Salt Lake Condos worth a Thousand Words and a Million Dollars
It has been reported that Salt Lake condos are popping up all over the area. In Utah, generally the number of million-dollar condos has nearly doubled in 3 years. It has been predicted also that Salt Lake condos are becoming the hot buy, and will no doubt be making their way into many neighborhoods. In fact, according to a recently released report from the U.S. Census Bureau, the number of million-dollar homes and condos in Utah (mostly Salt Lake condos) nearly doubled between 2000 and 2003, from 1,081 units to 2,054 units. Across the state, the percentage of homes valued at $1 million or more was 0.37 percent, ranking Utah 30th nationally in 2003 for the highest percentage of million-dollar homes and Salt Lake condos.
California was No. 1 in the highest percentage of million-dollar homes and condos for sale, at 4.09 percent. North Dakota ranked last, with none, according to the report. Across the United States, 1.02 percent, or 738,838 houses and condos, were valued at $1 million or more, up from 0.58 percent or 394,878 houses and condos in 2000. It seems hard to imagine what the number for condos for sale would be. A real estate agent for a Utah real estate group said interest-only mortgage loans and adjustable-rate mortgages are empowering homebuyers to build bigger, and to start looking for condos for sale.
Those are all programs that allow people to get into much larger homes and condos and more expensive homes than they could with traditional financing. The market for condos has an influx of people moving into the state from California, Florida and back East. They're getting 10 times as much condo for their money when they move out here.
One of Salt Lake's hottest areas is a hit for new condos, where a recently announced plan for the area more than doubled prices of condos overnight. Other expensive neighborhoods offer beautiful condos for sale, as well as valuable properties. But in Park City, pricey homes are the standard.
Most of the Salt Lake condos for sale have been a standard for some years. More experienced realtors of the area are claiming that they have seen condos reaching the $1 million mark back in the 1980s. In fact, now Salt Lake condos are well over that price, and there aren't many that are found below. This has been a result in the rising popularity of Salt Lake condos. Many buyers are selling their out-of-state houses that cost them $750,000 to $800,000 and then moving up into million-dollar Salt Lake condos. They were nothing before, some have said. It has been kind of a fascinating phenomenon to watch the rise of Salt Lake condos. Many think people's emphasis has changed. People do have the resources and they want to have a big family entertaining area for guests, and so they look to condominiums for that answer.
