Posted by tbran on October 21, 2005 at 17:08:12:
Hi, I’ve recently purchased a few properties in Utah. It does not rent or cash flow very well. Can you buy properties in Utah today that can cash flow? Do you know a good management company or you manage the properties yourself?
Salt Lake city Utah investments - Posted by Ali
Posted by Ali on July 13, 2005 at 16:47:06:
Hello folks, I am thinking of buying investment homes in Salt Lake City area. Is that the best area from the investment perspective in UTah?
Can anyone familiar with the area please tell me how the appreciation has been there for houses in the past 6-12 months? Is it easy to rent out homes? Are builders selling to investors?
Thanks
Re: Salt Lake City ,Utah investments - Posted by Scott (UT)
Posted by Scott (UT) on July 14, 2005 at 23:30:12:
Less than 3 months ago CNN Money ranked Salt Lake City as number 99 or 99 markets based on Sale to Value. Salt Lake properties were selling for -23% of Value at that time. Today in most areas of the Valley homes are selling for Full Price in weeks.
The California market has moved northeast from Las Vegas to St. George to Cedar City and now into Salt Lake City. The big money in Utah is not going to be in appreciation, in my opinion. It will be in the Cash Flow on rentals.
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.