Home Prices in Salt Lake City/Utah: Just how much do the appreciate?

[kavm]

In Europe - I believe they go down in the vicinity of the soccer stadiums. I guess soccer hooliganism has not yet made its way here - yet!

[Curious Jay]

Originally Posted by SouthernBelleInUtah

Enough arguing. Back to topic, please.

I guess the general (and relative) answer to the original question is: hardly? It seems that way, because where I'm from a 5% year-to-year is practically guaranteed, and you often seen percentage increase in home values approaching double-figures.

[CCSLC]

Originally Posted by Geo-Aggie

"If you believe then just stand up on your feet, and shout it loud: 'Real!'
Here at the Riot the battle hymn's begun. We're here for RSL."

Yeah, and there's a reason the team is not named "ReAL Sandy." Sandy is a suburb.

[Geo-Aggie]

I'm not disagreeing that Sandy is a suburb, just disagreeing that they have no professional sports teams. RSL is much more identifiable though as Salt Lake does have that very urban downtown core which is a cultural, travel and professional hub for the region. Though I don't believe Liberty Wells and a 5-9000 sq.ft. lot is what comes to mind when anyone thinks "Urban Salt Lake" (PS: This is a fun topic, we should maybe consider another thread to limit moderator anger..?)

Addressing Curious Jay, based on the price I bought for and the price that similar-model homes in my neighborhood are now listing at, I've seen about an 11% increase in home value in one year. Granted things have been good for the Greater-SLC market, and I don't anticipate this every year, but appreciation is here. The economy is strong in SLC, but unfortunately I think a majority of the job demand is low(ish) paying which may stunt growth for homes in the $400k+ range eventually (though from what I understand bidding wars exist for homes in this price range - not sure that's sustainable as there is certainly a rather finite number of 6-digit salaries in the valley, for now), but homes in the 150-300k range could see more demand, which would drive them up - as they have mine. This is pure opinion and speculation though. I am not a real estate market expert, by any means. I'm just some dude with a house and a computer.

[mlb]

TRAX certainly helped the Sandy market.

[CCSLC]

Originally Posted by CCSLC

Suburban real estate appreciation will slow, if not stall and decline, in coming years (particularly in Daybreak, where environmental concerns exist and the build quality is suspect---which will only be more obvious as the homes age).

Unlike their parents, young adults nationwide already prefer city living to the suburbs for a variety of reasons. SLC is definitely not there yet, however. Like with most things, we're about 10 years behind the rest of the nation (and our predilection for family sizes that are more comfortable in the suburbs may extend that even further), but it will still happen.

Cities---including SLC---are making a comeback, partially because this generation recognizes that a shortened or nonexistent commute financially negates the benefit of being in a suburb, especially as fuel prices continue to rise. Plus, it's good karma to not pollute our air with your commute and you get the extra time in your day of not commuting... which is invaluable! They also recognize that life is just plain more pleasant when you can walk to Mazza and a Jazz game rather than driving to an Olive Garden and Chuck E. Cheese in a stucco strip mall.

More evidence:
Salt Lake Tribune: The vibe in back in downtown Salt Lake City