Some Reality news about real estate. It looks like Utah, who was late with joining the rest of the nation in the most recent booming housing market 2 - 3 years ago, is feeling the effects of what was bound to happen. This isn't good news for all of the condominium towers proposed and I fear that we might see some stalled or numbers of units changed in recent proposals to better compete with a flailing market. Some agents in an office in the same building I work are actually looking for supplemental income because the market is rumored to get worse before it levels out. They tell me that condo sales are the hardest sells in a buyers market because people would rather have a single family home.
http://www.sltrib.com/news/ci_8322123
New home sales plunge, Utah builders put brakes on house construction
By Lesley Mitchell
The Salt Lake Tribune
Article Last Updated: 02/21/2008 06:40:30 AM MST
Two new reports out Wednesday show that demand for new homes along the Wasatch Front has plummeted, leaving the area with a glut of unsold houses.
Builders along the Wasatch Front took out permits for the construction of 242 homes in January, the lowest level since 1990, a report by Construction Monitor shows.
January's total is down 74 percent from 937 in January 2007, said the service, which tracks building activity throughout the West.
Builders are adjusting to a record glut of newly constructed houses that remain empty, according to a second report, by Newreach, real estate research company in Salt Lake City.
In Salt Lake County in the fourth quarter, there were a record 1,037 completed-yet-unoccupied houses and condominiums, up from 340 units in the fourth quarter 2006, Newreach said.
"It's a record level, but it could be far worse" if builders had not curbed new-construction levels so quickly as the market began to sour," said Jason Eldredge of Newreach. In other areas of the country, such as Phoenix and Las Vegas, builders took longer to reduce their construction levels, which aggravated the downturn.