U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Utah > Salt Lake City area
 [Register]
Salt Lake City area Salt Lake County - Davis County - Weber County
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 06-02-2015, 11:23 AM
 
48 posts, read 20,306 times
Reputation: 111

Advertisements

We relocated from SLC to PHX in 2009 and although we were really excited to leave our little sleepy town we missed the mountains and cold weather so we're headed back provided our house sale makes it to the finish line. Without going into the whole back story, I am really missing something that is going on in UT. I have followed several houses that we are interested in (East Bench, Holladay, Cottonwood, Millcreek, Canyon Rim etc.) and the prices are just mind bogglingly high. I've noticed a huge amount of FSBOs and even more foreclosures with several houses being on the market for 3-6-9 months to a year. Several have price reduced 20-40K....who prices a house that high that it needs to be reduced that much?? Inventory is lower so I get that, but do sellers really expect to sell or are they just fishing because houses priced appropriately are moving. We are looking for a 3+ bdr, 2+ bth, big kitchen, big yard rambler 2300 sq ft+ but 650k with the original pink tile bathroom for that is just ridiculous for SLC, that is more like Seattle or PDX prices in the city. Any insight would be appreciated.
Reply With Quote Quick reply to this message

 
Old 06-02-2015, 12:59 PM
 
Location: Pound Ridge
1,923 posts, read 2,743,914 times
Reputation: 1746
FWIW, I've been following the market closely in the same areas for a couple years and noticed the same thing. Also virtually identical (size, style, condition, renovations) houses in the same neighborhood going for wildly different prices (on price/sq ft basis). Also absurd, serial price reductions of $100 every couple weeks. These practices are pretty much unknown where I'm from. Realtors here are quite reluctant to take such listings.

I asked my SLC realtor about it (who's originally from NJ) and she just shook her head and said that there are a lot of silly, undisciplined and unprofessional realtors (and sellers!) out there. The main thing is to look at the condition, location and $/sq ft. If a house is lingering look at $/sq ft and compare to similar houses in the same area. The ones that are substantially higher will linger on the mkt. In those cases it's fair to assume that the seller isn't under pressure.
Reply With Quote Quick reply to this message
 
Old 06-02-2015, 02:16 PM
 
145 posts, read 74,151 times
Reputation: 69
OP, where are you getting your numbers from? Some web info is hilarious, where are you seeing foreclosures? Basically those who don't need a quick cheap sale won't move until the time and prices are right. There are a ton of new builds over west and south east end of the valley for the younger crowd, but you want a house in a nicely developed area and the people settled there are possibly still burning from a high pre crash price and won't sell on a whim.
Reply With Quote Quick reply to this message
 
Old 06-02-2015, 08:40 PM
 
Location: Salt Lake City
15,298 posts, read 11,783,956 times
Reputation: 5576
Quote:
Originally Posted by cayennev8 View Post
We relocated from SLC to PHX in 2009 and although we were really excited to leave our little sleepy town we missed the mountains and cold weather so we're headed back provided our house sale makes it to the finish line. Without going into the whole back story, I am really missing something that is going on in UT. I have followed several houses that we are interested in (East Bench, Holladay, Cottonwood, Millcreek, Canyon Rim etc.) and the prices are just mind bogglingly high. I've noticed a huge amount of FSBOs and even more foreclosures with several houses being on the market for 3-6-9 months to a year. Several have price reduced 20-40K....who prices a house that high that it needs to be reduced that much?? Inventory is lower so I get that, but do sellers really expect to sell or are they just fishing because houses priced appropriately are moving. We are looking for a 3+ bdr, 2+ bth, big kitchen, big yard rambler 2300 sq ft+ but 650k with the original pink tile bathroom for that is just ridiculous for SLC, that is more like Seattle or PDX prices in the city. Any insight would be appreciated.
Well, I live in Cottonwood Heights. We have a four-bedroom, 3 bathroom rambler with a lovely kitchen and beautifully remodeled basement. I'm not sure of our square footage, but it's probably less than 3000 square feet (main floor and basement). It's on about 1/4 acre and has a stunning (if I do say so myself ) backyard. We're not looking to sell, but if we were, I wouldn't even dream of getting more than about $425k for it. Keep looking.
Reply With Quote Quick reply to this message
 
Old 06-03-2015, 09:37 AM
 
48 posts, read 20,306 times
Reputation: 111
I generally look at Zillow and sometimes redfin or trulia. If I see a house I like I usually skip over to the listing agents site for more up to date information. I wouldn't say these sites are "hilarious" since they pull details from the MLS listings, they are not making it up. I also get listings from my agent who I also would not call a "hilarious" source. I am just looking at houses for sale and there a more FSBO's, foreclosures and high market prices for houses that sit around than I would expect for a non major metro. There is one listed at 475K, FSBO, price was cut by 40K, 3br, 1.75 bth 1688 sq ft.....that is $281 per sq ft........ I wish I could link some houses but I don't think this site allows it.

Has anyone built their own house? That is an option too but I don't want to be far from the city and land could be a challenge. I have noticed that if the house does have a realistic price tag it gets snapped up pretty darn fast. I still own a small house in Sugarhouse that I bought when I was single so at least we can live temporarily until we find something bigger.
Reply With Quote Quick reply to this message
 
Old 06-03-2015, 04:52 PM
 
Location: Pound Ridge
1,923 posts, read 2,743,914 times
Reputation: 1746
Quote:
Originally Posted by cayennev8 View Post
I generally look at Zillow and sometimes redfin or trulia. If I see a house I like I usually skip over to the listing agents site for more up to date information. I wouldn't say these sites are "hilarious" since they pull details from the MLS listings, they are not making it up. I also get listings from my agent who I also would not call a "hilarious" source. I am just looking at houses for sale and there a more FSBO's, foreclosures and high market prices for houses that sit around than I would expect for a non major metro. 1. There is one listed at 475K, FSBO, price was cut by 40K, 3br, 1.75 bth 1688 sq ft.....that is $281 per sq ft........ I wish I could link some houses but I don't think this site allows it.

Has anyone built their own house? That is an option too but I don't want to be far from the city and land could be a challenge. 2. I have noticed that if the house does have a realistic price tag it gets snapped up pretty darn fast. I still own a small house in Sugarhouse that I bought when I was single so at least we can live temporarily until we find something bigger.
1. That's exactly what I was talking about, and there's a fair amount of that stuff. When you look at houses that SOLD, pricing like that is nowhere to be seen, at least in that price range. Why? Who knows, some people are idiots. FSBO's are the worst. Sellers are often completely unrealistic and going the FSBO route because they don't want to hear what a decent broker tells them.

2. Yes, often in days. The flip side is that if hasn't been snapped up pretty fast then it's overpriced. Duh. I've made a petty hobby of predicting whether a house will sell fast or linger. It's usually very obvious. My wife and I joke about it - "Hey, look at this! $230/sq ft for another generic, ranch in the middle of Mill Creek with 2 baths, a pink bathroom, wood paneling and shag carpeting! That one's gonna sit!" So save yourself annoyance by ignoring the unrealistic listings or make a game of it.
Reply With Quote Quick reply to this message
 
Old 06-03-2015, 05:46 PM
 
48 posts, read 20,306 times
Reputation: 111
Quote:
Originally Posted by kletter1mann View Post
1. That's exactly what I was talking about, and there's a fair amount of that stuff. When you look at houses that SOLD, pricing like that is nowhere to be seen, at least in that price range. Why? Who knows, some people are idiots. FSBO's are the worst. Sellers are often completely unrealistic and going the FSBO route because they don't want to hear what a decent broker tells them.

2. Yes, often in days. The flip side is that if hasn't been snapped up pretty fast then it's overpriced. Duh. I've made a petty hobby of predicting whether a house will sell fast or linger. It's usually very obvious. My wife and I joke about it - "Hey, look at this! $230/sq ft for another generic, ranch in the middle of Mill Creek with 2 baths, a pink bathroom, wood paneling and shag carpeting! That one's gonna sit!" So save yourself annoyance by ignoring the unrealistic listings or make a game of it.
HAHA, yes you made me laugh. That is pretty much what I do too, but I guess I REALLY want to get to the root of what is going on. No other market prices houses like this, it's mind boggling?

And don't forget the asbestos drop ceilings and creepy "mother in law" pad in the basement.

Maybe we can have sellers send us their house listing and tell us why it's worth more than say $140 a sq foot.

I will say that several of the FSBO's I looked at didn't look too bad price or condition wise, I won't rule that out.

I'll also be happy to snap up some 70's shagedelic throw back for a reasonable price so at least I won't feel bad about ripping out an entire kitchen and bathroom. Some houses that were "renovated" went so low end, it is a pity it was done at all.

I just had a thought and maybe I'm wrong. Is it possible people over mortgaged themselves and now can't get out before they foreclose....at least that would answer the high foreclosure numbers. Where I live now, there haven't been foreclosures in 5-6 years.

I am so perplexed and I just want some context.
Reply With Quote Quick reply to this message
 
Old 06-03-2015, 09:41 PM
 
338 posts, read 432,143 times
Reputation: 199
Get a realtor and get access to:

https://www.utahrealestate.com/index/public.index

Utah is frustrating in their practices so exact data on sales prices, sqftage, and tax info is not completely transparent.
Reply With Quote Quick reply to this message
 
Old 06-03-2015, 09:50 PM
 
Location: Central City, SLC
664 posts, read 928,949 times
Reputation: 611
Zillow, Trulia, etc. are notoriously inaccurate in Utah and other nondisclose states.
Reply With Quote Quick reply to this message
 
Old 06-03-2015, 11:00 PM
 
145 posts, read 74,151 times
Reputation: 69
Right, anyone looking at those two sites has to see that though. I LOL at my own street, heck, my own house. Back in the day before the crash you were mailed cards telling you how much the house down the street sold for, so everyone knew the price (from the estate agent). When I see those reappearing, I will know the market is warming up.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram


Over $94,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Utah > Salt Lake City area
Similar Threads

All times are GMT -6.

2005-2015, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top