Salt Lake City Real Estate - Posted by David -Mi

Posted by Karl Hartley on March 23, 2000 at 20:21:11:


Salt Lake City Real Estate - Posted by David -Mi

Posted by David -Mi on March 23, 2000 at 09:48:22:

I have decided to get my Real Estate Licence, where I will have good success as a R.E. agent. I feel like that is the occupation I was meant to do; the only one I can do exceptionally well - it’s fate. However, there is virtually no growth in the city I live in now (Saginaw)
and there is not a lot of land available.

Through some research and with the Places Rated Almanac’s help, I have decided to relocate to Salt Lake City, Ut.
The west is experiencing a lot of growth and I feel that this is the best city for my chances to prosper and my happiness and wellbeing.

Anybody from the Salt Lake area that can tell me about the market there? Any local trends I need to be aware of?

Thanks a million!

Snowboarding is better - Posted by John J.

Posted by John J. on March 24, 2000 at 24:17:55:

David, I have invested in the SLC market (Salt Lake, Davis, Weber Counties) for 20+ years. The number of foreclosures and trustee sales has quadrupled from 2 years ago, indicating a severe weakening of the real estate market. You might have a tough time starting out as a realtor in a downturn market. However, opportunities in distressed real estate investing are increasing as much more inventory is becoming available. You might consider doing this instead. That will also give you much more spare time to take up snowboarding, as I have done. The slopes are about 35 minutes from the SL County courthouse, so you can bid on some properties at the 9:00 AM Trustee Sale and still get a good day of boarding in. What a quality of life!

Park City UT Real Estate - Posted by Mark R in KCMO

Posted by Mark R in KCMO on March 23, 2000 at 14:31:51:

I’ll have to 2nd (or 3rd whatever) John’s and Karl’s thoughts.

Even in a “Hot-Resort” area like Park City, you can find people willing to do very creative things to move thier properties…

However the down side is it Takes those kinds of things to make the properties worth buying.

My 2 cents is the upswing that was in UT has moved…

I haven’t found to where yet… but I am looking :slight_smile:

Mark R in KCMO

Re: Salt Lake City Real Estate - Posted by Karl Hartley

Posted by Karl Hartley on March 23, 2000 at 11:31:40:

Wow- I can’t imagine having fate dictate to me that I must become a realtor-life couldn’t possibly be so cruel!

However, since kismet is as kismet does and you have decided to move to my backyard, lemme toss out a couple of thoughts.

The Salt Lake market has boomed as has all of Utah from about 1992-1996. Since then things have slowed with the appreciation right now in Salt Lake being about 1.5% -I may have to check that.

Here is the kicker. I follow MANY of the indicators that I feel lead property values and activity, above and beyond residential interest rates.

Here are my thoughts as bizzare as they may sound:

  1. Rental rates lead property demand as well as property pricing. On that note Salt Lake has overbuilt, people are starting to offer free rent for 2 months, prices have dropped and I have seen this carry over to the residential real estate marketplace.

  2. I have seen the number of owner financing/lease option/no money down style offers increase dramatically in the last 6 months.

  3. Northern Utah (where I live) has had a 10% DECREASE in property values in the last 6 months. Now, why isn’t that in the paper and making all the headlines? I don’t know. But I bet soe very vested parties might.

So- That’s my take on the Salt Lake Market. Hope it helps.

Karl Hartley

Re: Salt Lake City Real Estate - Posted by John Behle

Posted by John Behle on March 23, 2000 at 10:44:30:

Local trends are - a very slow market and agents are scrambling to survive. Don’t mean to rain on you, but you should be prepared for that.

We’ve had a boom market and it has slowed quite a bit. The schools were pumping out agents right and left and now that it is getting harder some of the newer ones are flipping burgers.

Not that it is total doom and gloom for agents, just not an easy, simple market. A creative agent that knows many forms of financing can thrive in any market.

the upswing moved to Austin, TX - Posted by Alex Gurevich, TX

Posted by Alex Gurevich, TX on March 27, 2000 at 18:45:38:

… and probably a number of other places too. Man, it’s harder to buy. And man, it’s soo easy to sell. Especially on terms.

Re: Park City UT Real Estate - Posted by Millie I.

Posted by Millie I. on March 23, 2000 at 23:29:24:

Keep me posted Mark, I have a piece of land in Utah.

Your buddy,
Millie I.

Hmm… - Posted by John Behle

Posted by John Behle on March 23, 2000 at 12:51:25:

So…property values where you live have declined for 6 months? How long have you lived there?

(just kidding of course)