SunCrest August 2, 2013

SunCrest Market Update – July

Uncategorized July 1, 2013

SunCrest Market Update – June

SunCrest June 22, 2013

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 April 24, 2013

SunCrest Market Update – April

SunCrest March 28, 2013

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.  

SunCrest March 8, 2013

SunCrest Market Update – February

Uncategorized February 27, 2013

Big Changes to FHA Loans

 

The 3.5% down payment on FHA loans could be more expensive for buyers than expected. Beginning April 1, 2013, the mortgage insurance premium will go up by .1% to 1.35% which may not even be noticeable to most would-be homeowners.
 
The staggering increase will occur on 6/3/2013 when FHA’s policy on the duration of the required mortgage insurance will be increased for the life of the mortgage. It basically doubles the amount of total MIP if the loan is paid to term.
 
(Regarding the current MIP duration: When the unpaid balance reaches 78% LTV of original purchase, the MIP can be released. In any event though, the minimum time must be five years.) 
 
Currently, the MIP is required for approximately 9 years 9 months with normal amortization. The new program would require the MIP for the life of the loan. In this example, the initial monthly MIP is $196.88 which decreases based on amortization.
 
There are buyers that qualify on income and credit who may not have the necessary additional down payment required for 80% and 90% conventional loans. The 3.5% FHA program has provided a great vehicle to get into a home with a minimum amount of cash.
 
For homeowners that expect to stay in their home for ten years or less, the new changes might not have much financial impact. Homeowners who expect to be in their home long term can refinance with a conventional loan without mortgage insurance once the equity has increased due to amortization and appreciation.
 
For buyers to avoid these increases, they will need to act now to get the FHA commitment issued prior to these change dates.
 
Source: http://www.kcmblog.com/2013/02/19/fha-more-expensive-than-expected/

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SunCrest January 25, 2013

SunCrest Market Update – January

SunCrest December 18, 2012

SunCrest Market Update – November

Uncategorized November 29, 2012

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