More luxury homes selling in Salt Lake County, realtor says

SALT LAKE CITY — More luxury homes are selling along the Wasatch Front, and a local realtor expects that to continue.

From September 2016 to September 2017, 24 homes with price tags of $2 million or more sold in Salt Lake County, according to realtor Tyler Parrish with Windermere Real Estate.

That’s more than double the amount of high-end homes that sold in the year before, Parrish said.

“We’ve almost tripled,” he said. “So we’re starting to see some good movement in that price point.”

From September 2015 to September 2016, nine homes in that range sold in the county, Parrish said. The year before, from September 2014 to September 2015, 10 homes sold.

Tech companies in northern Utah County are attracting executives to the state who are looking for high-end, luxury homes, Parrish said.

He said sometimes buyers fitting that description work in Utah County but prefer to live in Salt Lake County.

“A lot of times it seems to be buyers that are coming in from out of state, and oftentimes they’re working in the tech industry,” Parrish said.

Many of the homes in this price range being sold are in Cottonwood Heights and Holladay, but they’re selling all over Salt Lake County. Although there are more and more high-end homes being sold, there is still a large inventory of these homes.

“It’s still considered a very heavily-weighted buyer’s market,” Parrish said.

In September, there were more than 50 homes on the market with price tags of $1 million or more, he said.

They aren’t all new homes, either, Parrish added. There are some newer luxury homes being built in the Draper area, but more of the high-end homes are older, resale homes, including some in the Federal Heights area.

“They are unique to the person that built them and styled a little uniquely,” Parrish said.

Other common locations for high-end homes are the upper benches in Salt Lake City, Sandy and Draper and up Emigration Canyon.

It’s unlikely that a builder would construct a new $2 million home in Salt Lake County on speculation before a buyer is known. Parrish said that’s more common in the Park City area.

Parrish said he expects the upward trend in sales of luxury homes to continue in Salt Lake, Weber and Utah counties.

He said he thinks state leaders are doing a good job attracting people to the state. As long as that continues, more companies will continue coming to Utah, bringing executives and others who are looking for high-end-homes, he said.

The state has always been resilient during economic downturns, with a strong workforce and a good population that is committed to staying in the state, Parrish said.

“I fall back on the fact that I believe in Utah, and Salt Lake in general, that even if there is an economic downturn we tend to fare through those pretty well,” Parrish said. “I think there’s a lot of draw to coming here. … We definitely are playing catch up a little bit. I don’t think people expect Salt Lake to be on that radar, but I think we’re getting there.”

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