Real Estate Information

It is September 1st at the writing of this piece. You can only put this off so long you know, and if you are considering purchasing your "first"* home and taking advantage of FREE money in the form of an $8000.00 tax credit, your time is short!

A quick definition of "first time buyer." You either: A - have never owned a home before, or B - have not owned a primary residence in the past 3 years.

What could you do with $8000.00?!?!? Many buyers are borrowing that amount from friends or family, then paying them back after closing. Others are putting it into the home for repairs and upgrades, and still others are just keeping it for a rainy day.

Logic Behind "Time Running Out"

To receive the $8000.00 tax credit you must have closed on your home purchase by no later than November 30th, 2009. Assuming that it takes 30-45 days to process and fund a home mortgage these days, (and it does), that puts you at October 30th at the LATEST to put a firm contract together on a place. October 15th is more like it.

Find a great real estate agent who understands this process in depth, and an even better mortgage person and get on it. NOW!

A FEW SHORT VIDEOS TO WATCH ABOUT THE TAX CREDIT - GREAT STUFF:

JEREMY LARKIN Discusses Tax Credit from St. George Blvd: HERE

Detailed view of the tax credit, who qualifies, how to get it:  HERE

There has been alot of talk about Washington County, Utah foreclosure rates - we're currently boasting the highest rate in the state! So I guess we now have the weather, national parks and foreclosures.....but I digress.

I spent an entire afternoon recently with Paul Foy, an Associated Press (AP) writer who came to town looking for the "foreclosure scoop." You can read the full KSL.com version of the story HERE.

I think he was surprised at several things: 1 - just how many distressed properties there are around here, 2 - how "nice" many of the homes are, and 3 - that the community is still vibrant.

Of course it is, it's St. George! All sugar-coating aside, we have a terrible foreclosure problem that has affected nearly every person in the county, but has also brought with it INCREDIBLE buying opportunities....time to go shopping!

In this week's episode, I join forces with Bank of America's Blake Bench upon the StGeorgeForeclosureTour.com shuttle to talk foreclosures, our upcoming foreclosure tour, and take a brief outside look at a HOT foreclosure that sold in 6 days. We even made a pit stop at In N' Out Burger!

Join us as we kick off the fall 2009 Foreclosure Tour season on September 5th. It is fun, short, FREE and should be enlightening! Details and registration at www.StGeorgeForeclosureTour.com OR www.SoUtahForeclosureTour.com.

A really classic way to spend a St. George summer evening is at one of the City of St. George-sponsored "Concerts in the Park." First of all they are FREE, second Vernon Worthen Park is a classic downtown city park with tons of shade & grass, and last but not least, the artists they bring in are typically really great.

In this episode we catch up with Kirby Heyborne, a fantastic singer/songwriter and most well known for his LDS film exploits in everything from the MAJORLY satiristic (and painfully funny) "Singles Ward', "The RM" and Sons of Provo, to some pretty critically acclaimed performances in the more serious "Saints and Soldiers" and the "The Best Two Years." 

This is a GREAT GUY....he was bombarded afterward for literally hours by fans, mostly younger kids and he was surprisingly gracious with his time, funny & sincere. All the best to Kirby in future ventures.

That said, there is still 1 more show left this year, "Stillhouse Road", a Bluegrass Group. http://www.sgcity.org/arts/concert/index.php for more info!

Did you get your property tax notice this week? Many have and most are wondering why their tax bill is STILL so high after property values have dropped.

Patrice St. Germain with the Daily Spectrum wrote a great piece about it HERE.

Today we discuss "why" that is happening and how we can help you appeal your tax notice - IF APPLICABLE. I like to think of it as my annual "pro-bono" real estate work!

Enjoy and be sure to visit www.DixieHomeValue.com after watching the video if you feel that the assessed value (not tax rate) of your home is still too high. If you do send me a request for free value analysis PLEASE state "property tax appeal" in the comments!

This past week I had the good fortune to have a GREAT client with season tickets to the St. George Roadrunners. This is another one of those truly overlooked, but "rich" Dixie experiences that is on its' way to becoming a "tradtion" if they can keep the finances together on the outfit.

The Roadrunners are managed by former Cleveland Indina Superstar Cory Snyder (I think I have his rookie card!) which lends some real professionalism to this independent league baseball team.

While these guys are necessarily in the pro rankings, they can play ball. Numerous mesmerizing double-plays and a host of home runs made it a fun night, not to mention the classic between-inning games and drawings on-field for the fans. (I believe we have a short clip of a bunch of young mothers having a cupcake eating contest..)

Enjoy the video and get out and support our Roadrunners!

"But Jeremy, I offered above full list price and STILL got beat out! What gives?

If I had $5 for every Buyer who has been shocked (and dismayed) about having to "compete" for homes in this so-called "Buyer's" market, I'd have a nice little vacation fund built up.

Today we talk about

• the "Tale of 2 Markets", those listings that are "in" the market, and those that are "out" of the market;
• why Buyers are getting into bidding wars in St. George, Utah as well as other Western markets,
• and also why Sellers have to get in the "critical 20%" if they are going to sell.

Below this video is a copy of the chart I discuss in the video. Enjoy!

I love good news, don't you? I ran across a very positive article on Reuters today that is giving me warm and fuzzy feelings about the future of local and national real estate markets.

In the article, they pointed out that US housing inventory data is pointing toward stabilization...yeah! The data focused on Los Angeles, Phoenix and Las Vegas, all of which have seen huge decreases in inventory over the past year. Anyone who know's St. George understands that whether it's the latest fashion trends or real estate, we always trail these areas by 6-12 mos.

In the St. George area specifically we have also seen stabilization with monthly sales around 250 for the past 4 mos, up from only 107 in January! Affordability & government incentives are driving this trend.

Watch the Video below, then click on the link below that or a VERY COOL mid-year market report for the St. George area!

WATCH FIRST, THEN click this link: (you're gonna love this...)

Market Discussion (click it!)

3.4 miles of smooth open roads and desert views...I CAN'T WAIT to get my road bike tires on that thing!

The "Southern Parkway" (formerly called the "Southern Corridor" & a host of other things) opened to the public Tuesday, providing new and improved truck and public access from I-15 at Sunriver directly to the South end of River Road below the Ft. Pierce Industrial Park.

It's pretty quiet down there at 9:27 PM in July, but I had my 4-year old (who took a LATE nap) along for company. He kept saying, "Dad what if we got lost? Are we lost?" "No son, just out for a little post Wal-Mart joy riding."

As is painfully predictable, the same slew of naysayers who spend their days ridiculing every article that hits the Spectrum.com website made their opinions known, and there are probably many others who disagree with what the City is doing out there.

The main concern of most is that it could divert tourist traffic from the City center and directly to Zion, the airport and other locations.

Valid point, but I don't think so for 3 reasons: food, retail and lodging. I just believe most people will "keep on truckin" through St. George to access In N' Out Burger, hotels, etc.

Additionally, if you've witnessed the truck traffic on Brigham Road accessing the Industrial Park you know why this is so critical. It's not just about giving people quick access to a new airport, it's about diverting noisy, stinky trucks from the frontage of an elementary, intermediate, and high school all day long.

Only time will tell how much it will hurt or help the community, but that is one beautiful 3.4 mile stretch of road which will eventually stretch to 27 miles and lead all the way to Hurricane.

Now if we could just get them to stop "chip-sealing" our city streets....NOT good for spandex-clad cyclists on 1" tires. I guess I can dream.

-3.4 miles from Sunriver Exit to So. River Rd Exit, around 5.1 to YESCO at South end of Ft. Pierce Industrial Park, close to 7 from Sunriver to intersection at Brigham & River Roads.

-Divided highay, 2 lanes going each way - SMOOTH and picturesque.

As many of our friends and clients know, not only was I born and raised in Utah's Dixie, so was my wife, so was my Father. While we tease him about being one of the original "Pioneers", he has certainly been around to see some changes and has instilled his love of the area in his children.  

He grew up on old "Flood Street" and when I was a kid it still "flooded!" Then of course the City came along and installed nice drains and took the fun away...

We know and love this town and decided to begin sharing the sites, sounds, people and culture that make St. George, Utah special. Whether it's an evening at Tuacahn, a visit to old St. George City pool, or a King Burger and fries at Larsen's Frostop, we want to broadcase to our friends and clients the little things that make Dixie "Dixie."

Sometimes we will talk real estate, sometimes we won't, but we commit to bringing you great insider knowledge & culture about Washington County.

Our first clip comes from the annual 4th of July celebration at the Sun Bowl & Vernon Worthen Park. Enjoy!

A May 8, 2009 Gallup Poll has uncovered some VERY interesting information about where Americans are headed with their heads and their wallets.

People were asked which of 4 common investment vehicles, (stocks, bonds, real estate, savings accounts), would be the best long-term strategy. Their answers?

34% said Savings Accounts, 33% said Real Estate. 

Not surprisingly, Savings Accounts ranked very low in the past when people day-trading on E-Trade in their pajamas thought they were the next Warren Buffet. This was of course also the same for Real Estate at the height of the boom.

If you could pass the "mirror test" in 2004-2006, (breathe on a mirror and see if it fogs up), you were making boat-loads of cash flipping real estate. In 2005 50% of Americans said they'd choose real estate for investment.

That said, the Savings Accounts portion of the poll is completely unremarkable since most people just want some safety these days, yet the real estate portion is very remarkable.

In a supposedly "bad" market, 33% of Americans say that's where they would put their hard-earned cash. Of course you may be thinking, "it's probably just a bunch of naive 1st-time Buyers thinking this is the next boom." If so, you'd probably be wrong. Just look at which demographic group most highly picks real estate:

The highest percentage of those who view real estate as the best option are those in the higher income bracket, made up of many saavy investors and other people with cash on hand.

 This report comes on the heels of an April 16, 2009 poll that showed 71% of Americans feeling like RIGHT NOW is the time to buy. (Video HERE.)

I am not a Financial Planner, CPA or any other version of a certified financial guru, but I like real estate because of the "tangible" nature of it. The world financial markets may crumble, but you can still enjoy your home or vacation property, or at least camp on it!

Just curious, where are the people you spend time with putting their money?

Full Gallup Poll Article here: http://www.gallup.com/poll/118300/Savings-Accounts-Real-Estate-Seen-Best-Investments.aspx