Welcome to the UtahHomesToGo.com Blog

2011-04-22 09:22:00
Million Dollar Utah Homes
Million-dollar homes selling well in Utah
April 21st, 2011 @ 7:47pm
By Keith McCord

SANDY -- The real estate industry has seen some rough times the last couple of years. Buying and selling has certainly been a challenge.

Just this week, we learned that Utah is 4th in the nation when it comes to the number of foreclosures. But there is a sector of the housing market that's still strong -- and the price tags are big.

'There is a segment of the market that hasn't been affected by the economy, and they are just taking advantage of the pricing right now,' said Deanna Dipo, president of the Salt Lake Board of Realtors.

She's talking about big homes, custom-built with all the bells and whistles, sitting on a couple of acres: Million-dollar homes.

The highest priced home sold along the Wasatch Front in 2010 went for just over $6 million. In 2009, $3.5 million was the highest price.

Believe it or not, homes in this price range are selling well in Utah, and have been for the last couple of years.

According to the Salt Lake Board of Realtors, 91 million-dollar-plus homes sold along the Wasatch Front last year, up 12 percent from 2009. So far this year, 15 have sold.

'The price per square foot has dropped,' Dipo explained. 'Our pricing has stabilized here in Utah, so the high-end properties are definitely of value.'

That's encouraging for someone like Sandy resident Jesse Riddle.

'We built this home about 14 years ago as our dream home,' he said. 'We have a beautiful home, custom design.'

But his four children are grown now, and the Riddles are ready to downsize. With their home, there's plenty to downsize from -- the pool, sport court and lighted football field notwithstanding.

The activity in high-end homes is not just a Wasatch Front phenomenon. Seven-figure priced homes are up 4 percent nationally as well, an indication that properties like Riddle's are somewhat insulated from the economic downtown.

'I just think there are a lot of people in a position financially that are really taking advantage of our market, just buying properties that they couldn't have otherwise in the past,' Dipo said.

Email: kmccord@ksl.com

 
Blog Archive
2014-08-11 18:44:39
New Credit Report System Is Coming

2014-07-23 09:36:16
CitiBank To Pay 2.5 Billion To Mortgage Customers

2014-07-10 14:20:01
2014-2015 Utah Housing Boom On Its Way?

2014-05-09 15:09:05
Retirements Biggest Threat

2014-04-17 08:19:16
Less Homeowners Underwater Hurts Buyers Market

2014-04-09 11:00:58
Foreclosure inventory has dropped 35%

2013-12-09 17:05:29
Feds To Stop Bond Buying Program?

2013-11-28 09:41:42
3 WAYS TO BOOST YOUR CREDIT SCORE FAST | UTAH

2013-11-24 09:35:54
Utah FHA Loan | .5% Down Utah Mortgage Loan

2013-11-14 15:18:45
Home Prices Stalling | Utah Homes

2013-10-04 09:31:43
OWN IN OGDEN PROGRAM GUIDELINES & MAP

2013-10-02 14:45:55
Govt. shut down vs. home loans

2013-10-02 11:56:33
5 projects that hurt the resale of your home

2013-08-26 10:04:31
*Scam Alert* Beware New Credit Card Scam

2013-08-08 10:17:34
Utah Housing New Loan Program - No MI

2013-08-06 18:26:21
Investors Leaving Housing Markets

2013-07-14 11:46:05
Your spending could kill the deal..

2013-06-27 20:16:08
Why Interest Rates Have Gone Up So Fast

2013-06-21 10:56:21
Utah Housing Interest Rates - UtahHomesToGo.com

2013-06-19 11:13:48
Credit Cards Not To Close - By John Fritsche

2012-02-29 11:21:05
HUD Press Release | Utah Real Estate

2012-02-12 08:42:08
Utah Home Prices Increase In 2011 | Utah Real Esta

2012-01-01 23:36:22
Utah Real Estate - 2012 Utah Housing Market | Utah

2011-09-25 08:40:12
Utah Lake - Utah Real Estate | UtahHomesToGo.com

2011-09-02 18:05:29
Fun In The Sun At Lagoon!

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.