Dowtown Salt Lake City June Condo Sales

Thirteen, happy I am sure, buyers and sellers closed transactions through homes listed in the MLS in June. I know of more that were outside of the MLS, but I don't  have the exact purchase price and am not including them.

The average seller took a 5% discount. The average days on market numbers (159) were killed by the home in The Meridian. Three were new construction and the days on market as shown in the MLS is hard to actually measure, some numbers quoted are not realistic so I leave them out of the grid.

Notice what I point out in other articles, the longer a home is on the market the more likely the seller accepts a lower price. The home that took the biggest hit was the one on the market for 630 days.

In this same downtown market 33 new homes came on line. Good for buyers, not so good for sellers.

Garden Towers Condos: Updated

Garden Towers

141 2nd Ave

Close to Temple Square

These photos are taken from the Garden Rooftop

Update: June 21, 2014:

A sold unit is now past the inspection contingency, leaving two nice units on the market.

One of the units just dropped their asking price by $10,000 to $385,000.00. This gives me an opportunity to emphasize a couple of points I try and make that makes my practice different.

1- This is a really nice home. It is kept in showing condition. You can immediately tell a young family lives here as the children's toys and things are many. Note, I said it is kept in showing condition. However most of us wouldn't know, including me, what my designer - staging expert wife points out. This is that with so many children's items in the home it is difficult for a potential buyer to relate to it. When people look at your home they go through a mental process of deciding if it will work for their things.

I refer back to this article Kathleen wrote in the staging category where she said Clean Up….Clear Out…..Fix In…..Fix Out; click here for that category link 

Were we to counsel this family we would go through the home with them and look to see what could be taken to the storage unit. I do understand, as we have sold a few homes of our own, that having your home on the market is a major pain. The condition of this home says that this family gets it as to the importance of how the home is presented. This takes a big effort on each family members part. Yet, in this case, there are important steps yet to be taken.

2- No matter how agents present their marketing plan they all boil down to two approaches. In 99.9% of the time what I call plan A is used. Plan A is to do what happened here, if it doesn't sell in a reasonable time it must be the price that is the problem. In this case the price dropped $10,000.00, almost half the amount of the commission. Dropping the price $10,000.00 only costs an agent $300.00 to $600.00 depending on whether or not the agent becomes a dual agent by selling and listing the home.

I despise this approach. I believe it places the entire burden of the sale on the home and the decisions of the sellers on what price to ask. So what happens in another 73 days? Do you drop the price again? I saw a home go up over a year ago in our building. It started at $290,000.00. Everything that you can image was wrong with the whole for sale situation. Eventually the home sold for $240,000.00, a pretty serious 17+ % price drop. The seller wore out.

There is always a range agents can select for coming up with a price they believe in. They usually select a few comparable sales to justify what they recommend. I know agents that push for the lower price so it is more likely to sell. Whatever price is selected most you will find start pushing for a price reduction. It didn't sell, what is the other option?

I have what I call plan B. I don't broadcast it as it is different. It's a conglomeration of things I have learned over my many years in real estate. It is different. It's goal is to earn my commission by selling in the higher range. It's goal is to never ask or hint that you should drop your price.

By the way, I wont be presenting you a fancy pre-packed book. I will have facts and a plan. You will get your monies worth.

From June 4, posting:

Currently there are 3 units on the market at this time, actually two as one just went into contract subject to inspection..

The other two are listed at $645,000 and $395,000. I would classify both of these units as best buys on the current market. I would be glad to show them to you.

More detail:
$395,000: 2028 square feet, 2 bedroom. Corner unit.

$645,000: 2326 square feet, 2 bedroom.

Walkable Is Quite Possible In Downtown Salt Lake - To Temple Square and City Creek

Parts of The Avenues are on a hill.  The downtown area is basically flat. Most of these condominiums are in the flat area. Some, like Zion Summit are on a short steep climb. I would guess not an issue for the young crowed, the retired crowd would feel some pain.

Many of our neighbors live in downtown because it is walkable to Temple Square and shopping. City Creek is a recent bonus. You can catch Trax in several places that are walkable. I am publishing a list of condominiums that I call located to be walkable to these central sites. You may disagree as I have one friend that walks everywhere. For the less ambitious I use my list.

As of June 16, 2014 there are 19 condominiums for sale (walkable as described) between the price of $200,000 and $249,999.

This  a portion of a simple report I can pull from the MLS

I go into great detail in evaluating a range a home could be priced in.

Both buyers and sellers should have a thorough understanding of homes on the market.

It's about both what things sell for and what is the current market inventory.

 

Walkable Listings On The Market: June 16, 2019

19 from $250,000 to $299,999

15 from $300,000 to $349,999

15 from $350,000 to $399,999

13 from $400,000 to $449,999

  4 from $450,000 to $499,999

  2 from $500,000 to $549,999

  4 from $550,000 to $599,999

  2 from $600,000 to $649,999

  8 from $650,000 to $749,999

  1 from $750,000 to $849,999

  1 from $850,000 to $999,999

 13 over 1 million

Terrace Falls Condominiums

The developer of Terrace Falls envisioned this as the home of the Jet Setters. Terrace Falls has one amenity my wife loves - a large furnished shop, great for the project lady or mister.

Currently there are 3 units listed in the MLS that are for sale here in Terrace Falls. That doesn't mean there aren't more, they just aren't with a REALTOR, which one must be to place listings in the MLS.

As of June 14, 2014

#1: Listed at $365,000:  1972 square feet 2 bedroom 2 + bath. It has been on the market for 272 days.
#2: Listed at $375,000:  2184 square feet 2 bedroom 2 + bath. It has been on the market for 243 days.
#3: Listed at $599,000:  1798 square feet 2 bedroom 2 + bath. It has been on the market for 39 days.


There are 48 units in Terrace Falls. In the past 12 months two have sold. Interestingly both at listing price. Both were on the market for 95 days. Sales prices: $344,950 ($177.00 sq ft) and $232,500 ($150.00 square foot)

Terrace falls was built in 1985.

Condo Or Office Building?

Click Here for the answer

American Towers

The largest condominium development in number of units in downtown SaltLake City. This property has retail at street level. It is south of City Creek in an easy walk.

There are 15 units for sale at the current date: June 16, 2014. Prices range from $199,500.00 to  $595,000.

Some of these units  have been on the market for what must be a grueling amount of time for a serious seller.

HOA fees are quite high which dosn't help, except this property has perhaps the finest amenities in town. HOA includes - Heat/AC - Cable - 24 Hour Security - Underground Parking - Indoor Pool and Sauna - Fitness Room - Racquet Ball Court - Billiards Room - Roof BBQ and Hot Tubs on the roof with views as you soak. Sounds great doesn't it?

The unit size ranges from 927 square feet to 2970 square feet. The most common size range is in the 1500 square foot range.

Also note,

assigning condo values in American Towers can be confusing. First thing to know: there are two towers: the north and the south tower. When considering unit value, please factor the following five items: (1) Quality of views, based, as you'd expect, on the tower floor -- i.e., the higher the floor, the better the views, and therefore the higher the price. (2) Quality of views, based, as you might not expect, on internal tower location. (3) Interior finish quality. (4) Unit layout -- e.g., does the unit have more than one bed? Has the space been opened up or has it been chopped up? Etc. (5) Is it placed in a quiet part of the complex?

Regarding Home Owner Fees

I know that home owner fees become part of the monthly payment issue. They are often an important factor on what people qualify for. However, doing a quick yes or no determination based on the amount of home owner dues can be a mistake.

What are the dues covering is an issue.

What is the financial condition of the association is important. Is it a well managed property? This question will often reflect the amount of the dues. Is it a well managed association? What kind of reserves do they have. In these questions lie important factors for the home owner to be. One property I know of was neglected. It had a multi story underground parking garage. The association failed to maintain the floor of  the upper levels and they deteriorated to the point the floor gave away. A perhaps several hundred thousand investment, in this case a non investment, became a much more expensive and troubling problem.

How clean is it kept? How often or do they ever spray for insects?  What are the amenities. Is there a swimming pool. How big is it? Is there or are there places to meet and have events? Is there a workout room? Are there elevators? Do the dues pay for utilities, or perhaps cable TV? 

How solvent is the association? How much cash reserves are there? Are there serious deferred maintenance issues? 

Too often we make snap decisions without checking out the details. Sometimes a lower HOA fee is a special assessment in the waiting.

Regent Condominiums

A new listing is on the market here for $357.00 per square foot. Be sure and contact me if you want more detail on this and other downtown properties.

The Metro Condominiums

Currently homes here are on the market for about $285.00 per square foot. Watch this site for more info.

Sold: A 2 bedroom 1010 square foot unit sold in April 2014 fr $286.000. It had been on the market for $292,400.00

Canyon Road Towers

A great place to live. Watch this site for more info.

Local Real Estate Statistics

Regular Articles On Local Real Estate

99 West Condominiums

In the location that was once The Inn At Temple Square. More info soon. Here is the link to their website: click here



City Crest Condominiums

Just East of the North side of Temple Square is City Crest Condominiums. No units are currently available. I just went into contract and one sold July 4, 2013. This July sale was a 1330 square foot unit. It listed at $304,300 and sold for #294,000 after considering the sellers paid $5000 in closing fees. The address is 131 E 1st Ave.

Zion Summit Condominiums

a

This is an interesting complex. It is a 14 story two building property with view bragging rights.It was built in 1978 and is just North, up the hill, from the LDS Conference Center. It's indoor parking garage exits to the back side of the conference center. You can see that exit door in the middle photo.

Three units are for sale at this time. Two of the three are prime examples of a not so great history of this building; they have been on the market for a lengthy period of time. All three have had price drops.
As of June 13, 2014:
#1: $349,000 list price has been on the market for 64 days.
#2: 210,000 list price has been on the market for 370 days.
#3: 219,000 list price has been on the market for 441 days.This unit has a tenant requiring an appointment to show. See this article on Sales Prevention Programs, click here

Some of these units have sold fast yet the average day on market is a troubling number to me as a sellers agent, not so troubling as a buyers agent. Since February 2013 six units went on the market, did not sell, and the listing just expired. Of those that sold since July 2012 the average days on market is 191 days. Most of the units are 1200 square feet, 1 bedroom and a den. Two of the sold units were  1600 square feet. One unit is 2400 square feet and 3 bedroom. It sold for $387,000 at 91% of list price in 177 days.

The Meridian Condominiums, Formerly Primary Childrens Hospital

More Info coming soon. Contact me if you want it now. Larry

When people moved in, it was the first time the building would have have been regularly used since 1990. It closed its doors in 1990 as Primary Children's Hospital, said Bonnie Midget of Primary Children's Hospital media relations. It became Primary Children's in the mid-1960s. It was a veterans hospital for more than 30 years before that.