The Custom Home Real Estate Market in Utah is Booming: This Highland Excecutive Estate is Evidence of the Tremendous Buying Power Home Buyers Have in Utah
With Utah positioning itself on the West Coast as an emerging real estate market, out of state buyers are shocked at the amazing values they can find in custom homes.
(PRWEB) August 9, 2006 -- The real estate market cycle on the West Coast is shifting again. While California is shifting to a flat or “saturated” market, other west coast areas are being positioned rapidly to enter the “early growth phase”. Utah and Southern Idaho have been a hot spot for relocation for those who are looking for a different lifestyle and tremendous home values.
Notably, Utah has been largely unaffected by national macroeconomics that have slowed Real Estate markets in major metropolitan areas along the West Coast. Deals in the custom home market abound with appreciation hitting double digits increases in the last six months. One such example of “more bang for the buck” in the custom home market was just listed on July 27, 2006 by Cody Yeck, ERA Mountainland Realty.
This is how Cody described her listing:
"Located in the exclusive Dry Creek Bench Estates in Highland, Utah, this amazing home boasts over 6,500 square feet of custom excellence. It is located on .31 acres in an exclusive subdivision just thirty minutes from downtown Salt Lake City and Salt Lake City International Airport".
"The open floor plan includes eight bedrooms, four baths, executive library, wet bar, two family rooms and a chef style kitchen."
Cody also commented 90 percent of her upper end home buyers are from California.
To see an online property tour of this home please visit the following link:
http://www.utahrealestate.com/613501
Remember, real estate markets, cities large and small are subject to the simple economics of supply and demand and each and every city goes through a natural supply and demand cycle. Historically, the real estate cycle is approximately seven (7) years long from start to finish.
As demand increases and supply is constrained, real estate values rise, like in the emerging Utah market. The point in time that this occurs, i.e. prices begin to consistently rise, is known as the entry into the Growth Phase of a real estate cycle.
After a period of rising values, a natural balance between supply and demand is restored and the pace of appreciation slows as a city enters the other major phase of the real estate cycle. The entrance to the decline phase of the cycle, as seen in Southern California currently, is the point at which real estate values flatten and the cost of ownership begins to consistently rise as vacancy increases and rents fall.
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See the original story at: http://www.prweb.com/releases/2006/08/prweb421793.htm
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