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  #6201  
Old Posted Dec 17, 2013, 4:58 AM
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Quote:
Originally Posted by ajiuO View Post

Hehe.. Greg Miller, Well known?? He took over for his dad Larry.. Right?
Despite your "hehe" I stand behind my "Well known" I would venture to guess that more people on this forum, and possibly in the state would know, then wouldn't know, who Greg Miller is if you simply asked, "Do you know who Greg Miller is?" and I'm sure just as many would know who Gail Miller is.
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  #6202  
Old Posted Dec 17, 2013, 7:16 AM
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Originally Posted by Future Mayor View Post
Greg's name is on the title but I believe it is Gail that will be living there, as it was her that mentioned in the PAC meeting that she would soon be living within walking distance. Ownership of property is not a secret, it is a mater of public record, unless of course some sort of corporation purchases the property so the public doesn't know the actual owner or resident. Purchase price on the other hand is not public record, Utah is a non disclosure state.
That's probably very likely that Gail is moving there because I think Greg is building a house on Jupiter Dr.
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  #6203  
Old Posted Dec 17, 2013, 5:46 PM
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Didn't Jon Huntsman, Jr. The Former Governor of Utah bought out a unit or two at 99 west as well?
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  #6204  
Old Posted Dec 17, 2013, 5:54 PM
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Originally Posted by SLC Projects View Post
Didn't Jon Huntsman, Jr. The Former Governor of Utah bought out a unit or two at 99 west as well?
Yes he bought one, but just a two bedroom lower level unit.
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  #6205  
Old Posted Dec 18, 2013, 12:02 AM
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Yes he bought one, but just a two bedroom lower level unit.
Exactly, he bought on the 7th floor. He doesn't want anything too lavish, if he runs for president again.
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  #6206  
Old Posted Jan 17, 2014, 6:18 PM
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City Creek Condo update

Last update 12/13/2013

99 West:
105 of 185, no change; 57%, no change

The Regent:
103 of 150, no change; 69%, no change

Richards Court:
39 of 91, up 2; 43%, up 2%

Total:
247 of 426, up 2; 58%, no change

Average per week since 2/1/12 - 1.07 units, down .03.

Weeks to Occupancy:
60% - 8
80% - 88

99 West at 105 is the highest it's been.

The Regent at 103, is the highest it's been.

Richards Court at 39 is back to its highest.

Total at 247 and 58%, is the highest that total occupancy has been.
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  #6207  
Old Posted Jan 17, 2014, 6:51 PM
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I think it's fair to say that not as many people have moved into CCC as hoped and planned.

I wouldn't be surprised if they decided not build the Cascade. The numbers just are not showing the need for it. The numbers are moving extremely slow.
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  #6208  
Old Posted Jan 17, 2014, 7:12 PM
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FYI, all home sales take a huge dip from approx October until about February. In December only 955 homes sold in Salt Lake County, and as of Wednesday only 225 have sold in January in Salt Lake County. The average SLCo Selling price in January has been $205,095, and December was $206,500. So with the amount of units that are on the market in SLCo, and the average selling price for the last two months, two units since mid-December doesn't seem all that bad to me.

Between May and August, the four months that homes sales in SLCo and the state were the highest, City Creek sold 22 units. Between my Dec 2012 to January 2014 updates a total of 41 units sold. SLC and Utah are expected to be one of the hottest Real Estate Markets in 2014. If 2014 only results in the same amount of units sold, 41, that still puts occupancy at 68%.

It can't be expected to sell over 400 high end downtown condos in a really short period of time. If I recall correctly Richards Court only started selling in early 2011. It's going to take time to sell that many very specific type of units. I fully expect Cascade to start construction within the next 2 years.
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  #6209  
Old Posted Jan 17, 2014, 8:19 PM
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Quote:
Originally Posted by Future Mayor View Post
City Creek Condo update

Last update 12/13/2013

99 West:
105 of 185, no change; 57%, no change

The Regent:
103 of 150, no change; 69%, no change

Richards Court:
39 of 91, up 2; 43%, up 2%

Total:
247 of 426, up 2; 58%, no change

Average per week since 2/1/12 - 1.07 units, down .03.

Weeks to Occupancy:
60% - 8
80% - 88

99 West at 105 is the highest it's been.

The Regent at 103, is the highest it's been.

Richards Court at 39 is back to its highest.

Total at 247 and 58%, is the highest that total occupancy has been.
I think the problem is that these are all condos. Apartments are still much more in demand right now. If they would have dedicated at least one of the towers to be high end apartments, I think it would have been fully leased. They can still convert one or more of the towers, but it does take money to make the necessary building changes per code, finishes, etc.
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  #6210  
Old Posted Jan 17, 2014, 8:49 PM
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Quote:
Originally Posted by Orlando View Post
I think the problem is that these are all condos. Apartments are still much more in demand right now. If they would have dedicated at least one of the towers to be high end apartments, I think it would have been fully leased. They can still convert one or more of the towers, but it does take money to make the necessary building changes per code, finishes, etc.
That's why I think the Cascade should be high-end apartments.
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5. "Key Bank Tower" 27-stories 351 FT 1976
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  #6211  
Old Posted Jan 17, 2014, 8:59 PM
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If I had the money, I would live in the Regent. Sometimes I try to brainstorm ways it make it affordable.
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  #6212  
Old Posted Jan 23, 2014, 12:51 AM
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Originally Posted by RC14 View Post
If I had the money, I would live in the Regent. Sometimes I try to brainstorm ways it make it affordable.
I do the same thing, although, if I had my choice I think I'd choose the Cascade, plus that give me a few years to figure out how to make it affordable. I've thought about hooking, but then I figure, nobody wants this for free, who in their right mind would pay for it.
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  #6213  
Old Posted Feb 6, 2014, 3:06 AM
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Regent HOA

The Regent has finally reached the capacity that allows the residents to take over the HOA. The residents will vote in their own board next month.
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  #6214  
Old Posted Feb 6, 2014, 7:11 PM
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Originally Posted by Regent Resident View Post
The Regent has finally reached the capacity that allows the residents to take over the HOA. The residents will vote in their own board next month.
Do you know what capacity percentage that is? It would be interesting to see how the reserved numbers on the City Creek Living site match with that number.
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  #6215  
Old Posted Feb 14, 2014, 12:27 AM
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Philadelphia, not Salt Lake City, but I feel this article belongs in this thread...

http://www.philly.com/philly/news/20...nter_City.html
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  #6216  
Old Posted Feb 18, 2014, 12:08 AM
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City Creek Condo update

Last update 1/17/2014

99 West:
105 of 185, no change; 57%, no change

The Regent:
105 of 150, up 2; 70%, up 1%

Richards Court:
39 of 91, no change; 43%, no change

Total:
249 of 426, up 2; 58%, no change

Average per week since 2/1/12 - 1.04 units, down .03.

Weeks to Occupancy: (at average weekly rate)
60% - 6
80% - 88

99 West at 105 is the highest it's been.

The Regent at 105, is the highest it's been.

Richards Court at 39 is the highest it's been.

Total at 249 and 58%, is the highest that total occupancy has been.


While not great news of only 2 units in the last month at least they are selling. The good news is that home sales start to pick up in the spring so I would expect to see more than two a month coming on starting on either the April or May update.
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  #6217  
Old Posted Feb 18, 2014, 1:56 AM
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I hope that the church sees that there is a much bigger demand for the lower priced units and keeps that in mind when doing the cascade...

I think when they do the cascade... They should just Finish the drywall to begin with... Then offer difrent pricing depending on the chosen finishes... This would offer much more flexibility and appeal to a wider range of home buyers.
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  #6218  
Old Posted Feb 18, 2014, 3:46 AM
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Quote:
Originally Posted by ajiuO View Post
I hope that the church sees that there is a much bigger demand for the lower priced units and keeps that in mind when doing the cascade...

I think when they do the cascade... They should just Finish the drywall to begin with... Then offer difrent pricing depending on the chosen finishes... This would offer much more flexibility and appeal to a wider range of home buyers.
I can completely understand where you are coming from, but I don't see them offering the Cascade with lower level finishes. I see it being along the same lines as The Regent, in regards to the level of finishes. I don't see a condo tower as really offering to a vast potential client base. Just like The Regent and 99 West it will have a variety of price ranges, but I really only see that based on size, not on quality of finishes, I see it as diluting the ownership. Right or wrong, I don't see those spending $800+k on a top level condo wanting to live in the same building with someone buying a decent size unit for $150k, with cheaper carpet cabinets, and appliances. I think they would simply wait until the market can absorb more high end units.

One thing I wouldn't mind seeing, and maybe this was what you had in mind, finish maybe 25-35% or the units as luxury apartments, with the exact same finishes that the condos will have. During the first year after completion offer leases for 12-18 month. That will provide the building with some cash flow on the money spent for construction while they are selling the units. When the leases expire, offer those residents the opportunity to purchase their unit or another unit, and give them some sort of incentive or down payment based on the total amount of rent they paid during their 12-18 months.

This scenario keeps the building as a luxury building, but it gets the building built and somewhat occupied, while not downgrading the "status" of the occupants. After a two and a half years all the rental leases will be over and occupancy will be owners. It also allows people to "test drive" the building for a year, and if it is a quality building and they love living there they can then purchase. It would also give Property Reserve the flexibility to extend the allowable time for leases, depending on how fast the units are selling. The end result, a luxury condo building.
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  #6219  
Old Posted Feb 18, 2014, 4:25 AM
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You also have to keep in mind that winter is a horrible time for home sales. Spring and summer are the busiest home sales months, and Utah is poised to be one of the hottest Real Estate markets in the country.

Ok here's some geeky numbers stuff.

Last year between the 2/15 update and the 10/12 update, 43 units sold in 34 weeks, that's 1.26 per week. If they have the same sales rate in that same period of time this year that will take the total units sold to 292 or 68.5%. While the period sales are at 1.36 per week that still only puts the average per week since the beginning at 1.09. However that puts estimated 80% occupancy at 45 weeks from the October update, and 123 weeks for 100% occupancy. A few of us have estimated that construction of The Cascade could start somewhere around 80% total occupancy, if that ends up being the case The Cascade could start to rise in mid-late August of next year.

Let's be optimistic and say that home sales across all types and over the entire state increase by 10% over last year. Those same 34 weeks results in 46 units being sold, increasing the total units sold to 295 or 69%. That cuts estimated 80% occupancy to 41 weeks. If the 80% threshold is the case this puts The Cascade under construction in early July of next year.

Late August or early July of 2015 for Cascade construction to start, doesn't sound to bad to me. We also have to remember that when construction does start, it will be steel rising from the get go, because all the foundation work is already completed.

I honestly don't see the need for Property Reserve to change their strategy for building The Cascade.
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  #6220  
Old Posted Feb 18, 2014, 8:14 PM
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The market is screaming apartments right now. Those condo sales are dismal. They would have much more success in filling a condo tower if they went ahead and built it as an apartment tower.
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