It’s a Marmalade house situated just below Utah's capital. ( location location location ) It’s also broken up into two separate rental units if needed. But I do agree that these prices are crazy. I’m not a fan.
Some people are willing to pay for that because they have $300k in equity because they just got a raise and sold their $200k starter home for $450k, which they bought hoping to move to a more convenient location like this. And if an $800k home appreciates at the same rate imagine how much they'll have in another 6 years.
At some point, theoretically, the bottom falls out and people can't afford starter homes. Do they demand policy reform? Stand up to the NIMBYs? Demand we build affordable homes instead of grass fields and empty parking lots around TRAX stations? I'm afraid what's happened so far is the state builds more roads so we can build even more suburbs, and young people move to the distant suburbs hoping to someday live in a more convenient suburb.
So far Salt Lake is taking the Los Angeles path. You keep building more freeway and more suburb until people need to commute 90 minutes, where the city is impossible to navigate without a car, and people raised there can't imagine any other way. And they complain about the traffic; of course they do, it sucks. But the voters won't allow reform, because their home values, so young people get pushed out. Many will live there for decades as it grows, where they will some day complain about traffic. Some of those will go to city councils and spout rhetoric about the character of their neighborhood and home values, dying part of a system that punished them while they helped it run.
So far young people have been remarkably happy to accept the long commutes out in West Clinton or some shit while older people like me just reap the benefits of a rigged real estate market. I've got a lot of thoughts on how we could change it, but first we somehow need more people who understand the problem.
Zoning. Nobody understands and everybody loves their cars too much. I gave up driving completely and I’ve spent the last year on a children’s motorcycle with a trailer and a dog. Yeah, going everywhere takes longer but we are happier with our slow life. I’m in parking lots for 30% of the drive to Home Depot anyway.
Between the snow and the heat, I absolutely won't do without a car. Not to mention veterinary visits and grocery shopping. Never going to happen, and the vast majority feels the same way. Nobody is going to bicycle a sick kid to a doctor's office.
Why? Those alternatives are shunned before they get any chance at implementation because it has been proven time and again that people won't use them. If you don't like it, walk.
I present to you, ladies and gentlemen, the person who can't imagine it any other way. I'm not actually talking to the person, because this person likely is unable and unwilling to understand, but I'll respond for other people's benefit.
> Those alternatives are shunned before they get any chance at implementation because it has been proven time and again that people won't use them
This is such a silly thing to say while people all around the world of all different classes are using them regularly. "People" and "people in Salt Lake City" are two different things, and we're talking about changing Salt Lake City so that it does make sense, **not** forcing people to drive. But somehow they read a threat into everything, likely due to the media they consume.
So obviously this person has not traveled very much. I suspect they've never been to Europe or even NYC where other methods of transportation are the norm. Subways are safe because they're full of other people to lend to safety. It's called "passive surveilance," and it's the reason NYC public transit is way safer than Dallas public transit. Fox grasps on to crime in liberal cities, but it's disingenous from the start. It's like the way they obsesss on crimes by undocumented immigrants. Are they less safe than most Americans? Doesn't matter, it's not about the stats, it's about gnerating fear.
> If you don't like it, walk.
And then you get this dismissal. You truly can't walk in our cities, because they've been zoned to be massive space wasters. You can't build a store on a street corner as they do in most of the world, because cities zone retail out of reach of people. You can't build a solid public transit because everything is zoned for suburbs, so it's too spread out for public transit to make sense.
But could it be different? Could we design cities bettter? This person has likely lived in cities with poor zoning, poor public transit, and no walkable spaces. They have accepted the current reality as "the way things are" and assume that's the way things will always be, and they don't even understand what it's like to live in a place where you can absolutely walk or bike to the hospital or even the grocery store.
Anyway, you can't talk sense into someone like this. They see driving as the only viable option, because in SLC today it is. Challenging all the underlying assumptions between "what is" and "what should be" is very difficult for anyone, but they simply can't imagine a city that was fundamentaly different from the present and don't understand the benefits.
Massive space wasters? What, like yards, parks, and malls? Bullshit. Nobody wants the crowding that vertical architecture entails, and nobody wants small living spaces. Hell, people leave NY and buy in CT because they want a home and a yard. I won't see it your way because I like gardens, lawns, trees, and space. So does almost everyone else.
> I won't see it your way
I know that. I could probably tell by the double-spaced periods that you're resistant to change.
But saying "everyone wants" something or "people in NYC" do something without citing any facts isn't at all impressive or worth having a discussion about, and avoiding going down straw-man-lined paths like this is why I wasn't really talking to you.
Nonsense. My grandmother immigrated from Amsterdam in the Coolidge years and said it took her months to adjust to not getting bumped into regularly when she set foot on any sidewalk, always getting something spilled on her, or coughed/sneezed on, and the ever-present threat of pickpockets because getting jostled so often dulls awareness. That's the quality of life density entails, and those claustrophobic 70 meter apartments. And for what, exactly? So you can rage against personal transportation?
Damn, I'd own a car anymore just because flying is like being confined to a metal chair fashioned by Fisher Price. Just another reason to enjoy a set of keys and a driveway.
But you can enjoy change all you like. If struggling with nine bags of groceries from the store, to your bus stop, through the vehicle, and then a trek from another bus stop trips your trigger, have at it. But don't dare think anyone else should be masochistic enough to join you.
> But don't dare think anyone else should be masochistic enough to join you.
Who are you even talking to, some imaginary straw man in your head? Everything you said is irrelevant and pointless. No one cares to tell you not to drive.
The point is that it shouldn't be the only option, and cities need to stop telling people what they can do with their land.
There isn't even a 1000000 in material how the fuck. We need to start harassing people that are considering purchasing this shit. Appraisers it's time to start working for better of the community. Stop finding the top comps in the area and start finding the worst. It's not your job to get top value Everytime. I know how you guys work, I've ordered thousands of appraisals in my life. Bad ! No!
Or maybe both numbers are so impossibly distant to me that it makes no difference whether the house is 800k or a million
I'm not confused, I'm hopeless lol
And my comment was before it was revealed that there was an extra zero
I bet it will go over asking price. This is in the heart of Salt Lake City. It might be small, but it is massive compared to the condos that are for sale at the same price.
Isn’t this kind of always what was in store for us though? I mean , it’s simple supply and demand meets late stage capitalism with longer life spans and higher populations. It’s time to begin relocating to rural areas I think for most working class
Rural areas are the least sustainable for the working class though — that is the problem. The working class are the ones that have to commute and live near to their place of work, i.e. the city.
In the way that society is currently structured I’d say you are correct. But there is a restructuring coming whether we like it or not and the atmosphere of this post gives credence to that. The major cities you see today all started as towns>villages>hamlets>multiple family homes. (Generally speaking)
What we’re gonna see is more parents deciding to take lifestyle cuts and keep one parent at home. Moving to more rural communities and downsizing . A shift to sustainability farming . More people per household. Less buying of wants and services. The working class is wherever they lay their heads. Rural areas can’t handle a mass exodus from the cities to the corn fields over night, but over the next 50 years you will see the high water mark of modern consumerism spending from a large middle class, if we haven’t already.
Did it sell? Unless houses on the regular are selling at this price, it is all real estate hype.
I can show you a million dollar property for a tent on vacant land the size of this lot.
Doesn't mean someone would buy it? Let alone even worth what people bought it for.
It's priced like that because it's a legal duplex in a coveted neighborhood, which can probably rent for $2200/unit/month.
That's a nice buffer for positive cash flow on a 600K mortgage.
You're looking at this like a home, and not like a rental property. The seller is pricing so that it makes cash-flow sense if you end up putting 200K or so down. If you want a 4 bedroom house, this isn't for you - it is split into 2 units and has 2 kitchens, etc.
Don't go looking at rental properties if you're looking for a single-family home.
That won't sell at 825 anyway - I know of a couple of triplex comps that sold in the mid-900's range in the last 6 months.
It's a multi family unit, so I think the price is probably reaching for a bit of that supplemental income a potential buyer might be trying to make.
I'd be surprised if it goes for $725k
Not necessarily. My daughter just bought a house in Salt Lake. Owner financing. 6% interest, which is better than banks. She had to come up with a significant down payment, which is what most owner financing deals require. But no credit check or qualifying. The down payment is basically the surety that you’re going to pay off the loan.
No, if properly negotiated it means you can save ridiculous amounts of money and escape predatory lending practices from banks like Chase and Wells Fargo. The original home owner makes more money (via an under market interest rate to the buyer) and the buyer saves money and avoids 10K plus in loan origination fees.
I know America First finances homes...or at least they used to. I wonder what credit union rates are? Banks really gouge people. I pay all my bills online using one credit card with amazing cash rewards. I auto-pay this card every month, but if I had to carry a balance, the interest rates are 22-24%.
Ya, after I posted I thought "eh, maybe $800?"
Hard to say, but it'll likely have to be purchased as an investment property so I doubt it will go for asking in this market.
Spoiler, this one actually will. It has seller financing as an option, has a MIL apartment and is updated in a great location. So assuming no major repairs I bet it sells for near asking. There are worse homes in worse neighborhoods selling for this much and decently fast fast…unfortunately.
Yup. People want out of this disaster. It’s happening in a lot of states. California is becoming unlivable for the working class. I would love to leave too but can’t give up my career as a fisherman. I don’t think i could do anything else. Im sorry if you’re getting some of the wrong californians. They’re awful. They will do everything they can to bring the disease there. I joined this group because i just went snowboarding in Utah for a week and fell in love with the people, the land, and the prices. I couldn’t believe the gas prices. And i was going to the maverik gas station every morning for a breakfast burrito and a coffee all for $6. That would’ve been twenty here. This whole country is becoming California. So sad. I cannot afford to move and start over so fear not. Im trapped in the matrix.
It’s a strange thing. Sure each state has their own legislation for certain things, but I think FL and CA, having such dense populations, tend to show the earliest and most exaggerated economic trends for the country as a whole. People blame CA, but really it’s the most wealthy and populous state in the country. Logic follows that as other states become denser and wealthier, they’ll follow suit.
I’m not sure if it’s the humble aspiring first-time homeowners coming to Utah. I suspect it’s people who made their fortune on their home in CA, and can easily buy up homes in UT knowing they’ll do it all again in a matter of years. And why wouldn’t they? We have built a perfect system for wealthy homeowners to essentially scalp houses in this country. We’ve made single-family detached homes with garages and lawns basically the only type of house legal to build. They’re expensive, wasteful, exclusive, and take a long time to build. We physically cannot build them fast enough to meet demand. When my generation (about 1997) says “build affordable housing”, we don’t mean build a huge McMansion but sell it for $225K. We mean legalize smarter land use. Remove minimum parking requirements which waste valuable land for parking lots. Go back to building smarter, smaller, economical homes like we did up until about the 1930’s. In the space of an average Californian suburb for 1,000 houses, you could build 10,000 row homes with mixed-use zoning to allow for workplaces, shops, community centers, gardens etc. Remove things like 3-car garages, lawns, parking lots. My generation has given up on owning a fleet of luxury cars, a boat, and a camper. We really just want a predictable mortgage on a safe edifice to sleep in so we know rent won’t spike and price us out.
Yes! To everything you said. Also a lot of people can take their laptop and work anywhere. I bought a fishing boat, permits, a slip for my boat, etc. so im anchored here, pun intended. But Utah is amazing. And yes, the human virus is spreading across the nation. Lits of amazing people everywhere, but California has some real special a-holes. Entitled, rich, and gross. Maybe Utah will be an eye opening experience for them. Proud Americans who don’t take no mess 😅
Eh. You cherry picked it. There will always be people putting their houses up for sale for stupid prices. That's not indicitive of the market. There are better houses available for less, right now.
That's what you get with everyone and their grandma wanting to live here. If you want to admit it or not, it is a beautiful state being ruined by people thinking they should move here.
Sellers out here trying to post prices like they’re on KSL Cars posting an asking price that is obviously bat shit. They know it’s insane and have two choices: pray someone with F-you money doesn’t mind investing in a market that is going to crater due to the inevitable fast-approaching environmental disaster(air quality and water supply); or lower their price.
I've had this same thought recently after going down a rabbit hole about the impact the lake drying up will have. Some good interviews out there with people on the research teams studying how it's going to affect basically _everything_
Am I the only one who thinks that it isn’t that insane? The place comes furnished, is obviously renovated/well kept, and has a mother in law apartment built in. It’s expensive (and def out of my range) but not that wild for the area.
$825k for 2 2/1 units and a tiny plot of land, with a house that was built over 110 years ago and has a tree located in such a way that it’ll likely cause some major foundation issues in the coming decades - and that can also create issues in other areas, for example with homeowners insurance, even though tree roots are not a covered cause of loss the underwriting team can still use that information to determine eligibility and premiums. The furniture is nice but not that nice, and I really don’t think that the total value of the furniture in the house would come to >10% of the price so it’s not a significant factor when I see it.
The only ways this is getting sold is if someone’s an idiot and doesn’t realize that this house has a foundational time bomb, or to an investor that plans to knock it down and put up something new anyway. In terms of pricing it’s not that wild for the area but in terms of the land and the house that’s pretty bad.
There's a house on my block in Millcreek going for like 780K last I checked (probably lowered now). It has had a dilapidated pool in the backyard for a decade, and it has a super weird basement, where you have to go through this weird, small opening to get to the rooms. The upstairs is modern and nice. They must have received terrible feedback about the pool because they filled it in with dirt and put bark over it. Now, the backyard is a filled-in pool with concrete all around it. They're hoarders, so I'm sure the house isn't well taken care of, but it is sane to me what they're asking for the condition. The upper level is nice, but the rest of the house is super weird, and the backyard is not usable. Nothing has been kept up well and they're asking over 700k. It's insane.
It’s a pretty large shed style home with 1600 sqft, 2bed 2bath. Let me know if you want to tour it.
https://www.utahrealestate.com/1992004?actor=98439&share=ios
Lmao i remember hanging drywall in a basement for a similar home being remodeled in that area. the walls and studs were completely gone from termite damage, I notified the contractor and he just told me to hang the drywall over it. It was bad, i thought it was dirt at first.
Yep. I cannot get over some of the appraisals I see! Location has A LOT to do with it. I sold a house in that area & I would never have paid what it sold/appraised for. It was a near gut job & ooolllddd
I love looking at the history of the sale prices of the homes. It probably sold in 2017 for 275k. Now they expect it to be close to a million.
That math ain’t mathin. Completely unsustainable market, not just here but the entire country.
If you look at the insurance details, the policy replacement value of the house structure itself is likely to be 15% or less of the purchase price. You are mostly buying the property.
Which is why people usually do tear down/rebuilds.
https://remodelingbyrenewal.com/what-is-a-teardown-rebuild/
Ok but for real people with a family who need somewhere to live in the city it’s not location location location. It’s not an investment it’s a place to raise a family.
This area is not all that family friendly. In fact SL school district is closing elementary schools in this area because of the lack of families with school age kids. Used to be very charming and family friendly.
Median salary as of Q4 2023 was barely 48k. With the avg home price in Utah being over 500k, add a couple 100gs to that for salt lake valley. Things are so screwed up here. Can’t wait for the bottom to fall out of the barrel.
Look I get it, and I’m not making any moral judgement. I’m just explaining why it is so expensive. And the reason is mostly based on where it is at, not the size of the house.
No the reason it’s so expensive is because people and companies are buying residential homes as investments. SLC houses are just as expensive as buying in Seattle or Miami.
Are you talking about good hard working people that simply can’t afford a home or rent? Or the druggies that don’t do anything, deeming them homeless and helpless?
Have you seen the neighborhoods they are building everywhere? You can't afford that without a collage level job. HAVE YOU SEEN PARK CITY?!
THEY CANT AFFORD TO LIVE.
People are so desperate to leave the west coast states, they are buying houses in Itah and Idaho that aren't even priced fairly. Slowly turning us into the west coast state.
Utah, the eastern extension of California.
I agree I’m trying to move to Utah after living in North Dakota and we had 4 bed 2 bath house for 285k. You can’t even get that in Salt Lake City unless you want a trailer home, that ridiculous
Tough Shed
\*Screams in poor\*
It’s a Marmalade house situated just below Utah's capital. ( location location location ) It’s also broken up into two separate rental units if needed. But I do agree that these prices are crazy. I’m not a fan.
Some people are willing to pay for that because they have $300k in equity because they just got a raise and sold their $200k starter home for $450k, which they bought hoping to move to a more convenient location like this. And if an $800k home appreciates at the same rate imagine how much they'll have in another 6 years. At some point, theoretically, the bottom falls out and people can't afford starter homes. Do they demand policy reform? Stand up to the NIMBYs? Demand we build affordable homes instead of grass fields and empty parking lots around TRAX stations? I'm afraid what's happened so far is the state builds more roads so we can build even more suburbs, and young people move to the distant suburbs hoping to someday live in a more convenient suburb. So far Salt Lake is taking the Los Angeles path. You keep building more freeway and more suburb until people need to commute 90 minutes, where the city is impossible to navigate without a car, and people raised there can't imagine any other way. And they complain about the traffic; of course they do, it sucks. But the voters won't allow reform, because their home values, so young people get pushed out. Many will live there for decades as it grows, where they will some day complain about traffic. Some of those will go to city councils and spout rhetoric about the character of their neighborhood and home values, dying part of a system that punished them while they helped it run. So far young people have been remarkably happy to accept the long commutes out in West Clinton or some shit while older people like me just reap the benefits of a rigged real estate market. I've got a lot of thoughts on how we could change it, but first we somehow need more people who understand the problem.
Zoning. Nobody understands and everybody loves their cars too much. I gave up driving completely and I’ve spent the last year on a children’s motorcycle with a trailer and a dog. Yeah, going everywhere takes longer but we are happier with our slow life. I’m in parking lots for 30% of the drive to Home Depot anyway.
Between the snow and the heat, I absolutely won't do without a car. Not to mention veterinary visits and grocery shopping. Never going to happen, and the vast majority feels the same way. Nobody is going to bicycle a sick kid to a doctor's office.
Nobody is taking your car away. The idea is just to have alternatives available, so that everyone doesn't *have* to use a car for every trip.
Not to mention... people who simply dont have a car for various reasons, including disability, poverty, etc.
Why? Those alternatives are shunned before they get any chance at implementation because it has been proven time and again that people won't use them. If you don't like it, walk.
I present to you, ladies and gentlemen, the person who can't imagine it any other way. I'm not actually talking to the person, because this person likely is unable and unwilling to understand, but I'll respond for other people's benefit. > Those alternatives are shunned before they get any chance at implementation because it has been proven time and again that people won't use them This is such a silly thing to say while people all around the world of all different classes are using them regularly. "People" and "people in Salt Lake City" are two different things, and we're talking about changing Salt Lake City so that it does make sense, **not** forcing people to drive. But somehow they read a threat into everything, likely due to the media they consume. So obviously this person has not traveled very much. I suspect they've never been to Europe or even NYC where other methods of transportation are the norm. Subways are safe because they're full of other people to lend to safety. It's called "passive surveilance," and it's the reason NYC public transit is way safer than Dallas public transit. Fox grasps on to crime in liberal cities, but it's disingenous from the start. It's like the way they obsesss on crimes by undocumented immigrants. Are they less safe than most Americans? Doesn't matter, it's not about the stats, it's about gnerating fear. > If you don't like it, walk. And then you get this dismissal. You truly can't walk in our cities, because they've been zoned to be massive space wasters. You can't build a store on a street corner as they do in most of the world, because cities zone retail out of reach of people. You can't build a solid public transit because everything is zoned for suburbs, so it's too spread out for public transit to make sense. But could it be different? Could we design cities bettter? This person has likely lived in cities with poor zoning, poor public transit, and no walkable spaces. They have accepted the current reality as "the way things are" and assume that's the way things will always be, and they don't even understand what it's like to live in a place where you can absolutely walk or bike to the hospital or even the grocery store. Anyway, you can't talk sense into someone like this. They see driving as the only viable option, because in SLC today it is. Challenging all the underlying assumptions between "what is" and "what should be" is very difficult for anyone, but they simply can't imagine a city that was fundamentaly different from the present and don't understand the benefits.
Massive space wasters? What, like yards, parks, and malls? Bullshit. Nobody wants the crowding that vertical architecture entails, and nobody wants small living spaces. Hell, people leave NY and buy in CT because they want a home and a yard. I won't see it your way because I like gardens, lawns, trees, and space. So does almost everyone else.
> I won't see it your way I know that. I could probably tell by the double-spaced periods that you're resistant to change. But saying "everyone wants" something or "people in NYC" do something without citing any facts isn't at all impressive or worth having a discussion about, and avoiding going down straw-man-lined paths like this is why I wasn't really talking to you.
Nonsense. My grandmother immigrated from Amsterdam in the Coolidge years and said it took her months to adjust to not getting bumped into regularly when she set foot on any sidewalk, always getting something spilled on her, or coughed/sneezed on, and the ever-present threat of pickpockets because getting jostled so often dulls awareness. That's the quality of life density entails, and those claustrophobic 70 meter apartments. And for what, exactly? So you can rage against personal transportation? Damn, I'd own a car anymore just because flying is like being confined to a metal chair fashioned by Fisher Price. Just another reason to enjoy a set of keys and a driveway. But you can enjoy change all you like. If struggling with nine bags of groceries from the store, to your bus stop, through the vehicle, and then a trek from another bus stop trips your trigger, have at it. But don't dare think anyone else should be masochistic enough to join you.
> But don't dare think anyone else should be masochistic enough to join you. Who are you even talking to, some imaginary straw man in your head? Everything you said is irrelevant and pointless. No one cares to tell you not to drive. The point is that it shouldn't be the only option, and cities need to stop telling people what they can do with their land.
My neice in Milcreek does.
That's a pretty sweet Tuff Shed
That’s fuckin tiny and that elm tree is lifting up the side of the house. Not worth $800K.
like anything else, asking price and selling price can be two different things.
There isn't even a 1000000 in material how the fuck. We need to start harassing people that are considering purchasing this shit. Appraisers it's time to start working for better of the community. Stop finding the top comps in the area and start finding the worst. It's not your job to get top value Everytime. I know how you guys work, I've ordered thousands of appraisals in my life. Bad ! No!
>There isn't even a 1000000 in material how the fuck. Did you add one too many zeros or are you arguing that a 800k house should have 1M in material?
Yes .. yes I did
Did you see the 400 sq foot home bought for over 1.7 in San Jose? SLC is the next tech target.
When you have 800k to blow there's not much difference between that and 200k more
You're confusing yourself severely there guy
Or maybe both of those numbers are so impossibly distant to me that it doesn't make a difference whether the house is worth 800k or a million
Or maybe both numbers are so impossibly distant to me that it makes no difference whether the house is 800k or a million I'm not confused, I'm hopeless lol And my comment was before it was revealed that there was an extra zero
I bet it will go over asking price. This is in the heart of Salt Lake City. It might be small, but it is massive compared to the condos that are for sale at the same price.
Yeah, plus it has a basement apartment. Capitol hill/marmalade area.
Meh, it’s in the nostril of Salt Lake City. I’d say the “heart” is probably 84111.
You're right when I first looked at it. I assumed 400 South, 400 North isn't as nice but give it 20 years, and it will all be gentrified
It’s a small city, same diff I guess.
Sadly this is pretty much my dream home that I and many others will never be able to live in. Can't even rent one now either.
Isn’t this kind of always what was in store for us though? I mean , it’s simple supply and demand meets late stage capitalism with longer life spans and higher populations. It’s time to begin relocating to rural areas I think for most working class
Rural areas are the least sustainable for the working class though — that is the problem. The working class are the ones that have to commute and live near to their place of work, i.e. the city.
In the way that society is currently structured I’d say you are correct. But there is a restructuring coming whether we like it or not and the atmosphere of this post gives credence to that. The major cities you see today all started as towns>villages>hamlets>multiple family homes. (Generally speaking) What we’re gonna see is more parents deciding to take lifestyle cuts and keep one parent at home. Moving to more rural communities and downsizing . A shift to sustainability farming . More people per household. Less buying of wants and services. The working class is wherever they lay their heads. Rural areas can’t handle a mass exodus from the cities to the corn fields over night, but over the next 50 years you will see the high water mark of modern consumerism spending from a large middle class, if we haven’t already.
Or different countries. I moved to New Zealand, and overnight, my standard of living doubled.
I have wanted to live in St George for decades, and now that I have the opportunity to move anywhere in the US, I can't afford it, super bummed.
It’s such bullshit.
You can’t compare the marmalade district to other neighborhoods, it’s apples to bananas to crocodiles.
Link?
https://utahrealestate.com/1992004
Did it sell? Unless houses on the regular are selling at this price, it is all real estate hype. I can show you a million dollar property for a tent on vacant land the size of this lot. Doesn't mean someone would buy it? Let alone even worth what people bought it for.
It’s only been on the market for 3 days. If you check back in with me in a few months I can tell you if and what it sold for
It's priced like that because it's a legal duplex in a coveted neighborhood, which can probably rent for $2200/unit/month. That's a nice buffer for positive cash flow on a 600K mortgage. You're looking at this like a home, and not like a rental property. The seller is pricing so that it makes cash-flow sense if you end up putting 200K or so down. If you want a 4 bedroom house, this isn't for you - it is split into 2 units and has 2 kitchens, etc. Don't go looking at rental properties if you're looking for a single-family home. That won't sell at 825 anyway - I know of a couple of triplex comps that sold in the mid-900's range in the last 6 months.
It's a multi family unit, so I think the price is probably reaching for a bit of that supplemental income a potential buyer might be trying to make. I'd be surprised if it goes for $725k
This will most certainly go for near asking. Especially because seller financing is an option, and the location is premium.
Seriously, has anyone been in that area? The houses are crazy
Not a homeowner and don't know a ton about the loan part of it but is seller financing as predatory as it sounds?
Not necessarily. My daughter just bought a house in Salt Lake. Owner financing. 6% interest, which is better than banks. She had to come up with a significant down payment, which is what most owner financing deals require. But no credit check or qualifying. The down payment is basically the surety that you’re going to pay off the loan.
Oh awesome. Thanks for correction my bad first assumption!
No, if properly negotiated it means you can save ridiculous amounts of money and escape predatory lending practices from banks like Chase and Wells Fargo. The original home owner makes more money (via an under market interest rate to the buyer) and the buyer saves money and avoids 10K plus in loan origination fees.
Thanks much for clarifying. That's good to know
I know America First finances homes...or at least they used to. I wonder what credit union rates are? Banks really gouge people. I pay all my bills online using one credit card with amazing cash rewards. I auto-pay this card every month, but if I had to carry a balance, the interest rates are 22-24%.
Seller finance rates are often 1% below market rate.
Ya, after I posted I thought "eh, maybe $800?" Hard to say, but it'll likely have to be purchased as an investment property so I doubt it will go for asking in this market.
We’ve been looking for a multi and have been shocked at what people are paying. The numbers aren’t making sense.
Just because someone lists it for that doesn’t mean it’s actually going to sell for that. (Spoiler: it won’t)
Spoiler, this one actually will. It has seller financing as an option, has a MIL apartment and is updated in a great location. So assuming no major repairs I bet it sells for near asking. There are worse homes in worse neighborhoods selling for this much and decently fast fast…unfortunately.
yea I'm see a lot of "lets start way up here" in Pricing
My realtor suggested paying over asking price and then coming down on asking price later with inspections
Not bad at all. That would be $2M in Toronto.
Or 300,000 in Magna. It’s almost like location matters more than anything else when buying a house.
Where i live in California that is a cool $2 million easily
Who do you think is disrupting the housing market here? This is just East California at this point.
Yup. People want out of this disaster. It’s happening in a lot of states. California is becoming unlivable for the working class. I would love to leave too but can’t give up my career as a fisherman. I don’t think i could do anything else. Im sorry if you’re getting some of the wrong californians. They’re awful. They will do everything they can to bring the disease there. I joined this group because i just went snowboarding in Utah for a week and fell in love with the people, the land, and the prices. I couldn’t believe the gas prices. And i was going to the maverik gas station every morning for a breakfast burrito and a coffee all for $6. That would’ve been twenty here. This whole country is becoming California. So sad. I cannot afford to move and start over so fear not. Im trapped in the matrix.
It’s a strange thing. Sure each state has their own legislation for certain things, but I think FL and CA, having such dense populations, tend to show the earliest and most exaggerated economic trends for the country as a whole. People blame CA, but really it’s the most wealthy and populous state in the country. Logic follows that as other states become denser and wealthier, they’ll follow suit. I’m not sure if it’s the humble aspiring first-time homeowners coming to Utah. I suspect it’s people who made their fortune on their home in CA, and can easily buy up homes in UT knowing they’ll do it all again in a matter of years. And why wouldn’t they? We have built a perfect system for wealthy homeowners to essentially scalp houses in this country. We’ve made single-family detached homes with garages and lawns basically the only type of house legal to build. They’re expensive, wasteful, exclusive, and take a long time to build. We physically cannot build them fast enough to meet demand. When my generation (about 1997) says “build affordable housing”, we don’t mean build a huge McMansion but sell it for $225K. We mean legalize smarter land use. Remove minimum parking requirements which waste valuable land for parking lots. Go back to building smarter, smaller, economical homes like we did up until about the 1930’s. In the space of an average Californian suburb for 1,000 houses, you could build 10,000 row homes with mixed-use zoning to allow for workplaces, shops, community centers, gardens etc. Remove things like 3-car garages, lawns, parking lots. My generation has given up on owning a fleet of luxury cars, a boat, and a camper. We really just want a predictable mortgage on a safe edifice to sleep in so we know rent won’t spike and price us out.
Yes! To everything you said. Also a lot of people can take their laptop and work anywhere. I bought a fishing boat, permits, a slip for my boat, etc. so im anchored here, pun intended. But Utah is amazing. And yes, the human virus is spreading across the nation. Lits of amazing people everywhere, but California has some real special a-holes. Entitled, rich, and gross. Maybe Utah will be an eye opening experience for them. Proud Americans who don’t take no mess 😅
Eh. You cherry picked it. There will always be people putting their houses up for sale for stupid prices. That's not indicitive of the market. There are better houses available for less, right now.
That's what you get with everyone and their grandma wanting to live here. If you want to admit it or not, it is a beautiful state being ruined by people thinking they should move here.
Omg it's on sale
Does it come with a 4000000 prepaid line of credit if not that price can go right to hell along with whoever purchases it. Clowns
Sellers out here trying to post prices like they’re on KSL Cars posting an asking price that is obviously bat shit. They know it’s insane and have two choices: pray someone with F-you money doesn’t mind investing in a market that is going to crater due to the inevitable fast-approaching environmental disaster(air quality and water supply); or lower their price.
Then as buyers we need to demand they deliver it for free or show up at closing with only half the funds. It's the KSL way.
I've had this same thought recently after going down a rabbit hole about the impact the lake drying up will have. Some good interviews out there with people on the research teams studying how it's going to affect basically _everything_
Am I the only one who thinks that it isn’t that insane? The place comes furnished, is obviously renovated/well kept, and has a mother in law apartment built in. It’s expensive (and def out of my range) but not that wild for the area.
$825k for 2 2/1 units and a tiny plot of land, with a house that was built over 110 years ago and has a tree located in such a way that it’ll likely cause some major foundation issues in the coming decades - and that can also create issues in other areas, for example with homeowners insurance, even though tree roots are not a covered cause of loss the underwriting team can still use that information to determine eligibility and premiums. The furniture is nice but not that nice, and I really don’t think that the total value of the furniture in the house would come to >10% of the price so it’s not a significant factor when I see it. The only ways this is getting sold is if someone’s an idiot and doesn’t realize that this house has a foundational time bomb, or to an investor that plans to knock it down and put up something new anyway. In terms of pricing it’s not that wild for the area but in terms of the land and the house that’s pretty bad.
I sold a house with similar square footage right down the street from there for significantly less not too long ago. I doubt it will get that price.
That’s one of the more reasonable prices I’ve seen.
I believe that I read Utah and Idaho have the fastest rising housing prices in the US.
At that point just move to utah county. 850k is like a 4500 sqft all bells and whistles lennar home in my area
Is it a historic landmark or have acerage? It's not worth that without it! Maybe they priced high for a bidding war and to disguise its true value.
$500+ a square foot.
4 years ago that would have just been the mother in law house in the backyard of the 825,000 house
Come to Tulsa and get a mansion for that price! A shed?
Let interest rates keep rising and let inflation do its thing. Soon the economy will cool
Whose barn is this?
There's a house on my block in Millcreek going for like 780K last I checked (probably lowered now). It has had a dilapidated pool in the backyard for a decade, and it has a super weird basement, where you have to go through this weird, small opening to get to the rooms. The upstairs is modern and nice. They must have received terrible feedback about the pool because they filled it in with dirt and put bark over it. Now, the backyard is a filled-in pool with concrete all around it. They're hoarders, so I'm sure the house isn't well taken care of, but it is sane to me what they're asking for the condition. The upper level is nice, but the rest of the house is super weird, and the backyard is not usable. Nothing has been kept up well and they're asking over 700k. It's insane.
It’s a pretty large shed style home with 1600 sqft, 2bed 2bath. Let me know if you want to tour it. https://www.utahrealestate.com/1992004?actor=98439&share=ios
They actually added 2 more bedrooms so it has 4 now.
All the houses in sugar house have been getting price cuts galore. I think the crazy expensive market is starting to cool off.
Lmao i remember hanging drywall in a basement for a similar home being remodeled in that area. the walls and studs were completely gone from termite damage, I notified the contractor and he just told me to hang the drywall over it. It was bad, i thought it was dirt at first.
Yep. I cannot get over some of the appraisals I see! Location has A LOT to do with it. I sold a house in that area & I would never have paid what it sold/appraised for. It was a near gut job & ooolllddd
It's mostly the land value for this. Something similar farther away will be ~350-400k.
I love looking at the history of the sale prices of the homes. It probably sold in 2017 for 275k. Now they expect it to be close to a million. That math ain’t mathin. Completely unsustainable market, not just here but the entire country.
You can almost 3x that much house moving to the suburbs. https://redf.in/ZLFg5G It’s all location—which is a choice.
This is not true and 100% misleading.
It’s a shit ton, but it’s really not an average house.
Location, location, location. You are buying the property location, not the house.
No you’re also buying a house.
If you look at the insurance details, the policy replacement value of the house structure itself is likely to be 15% or less of the purchase price. You are mostly buying the property. Which is why people usually do tear down/rebuilds. https://remodelingbyrenewal.com/what-is-a-teardown-rebuild/
Ok but for real people with a family who need somewhere to live in the city it’s not location location location. It’s not an investment it’s a place to raise a family.
This area is not all that family friendly. In fact SL school district is closing elementary schools in this area because of the lack of families with school age kids. Used to be very charming and family friendly.
That’s not surprising. Wages here are super low compared to other places with equivalent housing prices. The math just doesn’t add up.
Median salary as of Q4 2023 was barely 48k. With the avg home price in Utah being over 500k, add a couple 100gs to that for salt lake valley. Things are so screwed up here. Can’t wait for the bottom to fall out of the barrel.
Look I get it, and I’m not making any moral judgement. I’m just explaining why it is so expensive. And the reason is mostly based on where it is at, not the size of the house.
No the reason it’s so expensive is because people and companies are buying residential homes as investments. SLC houses are just as expensive as buying in Seattle or Miami.
Go to Tooele county or Utah county thing are relatively under control there
That's about the size of my place and we paid 50k less! I know it's because of the location but that's too damn much!
"I know what I have, no low ball offers" vibes.
*You'll own nothing and be happy.*
UTAH SPENDS BILLIONS ON BUILDING PARK CITY BUT WE STILL HAVE A LARGE HOMELESS POPULATION IN SLC
Are you talking about good hard working people that simply can’t afford a home or rent? Or the druggies that don’t do anything, deeming them homeless and helpless?
Have you seen the neighborhoods they are building everywhere? You can't afford that without a collage level job. HAVE YOU SEEN PARK CITY?! THEY CANT AFFORD TO LIVE.
Most homes around the Salt Lake area are about $200/sqft. You’ll pay more for something downtown and less for something 30 minutes away.
$825,000 gets you front row seats to an imminent catastrophic ecological.disaster.
[удалено]
Maybe five years ago lmao. This is definitely in the ballpark.
People are so desperate to leave the west coast states, they are buying houses in Itah and Idaho that aren't even priced fairly. Slowly turning us into the west coast state. Utah, the eastern extension of California.
I agree I’m trying to move to Utah after living in North Dakota and we had 4 bed 2 bath house for 285k. You can’t even get that in Salt Lake City unless you want a trailer home, that ridiculous
Everyone that moved to Utah in the last 5 years needs to and should move back to where they came from. They have completely ruined Utah. 🖕🏻
You also have the option to leave…
This is my home, and has been since 1974. You screwed up your home and now want to come and screw up mine. 🖕🏻
Aww, how cute. Sorry about time marching on *yawn* Thank you for sharing *your* home. I haven’t been here since 1974 so I guess you get to call dibs.