2015 marked the best overall year for homeowners since 2007 thanks to steady demand, attractive interest rates, and a healthy Utah job market. Looking ahead to 2016, here is a quick outlook on 3 things I anticipate to occur.
Interest rates will rise.
From news outlets, leading economists, to real estate blogs, rates are forecasted to be closer to 5% by years end.
Rental rates will continue to increase.
Low rental vacancies, lack of new construction rentals, and difficulty to save sufficient down payment to purchase a home will continue to drive rents upwards.
Millennials, millennials, millennials.
These ’35 and unders’ just surpassed baby boomers as the largest demographic. You’ll hear more and more about ’em as they move out and move into homeownership.
Our understanding from previous Draper City meetings and information from the developer is that they wish to be included with SunCrest HOA and have also expressed interest in being annexed into the TRSSD. Our understanding is that it's a multi year buildout plan with town homes, cottage style homes, and larger 1/4-1/3+ acre lots with around 180 units in total.
Click here to view the proposed plat and zoing request.
There will be a public hearing at Draper City Hall, 1020 East Pioneer Road, on August 28, 2014, at 6:30 p.m. Inquiries may contact Dan Boles at the Draper City offices, 801-576-6335.
Important items involving SunCrest at 4/15/14 Draper City City Council meeting.
- Assistant City Manager Russ Fox will present comments gathered regarding the Public Works (salt dome) station in SunCrest.
- Declaring property in SunCrest as surplus. This parcel is roughly 3 acres and per the City Manager: The city will trade property it owns on the east side of Suncrest Drive for some property needed for a new road going down to a new dam that will be built this summer.
- Consideration of Irrigation Service to Michel Land LLC (also known as the 'Shoe Box' property near Tall Woods)
SunCrest Public Works Station Meeting Recap (3/26/14)
Draper City staff on hand began the meeting by having poster boards of the site renderings, site plan, and estimated costs of the building. A brief introduction and history of the proposed works station was given. 1.7 million of the TRSSD funds have already been appropriated for this project should they decide to move forward with the SunCrest architectural design approved option. Draper City explained the less aesthetic option ($290k) is typically what is used in other cities (American Fork was used as an example). Draper City staff explained the benefits of having the Public Works Station up here would reduce travel time, reduce man-hours, faster service, safety, and convenience (among others).
From 100-125 residents in attendance, questions were asked about the facility, among them:
• What alternatives have been explored versus spending a large amount of money? 1.7 million can only be spent once. With an estimated 21-year turn around, what other alternatives were considered? I.E. Buying another truck, hiring another full time employee, etc… No cost benefit analysis was provided at the meeting.
• Why do we even need this? Most residents in attendance complemented Draper City’s efforts for both this year and previous years and felt like the current service is acceptable. No analysis or data was provided at the meeting showing complaint calls, accident related issues, estimated reduction in current man hours, reduced fuel savings, etc…
• What other areas were considered? Draper City explained that this was the best location for this facility among the others considered. No other site plans or analyses of alternative locations were available at the meeting.
• Why would such a structure be built on known landslide area? The proposed area is known potential landslide area. Residential homes cannot be built here because of this. Because the building would be a “non occupied” building, this structure could be allowed. As mentioned, no other site plans were presented or available at the meeting.
• Is a fuel tank in a FireWise community area the best option? Draper City and SunCrest residents have recently gone through a FireWise program to help SunCrest be less susceptible to wildfires spreading. Many residents felt putting a 1,000-gallon fuel tank would be counter intuitive to recent efforts.
• Should a special service district pay for this? Would Draper City use any public funds to reduce the investment by the TRSSD tax paying citizens?
• Is this a conflict of interest? If Draper City owns the land and the TRSSD owns the structure, what happens going forward?
The meeting was continually repeated as an information-gathering meeting. Draper City staff indicated public comment would be considered and presented to Draper City officials. If you were unable to attend, you can submit comments online at www.draper.ut.us/substation