A new homeowner confidence survey released by Zillow.com suggests homeowners continue to be overly optimistic about the value of their homes.  A lot of the sellers that I've spoken with here in St George Utah certainly have this mindset. Although Zillow statistics indicate that 65% of homes actually lost value in the first quarter of this year, only 50% of homeowners believed their home values had declined.  Approximately 23% believed their property value stayed the same and another (unbelievable) 27%  thought their home values had actually increased. 

This could not be further from the truth, at least for St George Utah real estate values.  In the latest statistics that I have, which are for the second quarter of 2010, home prices in my area have not been this low since 2004!  Imagine that... Do you remember where you were in 2004?  When I try to explain this painful situation to sellers and potential sellers, they don't want to remember 2004 or believe that their home could be included in these numbers. I'm sorry to say, according to the black and white statisticis, all of our homes here in St George have decreased significantly in value.

Zillow.com's survey also revealed that there are many more sellers who have been anxiously waiting to put their homes on the market this year.  The poll found about 7% of owners (approx. 5.3 million homes) were "very likely" to list their homes in the next 12 months and another 8% felt that they were likely to try and sell their homes in the coming year.

More than 48% of first-time home buyers expect home prices to increase by this time next year according to a survey by Century 21 Real Estate.  The survey asked questions to people who had bought or sold a home in the last year.

Sixty percent of first-time home buyers say they didn't understand the process of buying a home and 85% of both buyers and sellers felt that using a real estate professional was important.

Buyers and sellers felt that knowledge of an area, trustworthiness and responsiveness were the most important skills they looked for in a real estate professional.

Eighty percent of buyers believe that now is a good time to buy a home.  First time home buyers rated three factors determining their decision to buy:

• Current home prices: 66 %
• Home buyer tax credits: 63%
• Low loan rates :60%

As I was picking through the Coral Canyon website, I came across an article titled SITLA Acquires Coral Canyon Development.  According to the article, the Utah School and Institutional Trust Lands Administration has acquired SunCor Development Company of Arizona's interest in the Coral Canyon master planned community. 

Coral Canyon, which is located in Washington County, Utah, is the premier master-planned community in St. George.  The community currently boasts over 1,000 homes, exceptional amenities and an award-winning golf course.   

Coral Canyon was developed under a master development lease from SITLA by SunCor.  In turn, SunCor manages lands that are granted to the state by Congress, which financially supports Utah's public schools and other public institutions. 

With the completion of the acquisition, SITLA purchased all of SunCors assets, which resulted in the termination of the master lease.  However, the agreement excludes the rights to the Coral Canyon golf course grounds, which were sold by SunCor to Vanguard Golf Management of Lehi. 

By strategically selling many master-planned communities throughout Utah, it has given Utah's school trust a great business opportunity.  The Coral Canyon project alone provided Utah's public schools and universities with over $15 million in revenue.  

SITLA currently manages 3.5 million acres of state trust lands in the state of Utah, which are all for the support of public education, universities and other institutions.

SunCor will continue to maintain an office within Coral Canyon as both parties transition.  And, SITLA will continue to maintain the current level of community amenities.

I just happened across this article on CNNMoney.com this morning.  The article is about  the best places to live in 2010.  St. George Utah ranked 80 in the list of 100 places.  The article notes that St. George is within a 30 minute drive of Zion National park and briefly touches on the golf courses and softball complex that we have.  I feel like St. George should have been ranked in the top 10, but of course I'm biased.

St. George also has a very balmy climate, lots of year round outdoor activities and very friendly people which the article failed to mention.  Housing prices have now become affordable again and there's lots of inventory to choose from.  Every time I meet clients from out of town they comment on how clean our little town is.  I guess I take that for granted because I've lived here so long.  If you're ever in the Las Vegas area you should take the short drive north to St. George, you won't be disappointed!

From its red rock mountains to its clear blue skies, they call this part of southwestern Utah “Color Country,” and in the heart of it all is Coral Canyon, a 2,600-acre planned community offering peaceful living in distinctive neighborhoods with a wide variety of home plans. Coral Canyon is far enough away from the hustle and bustle of St. George, yet close enough for all the conveniences you may need.  Many families and vacation home owners find this the perfect place to call home. Community amenities include a championship golf course, a central village square, schools, churches, parks, recreation, restaurants, retail, and office space. Fifty percent of the land is preserved as natural open space to protect views and trails. There are over 10 miles of paved walking trails throughout the community itself. Membership in the Coral Canyon home owners association includes full use of the Coral Canyon recreation center with two pools, tennis courts, a weight room and a meeting room. You’ll also receive discounts on golf at Coral Canyon Golf Course as a resident of Coral Canyon. To top it all off, Coral Canyon offers some of the finest amenities and the most affordable home owners association fees in the St. George Utah area.