Journal Of Corporate Real Estate

Journal Of Corporate Real Estate

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That’s simply what developers like Devin Overly of Metaview Development have banked on. Metaview has undertaken a brand new growth in Salt Lake’s Marmalade neighborhood. Early in 2009 they decided they might market the brand new high-end growth’s urban lofts as apartments rather than condos. According to Overly, the project dubbed Flats at Capitol Hill was a lot simpler to acquire financing for as an condo complex. Metaview isn’t the only developer to transform its new apartment project to rentable apartments.

The Manor on downtown Salt Lake’s South Temple was originally an apartment to rental conversion; it’s now an house-to-rental-again-to-condo project. The developers had been unable to acquire FHA approval for the building.

For one thing, households are smaller than they had been previously. As Mark Obrinsky, chief economist for the National Multi Housing Council in Washington, D.C. Dowell Myers, housing demographer at USC, provides that we’re returning more to what was normal in the 1960’s where people didn’t purchase homes as an funding; they purchased them to boost families. Both Utah and nationwide policy are driven by assumption that homeownership is preferable to renting.

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Census, Salt Lake’s homeownership rate in 2008 was seventy two{5d72168aad1e0c0078831dfd862576935a8c0f64df083247b8992843d9a1e080}, fourth among the 75 largest metropolitan statistical areas. That rate was virtually unchanged from 2007’s seventy one.8{5d72168aad1e0c0078831dfd862576935a8c0f64df083247b8992843d9a1e080}, however was a rise from a fee of sixty eight.eight{5d72168aad1e0c0078831dfd862576935a8c0f64df083247b8992843d9a1e080} in 2005. Ranking highest in 2008 was Rochester, NY at seventy five{5d72168aad1e0c0078831dfd862576935a8c0f64df083247b8992843d9a1e080} and in last place was San Jose-Santa Clara with 54.6{5d72168aad1e0c0078831dfd862576935a8c0f64df083247b8992843d9a1e080}.

Salt Lake City homeownership showed resiliency throughout the true estate bubble burst of 2007 and 2008. “We’ll have much more renters sooner or later,” says Arthur C. Nelson, director of the U of U’s Metropolitan Research Center. If this occurs, it’s doubtless that Salt Lake won’t be capable of fully evade the national development.

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