SunCrest Market Updates August 29, 2017

August SunCrest Market Update

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Fill In The Blank: Your Home Is Worth $ _______

Have you seen those sites or apps that promise to tell you the value of your home with one click? You know the kind: “Click here to get your home value instantly!” Chances are you’ve seen or used a Automated Valuation Model (AVM) before but may not be familiar with the terminology. AVM’s are commonly found in website banner ads, social media posts, or many different REALTOR or real estate brokerage websites. They use mathematical modeling combined with a database of comparable properties. But are they accurate?

How are they calculated?

Often times, they rely on publicly available data that can be “scraped” online and fed into proprietary formulas. One well-known website’s disclaimer warns their calculation is
computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value […] calculated from public and user-submitted data, taking into account special features, location, and market conditions.

So are they accurate? 

source: https://www.zillow.com/zestimate

It depends. Though they don’t claim to be totally accurate, Utah offers additional challenges. In our state, data about sold homes is not released to the general public from the local Multiple Listing Service (MLS). This information can be obtained by hand by homeowner or a real estate professional, but even then, it’s often found to be incorrect because it’s not verified for accuracy. Because of the limited feed, online marketplaces rely on user input and antiquated county records for additional information making Utah results in AVMs less reliable than other markets, and one of the most inaccurate in the nation. 

 Our take: 

What about things like location, condition, upgrades or after repair values? What if you are planning to or just had a renovation? Does your home have a view? Extensive landscaping? Does it have physical location obstacles? What about niche markets like SunCrest that behave (and are valued) differently than others just a few miles away? These items are just a few of the many factors that AVMs just can’t take into account. Currently, only two brokerages in Utah have a direct feed from the MLS, Windermere Real Estate being one of them. This proprietary feed, in addition regularly statistical analysis, continuing education and industry involvement help us stay focused on our niche market.


Our SunCrest Market Update is a hyper-local analysis of the most up-to-date information regarding the SunCrest real estate market.  The previous month’s SunCrest housing information and future editions are released monthly.

SunCrest Homes August 18, 2017

15208 S. Eagle Chase Drive | Open Concept is the order of the day

$419,000 | 3,784 sq. ft. | 4 beds | 3.5 baths

Welcome to 15208 S. Eagle Chase Drive, where “open concept” is the order of the day.

We hear from home buyers all the time that they want something that’s open and ready with space to entertain. Fist pump. Nailed it.

The main floor is screaming for a Saturday football party (Go Utes! Go Cougs!) or a chef who knows their way ’round a well-provisioned kitchen.

A TRIPLE panel sliding glass door leads to the massive deck with a built in hot tub and is surrounded by mature landscaping. Lemonade or sangria, anyone?

Upstairs is functional and balanced with its three bedrooms, two bathrooms, a universal loft or office, and a laundry room that can easily handle a week or two worth of clothes. Spoiler alert: The master and loft have views!

Downstairs is fully finished and finds another bedroom, bathroom and a family room that that is ready to go now, but equipped to handle a wet bar or kitchenette if that’s in your future (high five for thinking ahead, amirite?)

Clean, functional, and beautiful: don’t let this one slip by.


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SunCrest Development August 14, 2017

SunCrest ShoeBox Proposal

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On Monday August 14th from 6:30-7:30PM at the SunCrest Clubhouse, the owners of the ~84 acres known as the “SunCrest Shoebox” parcel located East of Tallwoods and West of Eagle Crest subdivisions in SunCrest will be holding a neighborhood meeting to review their upcoming proposal for the SunCrest area land. There will be a short presentation followed by a question and answer session.

The latest proposal outlines nearly 40% open space, a 7-acre monument park, clubhouse, and pool; in addition to 233 housing units (81 single family, 134 townhomes, 18 townhome/multifamily). Previous proposals for the area included commercial/office space, a school, and storage facility–all of which have now been eliminated.

For those unable to attend, below is a preliminary proposal for the area.

It’s important to note to that these plans are preliminary and are still being reviewed by Draper City. If they property owners decide to pursue this plan, it will still need to go before the Draper City Planning Commission and City Council for approval. This development is not currently apart of the SunCrest HOA and would need to be annexed should they decide to join.

SunCrest Homes August 11, 2017

15051 S. Winged Bluff Lane | 24/7 Scenery

$435,000 | 3,023 sq. ft. | 6 beds | 3.75 baths

Yes, this is one of those “mountain views out the back door” SunCrest homes. You know the ones we’re talkin’ ’bout: sunrises, sunsets, and 24/7 scenery.

Plain and simple, it doesn’t get better than this for those that covet the SunCrest lifestyle. The backyard faces east which means your evenings on the deck (which can easily support a hot tub) aren’t spent baking in the summer sun, but soaking up those fiery views that never get old.

 

It’s not all about the outside here, the inside packs quite the punch. Oversized windows decorate the back of the home so that view is never lost within the walls.

The kitchen was recently freshened up with new cabinets and counters, and is likely the biggest on the block. A no-brainer for those who love to entertain.

The master retreat and adjacent bedroom/office deliver the most elevated views of the house. Go ahead, enjoy the moment.

Let’s be honest, with five beds, four baths, a three-car garage, and two laundry rooms, this fully finished home is one you won’t want to miss.

SunCrest Development August 9, 2017

SunCrest Shoebox Neighborhood Meeting

SunCrest Shoebox Neighborhood Meeting

On Monday August 14th from 6:30-7:30PM at the SunCrest Clubhouse, the owners of the ~84 acres known as the “Shoebox” parcel located East of Tallwoods and West of Eagle Crest subdivisions in SunCrest will be holding a neighborhood meeting to review their upcoming proposals for the SunCrest area land. There will be a short presentation followed by a question and answer session.
The area is currently zoned as Residential Commercial or more simply defined as  “Commercial activities designed to serve a regional area.” (Full code here.) Past proposals, although never approved, included a charter school, commericial buildings, townhomes, and single family homes in addition to dedicated open space. Most recently, the SunCrest Owners Association surveyed nearly 300 SunCrest residents regarding potential commercial space uses including indoor and/or outdoor storage facilities.
The land is not currently included in the SunCrest Owners Association and would need to annexed (like the Candlelight Edelweiss subdivision) should they choose to be apart of the OA and be approved by OA Board and Draper City.
SunCrest News August 1, 2017

SunCrest Open Space Discussion & Edelweiss HOA Annexation

SunCrest Open Space Discussion

Draper City Council will be discussing the boundaries of a potential conversation easement for SunCrest area land (aka SunCrest open space.) This discussion will be held during their “study session” and is open to the public. However, no public comment will be allowed at the session. 
Background: In June, Draper City sold 110 acres of SunCrest area land commonly referred to as the Blue Bison Development. The sale of this land effectively paid the entire debt the City incurred from purchasing nearly 2,400 acres from Zions Bank in 2012 while also providing a multi-million dollar surplus of funds. 
 
Residents are welcome to attend to hear the discussion and vision for the area or you can contact the Mayor and Council here or by copying and pasting this link. http://draper.ut.us/615/City-Council-ContactBios

Edelweiss HOA Annexation

On June 28th, a motion was made by the SunCrest Board of Trustees  to approve the Edelweiss Subdivision to the SunCrest OA. Draper City, the Declarant outlined in the SunCrest CC&R’s, is the entity required to execute and record additional land into the SunCrest OA.
Draper City received declarant rights under the SunCrest CC&R’s when they purchased the remaining development from Zions Bank in 2012.