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September SunCrest Market Update
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Are Robots Buying Houses?
No. Well, not exactly. As technology gets more sophisticated, we’re seeing the emergence of something called a real estate “iBuyer,” short for “investor-backed buyers.” Basically, these are groups of investors that pool their money, and then use high-tech software called Automated Valuation Models (AVMs) to find what they believe are good deals and make quick offers to home sellers.
IBuyers like Open Door, Knock, and OfferPad will make offers often accompanied by claims that their transactions are more convenient and have less friction, versus selling your home to a traditional buyer. But it’s important to understand the downside to these transactions as well, and how they come up with their offer price.
The fees on these transactions range from 6-16%, and the offer price may not be fair. AVMs use publicly available information and while some effort is made to consider the individual home, these algorithms are built for mass evaluation and can’t capture real life human curb appeal, condition, or location. Unfortunately, as we explained in last month’s SunCrest Market Update, these AVMs are not known for being accurate, and our niche neighborhood only exacerbates the problem.
Our take:
Ignoring iBuyers isn’t the answer; there may be certain circumstances when an offer from one would make sense to entertain. They may be convenient, but is it worth the fees involved? What is your home actually worth? Knowing exactly what your home is worth and consulting with a trusted advisor is really the best way to know if an iBuyer’s offer—or any offer, really—is the best way to make sure you don’t leave any money on the table.
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.
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?
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.
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 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.
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 Shoebox Neighborhood Meeting
SunCrest Shoebox Neighborhood Meeting
SunCrest Open Space Discussion & Edelweiss HOA Annexation
SunCrest Open Space Discussion
Edelweiss HOA Annexation
1846 E. Clover Leaf Lane | Jump Right In
$389,000 | 2,932 sq. ft. | 4 beds | 3.5 baths
We’ll spare the tired “Welcome Home Blah Blah” real estate jargon, and jump straight to the meat and potatoes: Five bedrooms, 3.5 bathrooms, fully finished, and fully fenced.
But what really makes this house special is that it won’t leave you hungry for more. For starters, the gigantic entry is the perfect spot for welcoming friends, family, or new neighbors into your home. It’s lined with windows for light, yet dressed nicely with those “Oooh, I’ve always wanted shutters” windows coverings.
The kitchen (new granite tops, btw) and family room flow seamlessly and pair pefectly together (think: peanut butter and jelly, wine and cheese… you get it.)
Three bedrooms, including the master, are upstairs with a universal room for whatever you want to put on your plate. We like an office or kids play area, but hey, po-TAY-to / po-TAH-to, it’s up to your home design appetite.
When you’re ready to let kids, pets, or unruly partners burn some calories, send them out to the flat, fully fenced yard or across the quiet street to the neighborhood park.
Yeah, this home really is all that and a bag of chips.
June SunCrest Market Update
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Outdoor House Projects: The Best Bang For Your Buck
With summer officially here, many of us are excited to get out to spend more time in our yards, polish up our green thumbs, and let our lives freely spill out the back door. Sprucing up your outdoor entertaining space not only helps make it enjoyable for daily use, it can help increase your home’s value. Below are a few of the most effective ways to gussy up your outdoor space while adding to your home’s value.
Add Some Color
Liven up walkways, flower gardens, patios, porches, and decks with color. From planters to perennials, shrubs to spruces; adding color and interest can not only make your yard more inviting, but help create a welcoming and enjoyable space to kick up your feet.
Stain Your Deck or Porch
A deck or porch is a big part of your home’s outdoor appeal. We often hear, “If I’m going to live in SunCrest, I want to enjoy the view!” What better way than sitting on the deck or porch? Wood decks need regular care to keep them looking their best and to help protect the wood, or you might consider using a manufactured product like Trex for for less maintenance.
Put In a Patio
Take a deep breath. It’s probably not as daunting as it sounds. Bricks, pavers, and stone patios are long lasting, require little maintenance, and do not necessarily require any special cutting or fitting. Adding a patio can create an extension of the indoor space and provide a place for BBQ’s, book reading, or breathing our cool mountain air.
Touch Up Stucco, Siding, and The Roof
If shingles are missing or curling, stucco severely cracked, or siding and trim weathered from the winter, these are not only visual eyesores, they could also lead to further damage. Preventive maintenance is key!
Our Take:
While big projects like remodeling bathrooms or a complete kitchen overhaul are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value without breaking the bank. If you’re wondering can be the best way to add your home’s outdoor appeal, contact us today!
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.
2022 E. Oak Summit Drive | Intentionally Designed
$599,900 | 4,158 sq. ft. | 7 beds | 3.5 baths
Intentional. Being intentional. That’s what was on the homeowners’ mind when they built this home.
From the precise placement of the home on the lot, to a layout that would provide maximum usage of space while still creating easy breezy living; this home was crafted with intentional detail.
The lot, for example, is intentionally placed to take in the picture perfect views that SunCrest is known for. Enjoy a cup of joe as you watch sunrises over Mt. Timpanogas or roast a ‘mallow as you enjoy the evening shade on nearly a third of an acre – fully landscaped.
That intentional outdoor space is probably our favorite. Start that grill or save us a spot on the covered deck; relaxing with neighbors never gets old.
Inside, the intent was for main floor living and less up-and-down time. The outcome? More time spent in the large great room that has windows spanning all around.
The master retreat was created with the intent to feature views of both Lone Peak and Mt. Timpanogas.
Downstairs was intentionally designed for multiple uses: tweens, teens, babies, or booomers-no matter the age, the family room, full kitchen and four bedrooms can be enjoyed by anyone or whatever purpose you intend.
