home prices on east bench (Salt Lake City: houses, neighborhood, college)

[carlymac]

Just out of curiosity, I've been looking at home prices in the 84108 zip area. I used to live in a little bungalow house in Sugar House 20 yrs ago so I like to track the progress of the neighborhood. I had heard that home prices in SLC were coming down. But checking out some homes online, it doesn't seem like they have budged even a little in this area. Possibly they've gone up even more.

Does anyone know if those homes are actually selling at those rates? We sold ours 17 yrs ago for $89K. A home on the same street with some surface upgrades is asking $389K. These homes are around 1700 sq. ft. Maximum 2 baths, 3 tiny bedrooms, itty bitty kitchens and detatched garages. Even if people have put new tile in the bathrooms, I know what's under it -lathe and plaster walls that are about 2 inches thick! I'm not kidding. My husband was putting up new drywall for tile in the shower and we discovered the nails had come through the wall into the room next door.

So... What is driving these prices up in the midst of an economic downturn and does anyone else feel like they are hyper-inflated?

My mother-in-law owns a home just east of the college streets and south of the U of U. Huge- at least 4200 sq.ft. Her neighbor had a house on the market for a year at $679 and couldn't sell it. She doesn't want to sell her own home till prices come back "up" again. Are they coming up or do they have yet to go down? What is going on??

We'd love to come back to Utah but at this point we could get twice the house and yard here in MN for the price. But we're very isolated from family out here.

What are predictions for the housing market in Salt Lake City at this point?

[frogandtoad]

No, doesn't seem overpriced for that zip. You're looking in one of the most expensive areas in SLC. If you need to be at that pricepoint, there are other parts of SLC which would give you more for your money if you don't like what you get in that zip. I don't think MN is less expensive than SLC. You are comparing one of the most expensive zips in Utah with something which is not one of the most expensive zips in MN. The most expensive areas in MN are more expensive than SLC, not less.

[SouthernBelleInUtah]

Some houses are beginning to sell but my RE friend says it's not good yet. Many of those smaller houses have been completely re-done inside with the basement dug out to double the size of the house (which is what I did). Walls taken down, space opened up, etc. My 2 small bedrooms are now one master and there are more spacious bedrooms in the basement level (all of which have window wells for escape, as per code). You can't tell by looking outside what might be inside. And I think the plaster walls are a godsend as they are good insulation and sound barriers!

[frogandtoad]

Yeh, a lot of people put plaster in if they can afford it. It's got a great look to it, and I'd take it over drywall any day. And like southernbelle said, the outside of homes in that area can be deceiving--some amazing interior remodels are out there (although even with that sq. footage, it would probably be more expensive if it were a agreat remodel).

We have seen quite a few properties sell in that area, but in higher price range. I don't know about the lower price ranges--seems like those houses are sitting longer. Also houses which need remodeling are having a harder time selling b/c it's harder to get the financing to remodel these days than it is for a straight sale. For example, a home totally redone nicely, 3500 sq. ft., sold for about $800K in Harvard/Yale recently.