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  • Salt Lake City makes Forbes “Best Place to Retire” List

    Posted on March 28th, 2011 admin No comments

    Salt Lake City is listed among sixteen US cities which offer the best advantages for retirees in 2011 as defined by Forbes. The factors included cost of living, taxes, crime rates and opportunities for active retirement.  Most amusing quote from the article: “Most residents aren’t Mormons”
    Read the full article at http://blogs.forbes.com/williampbarrett/2011/03/23/the-best-retirement-places/

    Good article but terrible photo of the city.  Here’s one of my own.

    Salt Lake City 2009 from library roof

  • Relocated Odd Fellows Hall Open House and Sale

    Posted on July 19th, 2010 admin No comments

    Originally built in 1891 this 3 story 2500 ton masonry building was lifted, rotated and moved across the street last year.  Now the owner (U.S. General Services Administration) is auctioning  the historic landmark on July 28th.  The building will be open to prospective bidders (and probably anyone else) for an open house on July 27th from 9:00 am to 2:00 pm at 40 W. Market St.

    Here is a clip from the relocation effort featuring some great time-lapse footage of the move (starting at about the 5 min. mark).

    This is all part of clearing the block for construction of the new Federal Court House downtown.

    http://www.utahheritagefoundation.org/saving-places/41-moss-courthouse-expansion-project

  • Urban Core Salt Lake City 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    This is just painful.  The median price dropped yet again for the downtown area (six block radius) to a low of $199,000.  This is off a sobering 35% from the peak of $307,000 in the 2nd quarter of 2007.  Admittedly that $307K was an unusual spike.  My guess is that the actual peak was more in the upper 200’s, but still…
    The only good news here is that the number of sales continues to climb at 52.  So people still want to live downtown, and they’re getting a heck of a deal right now.  As an owner of property in this area, my only consolation right now is to look at the long term sale graph.
    Urban Core sales 2007-2010 2nd qt
    Urban Core sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 14.3 home sales per month which puts the inventory at just under 12 months.
    Note that these numbers do not include the City Creek project or several smaller new construction condos which may not post any/all of their properties on the multiple listing service.  The City Creek project alone with its unprecedented prices and volume would dramatically push these numbers much higher.

  • Sugarhouse 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    And we have a winner.  Sugarhouse has always been a popular Salt Lake City neighborhood and this quarter’s numbers prove it with a continuation of the price recovery which started late last year.  The median price here is now $273,000 only off 9% from a peak value of $298,000 set in the 1st quarter of 2008.  Home sales are up as well with 60 closings this quarter.
    Sugarhouse sales 2007-2010 2nd qt
    Sugarhouse sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 16.7 home sales per month and an inventory of 10 months.  Still a buyer’s market.

  • Rose Park 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    One of the most resilient neighborhoods in Salt Lake City bounces back this quarter with a median price of $156,000.  Aside from last quarter, the prices have been rising here for the last year.  The number of home sales are up as well, at 25.  The peak value for this area was $174,000 in the third quarter of 2007, so values have not tumbled as dramatically as other parts of the valley.
    Rose Park sales 2007-2010 2nd qt
    Rose Park sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 6.7 homes per month which gives a theoretical inventory of 7.7 months.  This is approaching a balanced market (6 month supply).

  • Upper Avenues 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    Given that last quarter’s high median price was based on only three sales, I’m going to call this quarter’s number of $515,000 more of an upward trend with 9 sales.  Take a look at the graph and see if you don’t agree.  The  median price for this neighborhood high above Salt Lake City was  $665,000 three years ago.
    Upper Avenues sales 2007-2010 2nd qt
    Upper Avenues sales 1996-2010 2nd qt

    Sales data from the last six months shows an absorption rate of 2 homes per month and an inventory to last 14 months.

  • Lower Avenues 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    It looks like a definite upturn in value for this historic Salt Lake City area.  The median price is up slightly at $249,000 and with 48 sales in the last quarter that number should be pretty accurate.  Still down from a peak of $333,000 three years ago but a nice trend none-the-less.
    Lower Avenues sales 2007-2010 2nd qt
    Lower Avenues sales 1996-2010 2nd qt

    Using the previous six months of sales data gives an absorption rate of 12.5 homes per month and an inventory of 8.7 months.

  • Harvard-Yale 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    It had appeared that this east side Salt Lake City neighborhood was recovering with an upturn in values last year, but this quarter’s numbers continue to slide south with a new median price of $390,000.  Sixteen homes were sold in the previous 3 months.  The peak for this area was $510,000 in the second quarter of 2008.
    Harvard-Yale sales 2007-2010 2nd qt
    Harvard-Yale sales 1996-2010 2nd qt

    The absorption rate here is 4 homes per month with an inventory of 12.5 months.  Definitely a buyer’s market.

  • Federal Heights 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    Doubled in value?  Probably not, but what a wild quarter it’s been, with the graph showing a current median sales price of $1,250,000.  With only 3 sales during the previous quarter, it’s too soon to claim a huge appreciation for homes in this very exclusive Salt Lake City neighborhood.  Two of those sales were quite significant which helped push up the numbers.  The peak median price was $1.6M in the third quarter of 2007.
    Federal Heights sales 2007-2010 2nd qt
    Federal Heights sales 1996-2010 2nd qt

    Using the previous six months of sales data the absorption rate is only 1 home per month.  Don’t get in a hurry to cash in, as the inventory is now 15 months.

  • Capitol Hill 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    $198,000 is the new median sold price for Salt Lakes oldest residential neighborhood.  A slight rebound from last quarter’s numbers but still down from the peak of $291,000 in the 1st quarter of 2008.
    Capitol Hill sales 2007-2010 2nd qt
    Capitol Hill sales 1996-2010 2nd qt

    Using data from the previous six months the absorption rate is 4.2 homes per month giving an inventory of 9.6 months for a buyer’s market.

  • 9th & 9th 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    By the end of June the median price in this popular Salt Lake City neighborhood had dropped again after a uptick last quarter.  The new number is $229,000.  The highest median price was set in the 2nd quarter of 2008 at $317,000.  That may have been an anomaly as most areas peaked in early 2007 when the median price would have been $305,000.
    Click here to see sales since 2007.
    Click here to see sales since 1996.

    Based on sales data for the last six months this area has an absorption rate of 2.7 homes sold per month which gives an inventory of 5.6 months.  Conventional wisdom would place this as a balanced market for the 9th & 9th.

  • 15th & 15th 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    At the end of June the median sales price in this Salt Lake City neighborhood was $305,000 with 19 homes sold during the 2nd quarter.  The peak median price for this area was $404,000 in the third quarter of 2007.
    Click here for a graph showing sales since 2007.
    Click here for a graph showing sales since 1996.
    Based on sales data for the last six months the absorption rate is 4.7 homes sold per month giving an inventory of 4.3 months.  That would technically make this neighborhood a seller’s market with inventory of under 6 months.

  • Salt Lake City Urban Core 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Median sales price of $215,000.

    By my own definition the urban core is described as a circle with a radius of 6 blocks centered at Temple Square.  I wanted to keep it walkable to downtown and inclusive of the free fare Trax zone.  Within this boundary lie most of the new successful condominium projects, shopping areas, restaurants, clubs and the new City Creek development.  Dollar per square foot rents and sales are often dramatically higher here than elsewhere in the city or valley.  Most of the data points are from condo sales as there are relatively few single family homes remaining in the city.

    I would be very interested to see how the sales of City Creek will effect this graph.  Unfortunately the sold price of these new construction high-end condos are not currently part of the multiple listing service.  Assumptions would have to be made on a ratio of asking price to sold price.  Given what we know about the roughly $600 per square foot listed price of these costly creatures, the statistical push would have to be considerably northward.  Moving on up Salt Lake!

    Urban Core 1st qt 2009-2010
    Urban Core 1st qt 1996-2010

  • Sugarhouse 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Current median price of $261,000.

    Classic boundaries for this Salt Lake neighborhood.  500 East to 2300 East and 1700 South to roughly I-80.  If your property falls outside any of these defined neighborhoods, email me and request an analysis for your area.  Using your definitions of neighborhood.

    Nice solid gains and the trend is backed by a good number of data points.  Of course this Sale Lake neighborhood is always a perennial draw.
    Sugarhouse 1st qt 2009-2010
    Sugarhouse 1st qt 1996-2010

  • Rose Park 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Current median price of $145,000

    Only 12% of the peak.  Holding its own against the east side.  And look at that long term growth.

    This near to downtown neighborhood really held its own during the last year.  For this graph, I used the more traditional Rose Park boundaries of 600 North to 1700 North and 900 West to Redwood.  An amazing price point for a location this close to downtown.
    Rose Park 1st qt 2009-2010
    Rose Park 1st qt 1996-2010

  • Upper Avenues 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Current median price of $565,000.

    If you own a home above 9th Ave, you have to feel good about this.  Perhaps a bit premature to breath a sigh of relief with only 3 data points, but still…
    Upper Avenues 1st qt 2009-2010
    Upper Avenues 1st qt 1996-2010

  • Lower Avenues 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Median price of $235,000.

    Salt Lake’s Avenues neighborhood is all too often lumped into one category, or worse yet, one zip code.  The lower historic Avenues in general have a different type of homes in size and age.  The smaller footprint of 19th century homes can give a much higher dollar per square foot.  You also tend to have a higher number of condominiums, which are included here.  I used 9th Ave as the cut-off although many would argue that 6th Ave is the true historic boundary.
    Lower Avenues 1st qt 2009-2010
    Lower Avenues 1st qt 1996-2010

  • Harvard-Yale 1st quarter 2010 real estate sales

    Posted on May 29th, 2010 admin No comments

    Median price is now $415,000.

    I used the traditional Harvard-Yale geographic boundaries of 800 South to 1300 South and 1300 East to Foothill.  Not exactly recession proof but pretty solid gains given all the end-of-the-world hype.

    Not bad.  Some Salt Lake neighborhoods are holding their own.
    Harvard-Yale 1st qt 2009-2010
    Harvard-Yale 1st qt 1996-2010

  • Federal Heights 1st quarter 2010 real estate sales

    Posted on May 29th, 2010 admin No comments

    Median price of $517,000.

    $1.1M to $500K in three years. Ouch!  Graphs can be a bit simplistic, but still…

    No sales in the first quarter of 2009 gives a bit of a misleading  data point.  Federal Heights is considered a high end neighborhood and the mean value of homes shows accordingly.
    Federal Heights 1st qt 2009-2010
    Federal Heights 1st qt 1996-2010

  • Capitol Hill 1st quarter 2010 real estate sales

    Posted on May 29th, 2010 admin No comments

    Median price of $187,000.

    This is another neighborhood that just has too few sales in the last year to get a firm hold on a trend.  It is however a bellwether location to watch.  My neighborhood boundaries tend to the conservative side using 300 West as a western edge.  Lots of potential for walkable commercial area when the economy improves.  The new neighborhood bar (Jam), restaurant Em’s and the Marmalade Cafe helps give it a vibrant feel.

    A classic example of why we shouldn’t make assumptions from raw statistics.  This graph makes it look like home values in Capitol Hill swung wildly from year to year.  I assure you, that was not so.  What we want to look at here is the interpolation between the data points for the long term trend.  And that trend wasn’t too bad.
    Capitol Hill 1st qt 2009-2010
    Capitol Hill 1st qt 1996-2010

  • 15th & 15th 1st quarter 2010 real estate sales

    Posted on May 27th, 2010 admin No comments

    Current median price of $400,000.

    This Salt Lake neighborhood really took off when people discovered the vintage homes surrounding some of the best restaurants in the city.  Not to mention two choices for coffee and one of the last independent bookstores.

    Wow! Check out the upturn here. There were several “healthy” home sales in this neighborhood recently that helped boost the apparent values.  I will be looking forward to the 2nd quarter numbers to see if this is a statistical anomaly or not.  Note that I purposefully omitted sales on the very busy streets of 1300 South, 1700 South and 1300 East.  I felt in such a small neighborhood that they would skew the results.
    15th & 15th 1st qt 2009-2010
    15th & 15th 1st qt 1996-2010

  • 9th & 9th neighborhood 1st quarter 2010 real estate sales

    Posted on May 27th, 2010 admin No comments

    Current median price of $253,000.

    A very small neighborhood yields data points, so the number of homes sold (red line) appears to be all over the place.  A home purchased here five or six years ago is still looking pretty darn good.

    Not enough data points (sales) to really draw any big conclusions for the last year other than a general leveling out of sales price.  This area of town still has a lot going for it and should be one of the first to show recovery.
    9th & 9th 1st qt 2009-2010
    9th & 9th 1st qt 1996-2010