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  #7101  
Old Posted Apr 6, 2020, 3:09 AM
Utah_Dave Utah_Dave is offline
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Originally Posted by Stenar View Post
House prices may drop in some places, but they're not going to drop along the Wasatch Front.
Housing prices and there potential drop will be tied to several factors. Probably the biggest factor is how long this Coronavirus last/ or the uncertainty of how long it will last. When a vaccine or effective treatment is developed is when the uncertainty in the market will no longer be a negative factor and the market can move forward with a certain degree of clarity. Prices could drop if this goes on for a long enough time.

Unemployment and how quickly incomes rebound is another large factor.

Government intervention

Demand for products and services. Right now China, if you believe them, have the virus under some sort of control. However the public is nervous to venture out and return to normal so demand is still low so that’s bad for businesses.

If we can get an effective treatment before the vaccine is made then I would say things will look pretty good. If, instead, the public has to wait 12-18 months for a vaccine and without an effective treatment for that period of time then then I would say things look pretty bad.

An effective treatment and or vaccine will pretty much be our guide to the economy
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  #7102  
Old Posted Apr 6, 2020, 4:33 AM
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Originally Posted by Makid View Post
Speaking of...

David Ross Scheer: Why do all the new apartment buildings look the same (and do they have to)?


https://www.sltrib.com/artsliving/20...tGtvja975ih0OI
Hah my favorite comment:

Quote:
Community: We have a terrific housing crisis and need new apartment supply.

Developers: Here's a product that may not be the prettiest but costs less per rental unit

Salt Lake Tribune Commenters: Ug-ly. Darn mormons.

Salt Lake Tribune Commenters: Don't build boxes, build cool stuff that pleases our hipster aesthetic.

Developer: It'll cost a lot.

Salt Lake Tribune Commenters: Housing affordability crisis. Developers building too much for the luxury market. Darn mormons.

Salt Lake Tribune Commenters: Apartment developers are greedy pigs. We need rent control to keep them from making too much money.

Developer: OK, I'll stop building apartments that I can't make money on.

Community: We have a terrific housing crisis and need new apartment supply.

Salt Lake Tribune Commenters: Darn mormons.

Rinse and repeat ....
Nice article though. I agree that some of the designs are pretty same-y and some of the projects don't have enough street engagement or use the best materials. I do like the increased density though and I think The Exchange and Moda Luxe stand out as some of the better ones.

Also, thanks for the update SLC_PopPunk!
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  #7103  
Old Posted Apr 6, 2020, 8:18 PM
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Unfortunately, there is nothing cool or interesting planned at the Zephyr site at the moment. All that they've submitted is a landscaping plan. The owners have been trying to build a parking lot there for years but have been denied as it isn't allowed by zoning.
Can we acknowledge that the "owners" were/are: Vasilios Priskos and his family... Yeah, the downtown slumlord responsible for a good handful of our historic building stock going into "disrepair" and eventual condemnation, and his family who built a statue for him that now sits in front of the Salt Lake Tribune building.
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  #7104  
Old Posted Apr 7, 2020, 6:35 AM
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Originally Posted by Old&New View Post
Can we acknowledge that the "owners" were/are: Vasilios Priskos and his family... Yeah, the downtown slumlord responsible for a good handful of our historic building stock going into "disrepair" and eventual condemnation, and his family who built a statue for him that now sits in front of the Salt Lake Tribune building.
The Zephyr Club was owned by David Bernolfo, but Priskos is related to him through his wife, and was Bernolfo's real estate broker.

It made me ill when he died and all sorts of city leaders were praising Priskos. He did more to harm SLC than anyone.
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  #7105  
Old Posted Apr 7, 2020, 4:17 PM
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I just noticed about 5-6 stories of steel rising in South Salt Lake. Approximately 2100s and a block or so west of State Street. Does anyone have a name on that project?
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  #7106  
Old Posted Apr 7, 2020, 4:52 PM
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I just noticed about 5-6 stories of steel rising in South Salt Lake. Approximately 2100s and a block or so west of State Street. Does anyone have a name on that project?
Is it this one? (more info in the comments)
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  #7107  
Old Posted Apr 7, 2020, 6:56 PM
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Is it this one? (more info in the comments)
Yep, that’s it’s. It’s taller then that now and was a nice surprise to see pop up down there. I did a decent amount of driving around the valley for work and noticed that all sorts of construction projects are still underway. I figured most of the projects that were pushing dirt around would be put on hold but people are still operating equipment on them. Granted, most of them are small apartment projects but it’s nice to see activity still around the valley.

Has anyone heard of a project being put on hold that was in progress? If we can cap the virus activity at this level we might escape the worst of it.
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  #7108  
Old Posted Apr 7, 2020, 7:41 PM
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Yep, that’s it’s. It’s taller then that now and was a nice surprise to see pop up down there.
Cool, thanks for the update. It's apparently supposed to be the beginnings of "downtown" South Salt Lake. That area already has some of the best small breweries/bars in the state (Shades, Salt Fire, Level Crossing, Beehive Distilling), so I'm excited to see it grow.



Quote:
Originally Posted by Utah_Dave View Post
Has anyone heard of a project being put on hold that was in progress? If we can cap the virus activity at this level we might escape the worst of it.
I personally haven't heard of any projects being stalled yet but I only have access to public/published information.
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  #7109  
Old Posted Apr 8, 2020, 3:00 AM
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I don't think house prices will drop on the Wasatch Front:

"It’s somewhat counter-intuitive, but recessions don’t necessarily mean bad things for the housing market. In fact, they usually don’t.

ATTOM Data Solutions, a leading real estate data provider, looked at home prices during the five recessions since 1980 and found that only twice—in 1990 and 2008—did home prices come down during the recession, and in 1990 it was by less than a percent. During the other three, prices actually went up."

"Zillow conducted a study on housing during previous pandemics and concluded that while home sales dropped dramatically during an outbreak, home prices stayed about the same or suffered a slight decrease. This makes intuitive sense because it’s harder for prices to change when there are few transactions. In short, previous pandemics have simply put the housing market on pause."


Quote:
Originally Posted by Utah_Dave View Post
Housing prices and there potential drop will be tied to several factors. Probably the biggest factor is how long this Coronavirus last/ or the uncertainty of how long it will last. When a vaccine or effective treatment is developed is when the uncertainty in the market will no longer be a negative factor and the market can move forward with a certain degree of clarity. Prices could drop if this goes on for a long enough time.

Unemployment and how quickly incomes rebound is another large factor.

Government intervention

Demand for products and services. Right now China, if you believe them, have the virus under some sort of control. However the public is nervous to venture out and return to normal so demand is still low so that’s bad for businesses.

If we can get an effective treatment before the vaccine is made then I would say things will look pretty good. If, instead, the public has to wait 12-18 months for a vaccine and without an effective treatment for that period of time then then I would say things look pretty bad.

An effective treatment and or vaccine will pretty much be our guide to the economy
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  #7110  
Old Posted Apr 8, 2020, 7:33 AM
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This is essentially uncharted territory though. I don't think we can say anything with certainty. The last time we had a pandemic like this was 1918, and things were very different back then, to say the least.
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  #7111  
Old Posted Apr 8, 2020, 2:28 PM
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One bright spot I see for the housing market is cases of Covid aren’t taking of exponentially here. If we can maintain the spread at a slow pace and be diligent for the long run then I think we may avoid the psychological factor of fear that could potentially freeze the economy, not just housing prices. My job continues and as a result I travel across the valley. Yesterday in particular I was pretty surprised at the number of people on the road. That’s not necessarily a good thing but at least Utahns haven’t been traumatized like NY and other hard hit areas. Those places are certain to see drops in real estate prices, time will tell.

Also, in my opinion, a modest drop in home prices would probably be a healthy thing for the economy in that it will bring out buyers and get the gears moving a little bit quicker when we get a handle this.

Here’s to hoping we avoid the worst of it here in Utah and best wishes to the rest of our country.
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  #7112  
Old Posted Apr 8, 2020, 2:57 PM
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Salt Lake Airport says it will take years to recover. This tracks with the entire airline industry. Also by extension the entire travel industry both recreational and business. We are about three weeks into lockdown locally with a few more months to go on the short side. Travel and hospitality were the first to close and hospitality will be the last to open. No. Bueno.
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  #7113  
Old Posted Apr 8, 2020, 5:05 PM
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On a slightly different subject, I thought this was interesting.

The Utah Foundation website has added the option for people to play around with the Congressional districts, which allows for people to try to equal them out:

http://www.utahfoundation.org/redistricting

What I found interesting with this is that it lists Salt Lake City as having a population of 218,441. This should be the 2020 number.

The reason I find this interesting is that in 2010 SLC had a recorded population of 186,440. Even the 2018 Census estimate was 200,591.

So, what doe people think is going to be the real number? Do you see it as growing around 20K from Heritage Utah or the 30K from the Utah Foundation or maybe somewhere in between.

I personally feel that it will be greater than 210K but probably less than 225K for 2020. I do think that if growth we have been seeing lately doesn't slow much, we may see SLC top 250K in 2030.
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  #7114  
Old Posted Apr 8, 2020, 8:30 PM
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Liberty Sky today

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  #7115  
Old Posted Apr 9, 2020, 4:20 PM
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Thank you for that picture, good to see visual progress being made on these projects
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  #7116  
Old Posted Apr 9, 2020, 8:57 PM
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Quote:
Originally Posted by Utah_Dave View Post
Has anyone heard of a project being put on hold that was in progress? If we can cap the virus activity at this level we might escape the worst of it.
I think it would be naive to think none of the projects in the planning stages will be delayed. Financial backers are experiencing cash flow issues. Supply chains are being disrupted. Risk profiles are changing. Market demands are shifting. Lending requirements will stiffen. All of these things can disrupt projects.

Some of them will move forward on schedule, which will be fantastic. But some, including high-profile projects we're all hoping for, will be delayed. I think the best we can hope for is that no projects get cancelled.
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  #7117  
Old Posted Apr 11, 2020, 6:24 PM
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I happened across this page by accident and found it very interesting. It gives us a great look at how much of West Temple use to look between South Temple and 2nd South.

Ghosts of West Temple - https://slco.org/gisapps/ghosts-west-temple/

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  #7118  
Old Posted Apr 12, 2020, 6:17 PM
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Snapped a couple of pictures of the Paper Box Lofts yesterday




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  #7119  
Old Posted Apr 13, 2020, 2:16 AM
Blah_Amazing Blah_Amazing is offline
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Originally Posted by SLCPolitico View Post
Snapped a couple of pictures of the Paper Box Lofts yesterday




Is it just me, or does this project seeem to be moving really slow?
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  #7120  
Old Posted Apr 13, 2020, 12:56 PM
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Gale Street Apartments (Post District)

Some renderings of Gale Street Apartments other wise known as the Post District. Does anyone know if they have started construction on a new building yet? In the Building Salt Lake article it says new development should start in early 2020. I know they're currently renovating one of the older buildings on site.
https://www.buildingsaltlake.com/sal...-exist-before/
https://www.mve-architects.com/proje...t-apartments/#


Sorry about the size of the images I dont know how to reduce it.
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