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Board of Trustees Meeting Recap (June 19th 2013)
Q&A’s:
School Bus- Draper City is continuing to work with Alpine School district to formulate a better drop off/pick up system. Their intent is to have a new location (close to the Community Center) by Fall.
Sidewalk to Stoneleigh Heights phase 3 – Currently there is no "safe" way to get to the 3rd phase of the townhome community. City council members in attendance agreed this is a serious problem and will address in upcoming city council meetings and will address as soon as they can to help ensure pedestrian safety.
The parking strip at the intersection of Traverse Ridge Road and SunCrest Drive (where they eliminated the free right turn) will be undergoing a beautification project. Originally Draper City had planned on completing the project by Spring, but now hopes to have the project completed by the end of Summer. Original plans were thought to include a bike rest area with benches/tables, grass, flowers, and trees, but the councilmen in attendance couldn’t confirm the future plans. This project will NOT be coming out of TRSSD funds.
Items on the Agenda:
Lot C&D- As discussed at our annual meeting, the overwhelming #1 response was to have a basketball/multiuse court. The plans include a 190×100 court that will have 6 hoops. Conduit will be run for electrical for potential future use. Tod Bean will be soliciting bids and hopes to have the projected completed within 2 months.
Salt Structure – This topic generated the most comments from the residents in attendance. For years, both Draper City and the HOA have investigated the idea of having a salt dome within SunCrest boundaries. In recent years, salt has just been dumped and stored at the SunCrest market. Draper city has approved preliminary plans and site for a salt structure. The approximate 6,000 square foot facility is slated to be constructed below Oak Summit and Longbranch Drive in the flat clearing currently there. Draper City staff on hand for the meeting indicated this location was "ideal" as it will serve as a central point for trucks to fill salt. Staff indicated this site was one of many sites studied but this was the best location because of its accessible flat terrain and central location within SunCrest. Staff indicated that salt would be stocked during the day to help minimize noise and traffic. Draper city staff and city council members on hand said they hope this will be more efficient and timelier. Many residents on hand expressed concern of its residential location, added traffic, view interruption, and noise. Draper city panning commission will be holding open meetings for residents to express comments/concerns. For those interested, you may email your comments to our City Councilmen/Board of Trustees.
Bill Colbert: bill.colbert@draper.ut.us
Bill Rappleye: bill.rappleye@draper.ut.us
Jeff Steinquist: jeff.stenquist@draper.ut.us
Alan Summerhays: alan.summerhays@draper.ut.us
Troy Walker: troy.walker@draper.ut.us
SunCrest Market- Draper City has been looking for an interested party to lease the SunCrest market and it appears they have found one! The tenant is currently going through their due diligence. They anticipated if all goes well, they hope to see it open within with 2 months. Plans are for a general market and sandwich shop. Exciting news for SunCrest residents!
SunCrest Market Update – March
Our March update includes Februarys new active, pending and sold SunCrest homes. We also discuss inventory and what to expect going forward.
Cost of Waiting a Year
Thinking about waiting a year to buy? May want to rethink, it could cost you. The above graphic shows both the projected appreciation* and projected interest rate*. What would you do with an extra $127.87 a month ($1,546 a year!)?
*nar.com, marketwatch.com
September – Time to Sell?
The above graph was taken from the National Association of Realtors and represents national numbers. Likewise, here in Utah, we are experiencing very similiar numbers. In second quarter of 2012, for the first time in 5 years, the median single family home price increase 6%(*slrealtor.com) year over year.
Our current inventory has continued to decrease from this same point last year. Salt Lake has maintained an under 6 month supply of housing inventory which is considered to be a "sellers market" level of inventory. This low inventory is causing an increase in prices, and in many cases, multiple offer situations for sellers.
Also worth noting is the percentage of distressed property sales in continuing to decrease. This is important because when there is less distressed properties, median prices increase.
So is now the time? The answer is, well, only you can answer that question. Some of you may be holding out to sell. You may be reading the headlines both nationally and locally that prices are rising every month and you may keep holding out. I understand the logic, but let me caution, we do have seasonal trends. Historically, we see an increase in prices in the first half of the year as opposed to the second half. We can continue to expect to see a steady release of distressed inventory (what I mean is not just a bunch at one time) that may be coming as a comparable property. Who knows how many sellers who NEED (relocation, life event, bigger home, etc) to sell within the next year may sell quickly at the first sign of decreasing prices? What we do know now is: Low inventory, low rates, qualified buyers, and increasing prices.
