SunCrest Market Update S

August SunCrest Market Update

This topic comes from conversations with residents, friends, and clients, who have asked about distressed properties in SunCrest. If you have a topic you’d like us to cover, submit it here!

Utah Foreclosures

Utah was recently reported to have a foreclosure inventory at .4% of all homes with a mortgage by CoreLogic, an analytics and data-enabled services provider. That’s down .2% from a year ago, and nearly a full 1% lower than the national average. The study also goes on to say this is the 44th consecutive month that national foreclosure inventory has declined.

Utah is a “non-judicial” foreclosure state, which is a fancy way of saying that a house that’s been foreclosed on can be sold without having to file lawsuit or go to court. On the other hand, in other states–”judicial” states–foreclosures have to go through the court system. Judicial foreclosures tend to take longer and be more costly than non judicial, which may contribute to Utah’s foreclosure inventory rate being so low.

SunCrest Foreclosures and SunCrest Short Sales

SunCrest has seen a steady decline in distressed property sales that reinforce the study’s finding. We are however, still above the “average” for Utah. To date, 4 distressed properties have sold and 4 are pending.

Our Take:
Some homeowners who purchased at the peak of the home prices are, unfortunately, still facing negative equity or just getting back to a break-even point. We attribute SunCrest’s higher than average distressed property inventory to the community’s boom of the mid to late 2000’s. Because it was a brand new community in high demand during the most robust years of the real estate boom, there has been more adjusting. However, we’re seeing less and less distressed properties each year as the roller coaster ride seems to be slowing significantly.

Best Place to Live

Draper named “Best Place To Live”

Draper: Best Place To Live

Well…well…well… we made the list! Draper was recently ranked 18th on “Money Magazine’s “Best places to live”. The study compared things like income, education, economy, diversity, health, housing, culture and jobs. The article cites Draper’s mountain setting, emerging technology sector, and improvements to public transit.

Our take: We certainly we have to agree that Draper is one of the best places to live in Utah. We often tell our clients “We think everyone should live in SunCrest.” With new development in SunCrest in the works and strong housing market to date in 2015, we anticipate SunCrest’s unique mountain setting and quick convenience to both Utah and Salt Lake County to continue to make Draper a best place to live in Utah.

Read the article here.

Lone Oak

1805 E. Lone Oak Drive | Walkable & Adorable

It comes as no surprise that we’re fond of SunCrest. The sunsets, scrub oak, trails, clubhouse, and the community are all endearing, to say the least.

We just listed this pretty lady for sale and she’s no exception to that SunCrest endearment. Take the front porch or backyard, for example. Each outdoor space is perfect for an evening beverage with friends or your little tyke’s birthday party. Just make sure we’re invited.

Inside, you can’t escape the natural light–she’s got windows from head to toe.

The upstairs plays host to 4 beds/2 baths and yes, the murphy bed stays. Spoiler: The master has two walk-in closets so leave the boxing gloves in the car.

Downstairs comes complete with a guest bedroom, bath, and large family room; add a big screen and you’re set.

Oh. We should probably mention the walkability of this home. You’re within walking distance to the community center and a cartwheel or two from Clover Leaf Park. Want to see this lady in person? Reach us here or send us an email, and we’ll set it up.