Re: Salt Lake city Utah investments - Posted by Dons
Posted by Dons on July 13, 2005 at 21:13:14:
According to one of the economists from National City Bank, SLC is undervalued. This makes it a good bargain, and it’s just starting to pick up.
I think SLC is a good bet for investment if you want to buy and hold. The area that may be most intersting is to the north around Clinton or Roy (near Ogden). Hill Air Force Base is located in Clinton and makes for easy rentals.
As I rcall, the military housing allowance starts at around $1000 a month and goes up from their depending on rank.
Even though I’m in Cincinnati, what has kept me intersted in Utah is that some years ago before the Park City prices began to skyrocket, my wife and I bought several properties in Kimball Junction and Park City. (Just east of SLC) And we are now shocked at what has happend to the prices in the Kimball and Park City area over the past couple years.
They overbuilt in Park City in anticipation of the 2002 Winter Olympics. And between the over building, the 911 terrorists attacks slowing the economy, and the poor showing of the stock market, Park City real estate prices took a dive. Houses were sitting on the market for over a year without moving!
That has all since changes. Park City is hot…real hot, and prices have taken a great leap. There is not much available (housewise) in Park City under a half million. There are still a few condos in the lower range, but only a few. Everything has gone sky high.
BTW the other Utah “hot spot” is St. George in the southwest corner of the state. A building lot that was $40K a year ago is now $140K…because they can!
Fortunately a lot of property in and around SLC is still very affordable…$100K to $120K ARV range.
If you buy around SLC, get an earthquake rider on your insurance. The Wasatch fault runs through SLC and the Utah Geological Survey says there will be “a big one” someday. The area is about as geologically stable as Los Angeles. Do a google search on Utah earthquakes.