Cache County is proposing a zoning change where 4 houses can be built on smaller lots but still only 4 per every 40 acres. The 40 acre parcel would be divided so that 70% of the land would be used for Greenbelt, and 30% for Residential. As incentive for rural land owners subdividing using this method, they are talking about allowing 5 property’s in the residential portion, as long as 70% remains the greenbelt, agricultural lot. The 70% agricultural percentage will have no rights for building homes. They are also talking about reducing the greenbelt back taxes currently required when agricultural land is converted to residential.

This appears to be a good way to preserve some of the rural Cache Valley Farm land, while also allowing the farmers to get more money from their land. Most people who want to live in rural areas, don’t necessarily want to take care of a full 10 acres of land. Two or three acres is usually enough land for the large gardens, and pasture areas they want. People that want to live in the country, usually want to for the open space and rural feel. This is a possible solution that can better the situation while helping Cache Valley land to maintain its rural identity.

Originally Posted at Logan Real Estate Blog

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama. The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers. “This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues.” “The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said. Golder thanked Sen. Michael Bennet D-Colo., and Reps. Paul Kanjorski D-Pa. and Shelley Moore Capito R-W.Va. for moving the bill to passage in both houses. The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill. via REALTOR® Magazine-Daily News-Congress Restores Rural Mortgage Help.

via Utah Real Estate Mortgage Information » Rural Housing Will Soon Have Money Again.

Close to the Idaho border, Cache County is far from the bright lights of Salt Lake City. Despite the distance from the state’s urban center, the county has a diverse economy comprising of education, manufacturing, medical services and high-tech research. Utah State University conducts extensive aerospace research for the Department of Defense and NASA.Medical personnel clock in at various medical services companies, including Logan Regional Hospital, Thermo-Fisher Laboratories and Campbell Scientific. With a young population and access to some of the most beautiful scenery in the country in protected areas like the Cache National Forest and the Caribou National Forest, local government and public school jobs are also thriving. — F.R. via Where the jobs are – Cache County, UT 10 – Money Magazine.

via Cache County Ranks 10th Nationally for Job Growth – CNN Money « Logan Real Estate Blog.

There were a lot of buyers that made sure they bought during the first half of the year, that probably would have bought later in the year were it not for the $8,000 incentives. We’re now starting to see a pretty substantial decrease in home sales, especially among first time home buyers.

Cache County Residential Real Estate (Homes and Condos) Market

For single family houses in Cache County Utah, sales were up 8.76% from a year ago. There wasn’t really a price disparity between the percentage change of more expensive homes and less expensive homes. Cache Valley homes priced below $200,000 saw a sales increase of 8.76%, and Home’s priced above $200,000 saw an increase by 8.77%. Last year, homes priced above $200,000 saw a 41% decline compared with the first half of 2008.

Sales of Condos in Logan Utah were more than double last years numbers. 92 Condos and Townhouses sold this year compared with just 43 at this time last year. The average price of condos also declined, the average sold price this year of $124,100 is 10.66% less than last year. The median sales price of condos was just down by 5.14%.  Read More about Cache County Home Sales

While the quantity of homes that sold was up, prices were way down. The median price of homes sold in Cache County through the first half of the year was $156,000, down 8.18% compared with last years median price of $169,900. The average sold price was down slightly more at 8.54%.

Cache Valley Land

There is some improved news for Land Owners in Cache Valley, 2010 land sales are up 33% compared to the first six months of last year.
So there have been 48 land parcels sold in Cache County this year. 17 of these were residential lots less than half an acre. The median price of these residential lots was $56,000 and the average sales price was $53,517. There are 11 plots of land under contract right now.

While Cache Valley land sales are improved, it still has a long way to go to before the Logan real estate market is balanced and land owners can expect their properties to sell for what they want, and in a timely manner. There are currently 203 lots less than half acre currently for sale, and an additional 302 lots for sale on parcels bigger than .5 acres. At this sales pace, Cache County has about five years worth of active real estate inventory. More on Cache County Land Stats

Logan Multi Family Sales

Multi Family Home Sales in Cache County have been pretty slow through the first six months of the year. Just five Logan duplexes, and 8 four-plexes have sold thus far.  The duplex sales numbers are actually down from a year ago when six duplexes sold in the first six months of the year. Right now there are 15 duplexes for sale in the Logan area. The median list price of these duplexes is $155,000, with an average price of $167,000.  The duplexes that have sold this year have been very inexpensive with an average sales price of just $122,690.

Sales of Condos in Logan Utah were more than double last years numbers. 92 Condos and Townhouses sold this year compared with just 43 at this time last year. The average price of condos also declined, the average sold price this year of $124,100 is 10.66% less than last year. The median sales price of condos was just down by 5.14%.

While the quantity of homes that sold was up, prices were way down. The median price of homes sold in Cache County through the first half of the year was $156,000, down 8.18% compared with last years median price of $169,900. The average sold price was down slightly more at 8.54%.

Most of the individual cities in Cache County saw improvements in home sales, with the exception of Providence, and Hyde Park Real Estate. Logan Real Estate sales were up 18.14%, Smithfield Real Estate Sales Rose 26.79%, Hyrum Real Estate Sales increased 24.5%, Nibley Real Estate sales improved 20.6%, Wellsville Real Estate saw 5 more home sales, North Logan Real Estate sales increased 26.7%, and the rural Cache County communities saw home sales improvements of 16.33%.

Via – Logan Real Estate Market Conditions

Well that blog was posted before I actually visited any of the houses on this years parade…

Homes on Past Years Cache Valley Parade of Homes

Homes on This Years Parade of Homes

So far my wife and me have seen all of the Parade Homes in Logan, Nibley, Millville and River Heights. None of these homes are what I would call “Dream Homes.” Sure, these homes are nice. They are well built, well staged, and professionally decorated, but the size of the homes Cache Valley builders are showing off is probably a good indicator of how the Logan Real Estate market has changed. Cache Valley Builders are clearly targeting the “starter home” and more moderate home buying market. The largest finished area of these homes was actually the Kartchner Model home which is just over 2,600 square feet. There was one slightly larger rambler in Millville, but its basement wasn’t even finished. It had only about 1,600 square feet, and the “great room” in it is not what I would call great. It was so small there wasn’t even enough space for all of the staged furniture.

There are a few bigger Parade Homes I will view this weekend, but from the homes I’ve visited thus far, there has been a major shift in builders focus. For the realities of the Cache Valley Real Estate market this is a good thing. There just isn’t demand for luxury houses right now, and unless a builder can build a custom home for a client that they can show at the parade, there really is no point of throwing money away on a fancy spec home that nobody will buy.

via Parade of Homes: Signs That The Real Estate Market Has Changed « Logan Real Estate Blog.

The “Parade” is an event where builders can show off some of their most impressively built fancy homes. These homes usually have the finest materials, and are professionally staged and decorated. Lookers can fantasize and imagine their dream homes. It’s a great way to get ordinary people to wish they had extra-ordinary homes. The Parade indulges the average Cache Valley resident, and opens their eyes to potential living arrangements that they would otherwise probably never imagine.

With the struggling economy, and the huge surplus of high end homes for sale in Logan, it will be interesting to see if the builders toned down on things a little more this year.

Overall the Parade of Homes is a fun experience and makes a great date activity. The Parade ends Saturday, and there are 14 homes available this year. If you still want to participate in the parade of homes you need to act quickly. Tickets for the Cache Valley Parade of Homes cost $10 per person age 8 or older, and can be purchased online at http://www.cvhba.com/parade09ticket.html

via Parade of Homes Time in Cache Valley « Logan Real Estate Blog.

via Logan Utah Real Estate: Short Sale Numbers Slightly Up in Logan.

via Logan Utah Real Estate: Record HIGH number of Home Listings in Cache County.