Salt Lake Realtor Magazine July 2015

Salt Lake

REALTOR

速

slrealtors.com

Maga zine

July 2015

The 2015 Parade of Homes p. 12 10 Features Buyers Want Most in a New Home p. 24 The 10 Commandments of Agent Safety p. 30

Don’t wait—the clock is ticking.

Schedule an appointment at 801.240.8600 to tour City Creek designer model homes. www.CityCreekLiving.com

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Relocate

Your Real Estate Business

PROFESSIONAL GROWTH THROUGH FORWARD THINKING

ANNOUNCING THE OPENING OF OUR NEW SALT LAKE CITY OFFICE

Located at the base of Big Cottonwood Canyon in the Old Mill area, our new state-of-the-art office provides an open and collaborative work space.

“This remarkable location gives our agents access to all of Salt Lake Valley and is truly the premier real estate office in the valley,” says Steve Roney, owner and CEO of Berkshire Hathaway HomeServices Utah Properties.

Old Mill Office › Just off I-215 6340 South 3000 East, Ste. 600 Cottonwood Heights, UT 84121

© 2015 BHH Affiliates, LLC. An independently owned and operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity.

Good to know.™ 801 990 0400 | BHHSUtah.com BARRON’S 2014 “Top 100 Most Respected Companies”.

Golf Tournament Raised over $20,000 for RPAC. p. 10

Table of Contents Features 10 Tee Off for RPAC 12 Salt Lake Parade of Homes

Centers on New Possibilities, Creative Ideas

24 10 Features Salt Lake Buyers Want Most in a New Home Dave Anderton

30 The 10 Commandments of Agent Safety

32 Top Wasatch Front Single-Family Home Builders Dave Anderton

Columns 7 Often Forgotten Ethics Issues Dave Robison – President’s Message

Departments 8 Happenings 8 In the News 34 Housing Watch 36 Realtor® Connections 36 On the Move

On the Cover: Photo: © jovannig / Dollar Photo Club Photo left: RPAC Golf Tournament at River Oaks Golf Course. Photo: Dave Anderton

This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting.

The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419.

The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands.

These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.

Salt Lake

REALTOR slrealtors.com

®

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July 2015 volume 75 number 7 The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.

Our Greatest Asset is Our People Congratulations to Michael Shehan!

2015 CXO of the Year - Utah Business Magazine

SecurityNational Mortgage is proud to recognize Mr. Shehan, Chief Marketing Officer, for his contributions to the company’s continued success. Attracting the highest quality mortgage professionals requires exceptional leadership and world-class support. We would be honored to be your mortgage lender.

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Salt Salt Lake Lake

REALTOR

® ® ®

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slrealtors.com slrealtors.com slrealtors.com

President Dave Robison goBE Realty

Directors Managing Editor Dave AndertonM. Brock Andersen Berkshire Hathaway

Copy Editor

Jared Booth Georgia Cuthbert Coldwell Banker First Vice President Cheryl Acker Communications Committee Tom Colemere Realtypath LLC (Success)Lori Lee – Chairwoman Colemere Realty Annie Hedberg – Vice Chairwoman Kim Farber Equity Real Estate Second Vice President Publisher Adam Kirkham Mills Publishing, Inc.Kevin Larsen Kirkham Real Estate Coldwell Banker Residential www.millspub.com Mike Morgan President Sales Staff Keller Williams Treasurer Dan Miller Paula Bell Lisa Jungemann Steve Perry BillLLCLines Windermere Real Estate Realtypath (Community Branch) Office Administrator Karen Malan Cynthia Bell Snow Troy Peterson PaulEquity Nicholas Real Estate Past President Art Director Don Nothdorft Angie Domichel Nelden Michael Rowe Jackie Medina Coldwell Banker Residential BerkshireAssistant Hathaway Administrative Magazine Designer ChloéRandy Herrman Smith Real Estate CEO OfficeEquity Assistant Curtis Bullock Graphic Design Matthew Jessica SnowUlrich Ulrich Realtors® Ken Magleby Patrick Witmer Advertisinginformation informationmay maybe beobtained obtainedby bycalling calling Advertising (801)467-9419 467-9419ororby byvisiting visitingwww.millspub.com www.millspub.com (801)

Managing Editor Directors President DeAnna Dipo Dave Anderton Cheryl Acker Distinctive Properties

At Home Realty

First Vice President Publisher Jillinda Bowers Purdential Utah Donna PozzuoliMills Publishing, Inc. Daniel Christensen Prudential Utah www.millspub.com

Often Forgotten Ethics Issues

O

n a daily basis as agents we hear the phrase, “Do you have any offers on this property?” There is nothing wrong with this phrase at all. It’s totally a valid question. As a buyer’s agent it’s nice to know if there is negotiating room or whether you are going to have to bring your highest and best offer. Getting this information is sometimes an advantage to a buyer.

When is it not to your buyer’s advantage? I’ve known buyers that get this information and they make a lower offer and take their time. Then they find out they lost the deal to someone else because another offer came in higher and better. The agent and the client get really upset. Was there an Ethics violation? Maybe. Let’s go over the rules.

1. According to the Code of Ethics, “A listing agent may tell other buyers or a buyer’s agent of other offers with permission of the seller.” This is an ethics issue that many agents don’t know about. As a listing agent, did you get permission from your seller regarding how you are answering this question regarding offers? You can simply reply, “I don’t have permission from my seller to discuss whether there are offers on this property.” If the listing agent didn’t get permission to tell the buyer’s agent regarding the status of offers, there would have been a violation.

2. Sellers may respond how they want. A seller can take the lower offer. A seller can accept an offer and not even give other offers any consideration. A seller can cancel a counteroffer that they sent to the buyer’s agent before the deadline expires. The seller doesn’t have to respond in the way the buyer’s agent thinks he or she should respond.

Coldwell Banker

Second Vice President President Sarah M. Colbert Dave Frederickson Dan Miller Summit Sotheby’s Keller Williams Art Director Tom Colemere Treasurer Jackie Medina Colemere Realty Charlotte Thomas Kim Farber-Lynch OfficeEquity Administrator Graphic Design Keller Williams Real Estate Cynthia Bell Snow Leslie Hanna Lisa Hyte PastKen President Magleby RE/MAX Canyons Office Assistant Bill Heiner Patrick Witmer JessicaJacobson Snow Shirley RE/MAX Associates

Sales Staff Chief Executive Officer Paula Bell Bryan Kohler Karen Malan Paul Nicholas

Windermere

Administrative Assistant Fred Law Kyrsten Holland Law Real Estate Angie Domichel-Nelden Coldwell Banker

Troy Peterson Equity Real Estate

Salt Lake Board: (801) 542-8840 Salt Lakee-mail: dave@saltlakeboard.com Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy ® for the equal housing opportunity the nation.

We The Saltachievement Lake Board ofofREALTORS is pledged to thethroughout letter and spirit of U.S. policy encourage and support the affirmative advertising throughout and marketing for the achievement of equal housing opportunity the program nation. Wein which thereand are support no barriers obtaining advertising housing because of race, color, religion, encourage thetoaffirmative and marketing program in sex, handicap, familial or national origin. which status, there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions ® persons quoted in articles are their own and do not necessarily expressed by writers is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions The Salt Lake REALTORand reflect positions of theand Saltpersons Lake Board of REALTORS expressed by writers quoted in articles®. are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®.

Permission will be granted in most cases, upon written request, to reprint or reproduce articles well and photographs this issue, provided proper is given to The Salt Lake REALTOR®, as Permission will beingranted in most cases, uponcredit written request, to reprint or reproduce articles ® as any writers and photographers whose names appear withtothe andREALTOR photographs. , as well andtophotographs in this issue, provided proper credit is given Thearticles Salt Lake While unsolicited original manuscripts and photographs related to the real estate profession as to any writers and photographers whose names appear with the articles and photographs. are welcome, no payment is made for their in the publication.

While unsolicited original manuscripts and use photographs related to the real estate profession are welcome, no payment is made for their use in the publication.

Views and opinions expressed in the editorial and advertising content of the The Salt Lake ® ® not necessarily by theand Saltadvertising Lake Board content of REALTORS REALTOR Views andare opinions expressedendorsed in the editorial of the. However, The Salt Lake advertisers do not make publication of this magazine so consideration products and necessarily endorsed by the Saltpossible, Lake Board of REALTORS®.ofHowever, REALTOR® are services listed greatly appreciated. advertisers doismake publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

OFFICIAL PUBLICATION OF THE OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ®® SALT LAKE BOARD OF REALTORS REALTOR is a registered mark which identifies a professional in real estate who subscribes

What about best practices for agents? Here are a couple of quick things to remember.

• As a listing agent be sure to communicate to your seller as required in the Listing Agreement regarding the duty of full disclosure. For example, if you get a call from someone that may be interested in writing an offer, be sure to follow up on that potential lead by calling and talking to the agent and discuss it with your seller on how you want to respond to it. Your seller needs to have full disclosure. Be careful to not make assumptions on how good or bad of a lead that call might be. Answer your phone and follow up and report to your seller.

• Record the conversation when discussing offers with other agents. I had a buyer’s agent give my seller an offer that was lower. The buyer’s agent said it was the best they could do and I warned them that we may take another offer because it was low. The agent said that was their best offer. We sold the property to another buyer. The buyer that lost called my seller and said I didn’t do my job and that he was willing to pay more. I simply sent the recording of my conversation to my client for him to hear for himself. Although my client trusted I was telling the truth, it was nice to have proof.

• As a buyer’s agent be sure to tell your buyer the possibility of not winning the house even after gaining all the information you have. It’s always a possibility the seller could take a lower or higher offer.

• Always have a conversation with your seller in the beginning (and throughout the listing) of how you are going to respond to buyers and buyer’s agent questions – whether you are going to disclose the existence of offers.

Dave Robison 2015 President

®

® . toREALTOR a strict®Code of Ethics asmark a member of the NATIONAL ASSOCIATION REALTORS is a registered which identifies a professional in realOFestate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

October 2005

July 2015 | Salt Lake Realtor ® | 7

Happenings

In the News NAR Responds to Proposed TRID Extension

Pictured: Troy Walker (left), Laynee Jones, Jared Booth, director Salt Lake Board of Realtors®; and Tom Colemere, director Salt Lake Board of Realtors®.

Mayors Discuss Mountain Accord at Realtor® Campus The Commercial Alliance of the Salt Lake Board of Realtors® hosted a town hall in May on Mountain Accord, an initiative to tackle issues facing the Wasatch Mountains as Utah’s population continues to grow. The accord seeks to protect the mountains as a watershed and recreation area to future generations.

Panelists included: Troy Walker, mayor of Draper; Tom Dolan, mayor of Sandy; Kelvyn Cullimore, mayor of Cottonwood Heights; Robert Dahle, mayor of Holladay; Laynee Jones, program director for Mountain Accord; and Kimberly Barnett, associate deputy mayor of Salt Lake County.

Pictured: Ellen Reddick, Curtis Bullock, CEO of the Salt Lake Board of Realtors®; and Pattie DeNunzio, chair of the Affiliates Advisory Board.

Affiliates Hold Summit

Affiliates of the Salt Lake Board of Realtors® gathered for a first-ever summit to discuss the benefits of membership at the Board and professionalism.

Management consultant Ellen Reddick noted studies that show people make 12 judgements about a person in the first three to seven seconds after meeting them. “Just because we are eloquent and brilliant doesn’t mean we communicate well,” Reddick said. She added that shoes tell a lot about a person. “Do you take care of your shoes? Do you pay attention to detail? Be ready to make a first impression.”

8 | Salt Lake Realtor ® | July 2015

National Association of Realtors® President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., released the following statement in response to the Consumer Financial Protection Bureau’s announcement of a proposed two-month delay for the implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure, or TRID, regulation.

“The action announced today by the CFPB is a welcome step. NAR has long advocated the need to avoid implementing the new regulation during the peak summer selling season.

“NAR welcomes the CFPB’s proposed extension to October 1, 2015 as well as the earlier ‘sensitivity’ they offered to companies making a good-faith effort to comply with the new TRID regulation.

“We will continue to work with CFPB to minimize any possible market disruptions or uncertainty that could develop following the implementation.

“Realtors® appreciate that the CFPB has demonstrated an understanding of the need for additional time to accommodate the interests of the many consumers and providers.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

parade preview brunch Tuesday, July 28 · 2015 8:30 - Noon

Realtor Day TICKET PRICING* $8 each $7 / 10 or more EVENT LOCATION Daybreak’s Brightdoor Gallery of Homes, 5468 West Copper Needle Way, South Jordan

PARADE OF HOMES TICKETS Available ONLY at the REALTOR Brunch, the day of the event. Tickets will be good for the duration of the Parade, July 31 through August 15. Homes open 12:00-9:00, Monday through Saturday.

RSVP for the REALTOR Day Brunch to the Salt Lake Board at www.slrealtors.com by July 21st, 2015.

*Special SL Board of REALTOR ticket pricing day of event only.

$6 / 50 or more

QUESTIONS Barbara Breen at Daybreak: Call 801.204.2844 or email Barbara.Breen@riotinto.com Or Laura Palmer at Salt Lake Board of REALTORS: Call 801.542.8856 or email Laura@SLREALTORS.com

Tee Off for RPAC

M

embers of the Salt Lake Board of Realtors速 enjoyed a full day of golf, food and fun at the annual Tee Off for RPAC Golf Tournament held at River Oaks Golf Course in Sandy. Cash awards and other prizes were distributed. The event raised more than $20,000 for the Realtors速 Political Action Committee thanks to the support of participants, sponsors and the Government Affairs Committee.

10 | Salt Lake Realtor 速 | July 2015

Photos: Dave Anderton

July 2015 | Salt Lake Realtor 速 | 11

Alta Creek Homes

Bangerter Homes

Parade | Riverton | 84065 | 4,824 Sq Ft

Parade | Herriman | 84096 | 4,628 Sq Ft

Salt Lake Parade of Homes Centers on New Possibilities, Creative Ideas Three events this year offer discounted parade tickets.

T

he Salt Lake Parade of Homes started in 1946 and is the nation’s first home parade, according to Jaren Davis, executive officer of the Salt Lake Home Builders Association. This year’s Parade runs from July 31 through Aug. 15, open daily from noon to 9 p.m. (closed Sundays). Discounted tickets to the Parade are available to Realtor® and affiliate members at three major events this year: the Realtor® Day Brunch at Daybreak on July 28, the Chefs on Parade at Herriman on July 29, and the VIP Tour Chefs on Parade also on July 29.

Advanced registration for these events is required at slrealtors.com. With more than 30,000 people

expected to walk through the Parade of Homes, Davis attributes the success of the event to the high value Utahns give homeownership. At 70.9 percent, Utah’s homeownership rate in 2014 exceeded the national rate of 64.5 percent. In the first quarter of 2015, the nation’s homeownership rate declined to 63.8 percent, hitting its lowest level since 1989, according to The Wall Street Journal. The homeownership rate is expected to turn-around as Millennials begin buying homes and return buyers who lost their homes in The Great Recession once again enter the housing market.

Breen Homes

Candlelight Homes

Parade | Sandy | 84092 | 5,020 Sq Ft

Parade | Midvale | 84047 | 2,863 Sq Ft

12 | Salt Lake Realtor | July 2015 ®

David Weekley Homes (Daybreak)

Davies Development

Model | South Jordan | 84095 | 4,007 Sq Ft

Parade | Salt Lake City | 84121 | 6,981 Sq Ft

Destination Homes (Daybreak)

DR Horton

Parade | South Jordan | 84095 | 1,914 Sq Ft

Model | South Jordan | 84095 | 2,470 Sq Ft

E Builders

Eagle Point Homes

Parade | Draper | 84020 | 8,536 Sq Ft

Parade | South Jordan | 84095 | 3,956 Sq Ft

Edge Homes

Garbett Homes (Abbott – Daybreak)

Parade | Herriman | 84096 | 3,551 Sq Ft

Parade | South Jordan | 84095 | 3,092 Sq Ft July 2015 | Salt Lake Realtor ® | 13

Garbett Homes (Annondale)

Green Ridge Builders

Model | West Jordan | 84084 | 2,027 Sq Ft

Parade | Draper | 84020 | 6,044 Sq Ft

Hand Craft Homes

HardRock Homes

Parade | Bluffdale | 84065 | 5,800 Sq Ft

Parade | West Jordan | 84088 | 4,811 Sq Ft

Holmes Homes (Hannah)

Holmes Homes (Palisades – Daybreak)

Parade | West Jordan | 84081 | 3,490 Sq Ft

Model | South Jordan | 84095 | 3,469 Sq Ft

Holmes Homes (Rosecrest) Model | Herriman | 84096 | 3,679 Sq Ft 14 | Salt Lake Realtor ÂŽ | July 2015

Holmes Homes (Sunrise) Parade | Herriman | 84096 | 2,360 Sq Ft

We congratulate Julia Borst for being one of this year’s 30 Women To Watch Our unparalleled support for producers and realtors is just one reason we’re the 8th largest retail mortgage lender in the U.S.

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Regional Sales Manager 2014 Regional Loan Volume and Units: $321.5 Million, 1334 Units Co. NMLS ID 2611 • UT - Lic #7495184

Julia G. Borst NMLS ID:275440 • UT - 5495305 - 7495184

Huish Construction (Bison Ridge)

Huish Construction (Gray Harbor)

Parade | South Jordan | 84095 | 5,569 Sq Ft

Parade | Herriman | 84096 | 5,173 Sq Ft

Ironwood Custom Builders

Ivory Homes (Flagstaff)

Parade | Sandy | 84092 | 7,500 Sq Ft

Parade | Holladay | 84124 | 3,464 Sq Ft

Ivory Homes (Fulton) Model | Taylorsville | 84118 | 3,029 Sq Ft

Ivory Homes (Hartford - Daybreak)

Ivory Homes (Mayflower)

J Craft Homes

Parade | South Jordan | 84095 | 2,653 Sq Ft

Parade | Riverton | 84065 | 5,200 Sq Ft

16 | Salt Lake Realtor | July 2015 速

Model | South Jordan | 84095 | 2,993 Sq Ft

The Daniela

BRAND-NEW COMMUNITIES FROM THE UPPER $200s:

Anthem in Herriman | Colonial Park in Lehi | The Maples at Homestead in Vineyard

Find several more Richmond American communities along the Wasatch Front!

Enjoy our 3% commission offer—valid on the total price of any spec or new build.* Learn more at 801-545-3429 or visit RichmondAmerican.com.

*3% commission offer is valid to real estate agents with new buyers on new contracts for homes offered by Richmond American Homes of Utah, Inc. that contract by August 31, 2015, and close in a timely manner. Offer must be documented in the contract at time of original contract to be eligible. 3% commission will be paid based on the total purchase price of the home and paid to the managing/employing broker at closing. Offer is not valid on lot or community transfers, plan changes or in conjunction with any other offer. Richmond American Homes requires that brokers comply with its Co-op Broker and client registration polices to be eligible for a commission. Visit a Sales Center for details. Richmond American Homes reserves the right to change or withdraw this offer at any time without notice.

Prices, specifications and availability are subject to change without notice. Actual homes as constructed may not contain the features and layouts depicted and may vary from image(s). Š2015 Richmond American Homes, Richmond American Homes of Utah, Inc. (866-400-4131).

Jacobsen Construction

Keystone Construction

Parade | Salt Lake City | 84121 | 9,900 Sq Ft

Parade | Herriman | 84096 | 4,865 Sq Ft

KMAK Group

Lake City Custom Homes

Parade | Salt Lake City | 84103 | 6,200 Sq Ft

Parade | Draper | 84020 | 4,797 Sq Ft

Legend Homes

McArthur Homes

Parade | South Jordan | 84095 | 5,021 Sq Ft

Model | Herriman | 84096 | 3,722 Sq Ft

Pepperdign Homes

Rainey Homes (Daybreak)

Parade | Riverton | 84065 | 4,588 Sq Ft

Parade | South Jordan | 84095 | 6,000 Sq Ft

18 | Salt Lake Realtor 速 | July 2015

CITYWIDE HOME LOANS IS EXCITED TO

WELCOME YOU TO OUR NEW HOME.

Look how we have grown since 1998. PEOPLE WHO HELP PEOPLE. Corporate- Salt Lake City, UT, Orem, UT, Taylorsville, UT, Draper, UT, Greenwood Village, CO, Scottsdale, AZ Surprise, AZ, Fairfield, CA, Westminster, CO, Layton, UT, Walnut Creek, CA, Newport Beach, CA, Boulder, CO Wickenburg, AZ, Provo, UT, Long Beach, CA, Cedar City, UT, Brighton, CO, Sandy, UT, Cottonwood Heights, UT Farr West, UT, Kaysville, UT, Rancho Cucamonga, CA, Pocatello, ID, Arvada, CO, Boise, ID, Mesquite, NV Longmont, CO, Frisco, TX, Cherry Creek, CO, San Diego, CA, Eden, UT, Ogden, UT, South Ogden, UT, Centerville, UT, Fort Collins, CO, Peoria, AZ, Broomfield, CO, Ft. Union, UT, St. George, UT

9785 South Monroe Street, Suite 200 Sandy, UT 84070

www.chl.cc Corporate NMLS #67180

Regulated by the Division of Real Estate

SOUTH JORDAN (Daybreak)

HOLLADAY

Hartford Victorian Model at Creekside Village at Daybreak 10200 S. Longbow Dr. | 801-253-6400

Flagstaff Mountain Model at Spring Creek Woods 4775 S. Holladay Blvd. | 801-821-3641

PICTURE T H I S‌ A lineup of four exceptional homes designed and built by Ivory to be showcased in the 2015 Salt Lake Parade of Homes

Ivory Homes offers unparalleled choice with beautiful home designs and new communities throughout Utah.

So far this year, Ivory has released 18 new communities with 336 lots in 13 different cities and still to come this year will be 12 communities with 400 lots in 11 different cities. Visit us in the 2015 Salt Lake Parade of Homes or drop by any of our 44 model homes for the full lineup.

Ivory makes the home buying process easy with terrific values, a wide range of industry-leading services and a personalized building process. We are committed to doing everything possible to provide your client with a home they’ll love.

TAYLORSVILLE

RIVERTON

Fulton Traditional Model at Estates at Smith Fields 2200 W. 5230 S. | 385-315-3710

Mayflower Mountain Model at Midas Crossing 11800 S. 2700 W. | 801-821-3652

RGS Exteriors & Construction

Salt Lake Community College (SLCC)

Parade | Bludffdale | 84065 | 7,000 Sq Ft

Parade | Herriman | 84096 | 3,430 Sq Ft

Sego Homes (Daybreak)

Shaw Building Group

Parade | South Jordan | 84095 | 1,845 Sq Ft

Parade | Cottonwood Heights | 84121 | 4,800 Sq Ft

Tailor Built Homes

Tree Haven Homes

Model | Cottonwood Heights | 84093 | 4,463 Sq Ft

Parade | South Jordan | 84095 | 9,544 Sq Ft

WestView Homes

Wright Homes

Model | West Jordan | 84081 | 3,796 Sq Ft

Parade | Herriman | 84096 | 2,800 Sq Ft

22 | Salt Lake Realtor 速 | July 2015

Financing the American Dream since 2004 www.vfund.com ARS IN A RO YE UTAH’S

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2014 20

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Fastest Growing 20 Companies 1 2 · 10 · 2 1 · 20 01

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Cedar City • Cottonwood • Ivory-Layton • Ivory-Lehi • Ivory-SLC • Layton • Logan Old Mill • Orem • South Ogden • South Valley • St. George • Sugar House • Union Heights

MORTGAGE BANKERS ASSOCIATION

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Photo: © Iriana Shiyan / Dollar Photo Club

10 Features Salt Lake Buyers Want Most in a New Home Looking to buy a new home? These features are probably already on your list of ‘must haves.’

By Dave Anderton

T

his year’s Salt Lake Parade of Homes features something for everyone, including models priced from the low $200,000 range to more than $6 million. “You are going to see some really cool stuff this year,” said Taylor Reese, 2015 Parade chairman. “It’s a hot market right now.” The Parade offers new home buyers a vast source of ideas in designing their own home. From extravagant great rooms and contemporary kitchens to outdoor living space and green features, the Parade has it all. Even existing buyers can find cool ideas for remodeling and decorating.

24 | Salt Lake Realtor ® | July 2015

Here are 10 features Salt Lake buyers want most in a new home.

1. Bigger Great Rooms. Utah has the youngest population of all states. In fact, more than 30 percent of Utah’s population is under the age of 18.

That means larger families and extended families.

It also means home buyers want open floor plans and large places to gather. Large great rooms featuring vaulted ceilings, fireplaces and floor-toceiling windows are big draws for buyers. Do you really need a formal dining room? No, according

We want to give our heartfelt THANKS to Utah’s real estate community and the employees and clients of Veritas Funding. You helped us raise

over $50,000

for Multiple Sclerosis (MS) research and to improve the lives of those afflicted with the disease

ARS IN A RO YE UTAH’S

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Financing the American Dream since 2004

2014 20

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Fastest Growing 20 Companies 1 2 · 10 · 2 1 · 20 01

Best of State 2013 Mortgage Banking

Utah’s 100 Fastest Growing Companies

Cedar City • Cottonwood • Ivory-Layton • Ivory-Lehi • Ivory-SLC • Layton • Logan Old Mill • Orem • South Ogden • South Valley • St. George • Sugar House • Union Heights

MORTGAGE BANKERS ASSOCIATION

M E M B

E R

to Jaren Davis, executive officer of the Salt Lake Home Builders Association.

Baby boomers want to trade in the formal dining room and living room for something more functional and easier to maintain.

Legal issues?

2. Grand Master Bathroom. These bathrooms come with double-sinks, a separate tub and shower, rain and side shower heads, and a door separating the bathroom from the master bedroom.

Giant walk-in closets with the right lighting and organizing features are must-haves, according to Cheryl Acker, a broker with RealtyPath LLC and president-elect of the Salt Lake Board of Realtors®. New bathrooms that have the right wall colors with modern vanities and lighting fixtures are a big draw for home buyers.

3. Technology and Green Features.

The smart home increasingly is being asked for by new home buyers, according to Cody Chamberlain, Realtor® with the Muve Group at Windermere.

Smart thermostats allow home owners remote access by smartphone or tablets and can save money and energy. Home automation systems let owners remotely control door locks, access video feeds of the house and receive alerts when a door or window is breached. Solar homes are still in the beginning stages here in Utah, but buyers want energy-saving features like tankless water heaters,

two-by-six framing and energyefficient lighting and appliances.

4.

Walk-out Basement. Not only do they offer more storage and bedroom space at less than half the cost of finishing above-ground space, more families are using them for entertainment. Basements are accommodating extravagant theater and game rooms. Yet, basements can carry some risk. With one in three Utah homes having potentially harmful levels of the radioactive gas radon, Acker offers some advice to new home buyers. “One feature I would love to see builders do up front is add a radon system,” Acker said. “The cost is around $400 up front vs. $1,500 after the fact.”

5. Higher Ceilings. Old homes don’t have them. Home buyers want them. When it comes to ceiling height, buyers expect at least 9-foot ceilings on the main level and 8-foot ceilings in the basement, Chamberlain maintains.

The Muve Group at Windermere is currently building a nearly $2 million home in Promontory in Park City that will feature 17-foot ceilings. According to one study cited by Fast Company magazine, “researchers found evidence that high ceilings seemed to put test participants in a mindset of freedom, creativity, and abstraction, whereas lower ceilings prompted more confined thinking.”

Heather L. Thuet heather.thuet@chrisjen.com Heather L. Thuet is a licensed attorney and real estate associate broker. She knows your business and your client’s needs.

Connect with Heather on LinkedIn.com

257 East 200 South • Suite 1100 Salt Lake City, Utah • 84111 www.chrisjen.com • 801-323-5000 Photo: © Sam Spiro / Dollar Photo Club

26 | Salt Lake Realtor ® | July 2015

Image licensed by Ingram Image

6. Third Car Garage. Move-up buyers definitely want more room for toys – boats and ATVS, Acker said. Utah’s outdoor recreation opportunities are abundant. With five national parks and ski resorts just minutes from most Wasatch Front neighborhoods, bigger garages are fashionable.

The third-car garage has become a symbol of the move-up buyer.

7. Kitchen Pantry. Pantries not only organize a kitchen but free up living space. According to Houzz.com, a walk-in pantry “gets high marks on most folks’ dream lists.” The key to a good pantry is the design and shelves that can accommodate both larger and smaller items.

8. The “Newness” Factor. Home buyers enjoy being the first in an up-and-coming neighborhood. They love new appliances and the lack of maintenance required compared to buying an older home. Two criteria determine whether a neighborhood will hold its property value, according to Bankrate.com. First, what is the neighborhood’s proximity to the job market? Are there nearby research facilities and major employers? The second factor is access to amenities – parks, good schools, low crime area, retail stores and distinctive architecture.

9. Central Air. Refrigerated air conditioning has now replaced what once was a Utah tradition – evaporative coolers. The demand for central air has grown with hotter summers. It also has pushed electricity demand and rates higher in Utah.

Within Utah, central air conditioning consumes more electricity than any other residential activity, accounting for nearly 30 percent of total usage and exceeding that of refrigerators, lights, range ovens and dryers, according to Rocky Mountain Power.

10. Outdoor Entertainment Space. Buyers want a functional exterior patio or deck that is covered, according to Chamberlain. Utah’s 300 days of sunshine warrant more time spent outdoors. The patio or deck is an extension of the home and with the right landscaping make the space a desirable place for gatherings and parties.

Photo: © Christian Delbert / Dollar Photo Club

28 | Salt Lake Realtor ® | July 2015

CHARITY GALA 2015 WHI T E Save the Date

Friday, Sept. 11 Sponsor’s Reception 5:30 p.m.

Silent Auction 6-7 p.m.

Dinner & Live Auction 7 p.m.

Salt Lake Marriott Downtown City Creek 75 South West Temple Tickets available at

slrealtors.com A special thank you to our sponsor:

Benefiting The Road Home and The Christmas Box International

30 CELEBRATING

30 YEARS OF GIVING

Photo: © Scott Griessel / Dollar Photo Club

The 10 Commandments of Agent Safety Do you take the appropriate precautions when showing a listing?

R

eal estate safety was thrust in the national spotlight after last year’s murder of Arkansas real estate agent Beverly Clark following a showing of a foreclosed property. The tragedy has prompted Realtor® associations across the country to reach out to its members to remind them that their work can be dangerous and to take extra precautions in their jobs as they meet with strangers and show homes.

The Birmingham Association of REALTORS® first released its “10 Commandments of Agent Safety” in 1988 and has been using its list of strategies to teach its members how to be safe on the job ever since.

Here are the association’s commandments for agent safety:

1. Do not meet a stranger at any property.

Instead, ask to meet at your office or in a public

30 | Salt Lake Realtor ® | July 2015

place so others can see the potential buyer too.

Take a partner, like another agent or family member, with you, too.

2. Take your car. Avoid riding in a stranger’s car.

3. Avoid working after dark. Try to show property only during the daylight and close open houses before dark. If working after sundown is unavoidable, buddy up with a partner.

4. Dress for safety. Dress professionally and avoid wearing expensive, flashy jewelry. Do not carry large amounts of money with you.

5. Arrange a showing itinerary. Use a standard form and always leave a copy at the office or with a family member. Be sure to let the client knows that a copy exists, too.

Service Directory 6. Use a prospect ID form. Prior to showing a property, have a printed form that asks for a prospect’s information: name, address, auto make and model, auto tag, driver’s license, local address, and two references. Verify the information before you leave.

Home Inspection CRITERIUM-BERNHISEL ENGINEERS 801-466-0931 Scott Bernhisel, PE, MBA Professional Engineer

7. Use an agent ID form. Make sure your office knows your car’s make and model and license tag, plus any other important contact information.

• Comprehensive Inspections • Expert Testimony • Diagnostics • Structural Repair & Design • Electrical, Mechanical, Roofing • Maintenance Planning • Environmental Assessments

8. Set a coded distress signal. Be able to call the office or home with a message that appears harmless to a prospect but would serve as an alert to others that you’re in harm’s way.

9. Stop working immediately if you pick up on something suspicious. If you notice inconsistent answers from your client, or any abnormal behavior, or anything that signals that something is off, stop working and trust your gut instincts.

Exceeding ASHI Standards

TO ADVERTISE IN THIS SERVICE DIRECTORY PLEASE CALL

10. Notify your broker immediately. The broker should decide what action to take at that time.

MILLS PUBLISHIG, INC. 801-467-9419

Reprinted from Realtor Magazine Online, October 2014, with permission of the National Association of Realtors®. Copyright October 2014. All rights reserved. ®

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Open days Before the parade

- J u ly 2 9 th , 2 0 1 5 -

Realtor days 2 part event

3:30pm - 9:00pm

3:30pm - 8:00pm Free Parade of Homes Ticket (1 per realtor in attendance)

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July 2015 | Salt Lake Realtor ® | 31

Wasatch Front Top Builders Jan. 1-June 30 Contractor

Permits

Valuation

1. Ivory Homes

280

$69,940,994

2. Edge Homes

260

$67,382,443

3. D.R. Horton

80

$32,070,190

4. Oakwood Homes

99

$30,036,285

5. McArthur Homes

78

$24,282,079

6. Candlelight Homes

91

$19,892,853

7. Richmond American

72

$17,858,043

8. Castle Creek Homes

67

$17,613,717

9. Fieldstone Homes

71

$16,340,812

10. Perry Homes

63

$15,795,550

11. Holmes Homes

65

$14,714,133

12. Destination Homes

42

$12,680,218

13. Woodside Homes

57

$11,554,162

14. Arive Homes

39

$10,949,147

15. Volkommen Const.

18

$10,165,547

Photo: © Susan Godfrey / Dollar Photo Club

Top Wasatch Front Single-Family Home Builders

By Dave Anderton

I

vory Homes once again was the Wasatch Front’s top single-family home builder in the first six months of 2015, according to a report

by Construction Monitor. Rounding out the top five builders were Edge Homes, D.R. Horton, Oakwood Homes and McArthur Homes.

Salt Lake-based Ivory has held the No. 1 spot for 27 consecutive years. Mary Kate Ivory, Ivory Home’s director of marketing, said the builder’s locations give it an advantage. For example, Ivory’s newest subdivision, Park City Heights, is soon set to open. The community offers townhomes and single-family living. The builder also is taking advantage of infill lots on Salt Lake’s east bench.

New subdivisions are coming to Provo.

“Land sellers wanting to sell come to Ivory

32 | Salt Lake Realtor ® | July 2015

first because we have a great reputation in the market,” Ivory said. “Our goal is create the most value and quality products.”

In the first half of 2015 along the Wasatch Front, there were more than 3,300 single-family permits pulled, a $937.6 million value.

Nationally, the average price of a single-family home sold in 2014 was $345,800, with a median floor area of 2,506 square feet, according to the U.S. Census Bureau. There were 437,000 new singlefamily homes sold across the country in 2014. Sales of newly built, single-family homes rose 2.2 percent to a seasonally adjusted annual rate of 546,000 units in May, according to the latest data from HUD and the U.S. Census Bureau. This is the highest newhome sales rate since February 2008.

Housing Watch May Home Sales Climb 9%; Pending Sales Soar 28%

H

ome sales (all housing types) in Salt Lake County in May increased 9 percent to 1,627 sales compared to 1,491 sales in May 2014, according to the Salt Lake Board of Realtors®.

The median price of homes sold in May in Salt Lake County climbed to $254,615, a 10 percent rise compared to a median price of $231,900 last year. The median cumulative days on the market for listings in May was 17 days compared to 24 days in May 2014.

Pending home sales in Salt Lake County in May continued to be strong at 1,889 contracts signed, up 28 percent compared to 1,481 contracts in May 2014.

In Davis County there were 466 homes sold in May, a 1 percent year-over-year increase from May 2014. The median home price increased to $224,050, up 2 percent compared to $219,950 a year earlier. The median cumulative days on the market for Davis listings in May fell to 20 days, down from 33 days a year ago.

Fueled partly by an increase in the share of sales to first-time buyers, existing-home sales increased in May to their highest pace in nearly six years,

6

3

Salt Lake County Sales (all housing types) Year-Over-Year (Up 9%)

1,491 34 | Salt Lake Realtor ® | July 2015

1,627

according to the National Association of Realtors®.

Led by the Northeast, all major regions experienced sales increases in May. Lawrence Yun, NAR chief economist, said May home sales rebounded strongly following April’s decline and are now at their highest pace since November 2009 (5.44 million). “Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers,” he said. “However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near doubledigit appreciation. Without solid gains in new home construction, prices will likely stay elevated — even with higher mortgage rates above 4 percent.”

Total housing inventory at the end of May increased 3.2 percent to 2.29 million existing homes available for sale, and is 1.8 percent higher than a year ago (2.25 million). Unsold inventory is at a 5.1-month supply at the current sales pace, down from 5.2 months in April.

Salt Lake County Median Price (all housing types) Year-Over-Year (Up 10%)

$231,900

$254,615

2 - C OL OR

1

2

Salt Lake County Days on Market (all housing types) Year-Over-Year (Down 29%)

5

1,889

Pending Sales (Up 28%)

17

1,481

24

Sales $ Davis County

Salt Lake County

Median Price (all housing types) Year-Over-Year (Up 2%) $224,050

4

Sales

Davis County Sales (all housing types) Year-Over-Year (Up 1%)

466

460

$219,950 July 2015 | Salt Lake Realtor 速 | 35

REALTOR® Connections Q&A: Kris Woodside Kris Woodside is the director of membership for the Salt Lake Board of Realtors®. She has worked at the Board since 2008.

Q: How much are membership dues this year?

A: Annual membership dues are $775 for Realtors® and include membership in the Salt Lake Board of Realtors®, Utah Association of Realtors®, and the National Association of Realtors®. For about $100 per month, Realtors® enjoy a support network in building a successful business. What other business could you launch for less than $100 per month?

Q: Where and when should I pay my dues?

A: Dues can be paid online at www.slrealtors.com. The deadline to pay is Friday, July 31.

Q: What benefits do I receive?

A: The benefits of belonging to the Salt Lake Board of Realtors® include: government advocacy, legal forms, a free legal hotline by the Utah Association of Realtors® (most attorneys charge $200 an hour or more for legal advice), Supra Key and Keybox system, Code of Ethics enforcement, arbitration and mediation, and continuing education courses. In addition, Realtors® have access to a new and improved MLS site (utahrealestate. com) that is ranked No. 2 in the nation and features easier navigation displays and more detailed reports.

On the Move Keller Williams Salt Lake City announced that Emily Lowry joined the firm as team leader. Lowry will be responsible for recruitment, management and agent retention in the South Valley market center.

The David Eccles School of Business announced the appointment of James A. Wood as the Ivory-Boyer Senior Fellow at The Policy Institute at the University of Utah. In this role Mr. Wood will specialize in research, analysis and commentary on the housing, construction and real estate industries, as well as the Utah economy. He will provide research expertise for the Ivory-Boyer Real Estate Center within the Eccles School and continue to serve in a leadership role at The Policy Institute.

Exit Realty Plus announced the following new Realtors® to its office: Aaron Marmol, Brandon D’Agaostini, Christie Garcia, Curtis Turner, Glen Clawson, Sandy Anderson, Shawn Williams, Mandee Bishop, Jason Barlow and Michelle Enochson. Tonja Meadows is the office manager.

Northwest Title Holds Open House Northwest Title Insurance Agency held an open house on June 23 to celebrate the opening of their new Sugar House/Corporate Office located at 2150 South 1300 East. A large gathering of clients, associates and friends enjoyed the modern atmosphere, amazing food and marveled at the spectacular views overlooking Sugar House Park from the closing room. Northwest Title has five offices along the Wasatch Front: Bountiful, Sugar House, Union Heights, Draper and Orem.

36 | Salt Lake Realtor ® | July 2015

Equity Real Estate welcomed the following new agents: Julie Shaw, Trent Nielsen, Christopher Harper, Melissa Ballman, Kathy Montague Mitchell, Jara Hatfield, Shellie Sepulveda, Christopher Young, Elliot Abel, Travis Johnson, Leland Basquin, Tim Lyman, Blake Barkell, Jamie Palmer, Melanie Soules, Elaina Yu, Rodolfo Arthur, Rachel Hampton, Ryan Rasmussen, Lulu Delgado, Teresa Latimer, Brad Stokes, Thomas Barber, Cheryl Staley, Rohaib Hamid and Tyler Hansen.

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