salt lake city has been on the rise the past year…
Pretty much any area around SLC has gone up, even places that used to be considered far out, which are now bedroom communities.
A place with lots of construction that I’ve seen is Saratoga Springs (really nice area by a lake). It is a little harder to rent to locals out there because its a bit further from Salt Lake City. I think this place still has a little bit of stream behind it and can go up maybe 10% more this year.
Other areas closer to Salt Lake City that have done really well is South Jordan (Daybreak community) and West Jordan. Homes in Daybreak have gone up quite a bit and its a bit harder to cashflow if possible at all.
I am thinking of investing in Salt Lake City Utah? The numbers look very impressive and so does Job Growth. Anybody else investing there or could tell me what areas are good would be great? I also need to find reliable property managment out there. Thanks!
Posted by LeasePurchase on May 14, 2006 at 21:51:06:
All of Utah is pretty hot right now, not just Salt Lake City. Of course St. George is screaming but is starting to show signs of a slow down.
New Builds are hot in both Utah and Salt Lake Counties. The best areas in and around Salt Lake right now are South Jordan, Herriman, Riverton, Draper, Traverse Ridge, Saratoga, Eagle Mountain, Morgan, Syracuse and New Haven. Even Tooele is doing well with New Builds.
Our strategy right now is to buy a decent home in a good area that has an unfinished basement. We are spending about $10,000 to $15,000 to add 2 beds a bath and a family room. This increases the equity by $30,000 to $40,000 and then we Lease2own for 36 months. We have also built and turned a few for a quick $60,000 to $100,000.
Average Value is approximately $240,000 to $400,000 for a 2800 to 3200 sqft home, 4 bed / 2 bath with 2 car garage and unfinished basement. Add $40,000 to $60,000 for finished.