Salt Lake MSA Development Thread

[cololi]

Originally Posted by Urban_logic

How can something not built yet be in foreclosure?

Easy, by not paying your bills. There are scores of projects that are at a complete stand still in SLCO. Some have gone into some form of bankruptcy or foreclosure while some have liens against the property and court orders that prohibit the owner/developer from dumping any more money on the project until they pay their back bills. These projects are in downtown SLC, sugarhouse, Holladay, Sandy, etc.

[Future Mayor]

If you drive by the 100th S Trax station again you will notice that there are no signs of any progress on the condo's and townhomes that are half built. If I'm not mistaken this project has been in foreclosure for several months. If I had money to invest I would love to pick those up for a good bargain. I like the concept and the location of this project. If you include a couple of small retail spaces in the development it would be a very nice TOD. Not a perfect one, but a step in the right direction.

[Urban_logic]

Originally Posted by cololi

Easy, by not paying your bills. There are scores of projects that are at a complete stand still in SLCO. Some have gone into some form of bankruptcy or foreclosure while some have liens against the property and court orders that prohibit the owner/developer from dumping any more money on the project until they pay their back bills. These projects are in downtown SLC, sugarhouse, Holladay, Sandy, etc.

Oh, ok. I just hadn't heard of construction sites going into foreclosure before. Now that I think about it, it makes sense. I suppose it's the land that is in foreclosure and not the building (since the building doesn't exsist yet and there is no one to lease it).

[arkhitektor]

Here is a bird's eye shot from Live Search that appears to have been taken sometime early last summer:


Everything looks almost exactly the same today, as no work has been completed since then, including the building along the tracks that is shown in foundation. In addition to the financial troubles, if no work is done after 18 months, the building permit expires.

[Urban_logic]

I have noticed a trend out here in the south western part of the valley. Housing construction has cooled off significantly, but dense housing (mainly condos and apartments) is booming. I can think of at least 5 massive condo or apartment projects going up within 5 miles from my house. I think the reason for this is that people who have walked from their expensive mortgages, or first time buyers who can't afford a mortgage with heightened lending standards, are buying up apartments and condos in droves. I think this is great! The economic situation is forcing people to buy dense (rather than sprawling properties). Since there is still significant construction in dense housing, we are still keeping a lot of construction workers employed. I hope that this trend continues even after the slump! Density is SO much more attractive than sprawling lawns!

[arkhitektor]

The family and I went to the Draper temple open house yesterday.
It was interesting to see how many of the gaudy mansions around the temple site were unfinished or had for sale or bank-owned signs in front of them. From my initial observation, it looked like less than half of the homes in the area were actually occupied.

[Urban_logic]

Originally Posted by arkhitektor

Here is a bird's eye shot from Live Search that appears to have been taken sometime early last summer:


Everything looks almost exactly the same today, as no work has been completed since then, including the building along the tracks that is shown in foundation. In addition to the financial troubles, if no work is done after 18 months, the building permit expires.

The good thing is that if nothing happens within that 18 months, the project will still get built. It's an excellent location and the project is already half-way up! That means that another developer will buy up the property for a bargain and finish it. The bad part is that we will have a gapping whole for another year.

[delts145]

Originally Posted by Urban_logic

The good thing is that if nothing happens within that 18 months, the project will still get built. It's an excellent location and the project is already half-way up! That means that another developer will buy up the property for a bargain and finish it. The bad part is that we will have a gapping whole for another year.

I was thinking exactly the same thing. Someone's misfortune will definately be someone elses gain.

[T-Mac]

Originally Posted by arkhitektor

The family and I went to the Draper temple open house yesterday.
It was interesting to see how many of the gaudy mansions around the temple site were unfinished or had for sale or bank-owned signs in front of them. From my initial observation, it looked like less than half of the homes in the area were actually occupied.

I have told others that the temple sits on Foreclosure Lane.

[SLCdave]

Originally Posted by Urban_logic

The good thing is that if nothing happens within that 18 months, the project will still get built. It's an excellent location and the project is already half-way up! That means that another developer will buy up the property for a bargain and finish it. The bad part is that we will have a gapping whole for another year.

My friends brother is Comercial Real Estate Broker and he said the Bank was going to tear down everything but the 2 6 Plex buildings. The 6 Plexes are owned by someone different and are almost done.

[arkhitektor]

Originally Posted by SLCdave

My friends brother is Comercial Real Estate Broker and he said the Bank was going to tear down everything but the 2 6 Plex buildings. The 6 Plexes are owned by someone different and are almost done.

That surprises me. I can see someone tearing out the existing building that wasn't completed beyond the foundation, but the condo building on the corner, while unfinished and showing signs of wear, looked to be far enough along that someone could do the work to get it finished. I wonder if sitting around without the exterior being completed to weatherproof it did more damage than is visible when just driving by.

[Future Mayor]

Originally Posted by SLCdave

My friends brother is Comercial Real Estate Broker and he said the Bank was going to tear down everything but the 2 6 Plex buildings. The 6 Plexes are owned by someone different and are almost done.

That's just stupid in my opinion. Banks don't seem to have the foresight they need a lot of the time. I would figure that they could simply sell the property "as is" for the exact amount they are owed on it, this would eliminate them from having to pay any property taxes. I am guessing however that they are wanting to demo the buildings so the property taxes they have to pay until they sell the land will be lower.

I hope they don't. I hope a developer that has the cash to purchase it is able to do so before they demo them.

[cololi]

Originally Posted by Urban_logic

The good thing is that if nothing happens within that 18 months, the project will still get built. It's an excellent location and the project is already half-way up! That means that another developer will buy up the property for a bargain and finish it. The bad part is that we will have a gapping whole for another year.

It depends on how well they weatherized the foundations before running out of money. If they didn't do anything and it has sat through a winter, then it may have to be removed. It is amazing what the weather can do. The Kennedy Town Center on N Temple had the parking garage built, but they never unplegged the floor drain, so the below grade parking garage filled with water and went through a freeze/thaw cycle, which has destroyed the stuructural integrity and it has to be completely removed.

[arkhitektor]

Stupid question: Do you have to pay property taxes on an unfinished building?

[cololi]

It depends on how quickly the assessor's office operates. More than likely, you would not. The building is added as an improvement to the land and is usually based on records supplied by a local govt to the county assessor. So taxes aren't usually added for the building until a Certificate of Occupancy is issued.

[Urban_logic]

Originally Posted by cololi

It depends on how well they weatherized the foundations before running out of money. If they didn't do anything and it has sat through a winter, then it may have to be removed. It is amazing what the weather can do. The Kennedy Town Center on N Temple had the parking garage built, but they never unplegged the floor drain, so the below grade parking garage filled with water and went through a freeze/thaw cycle, which has destroyed the stuructural integrity and it has to be completely removed.

I don't care if they tear everything down, the point I was trying to make was that something will be built no matter what. It's in an ideal location and will be a bargain price. Whether the new developer builds on what was started or tears it all down, I'm sure that something will be built regardless.

[arkhitektor]

Originally Posted by cololi

It depends on how quickly the assessor's office operates. More than likely, you would not. The building is added as an improvement to the land and is usually based on records supplied by a local govt to the county assessor. So taxes aren't usually added for the building until a Certificate of Occupancy is issued.

I figured something like that but wondered how property taxes were assessed for something like City Creek Center where construction lasts for years. Once demolition is complete, do they just pay taxes on unimproved land until something is finished?

[urbanboy]

Originally Posted by Urban_logic

I have noticed a trend out here in the south western part of the valley. Housing construction has cooled off significantly, but dense housing (mainly condos and apartments) is booming. I can think of at least 5 massive condo or apartment projects going up within 5 miles from my house. I think the reason for this is that people who have walked from their expensive mortgages, or first time buyers who can't afford a mortgage with heightened lending standards, are buying up apartments and condos in droves. I think this is great! The economic situation is forcing people to buy dense (rather than sprawling properties). Since there is still significant construction in dense housing, we are still keeping a lot of construction workers employed. I hope that this trend continues even after the slump! Density is SO much more attractive than sprawling lawns!

I hope these "dense developments" that you are referring to are being built within walking distance of future TRAX stations, or else this will only induce, and increase the amount of driving in that neighborhood.

[Stenar]

Originally Posted by SLC Projects

Anti-Sandy
I bet if this were to be built near downtown you would be kissing the developer's a**.

Nope, I'd be campaigning to prevent them from being built in the first place. That's just ugly, tacky "architecture," if you can really call it that.

[SLC Projects]

Originally Posted by Stenar

Nope, I'd be campaigning to prevent them from being built in the first place. That's just ugly, tacky "architecture," if you can really call it that.

I've seen far worst.