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Old 07-02-2008, 05:44 PM
 
228 posts, read 737,759 times
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Looking for a great deal on a Foreclosure in Salt Lake City area. Anyone found any are they even really out there? It seems that Utah has a strong market compared to most US Cities. I have seen many homes for sale but it seems to be hard to find a killer deal on anything out there these days.
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Old 07-02-2008, 08:10 PM
 
Location: Philippines
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I have heard a few news reports that the housing downturn is impacting Utah now. I see advertisements for foreclosures all the time.
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Old 07-02-2008, 10:52 PM
 
Location: West Jordan, UT
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Originally Posted by easternerDC View Post
I have heard a few news reports that the housing downturn is impacting Utah now. I see advertisements for foreclosures all the time.
The market is beginning to soften - homes are sitting on the market longer & people are lowering their asking prices. It's definitely not a "crash" like many other parts of the USA, and prices are still holding up in the desirable areas.
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Old 07-04-2008, 09:52 AM
 
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KWM03160 I have to agree with you. I think if you hae liquid income and can afford an investment property and providing you can get it in a very desirable location you might be able to find a good deal in Utah. However looking at the short sale side of things the best deals seem to be in homes above $400K however I do not think too many banks are willing to do emergency liquidation type sales out here in comparison to Las Vegas, or other cities more distressed.
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Old 07-04-2008, 10:55 AM
 
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I just found a single family residence foreclosure in a Salt Lake Suburb that is 150k less than the owner purchased it for and about 40% below market value based on my calculations. It is located at 4426 North ....oh wait. Rather than tell you about it I am going to go buy it myself.
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Old 07-04-2008, 11:13 AM
 
228 posts, read 737,759 times
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Quote:
Originally Posted by Beena View Post
I just found a single family residence foreclosure in a Salt Lake Suburb that is 150k less than the owner purchased it for and about 40% below market value based on my calculations. It is located at 4426 North ....oh wait. Rather than tell you about it I am going to go buy it myself.

4426N Sounds like North Salt Lake isn't that near the refinery? At 40% below market value =??? Why would anyone care what the previous owner paid? What is important is what is the house really worth what are the recent sold comparables and location.
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Old 07-06-2008, 01:47 AM
 
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I hope it keeps falling so I can finally get one of my own. I was gone for a few years, come back with plans to get a new house - and find that new homes are going for 350k or more!?!??! And there's so many of them! Development after development of such expensive homes. Even townhomes of all things are going for 200k+! It always seemed to me that Utah paid quite low salaries. How in the world are people able to afford these things - in the Utah job market? /boggle
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Old 07-06-2008, 02:27 PM
 
Location: West Jordan, UT
494 posts, read 1,889,395 times
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Quote:
Originally Posted by 11thHour View Post
I hope it keeps falling so I can finally get one of my own. I was gone for a few years, come back with plans to get a new house - and find that new homes are going for 350k or more!?!??! And there's so many of them! Development after development of such expensive homes. Even townhomes of all things are going for 200k+! It always seemed to me that Utah paid quite low salaries. How in the world are people able to afford these things - in the Utah job market? /boggle
2-wage earning households and (sometimes) "creative" financing.
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Old 07-06-2008, 04:46 PM
 
228 posts, read 737,759 times
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Quote:
Originally Posted by 11thHour View Post
I hope it keeps falling so I can finally get one of my own. I was gone for a few years, come back with plans to get a new house - and find that new homes are going for 350k or more!?!??! And there's so many of them! Development after development of such expensive homes. Even townhomes of all things are going for 200k+! It always seemed to me that Utah paid quite low salaries. How in the world are people able to afford these things - in the Utah job market? /boggle

These are my sentiments exactly. I have been looking to purchase a new/pre-owned home for the last three years. I gave up because the market was way over valued and I had the same thoughts as per how can people in Utah afford these homes when the average family only makes about $50K per year combined. I argued with realtors stating the market needs a huge correction and that we would see a lot of foreclosures because people would come out of the ether and realize they are either upside down in their homes and or can not afford the house payment I am hoping to build a new home because I feel pre-owned homes are just way over priced. Why would anyone want an old house that cost as much as a new one? Hopefully the market will continue to get worse and with inflation in all other segments I feel that realestate will come down so people can afford both home, car, food and gas.
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Old 07-06-2008, 05:38 PM
 
Location: Mostly in my head
19,855 posts, read 65,574,293 times
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Really old homes (pre-1950) have charm, character, and sturdy building techniques that today's mass-produced housing lacks. Ever drive down one of those streets where you had to look at the address to be sure you were at your house, not your neighbor's? Older housing will always hold its value over the new schlock.
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