Greater Salt Lake City housing 1Q18: Strong growth continues as rising prices push entry-level buyers out of the market

Metrostudy’s 1Q18 lot by lot survey of the new home market in the Greater Salt Lake market shows that production remains very robust, with the first quarter starting the year on a high note. New home starts (both attached & detached) during the first quarter totaled 3,028, while down 15% from last quarter, is 27% higher than 1Q17. Closings for the quarter dropped 16% from 4Q17, however are up 13% from last year to 2,548. Annual starts as of March totaled 13,022, which is 20% higher than last year at this time. Annual closings rose 14% to 11,321. Starts outpacing closings, regardless of how much, indicates an expanding housing market,… Read More

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Redevelopment Opportunities in Salt Lake City

The Redevelopment Agency of Salt Lake City, or RDA, is putting forth two large pieces of land at-the-ready for redevelopment. These properties are at 255 South State Street and 500 W. North Temple Street, which is the former property of the Overniter Motel. Amanda Holty from the RDA and Annie Davis of the city’s Department of Economic Development joined us to talk about these properties and what they mean to the capital city’s economic vitality. The RDA is currently accepting submissions from experienced developers who are interested in partnering up to design and construct mixed-use, mixed-income projects on these sites. The redevelopment of these sites would provide ground-floor retail space… Read More

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Strong Economy Lifts Real Estate in Salt Lake City

Salt Lake City rent evolution, click to enlarge Salt Lake City continues to be one of the best-performing metros in the country. Due to robust employment and solid demographics, Utah’s largest city is generating demand across all asset classes. With convenient connectivity and a strong multifamily market, the metro remains appealing to major employers. Job gains are steady, as more than 35,000 positions were added year-over-year through November. Employment is boosted by the myriad new projects underway across the Beehive State. The first redevelopment phase of Salt Lake City International Airport is in the works, with completion scheduled for 2020. WI Commercial Properties’ $200 million mixed-use development is turning land… Read More

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