Are Utah Home Builders Desperate?

That’s the implication a recent article in the Salt Lake Tribune wants to imply. It begins rather benignly with a title of Home builders offering incentives, but it's not a sign of a market crash.

The article quickly goes to the jugular by saying:

As expected, Utah's red-hot housing market is cooling off, and builders are offering up goodies such as free appliances and luxury vehicles in a bid to reel in buyers.
The freebies represent an abrupt change from the past two years, when builders along the Wasatch Front have not had to offer much of anything to entice buyers. Utah's economy has been among the strongest in the nation, with stellar job growth and population gains, both of which bode well for builders.

One example cited in the article is from another local builder:

To spur sales, Hawkins Homes & Communities in North Salt Lake said it began advertising a "free" Lexus IS250 on two billboards in Davis and Salt Lake counties earlier this month.

The fine print says that buyers who meet certain criteria get a free one-year lease on the luxury sedan. (They can also elect instead to get a $10,000 kitchen or bathroom upgrade.)

The builder, which has subdivisions in Draper, Herriman and Fruit Heights, said it will offer the incentive through end of the month.

But, the other example cited isn’t really indicative of special incentives.

Sage Builders, which is building in south Salt Lake County and Utah County, was offering $5,000 off closing costs to buyers who use a "preferred lender."

Many local builders, Gold Medallion included, offer incentives for using our preferred lender. It helps speed up the financing process, assures customer satisfaction and insures a timely close for our clients. This is a common practice among builders and certainly doesn’t indicate a market slowdown.

In fact, the market outlook for new homes in Utah is quite good according to the latest report from real estate data provider NewReach.

Complete unoccupied homes, or standing inventory, remains exceptionally low in most of the counties within the Wasatch Front. Salt Lake County, however, has seen an increase from 1Q06, as standing inventory along the western corridor has increased. Currently, this is not a serious concern as new home closings within the entire county remain extremely robust.

Salt Lake continues to be a great place to work and live with plenty of jobs available. Both housing appreciation and demand remain strong and we expect a consistent growth rate over the coming years.

Traverse Mountain Open House - For People Moving Up

Gold Medallion Homes is pleased to offer our newest community at Traverse Mountain. Our model home is complete and ready to tour. Saturday is the Grand Opening from 2 pm - 5 pm.


Our homes at Traverse Mountain set on the most choice sites at the top of the community. These locations offer panoramic views of the valley and Utah Lake.


Only eight sites are available at Eagle Summit and each features a different architectural style. Prices start in the high $600s and each home can be personalized to the owner's specifications.


Come take a look for yourself this Saturday from 2 to 5 pm. If you can't make it this Saturday, call Scott Erskine to schedule a personal tour.



Directions: Take the Highland-Alpine Highway to Triumph Blvd. Head North to Traverse Mountain Blvd. Make a left on Traverse Mountain Blvd and follow it to Homestead Dr. until you reach the roundabout. Follow the roundabout and make a right on Gray Hawk Dr, then your next left on Ravencrest Ln. Make a left on the next road which is Eagles View Dr. and follow it to the end.


Sales Agent: Scott Erskine 801-706-5602

Carnival of Real Estate Investing

That prescient groundhog from Pennsylvania got it right this year, at least in Utah, and the temperatures have risen, the snow has melted and construction on new homes is at full swing.

Welcome to this week's edition of the Carnival of Real Estate Investing. We have six entries worthy of comment.

Starting out, Brian Brady presents BAD LOANS: Buried In The Back Of The BreadBox posted at BloodhoundBlog. Quite frankly, it's not fair to "judge" entries when Brian is submitting because he is in a league of his own. If we had to call a winner, Brian would be it. Brian's article discusses the real impact of failed subprime loans to financial investors.

Please take a look at the other excellent entries this week -

Dan Harris presents Foreign Ownership Of Real Estate In China/China's New Forex Rules posted at China Law Blog. If buying property in the U.S. is getting too costly, take a look at China. Dan Harris explains how to buy investment property there the legal way.

Silicon Valley Blogger presents The Unconvential Way To Buy Or Sell A House: Online Auctions posted at The Digerati Life. SV Blogger writes about online auction sites as a way to sell a house. Builders across the country are using auctions with little or no success, but online auction sites might be a way to attract more eyeballs.

Victor Emeli presents Getting Money Out of a 1031 Exchange posted at Financial Freedom Through Real Estate. Victor's blurb states a way to get cash back from a 1031 exchange, the method investors use to defer taxes on investment properties.

Paul presents Housing Slump - Crisis or Opportunity? posted at ExtremePerspective. Paul's blurb suggests rising foreclosures present opportunities for real estate investors.

Nigel Swaby presents Real Estate Investing - A Wholesale Perspective posted at Salt Lake Real Estate Blog. Nigel's guest blogger, Byron Goates, writes about his personal real estate investing experience and strategy...some successful, some not.

That's it for this week's Carnival of Real Estate Investing. We hope you enjoy this spring. If spring hasn't struck where you live, we hope you'll see it soon. The next Carnival will be hosted at Bigger Pockets.

Carnival of Real Estate Investing

Pick up a funnel cake and grab some cotton candy because the Carnival of Real Estate Investing is coming to Utah.

Gold Medallion Homes Blog is proud to host the upcoming edition on Monday and there's still time to submit your entry.

If you don't know what a blog carnival is, check out this week's edition hosted by The Real Estate Guide.

We're look forward to our hosting duties and hope you enjoy the presentation on Monday.

Step right up!

Gold Medallion Homes Sponsors Riverton Lacrosse

Part of being a member of the community as a home builder is being a good citizen. In that spirit, we'd like to announce our sponsorship of the Riverton High School lacrosse team.

Riverton High School is one of the schools represented by our Daybreak community and we're happy to help them this year.

The lacrosse season began on Tuesday and Riverton won their first game two games against Skyline and Clearfield. You can check out all the high school lacrosse schedules and results here.

Good luck this season!

Grey Hawk - Is A Spray Can Really A Marketing Campaign?

It's hard to believe the marketing campaign for our new development named Grey Hawk is beginning with just a few swaths of orange spray paint.

The orange paint actually represents where our sign will go, the first marketing and awareness building we'll do as construction starts.

Grey Hawk will be a nice development in East Layton with tremendous views and large new homes.

Three car garages will be standard and four floor plans will be offered. Grey Hawk is close to schools, shopping and both Highway 89 and I-15.

We're very excited about this new project. Building won't start until the fall of 2007. Right now, the earth is being leveled and retaining walls are being built.

We'll keep you updated on construction details as they progress.

Crofter's Cove - Where the Heck Is It?

One of the big challenges with a community like Crofter's Cove is finding it for the first time. Located next to the Glen Eagle golf course in Syracuse, Crofter's Cove is one of several new communities in the subdivision.

What sets our homes apart at Crofter's Cove is the design and layout. The homes are designed pretty much for one floor living, with the possibility of finishing the basements. Two car garages are standard with plenty of room for grown up toys. Add the proximity to the golf course and you've got a very nice house for a great price. They start in the low $200s!

Because of signage restrictions, Crofter's Cove is a little difficult to find the first time. So we're trying to make it easy. Look to the sky on a clear day and this:

will lead you to this:

We hope you'll join us to tour our model, our available inventory or even select a lot to build new. Take Antelope Drive west past the new Wal-Mart. Take a right on Doral Dr. and follow the blimp to the model home.

Gold Medallion Homes Company Song

And a one and a two...

We establish targeted closing dates about the time of your Pre-drywall Tour.

We do this so you can plan the details of your move.

However, since we depend on many different trades, suppliers, and inspectors, and build out in the elements, there are things beyond our control that may affect these dates; for example: labor and material shortages, back-ordered components, city inspection backlogs, and inclement weather.

In the event of a delay, we will notify you as soon as we become informed.

This isn't a tired motto, or a half-hearted attempt. It's more than a mission statement, more than a goal. This is our song.