SunCrest Market Updates June 24, 2015

June SunCrest Market Update

Since April, you’ve probably noticed “For Sale” signs popping up out of the ground in SunCrest. In chatting with neighbors throughout out the community, we’ve been asked, “Why’s everyone moving? Is there something wrong with SunCrest I don’t know about?” Our answer: Nope! Just like tulips emerging each Spring, this phenomenon happens about this time of year, every year.

Unlike other years, however, some media outlets have been reporting we are headed for another housing bubble like we saw in 2007. They credit extremely low inventory, low interest rates, and a buying frenzy among Millennials (those age 35 and under).

During 2007, SunCrest was booming with new construction and in hot markets like ours, it was typical to see a higher premium paid on new construction versus existing homes. During this boom, builders couldn’t build quick enough to keep up with the demand of buyers. This, along with loose lending standards, created higher prices.

Another Bubble Forming?

But are we experiencing a bubble now?  CoreLogic, a data driven real estate economics firm, says no, and we think they’re probably right. This infographic breaks down national home prices now, versus the peak we saw in the late 2000’s.

Peak Price

Are we experiencing another bubble in SunCrest?

Definitely not. We got our shovels and dug up SunCrest statistics for homes sold. We took the average of 3 like properties from the first 6 months of 2007 and compared it to the first 6 months of 2015. Pretty startling.

SunCrest Peak

Our Take:

The good news is, we’re not seeing those inflated (dare we say bubble?) prices of yesteryear. However, many residents in SunCrest are still experiencing negative equity. Their property was purchased at the peak and they’ve pulled down the lap bar to ride the roller coaster of rebounding housing prices. On the flip-side, some residents purchased at the bottom and have a bit of equity when the time comes to sell. Whatever scenario you may be faced with when selling, using a team of professionals that has studied and understands the past, will help put you in a good place when it comes time to act on your future.

SunCrest Homes June 19, 2015

Fielding Hill Remodel: Before & After

When the Murphys called us to discuss selling their home, we wanted to talk to them out of it. Not because we thought for one minute that their home wouldn’t sell, but because we didn’t want to see them go. This is our third transaction together and quite frankly, we think SunCrest is a better place with them here.

When the Murphys purchased this property, they recognized it needed a little tender loving care. On the day they got keys, they came armed and ready. I think I recall them showing up to closing with a sledgehammer and hard hats. Oh sure, lots of us have big plans to “knock down this wall” or “remodel that room,” but sometimes life gets busy and big plans get postponed. This wasn’t the case with the Murphys.

Immediately walking in the front door, the entry and living room ambience is now cozy, warm, and welcoming.


The exterior underwent a facelift that would make HGTV’s ‘Curb Appeal’ drool. The fence creates separation and defines the outdoor living space. The Murphys say they now spend countless hours on the deck enjoying nature and the unobstructed views. How can you not?


How about the mater suite remodel? The trendy and fashionable barn door compliments the homes fixtures and consistent design. The 4-piece bath with the (gigantic) tub is perfect for a relaxing soak after a long day. Bubble bath can negotiable with the sale.


The most dramatic changes happened in the kitchen and the family room. The decision to knock down the cut outs (tube tv’s were soooo early 2000’s), construct the wood beam, add distressed wood to the wall and accent the fireplace was spot on and caught us by surprise. The space is more open and creates a warm inviting gathering place that it lacked with the original design.


We think the before and after pictures speak for themselves. We’ve been fortunate to be a part of the process and see the dramatic changes. What’s that old adage, leave things better than you found them?

For more photos and information on this property, click here.

SunCrest News June 11, 2015

The New SunCrestLifestyle.com

SunCrestLifestyle.com

Welcome to the new, fresh, and completely redesigned SunCrest Lifestyle.

Our vision with suncrestlifestyle.com has always been a website for SunCrest to call “home.” From the events calendar, SunCrest News, highlighting the SunCrest “lifestyle”, or the ‘buzz’ about our featured SunCrest properties, we’ve received positive feedback from past, present, future residents and those just curious about our community since our original launch over 10 years ago.

As technology continues to evolve, we’ve recognized our need to change. That brings us to today, the new suncrestlifestyle.com! Over the last several months, we’ve researched and analyzed what features you, our users, wanted and used the most.

Life In SunCrest

Life in SunCrest is different. Our people. Our homes. Our scenery. Our lifestyle. Residents, new neighbors, and general inquiries – this section is all about SunCrest.

SunCrest News

We are a passionate group of people. In this section, we’ll write about it all – the good, the bad, and the ugly. With a few clicks, you can receive email updates to stay informed.

Events

SunCrest is a vibrant, active community where there’s always something to do. There are several events to look forward to every year, with new and different activities always being added. Check back often to view the latest happenings.

SunCrest Market Update

One of our favorite sections. Our old site was limited in what we could do to bring the visual real estate information residents enjoy. We’ve created a custom page where once a month we will crunch the numbers and bring you a hyper-local analysis of the SunCrest real estate market. We’ve also made it easy to have this sent to you once it’s published.

Featured Properties

We focus our business close to home. We wanted (and, admittedly, needed) a more visual, informative, user friendly, tablet/mobile responsive place to showcase our featured SunCrest homes. We improved our logo, our branding, and our marketing to reflect the SunCrest Lifestyle. For those interested in the latest SunCrest properties, we’ve made it simple to get them sent right to your inbox.

We are so excited about our new community site and hope you enjoy it! Thank you for visiting.

SunCrest News June 11, 2015

Draper City Open Space Master Plan

Draper Open Space

Project Map

Future Development in SunCrest

Future Development

The City is updating the Corner Canyon Regional Park Master Plan to include all City open space along the Traverse Mountains. The “Project Map” above shows land Draper City already owned (light green) and land purchased at ~$2,125 an acre from Zions bank (lime green). The other image is future development.

When the City purchased land from Zions Bank in 2012, then Mayor and City Council reiterated their intent was to preserve as much of the land as open space, but mentioned they would look for ways to recoup the costs of the purchase.

Since the Zions purchase, Draper City has surplussed (surplus is a formality the City follows for land they usually intend to sell) 160 acres of the ~2,400 acres.

Of the current surplussed property, residents have seen some areas progress towards development. [See: Mercer Mountain Estates] This particular parcel, along with 20 acres surplussed in 2014 was included to help facilitate a settlement between David Mast and Draper City.

Regarding the 40 acres of City owned land, City Planner David Dobbins explained  “Draper City purchased nearly 2,400 acres of property from Zions Bank at a cost of $5,100,000, or $2,125 per acre. Therefore, the cost to Draper City to acquire the 40 acres being considered as a settlement with DJI was $85,000. The 40 acres to be developed represents 1.66% of the property purchased by Draper City from Zions Bank.” The Council voted in March 4-1 to move forward with the settlement with SunCrest resident Bill Colbert being the lone vote.

This particular parcel of prime land offers magnificent views of Salt Lake County, Mt. Timpanogos, and Utah County. When asked about what other areas were considered, the City said it considered “many other areas but couldn’t come to an agreement.” Most of the City Council is also quick to point out that the original master plan included more development.

As former City owned land is being developed, many residents are eager to see the City work towards a master open space plan and hopefully “put to bed” the uncertainty of (more) future developments.

Residents are encouraged to get involved by attending planning and council meetings or by following online at planwebsite.com

SunCrest Market Updates June 3, 2015

May SunCrest Market Update

Vacation Homes Surging

According to the 2015 Investment and Vacation Home Buyers Survey from the National Association of Realtors, it’s not just primary homes that have seen an upturn in the real estate market–vacation home sales were up 57.4% from 2013. Vacation home sales accounted for 21% of all transactions nationwide in 2014, the highest since 2003.

The study also uncovered an interesting fact: Nearly half of all vacation home buyers were looking for a BIGGER home so friends and family could visit. Access to mountains, rivers, and outdoor recreation were the main features that appealed most to those buyers when considering their purchase.

We expect Baby Boomers (those born from 1946-1964) to remain particularly active in the vacation home market as they move closer to retirement. Many Boomers are considering buying second homes now, which they will then convert into their primary residence upon retirement. We believe that as these Boomers become more confident in real estate as a long-term investment, vacation home sales will remain a steady part of all real estate transactions.

Our Take:

It’s difficult to pin down the exact number of homes in SunCrest that have been purchased as vacation homes. SunCrest offers a desirable lifestyle for those seeking hiking, biking, skiing, and being close to nature. If you or anyone you know is interested in a vacation home, we believe SunCrest’s natural beauty and ideal location make it an ideal place to own*.

*Vacation/second homes must adhere to Draper City Code and SunCrest CC&R’s as they pertain to being used as rentals.
SunCrest News June 2, 2015

Pool Opening Celebration

Clubhouse Pool Opening Celebration June 6th @ 11am

Clubhouse Pool Opening Celebration June 6th @ 11am

The SunCrest Community Center is getting ready for its Annual Pool Opening Celebration on Saturday, June 6 at 11am. In addition to swimming there will be games, music, door prizes and food. The HOA will be serving hot dogs, chips and drinks from 1:00pm to 3:00pm (you must have a meal ticket in order to get hot dog, chips and drink, limited to 1 per person).

You can RSVP to Brooke @ blaulu@ccmcnet.com if you plan on attending. This is a free event for residents. Come enjoy the fun!!

Information courtesy of SunCrest HOA