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Utah housing crisis: 2022 can be the year of solutions for real estate

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It’s the talk of the town. Every city in Utah, really.

House prices have skyrocketed. The rents are rising rapidly. There are no indications that the affordability of housing will improve anytime soon. Many young families are excluded from the market in the city where they grew up. Couples postpone the desire to have children or smaller families because of the high housing costs.

The problem started before the pandemic, but the pandemic accelerated house price growth in part due to expectations of increased work from home. However, the main cause of Utah’s affordability problem is the combination of its unique geography and high long-term population growth, the vast majority of which is due to high historical birth rates. As recently as 2000, the fertility rate in Utah was over 2.5 children per woman. Many of these children are now ready to have families of their own, and that creates a significant need for housing.

Utah can take steps to prevent the housing market from developing the dysfunction of places like California. In fact, Utah can be the nationwide leader in affordability solutions.

First of all, don’t be a pity. We need to avoid knee-jerk reactions that reduce affordability, such as:

Second, states and cities can provide better data and analysis on our housing needs. Better information will ensure that the type of housing being developed is the most needed, especially given the size of households that can be accommodated in a unit.

While new housing is generally the least affordable housing, much like new cars are more expensive than used cars, new homes are more likely to keep existing units affordable if they are produced in the segment of the market with the greatest total demand.

While it is tempting to assume that the developers know best, there can be a coordination problem with development if there is no systematic data on demographics and the stock of permits by unit type. For example, there might be a lucrative opportunity to develop 1,000 micro-units in Salt Lake City. But if 10 developers develop 400 units each, we could end up with more micro-units than we need, and it is costly to convert them to other types of living.

Third, the state can coordinate cities by harmonizing and simplifying zoning regulations for all cities in Utah. Land use control is a constitutionally guaranteed right of the federal states, not the municipalities. States can withdraw the powers they have delegated to municipalities if this is in the public interest.

Harmonized zoning would encourage a larger supply of housing, as developers would know that they could develop a certain type of housing in several cities. A harmonized zone code would also pave the way to scale up potentially lower-cost home production techniques such as 3D printing houses and modular enclosures. Anything that lowers construction costs by promoting competition or enabling economies of scale is in turn passed on to households in the form of lower house prices and rents.

Harmonizing zone codes at once may seem daunting, but even small steps like making sure the most common zone code means the same thing for a family in Tooele and St. George can help. Over time, the state could harmonize other common zoning, e.g.

Cities can take action themselves to reduce the total number of zone assignments for a given usage. Why more than 10 different residential zone codes and not two or three?

Finally, the state can empower individuals by creating a level playing field for information. In practice, Utah’s Nondisclosure Policy prevents individuals from entering into transactions without a full-service real estate agent. In addition to effectively imposing a 6% tax on all home transactions, the Nondisclosure Directive violates individual freedom by forcing households to buy a service that they may not otherwise need at a predetermined price.

The pressure on the Utah real estate market is great. Fortunately, there is still time to avoid the worst of the affordability crisis by acting wisely now.

Andra Gent holds the Ivory Boyer Chair in Real Estate and Professor of Finance at the University of Utah.

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Grow Your Real Estate Business today with PropStream » RealtyBizNews: Real Estate News

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Real estate software is a must have for any real estate agent today. One of the most effective platforms we’ve come across in a while is PropStream. Billed as an all-in-one real estate tool, PropStream caters to the entire real estate industry, with tools for realtors, brokers, and even investors. With a focus on automation with time-saving features, PropStream is a robust platform that can be used very effectively as a full-featured real estate CRM.

One of PropStream’s strengths is its generous feature set. One of the core features of this real estate technology platform is its ability to create and display targeted real estate listings. The platform leverages multiple streams of MLS data that you can sort and organize with countless filters, allowing you to create search criteria for any number of property types, including preforeclosures, involuntary liens, expired listings, and many other categories. Such a constantly updated list can provide you with at-a-glance information about your chosen demographics.

Another feature that goes hand-in-hand with this ability to create targeted property listings is how PropStream makes it easy to track prospects and customers through strategic and automated tools. The platform allows you to easily customize and send emails to leads, prospects, and even previous customers, set an interval schedule to ensure you stay in touch with them, and ultimately help you build relationships that lead to better home sales.

PropStream goes above and beyond when it comes to making a real estate professional’s job easier. The platform has an Instant Comps feature that helps agents determine the total property value as quickly as possible by quickly and accurately matching multiple MLS dates and district records, generating a complete list of similar homes in your target area and their average values .

The Instant Comps feature is also very flexible, making it easy to filter results based on a number of factors. This includes things like square footage, number of bedrooms and/or bathrooms, distance from a specific property, and last sale date. You can also easily remove any properties that are obvious outliers to update your data and recalculate your results on the fly.

We’ve touched on some of the marketing tools that PropStream offers as a real estate CRM, but there’s a lot more that should be explored. The range is wide and goes beyond scheduling and sending automated emails. These tools include the ability to find owner information, create custom landing pages, create online in-browser ads, send personalized postcards to prospects, and even send ring-free voicemails.

All of these tools are excellent vectors for targeting new prospects in unique and customizable ways that will help you stand out from your prospects in a positive light. All of this helps you develop consistent approaches that lead to better overall performance of your real estate business, in a way that would be much more difficult to achieve without the automation and organization this real estate CRM gives you.

It’s rare for a real estate professional to be tied to a desk these days. Much of the work has always involved moving from one property to another, and finding tools that allow real estate professionals to do their job effectively while away from their office has always been a challenge. Luckily, PropStream has addressed this issue by developing a mobile app that still allows you to access the many features it offers you from anywhere.

The PropStream mobile app gives you more than just access to features you wouldn’t otherwise have in the field. It also has features designed specifically for busy real estate professionals on the go, such as: B. Trip logs that make sure you’re not driving in the same area while searching areas, and filters that work with your mobile device’s built-in GPS. It’s a novel approach that will hopefully continue to gain traction in the future – any good real estate CRM should have similar mobile capabilities.

So how much does all this functionality cost you? Believe it or not, the cost of accessing this full suite of tools might be cheaper than you think. PropStream works on a monthly subscription model and offers new subscribers a 7-day free trial to test the service. After that, the cost of the core service is $99 per month. This grants users access to PropStream’s online and mobile apps, its nationwide real estate data and lead filters, county records and MLS comps, and its integrated marketing platform.

In addition to these core features, PropStream also offers optional add-ons like its List Automator service, access to services like daily list monitoring for up to 2,000 properties, list import and attachment capabilities, and skip tracing services for as little as $0.10 offers per item, starting at an additional $27 per month. For larger agencies there is also a team member service package that starts at just $20 per month and includes full access to PropStream for up to 5 team members per account and allows management of access levels and permissions.

When it comes to real estate technology platforms, PropStream has a lot to recommend for real estate professionals of all stripes. The scalable pricing scheme allows users to choose their level of investment in the platform, making it an effective option for any agent looking to control costs. However, note that some marketing tools, such as sending emails and postcards, are not covered by these subscription fees and incur additional costs; For example, email costs $0.02 per email sent.

However, even factoring in these additional costs, PropStream remains a solid choice for any real estate professional looking for a solid real estate CRM that will help them connect with prospects and serve clients more efficiently.

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The state of Idaho County: Part 2 – Growth, real estate and pay | News

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(Reporter’s note: This is the second of two articles about the state of Idaho County based on an interview with the three county commissioners. This story describes what they’re looking forward to in 2022 and the challenges ahead.)

GRANGEVILLE — Commissioner Skip Brandt said he looks forward to continuing to work with the other elected officials in Idaho County in 2022. “The county has a great group of elected officers who work well together to deliver the necessary services that we need to deliver.” As he enters his second year as commissioner, Lindsley looks forward to being more helpful in his role after serving in his first year went through a steep learning curve to understand the job.

Despite increasing staff salaries by 10 per cent in 2021, the commissioners see the need to keep increasing their salaries to retain their staff. Raising wages while keeping taxes low is a challenge. Brandt said Idaho County has the lowest tax rate of any county in Idaho, except for counties with major ski areas.

Brandt assumes that population growth will continue to lead to an increase in crime. This in turn leads to overcrowded prison conditions. He said the commissioners “have to find a solution to deal with our overcrowded courthouse, parking lot and jail”.

With the demand for real estate and the high cost of building materials, Brandt acknowledges that housing has become a major problem in the county. Commissioner Ted Lindsley shares concerns about affordable housing and sees Commissioners in a cooperative role in housing development to help make things happen. Commissioner Denis Duman noted that Ida-Lew has been trying to do something for years.

The growth is also creating more demand for services, as people continue to move from places where they paid more taxes but used more services. They’re surprised their street isn’t plowed every day while others are asking the county to plow their private driveway, Brandt said.

Brandt explained that the county maintains many miles of roads in a vast area from Warren to Powell. Although the county (Idaho County Road and Bridge) is not currently accepting new roads for its maintenance, there is a fine line to providing services and keeping taxes low. “At what point do we step up and do more?” Brandt said. He suggested the county could provide any service it wanted, but cautioned, “If we make an improvement, we’ll all have to pay for it.”

In addition to the Idaho County Road and Bridge Dept, twelve highway districts maintain road systems within the county. Brandt suggested these local road districts could be a great option for people who want more say in road maintenance. According to Brandt, each district is governed by three Highway District Commissioners who are elected within that particular district. “The freeway districts are the right way to get the county out of this,” he said.

Lindsley said he looks forward to working with Duman and Brandt to determine how to spend the county’s $3.2 million in ARPA (American Rescue Plan Act) funds. While they agree that a new or expanded prison is a high priority, they plan to prioritize other needs. Now they have the final rules for using the funds and can focus more on how best to spend the money.

Duman said he looks forward to the completion of the new airport layout plan in May 2022. With the completion of the plan and the development of a new runway, the county will have more rental space. This, according to Duman, will make it more viable for the Forest Service to expand the air base and tanker base and replace the smoke jumper base. He also anticipates the development of a new pilot’s lounge in 2022.

Lindsley added he was pleased with the increased media coverage. In 2022 he would like to provide further information on what the district government is doing.

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Kilroy Realty Named Top 10 Real Estate Company on Newsweek’s ‘Most Responsible’ Companies List For 2022

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THE ANGEL–(BUSINESS WIRE). The company is one of 499 on the overall list, which includes the largest public companies in the United States in diverse industries including healthcare, financial services, automotive manufacturing, retail and real estate.

According to the list, Newsweek wanted to “highlight those companies that take their environmental and social responsibilities as citizens of the country and the world more seriously than others”. Newsweek has partnered with global research and data firm Statista to analyze a variety of metrics, including publicly available performance data in the environmental, social and governance categories, combined with survey results from 11,000 US citizens about their perceptions of companies regarding corporate social responsibility. All items were weighted to arrive at a final score.

“We are honored to be recognized by a select group of peers for our commitment to sustainability, corporate responsibility and acting as good stewards of our environment and communities,” said John Kilroy, Kilroy Chairman and CEO. “Being included in this prestigious list alongside some of the most respected names in the industry is a great way to start the new year,” he added.

In 2021, the company expanded its sustainability leadership among the world’s most recognized organizations and ranking systems included in the GRESB 2021 Real Estate Assessment, the Dow Jones Sustainability World Index (DJSI) and the US Environmental Protection Agency’s National Top ( EPA) 100 list of the largest green electricity users. These awards and rankings underscore Kilroy’s exceptional leadership in industry-leading sustainability initiatives, policies and performance.

About Kilroy Realty Corporation

Kilroy Realty Corporation (NYSE: KRC, the “Company”, “Kilroy”) is a leading US landlord and developer with offices in San Diego, the greater Los Angeles area, the San Francisco Bay Area, the Pacific Northwest and in Austin, Texas. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in creating a more sustainable real estate industry, the company’s approach to modern business environments helps fuel creativity and productivity for some of the world’s leading technology, entertainment, life sciences and business services companies.

The Company is a publicly traded Real Estate Investment Trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience in the development, acquisition and management of office, life science and mixed-use developments.

As of September 30, 2021, Kilroy’s stabilized portfolio totaled approximately 15.2 million square feet of primarily office and life science space that was 91.5% occupied and 93.9% leased. The company also had more than 1,000 residential units in Hollywood and San Diego, which had an average quarterly occupancy rate of 79.9%. In addition, the Company had six ongoing development projects with an estimated total investment of $2.6 billion, totaling approximately 3.0 million square feet of office and life science space.

A leader in sustainability and commitment to corporate social responsibility

The company is included in the Dow Jones Sustainability World Index and has been recognized by industry organizations around the world. The Company’s stabilized portfolio was 78% LEED certified, 44% Fitwel certified, the highest of any NGO, and 72% of eligible properties were ENERGY STAR qualified as of September 30, 2021.

The company has been recognized by GRESB as a listed sustainability leader in America for eight of the last nine years. Other honors include National Association of Real Estate Investment Trust (NAREIT) Leader-in-the-Light designation for eight consecutive years and ENERGY STAR Partner of the Year for eight years, as well as top ENERGY STAR designation for Sustainable excellence over the past six years.

A large part of the company’s foundation is its commitment to fostering employee growth, happiness and well-being while maintaining a diverse and thriving culture. For the second year in a row, the company has been included in the Bloomberg Gender Equality Index, which recognizes companies that are committed to supporting gender equality through policy development, representation and transparency.

Visit http://www.kilroyrealty.com for more information.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions and are not guarantees of future performance. By their nature, forward-looking statements are subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are beyond our control. Accordingly, actual performance, results and events may differ materially from those expressed or implied by the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, without limitation: global market and general economic conditions and their impact on our and our tenants’ liquidity and financial condition; adverse economic or real estate conditions generally and particularly in the states of California, Texas and Washington; risks related to our investment in real estate assets that are illiquid and trends in the real estate industry; non-performance or non-renewal of leases by tenants; any significant decline in tenant business; our ability to sub-let properties at or above current market prices; costs of compliance with government regulations, including environmental remediation; the availability of cash for distribution and debt service and the risk of default on debt obligations; increases in interest rates and our ability to manage interest rate risk; the availability of financing on attractive terms or at all, which may adversely affect our future interest expense and our ability to pursue development, redevelopment and acquisition opportunities and to refinance existing debt; a decline in real estate valuations, which may limit our ability to sell assets at attractive prices or to obtain or maintain debt financing, and which may result in write-downs or impairments; significant competition, which may reduce property occupancy and rental rates; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and divestments on announced terms; the ability to successfully operate acquired, developed and redevelopment properties; the ability to successfully complete development and redevelopment projects on time and within budget; delays or refusals in obtaining all required zoning, land use and other required permits, governmental permits and approvals for our development and redevelopment properties; increases in expected capital expenditures, tenant improvements and/or leasing costs; loss of leasehold on land on which some of our properties are located; adverse changes or enactments or implementations of tax laws or other applicable laws, regulations or statutes and business and consumer responses to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on the financial condition of our partners and disputes between us and our partners; environmental uncertainties and risks associated with natural disasters; our ability to maintain our status as a REIT; and uncertainties regarding the impact of the COVID-19 pandemic and restrictions designed to prevent its spread on our business and the economy generally. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially affect our business and financial performance, see the factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and in our others Filings included are the Securities and Exchange Commission. All forward-looking statements are based on information currently available and speak only as of the date they are made. We undertake no obligation to update any forward-looking statements contained in this press release that become untrue as a result of subsequent events, new information or otherwise, except as required to do so in connection with our ongoing requirements under federal securities laws.

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