complies "substantially" with the approved plan. TRAFFIC STUDY IS NOT REQUIRED UNTIL START OF PHASE 2...

Phase 2: 1323 units. Upon the completion of Phase 1, County will issue scoping letter and WAH will pay for a traffic safety/impact study by an entity acceptable to both parties. The traffic study will review Powder Mountain RD and recommend improvements to Powder Mountain Road including guard rails, signage, flashing lights in dangerous areas and runaway ramps. Weber County and WAH will forward the study to the UDOT and "actively seek" UDOT's implementation of the Study's recommendations. The traffic study will also "determine whether a secondary access is necessary for emergency purposes and/or general use" and provide cost estimates for both improvements to Powder Mountain Road and secondary access road. Upon completion of the traffic study, the available Road Improvement Funds will be used to begin implementation of recommendations from the Traffic Study. The source of fees used to improve the existing road and secondary access road will be from a proposed transfer fee attached to the sale of property in the Powder Mountain development. However ... Utah Senate Bill 161 may prohibit the assessment and use of these proposed transfer fees...

NOTES:

Comparisons between 2010 MOA and 2007 Ogden Valley Planning Commission Recommendations for Powder Mountain Development:

1) Seasonal emergency access route to be provided and improved to accommodate passenger cars PRIOR TO any commercial or residential building permits being issued by the Weber County Building Official. A PERMANENT access road shall be improved PRIOR to site plan approval beyond the 895th unit and/or room.

2) Powder Mountain Resort density shall not exceed 1218 Dwelling Units and 385 hotel rooms. This would equate to 1218 + 1/3 x 385 = 1218 + 129 = 1347 units vs 2800 units in 2010 MOA (less than 1/2 the density proposed by MOA).

One and Five Year Housing Price Index Comparisons for Utah

John Allaire (Prudential Utah Real Estate) — Thu, 27 May 2010 13:11:59 -0700

The latest housing appreciation/depreciation indexes as provided by the Federal Housing Finance Agency (FHFA) showed the following information for 2010 vs 2009, 1st quarter:

- United States: -3.07%

- * Mountain States: -7.6%

- Utah: -8.9%

> St George Area: -17.45%

> Provo-Orem Area: -13.30%

> Salt Lake City Area: -9.91%

> Ogden-Clearfield Area: -6.17%

* Includes Montana, Idaho, Wyoming, Nevada, Utah, Colorado, New Mexico and Arizona

5 Year Appreciation/Depreciation Rates for the same breakdown above are as follows:

- United States: -2.85%

- Mountain States: -3.05%

- Utah: +13.29%

> St George Area: -2.33%

> Provo-Orem Area: +13.41%

> Salt Lake City Area: +23.04%

> Ogden-Clearfield Area: +22.02%

The information above helps tell the story about the longer term strength of the northern Utah housing market.

I would be happy to email a copy of the full report to anyone interested.

Think Before Buying a Condo - Consider Alternatives

John Allaire (Prudential Utah Real Estate) — Tue, 18 May 2010 12:35:06 -0700

Within the Ogden Valley (Eden, Huntsville and Liberty) housing market area, condominium complexes are used primarily for vacation, second home and short term rental purposes, most of this to support the local ski industry.

HOA fees for Moose Hollow, The Cascades, Wolf Lodge, Wolf Star and Lakeside condominium complexes are generally in the $240 - $300/month range. Condo HOA fees went up significantly over the past several years because of huge increases in water, sewer, snow removal, insurance and maintenance expenses. Assuming $250/month HOA fees and an interest rate of 6%, consider this: That $250/month spent on HOA fees is worth $41,667 in lost purchasing and investment power.

My recommendation to all clients looking to purchase a vacation property in the Ogden Valley is to compare condos with other options that may or may not allow short term rentals (allows owners to rent a unit for less than 30 days at a time). The ability to rent a condo on a short term basis usually sounds good at first. However, % utilization (always use the entire year vs busy periods during the ski season), cleaning, property management fees, utilities, wear and tear, etc are all added up, many people would be better off purchasing a single family home and letting it sit idle when not used by the owners, or renting it out on a long term basis April through November every year.

Following are some numbers to consider:

1) Occupancy: Assume occupancy rates for condos used for short term rentals of 15-20%. Some may be higher, others lower. Using the higher figure, this represents 73 nights/year a condo is actually rented.

2) Gross Rental Rate: For a two bedroom condo, assume $150/night as an overall average. For a three bedroom unit, assume $175/night. Keep in mind advertised rates are always negotiable.

3) Property Management Fee: At a minimum, plan on 30% management fee. These can be as high as 50%. For this example, I will use 40%. This fee is taken right "off the top".

4) Rental income calculations (these assume a buyer paid cash for the condo, so exclude loan carrying costs):

A) Two Bedroom Condo:

- 73 nights/year x $150/night = $10,950 gross/year

- $10,950 x 60% (assumes 40% management fee) = $6570 /year before HOA Fees

- Deduct HOA Fees of $250/month x 12 = $3000 + Property Taxes = $1500 + Insurance = $300

> Net = $6570 - $3000 - $1500 - $300 = $1770/year

B) Three Bedroom Condo:

- 73 nights/year x $175/night = $12,775 gross/year

- $12,775 x 60% = $7665/year before HOA fees

- Deduct HOA Fees = $275/month x 12 = $3300 + Property Taxes = $2000 + Insurance = $400

- Net = $7665 - $3300 - $2000 - $400 = $1965/year

The examples above assume each condo will be rented 73 nights/year and that the owner paid cash for the unit.

My recommendation to anyone looking to purchase a condo: explore all of your options first. It may turn out that a single family home in a PRUD (Planned Residential Unit Development) such as Trapper's Ridge, The Fairways or Fairway Oaks may make more sense, since these units tend to generate higher rents and occupancy rates, and lower HOA fees vs condo complexes, while still allowing short term rentals. Another option to consider: purchase a single family home in an area that does not allow short term rentals. Outside of the PRUDs mentioned above, most single family areas within the valley do NOT allow short term rentals. By going this route, a buyer is able to purchase much more square footage for the cost, while still allowing a home to be rented on a long term (> 30 days) basis during the off season.

OFF MARKET Sunridge Camping/Cabin Lot 40 Minutes East of Ogden Utah - $27,500

John Allaire (Prudential Utah Real Estate) — Sun, 16 May 2010 10:41:09 -0700

Camping/cabin lot in Sunridge. Lot #42, 1.09 acres, backs to common area. Water standpipe already on lot. 175' frontage, 350' deep. Lot is about four miles from lower Sunridge gate. Lower 1/2 of lot has gradual slope ideal for camping or cabin with lots of quaking aspen for shade in summer.

Sunridge is a great place for for snowmobiling and ATVs, and includes a picnic area, fishing on Moose Lake, wildlife, views and miles of roads to explore.

I specialize in recreational, cabin and hunting property in Weber and Cache County, Utah, including Sunridge, Causey Estates, Monte Cristo, Curtis Creek, Beaver Creek and Evergreen.

Prudential Utah Real Estate - Eden

801-745-2619

Web:

RockyMountainHomes.net

Email:

John@RockyMountainHomes.net

OFF MARKET 47 Acres - Legacy Ranch at Monte Cristo Utah with Well and Hunting Cabin - $189,000

John Allaire (Prudential Utah Real Estate) — Wed, 12 May 2010 12:07:26 -0700

Small cabin in Legacy Ranch on 47 acres. Site already improved for large cabin. Mountain paradise in Monte Cristo, 30 miles east of Ogden. Ideal family getaway for recreation all four seasons including hunting, snowmobiling, ATVs and panoramic views in all directions. Easy access to Hardware Ranch by ATV or snowmobile.

$40,000 in site improvements include:

- 410' well installed Fall 2008

- 200 FT2 cabin (2005) can be used for lodging, storage or temporary quarters while building future cabin

- Driveway and building pad for future cabin already excavated. Pad is also ideal for camper/RV parking.

Contact agent for more details.

I specialize in recreational, cabin and hunting property in Weber and Cache County, Utah, including Sunridge, Causey Estates, Monte Cristo, Curtis Creek, Beaver Creek and Evergreen.

John Allaire

Prudential Utah Real Estate - Eden

801-745-2619

Email: John@RockyMountainHomes.net

Web: RockyMountainHomes.net/mylistings

Update - Ogden Valley Single Family Home Prices

John Allaire (Prudential Utah Real Estate) — Mon, 10 May 2010 14:31:31 -0700

Periodically I post an update on the state of the Ogden Valley real estate market. Since my last post in the fall of 2009, results continue to support what appears to be the start of a new baseline for single family home prices going forward.

Cost per Square Foot is not a perfect measure, but this metric provides a good snapshot of how the market is behaving overall. Listed below is annual data providing a historical view of the Ogden Valley market. I use the 2002-2004 period to define the baseline, when home prices were very stable. The 2002-2004 period reflected an average of $85 per square foot for all homes sold. Conversely, 2006-2008 represented the peak in home prices (mirrored the rest of the county) reflecting an average of $151 per square foot, or 77% above the 2002-2004 market baseline. The local market has largely moved back closer to the baseline established in 2002-2004, with home sales so far in 2010 (through early May 2010) reflecting an average value of $96/FT2 (down 36% from the 2006-2008 peak). A large percentage of home sales over the past 18 months are distressed, meaning many were short sales or REO (bank-owned) properties. Until the high inventory of distressed properties are sold through, these will continue to be the primary drivers in determining value in this and other real estate markets.

There are exceptions to the changes from peak pricing to where the market is now. Unique homes in unique settings have held their values much better than many other nondescript properties. Also, recreational properties or homes with year around access that are adjacent to recreational areas have tended to hold their values much better than homes in traditional subdivisions.

Year MEDIAN $/FT2

2000 $90/FT2

2001 $78/FT2

2002 $83/FT2

2003 $84/FT2

2004 $89/FT2

2005 $110/FT2

2006 $152/FT2

2007 $148/FT2

2008 $153/FT2

2009 $105/FT2

*2010 $96/FT2

* Through Early May 2010

Please don't hesitate to contact me with questions or requests for additional information.

Thanks,

John Allaire

Prudential Utah Real Estate - Eden