Comeback Cities: Top Places Ready for a Rebound

1. Dallas–Fort Worth
Q1 2008: $151,930
Q4 2009: $161,690
Growth rate: 6.4 percent

2. Indianapolis
Q1 2008: $122,940
Q4 2009: $130,630
Growth rate: 6.3 percent

3. New Orleans
Q1 2008: $153,850
Q4 2009: $162,600
Growth rate: 5.7 percent

4. Atlanta
Q1 2008: $177,750
Q4 2009: $187,640
Growth rate: 5.6 percent

5. Montgomery, Ala.
Q1 2008: $140,020
Q4 2009: $147,690
Growth rate: 5.5 percent

6. Memphis
Q1 2008: $143,550
Q4 2009: $150,730
Growth rate: 5 percent

7. Mobile, Ala.
Q1 2008: $134,580
Q4 2009: $140,920
Growth rate: 4.7 percent

8. Austin, Texas
Q1 2008: $186,350
Q4 2009: $195,060
Growth rate: 4.7 percent

9. Houston
Q1 2008: $154,850
Q4 2009: $161,910
Growth rate: 4.6 percent

10. St. Louis
Q1 2008: $143,920
Q4 2009: $149,710
Growth rate: 4 percent

Source: Business 2.0, Paul Kaihla (10/01/07)

HOT sellers: Utah has 4 of top 100 fastest-growing counties in nation

According to the latest census data, the Beehive State has four of the top 100 fastest-growing counties in the United States.

Tops for growth in Utah is Utah’s Dixie, where communities like St. George have helped Washington County grow a whopping 44 percent from April 2000 to July 2006 — ranking 16th nationwide over that period.

Also making the Census Bureau’s top 100 are Wasatch County (53), Utah County (81), and Tooele County (84). The Census Bureau report ranks housing unit estimates for the 100 Fastest Growing Counties with 5,000 or more housing units in 2006.

The bureau’s 2006 American Community Survey shows even better results for a recent one-year period. Washington was ranked the 11th fastest-growing county from July 1, 2005, to July 1, 2006, with Wasatch County and Utah County ranked Nos. 42 and Nos. 92, respectively, for that same period.

Additionally, the report notes:

• Utah ranks among the top 10 in home ownership nationwide (No. 9).
• One-third of Utah homeowners spend at least 30 percent of their household income on mortgage payments.

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Salt Lake Valley rental rates up

Rental rates in Salt Lake County have risen by a hefty 6.7 percent over the past year - the highest rate in more than a decade - to an average rent of $697, a new report shows.

The higher rents stem from a dwindling supply of available units, according to the Greater Salt Lake Multi-Family Report, published by Apartment Realty Advisors-EquiMark.

Apartment vacancies in Salt Lake County have fallen from a high of 10.9 percent in 2002 to 4.1 percent - the lowest point since 1996, the report said.

Salt Lake County rents range from $449 to $915. The breakdown:
* Studio: $449
* 1 bedroom 1 bath: $606
* 2 bedroom 1 bath: $668
* 2 bedroom 2 bath: $851
* 3 bedroom 2 bath: $915
* Salt Lake County average: $697
Source: Apartment Realty Advisors-EquiMark

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Foreclosures

Soaring home values propel property taxes skyward too

Skyrocketing home prices have translated into major property tax increases for Tooele County residents. Over the past year, home valuations jumped as much as 30 percent in some parts of the county, and went up 15 percent overall. Raw ground also increased in value by 25 percent, according to Ron Perry, lead appraiser in the Tooele County Assessor’s Office. Residents are taxed on 55 percent of the appraised value of their properties. The overall rate of taxation depends on where the house is located. Some areas, such as Overlake, are taxed at a slightly higher rate because they are also special service districts.

…State law requires that appraisals are neither 10 percent more nor 10 percent less of fair market value. When the numbers were crunched and compared to Wasatch Front Multiple Listing Service sales figures, the county increased Erda values by 30 percent, Stansbury Park 25 percent, Tooele 20 percent, Overlake 15 percent, Grantsville 15 percent and Vernon-Rush Valley 15 percent.

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Home prices drop for fourth straight quarter

But the latest home prices from Realtors show losses seem to be easing.

Among individual metro areas, prices plunged furthest in Elmira, N.Y., down 17.9 percent to $71,700. Other big losers included Palm Bay, Fla. (down 15 percent to $183,300), Davenport, Iowa (down 11.3 percent to $103,300) and Sarasota, Fla. (down 11.3 percent to $311,400).

Pockets of strength included Salt Lake City, where prices rose 21.9 percent, the most of any metro area, to $233,100. In the Pacific Northwest, Salem, Ore. prices rose 16.7 percent to $227,900, and Spokane, Wash. prices went up 10.4 percent to $197,700.

Salt Lake City, UT $233,100 21.9 Utah MLS
Phoenix-Mesa-Scottsdale, AZ $264,800 -2.7% Arizona MLS
West $349,400 -0.4%
U.S. $223,800 -1.5%

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Landmark school becoming luxury condos

The halls of the old Central Elementary School will soon be filled with life and laughter again, roughly 12 years after the school’s closing. The three-story brick edifice, which witnessed the education of roughly 43,000 students over 66 years, will soon be called “home” by at least 28 residents following a renovation that is transforming the landmark into luxury condo units.

Developer, engineer and visionary Matthew Arbshay purchased the empty 1929 building, located on 100 West and Vine Street, three years ago and has been renovating ever since. Once he’s finished this fall, he hopes to sell the condo units at prices of $300,000 and up.

The larger units, topping out at 1,250 square feet, will sell for upwards of $380,000. The smaller units, roughly 950 square feet, will sell for $300,000. The condos will be available for people 55 and older. Comparable retirement communities offer condo units for double the asking price, he said.The building will also be pet-friendly, Arbshay said.

The building, grounds and parking & 35 covered and 20 in a west-side outdoor lot & will be kept up by Arbshay’s own maintenance crew until 70 percent of the units are sold and a homeowner’s association can take charge.

Arbshay’s next project is an equestrian subdivision on 108 acres that will blend ranch-style housing with a greenbelt of bridal pathways and open spaces.

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Real estate still looks rosy in Utah, local experts say

Record low unemployment rates and continued job growth, at a rate of about 4,500 new jobs each month, contribute to a continued need for housing along the Wasatch Front. However, a decrease in sales of existing homes and new building permits show signs that the market is beginning to slow down.

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Money magazine ranks county No. 1 in nation for jobs

Tooele County ranks No. 1 in the United States in terms of job growth over the last six years, according to Money magazine’s “Best Places to Live 2007″ report released on Thursday. During that time period, job growth in the county increased 112.5 percent.

The national magazine cites the relocation of industrial companies such as Carlisle SynTech, Conestoga Wood Specialties and Allegheny Technologies with creating more jobs in the county, keeping employment high, and helping wages to grow at an above-average rate. The county’s affordable housing, close proximity to Salt Lake City, and growing job market were also praised.

Summit and Wasatch counties were also listed in the report, coming in the third and sixth slots respectively. Behind Tooele County is Sumter County, Florida, with a job growth of 96.3 percent.

Tooele Transcript

Tooele County is not among the fastest growing counties in the state 2007

Despite tangible signs of growth everywhere, Tooele County is not among the fastest growing counties in the state, according to new U.S. census estimates released last month for the period from 2000 to July 2006.

During that time period, Tooele County averaged 4.7 percent annual population growth, according to the census estimates. But population skyrocketed in parts of Washington, Salt Lake and Utah counties.

The fastest growing town in the state — Herriman at the south end of Salt Lake County — doubled its population several times over, averaging 144 percent growth per year. As of the 2000 census, it had 1,523 residents. Six and a half years later it had 14,643.

Statewide, the fastest growing cities are in Washington, Salt Lake and Utah counties. While Herriman’s growing fastest, Saratoga Springs, Eagle Mountain and Cedar Hills in Utah County increased their populations dramatically as well. Saratoga Springs — once a small town of 1,003 — now holds 7,283 people. Eagle Mountain grew from 2,157 to 12,232, and Cedar Hills grew from 3,094 to 8,410.

Tooele’s total population increase pales compared to the nearly 26,000 additional people in West Jordan, 18,000 in St. George, and 17,000 in Lehi over the last six years.

In contrast, the large metro area Salt Lake City lost 2,885 people and South Salt Lake City lost 684.

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