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  #1  
Old Posted Oct 13, 2020, 4:19 PM
SFTransplant SFTransplant is offline
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Mountain West Pandemic Real Estate Thread

I'm very curious to hear from different areas around the West on real estate trends in the Covid era. Areas like Tahoe, Boise, Bend, Sun Valley, etc., are recording record sales of homes right now whereas San Francisco, central Seattle, etc., have some of the highest inventory in over a decade.

Seems obvious that areas with denser, apartment buildings would be experiencing a downturn given the demand for more open space and the work from home environment. But are all areas booming right now that aren't dense, urban environments?
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  #2  
Old Posted Oct 13, 2020, 4:51 PM
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Boise's market is still at record high levels, both in terms of sales and new construction. There are a number of high-density residential projects under construction in and near downtown--some broke ground before covid, others just broke ground recently--with more proposed.

Single-family residences are selling fast, too. I have two neighbors that just sold their houses--one sold the same day it listed for nearly 100K higher than their asking price (not sure what they were asking), and the other sold theirs in less than a week for what they asked. I've heard that some people have bought houses in the valley sight unseen--they just looked online and made an offer.

Crazy.
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  #3  
Old Posted Oct 13, 2020, 5:25 PM
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I was looking at buying a house a few weeks ago in South Salt Lake or Millcreek and it was unreal how fast the homes were being listed and sold at prices that are double or more what they were 5-8 years ago. It seems to me that SLC and all of the Wasatch Front from Logan to Payson is having a historic boom.

It's been a precipitous increase in demand to say the least. One little tidbit I was just reading yesterday about Ogden is indicative of the general trend:
Quote:
According to city planning commission documents, there have been more than 1,500 apartment units considered by the city planning staff just since 2019. Though not all of those units have been approved for final build, the number represents a significant increase from two years ago in 2018, when only 122 new apartment units were approved by the city.
SLC is benefiting too, at least from an urban perspective. It's possible that we will have four or more new buildings in our top 5 tallest buildings in the next five years, barring a market crash or something. The amount of infill development happening is staggering too.
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  #4  
Old Posted Oct 14, 2020, 4:06 PM
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I've been looking at moving out of my apartment lately (not covid related - i just don't care for my current apartment). Looking at apartments has been weird. Most buildings have rules posted about wearing masks in the hallways, only one person allowed in the elevator at a time, etc., and tenants are getting in arguments over breaking of the elevator rule and whatnot. I've even seen plenty of negative reviews of buildings along the lines of, "people are walking around the building without masks and management won't enforce the rules."

In my building, the laundry room poses a problem. I'll walk in with my mask on and the person already in there rolls their eyes and scrambles to put a mask on. Apartment/condo living is uncomfortable to say the least. Man, I want a balcony so bad.

Apartment rents are going down and so are condo prices. Condos are getting stuck on the market for long periods of time. I've also noticed a dramatic increase in listings on Craigslist for condos being rented by the owners. I talked to some owners recently who apparently moved out and are renting it "for now" because they were disappointed with the pathetic offers they got when they tried to sell it.

Prices of single-family homes in the suburbs are skyrocketing. They're often only on the market for a day or two, and out-of-state people are snatching them up sight unseen. surprisingly there have been a fair amount of multifamily proposals submitted lately. Whether they come to fruition we will see.
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  #5  
Old Posted Oct 14, 2020, 4:29 PM
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^^^ I have been wondering if this pandemic will cool people's appetite for high density living. It seems that it is, at least in some places. From my own experience, I have been looking at places in a rural-ish area in Oregon, and since the pandemic hit, prices have jumped and availability has dropped.
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  #6  
Old Posted Oct 15, 2020, 6:42 AM
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Quote:
Originally Posted by FullCircle View Post
^^^ I have been wondering if this pandemic will cool people's appetite for high density living. It seems that it is, at least in some places. From my own experience, I have been looking at places in a rural-ish area in Oregon, and since the pandemic hit, prices have jumped and availability has dropped.
This has been a driving factor at least this year; work from home feeds into this as the OP suggests.

From what I've read single family homes especially but even suburban townhomes are hot all over the country. Starts in the NE with NYC suburbs to the D.C. suburbs including NoVa down to Florida. Texas still booming.

In Phoenix new homes selling as fast as they can build them and resales getting multiple offers, especially in the popular SE metro. High end homes in Scottsdale selling fast as snowbirds from the upper mid-west/mid-east buy their eventual retirement homes.
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  #7  
Old Posted Oct 15, 2020, 7:36 AM
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The single family market here in Salt Lake City is red hot. I can't speak for the rental market as much, except anecdotally, my wife and I have been looking for a new apartment here in downtown and it has been difficult to find anything available in the downtown area.
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  #8  
Old Posted Oct 15, 2020, 4:10 PM
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I sold my house in Marin this summer after just two weeks on the market and have been looking at different areas to move all over the west. Things were so competitive we've had to move back to my home town in with my mother. At this point, I'm going to camp out and it seems like this is possibly the worst time to try and buy in many markets...
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  #9  
Old Posted Oct 15, 2020, 4:18 PM
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According to Zillow (which I take with a grain of salt), we could make an absolute killing if we sold our home in W. Boise. Problem is, to get something equivalent we would overpay and most likely end up upside-down in the near future. I just don't see how this will be sustainable.
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  #10  
Old Posted Oct 15, 2020, 5:13 PM
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In case you're interested; just happen to stumble upon this item

Colliers exec: Why Arizona, Utah are among top Southwest real estate markets
Quote:
Arizona and Utah have been some of the strongest performers across asset classes for commercial real estate activity, benefitting from a lower cost of living than neighboring California and a high quality of life, David Josker, president of brokerage for the Southwest region of Colliers International said. The Phoenix Business Journal caught up with Josker to hear his experience on the West Coast real estate market, which includes Arizona, Utah, Nevada, southern California and Hawaii. This interview has been edited for length and clarity.
Commercial and Residential are of course two birds of a feather.
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  #11  
Old Posted Oct 16, 2020, 10:22 AM
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COVID-19 has wealthy buyers fleeing to Park City

COVID-19 has wealthy buyers fleeing to Park City

The Salt Lake Tribune

Park City, Deer Valley and surrounding Summit and Wasatch counties are now seeing money pour into luxury homes, estates and open land with big sticker prices as the effects of the pandemic bring in new wealthy buyers.
Since June, a rush to sanctuary has real estate markets booming over pre-pandemic levels for multimillion-dollar homes and properties that offer secluded access to nature and a sense of security and safety.

Droves of families who’d been waiting out the pandemic in short-term rentals or second homes in the Wasatch Mountains are now buying into more exclusive enclaves and even shifting their primary residences.

Read the rest at: www.sltrib.com
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  #12  
Old Posted Oct 27, 2020, 7:12 AM
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My sister-in-law and brother were ready to buy. Saved $30k+ for a downpayment. Qualified for $300-325k.

They found... NOTHING worth buying. And they were looking in WVC/Magna. So they are sticking with renting.
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  #13  
Old Posted Dec 14, 2020, 8:51 AM
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For some reason, Apartment or condo living is uncomfortable to say the least. Man, I want a balcony so bad.
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  #14  
Old Posted Jan 26, 2021, 5:18 AM
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Quote:
Originally Posted by Ifactwo View Post
For some reason, Apartment or condo living is uncomfortable to say the least. Man, I want a balcony so bad.
What is this nonsense? Are you quoting me?
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  #15  
Old Posted Feb 3, 2021, 6:19 PM
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I'm not sure what prices we will be able to get after the end of the pandemic but for sure you will need a great realtor if you are going to look for value and not only lowered prices. I bought my house in Mississippi Last year through a great realtor that took care of all my needs. I always wanted to be close to the river and not too close to the city which is not an easy task for any real estate agent. In order to find his agent I took a look into the biggest realtor online list as I have heard from friends that depending on what you're looking for there is an agent for every occasion there. That was exactly the case and I managed to find Bob who was specializing in rural properties and had a great rating on this specific category.

Last edited by Odast; Feb 5, 2021 at 1:02 AM.
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