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2016 SunCrest Real Estate Review
With 2016 now in the books, it’s a good time to reflect on the last year, and look ahead to the next. In 2016, we saw the highest levels of activity in a decade. Homes sold more quickly, inventory was scarce, and interest rates remained low. Like you’re annual checkup with your doc, here’s the report on the last year of SunCrest real estate.
SunCrest Homes sold quicker
In 2016, SunCrest homeowners saw their homes spending less time on the market. The average days spent on the market was 53 days, nearly half (91 days) of what it was in 2015.
2016 SunCrest Market Summary
SunCrest Inventory was scarce
Buyer demand continues to outpace the supply of homes for sale. Nationally, year-over-year inventory levels have dropped each of the last 18 months. Inventory now stands at a 4-month supply, well below the 6-month supply needed for a ‘normal’ market. In SunCrest, we are below a 2-month supply and have been for the past year. Based on this theory, if nothing else was listed and the current demand remained the same, every home currently on the market in SunCrest would be sold in 2 months.
Interest rates remained low
In addition to rising home prices and limited inventory, mortgage rates were a hot topic in 2016 resulting in an active real estate market. The presidential election, however, did impact rates. Rates increased nearly three quarters of a point (or approximately 3.5% to 4.25%) but have since stabilized. Further, citing an improved economy and further job growth, the Federal Reserve recently raised interest rates. It’s anticipated they’ll do this three times, in each of the next two years.
Our take:
We are often asked, “How’s the market?” Our answer: “Which segment of the market? Townhomes? Custom homes? Starter? Move up?” Depending on what segment may impact the answer. Townhomes are selling in a matter of days, whereas the average time for half million dollar and above homes is nearly double (or triple!) the average of all SunCrest. And new construction? Well, you get the point. It certainly can be a good time to buy or sell, but everyone’s timing, housing need, work situation, and/or family decision is different. We believe in analyzing and arming you with relevant information to make an informed decision specific to your needs.
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.
Read More$639,500 | 4,988 sq. ft. | 6 beds | 3.5 baths
Mind if we start by bringing up a dirty secret? Yes, we mean the inversion, and it’s not so secret: the air in the Salt Lake Valley can get el-yucko.
Well, breathe easy. In this SunCrest home you’ve got almost a half-acre of fenced, landscaped yard to wander around, and it’s full of fresh air, above the ick.
Take five on the Trex deck, fill your lungs with clean ohhh-2 or just look at the views of the city out the window when there’s a break in the weather.
Speaking of indoor views, we were smitten when we saw the main floor family room. Sky high ceilings, an abundance of windows, and a dazzling fireplace.
The current owners rave about the home’s balanced floorplan, and it’s easy to see why. Kids, pets, or unruly family members are no match for the sturdy and stylish flooring that spans the main floor.
That kitchen. Bring it on, top chefs!
The master bed and bath are equal parts open and bright, as it’s cozy and quiet. Your wardrobe doesn’t stand a chance of filling up master closet, it’s huge.
Overall, at nearly 5,000 square feet, five bedrooms (we like the sixth as an office), 3.5 bathrooms, home gym, newer carpet, paint, and some of the most organized, detailed, and cleanest owners we’ve met, you can R-E-L-A-X – this home is ready to fit your family’s lifestyle.
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Candlelight Homes is expected to officially release their first phase of the Edelweiss subdivision in the SunCrest area this month. Prices will start in the high $300’s. This phase is the first of a multi-year, multi-phase development located North and East of the existing Stoneleigh Heights townhomes.
Below you find the first phase and preliminary pricing for the Edelweiss subdivision. Check back often as pricing, availability, and new phases being are updated.
You can view future Edelweiss phases here and sign up for future SunCrest development news here.
If you’re interested in building in Edelweiss, we believe putting a Realtor on your side when building a home is the smartest move you can make to ensure you dream home doesn’t become a nightmare. As SunCrest resident realtors, we’re hyper focused on the area and can help you decide if building is right for you, advise you on building the right house for your needs, act as a buffer between you and the builder, and help you avoid potential (and sometimes costly!) mistakes in the building and purchasing phases.
Contact us today for a consultation on what we can together to help achieve your homeownership goals. No obligation, it’s just what we do.
*Information obtained via Draper City and Candlelight Homes. Subject to change without notice.
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Do SunCrest Homes Really Sell In The Winter?
We get asked that question a lot this time of year. For good reason, too. With the wintry weather, the holidays, or the notion that it’s just not “peak season” for real estate, it would be easy to think buying and selling a house isn’t on anyone’s mind.
While it is true that more transactions occur in spring, you may be surprised to learn that winter is also a great time to sell your home. According to a recent Redfin study which analyzed over 7 million home sales over the past 4 years, Winter was a close second to Spring when it comes to greatest likelihood of selling above list price and selling in less than 30 days.
In 2016, SunCrest sellers received 96.22% of their list price in winter compared to 96.55% in spring.
The total number of homes currently for sale in SunCrest continue to be at or near the lowest number it’s been in all of 2016. Sure, trudging through snow or decking the halls (so to speak) might sound like it’s putting people off, but we’ve found that winter brings out the more serious buyers. Those looking to move are often motivated by a new job, new family member, or unique to SunCrest, escaping the inversion.
Our take:
Buyers looking are becoming increasingly frustrated at the lack of fresh inventory. Sellers pondering putting the sign in the yard won’t face nearly as much competition but will have serious buyers knocking. While snowstorms, windstorms, and holiday havoc may put some off for a weekend, history shows us that most are comfortable with snow boots and scraping the car to buy or sell their next home. If you’re on the fence (or snow mound) about the best time to buy or sell, now may be the time to explore your options.
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.
Read MoreDraper City Council unanimously voted to delay the surplus of 55 acres of SunCrest area land until a definitive conversation easement can be put into place for the greater SunCrest area. The decision comes after receving public input in a crowded public hearing and efforts led by Draper Mayor Troy Walker in exploring a conversation easement with Salt Lake County.
Image courtesy of Draper City
Walker said, “There are a lot of questions that are not answered and I think the public comment has given us a lot of opportunities and avenues to look….conservation easement is something I am very in favor of.”
In addition to the conversation easement and as part of their overall plan for SunCrest open space, the City will look to surplus areas for probable residential development in an effort to help pay off the debt incurred from the original SunCrest purchase. In the coming weeks or months, Draper City will hold meetings regarding the surplus (sale) of additional SunCrest land and a more definitive outline of where a perpetual conversation easement will be.
Image courtesy of Draper City
Media:
Deseret News: Draper holding off on SunCrest development, planning 3,000 acre protection.
KUER NPR Utah: Draper City Council To Preserve SunCrest Open Space, Hold Off On Development.
SunCrest, you’ve done it again. THANK YOU! We know there are a lot of opportunities (especially this time of year) to participate in drives or donations and we cannot thank you enough for your enthusiastic and continued generosity in our warm winter clothes drive.
In 2014, we launched a warm winter clothing drive to help benefit schools in Heber City, Utah. Many residents of that community are the backbone workforces of the ski and tourism industry, often struggling to make ends meet with long hours and low wages. Many children attending school are below the poverty level. These kids and families don’t need new or brand name clothing, just warm winter clothes in the correct size so they can make it to and from school and enjoy recess. These donations have made a huge difference in these families lives.
What is this about? Read about it here.
$600,000 | 5,504 sq. ft. | 3 beds | 2.5 baths
When we first saw this house, we couldn’t get the word “elevation” out of our minds. After all, it sits atop one of SunCrest’s most elevated streets. The elevation – its position above both the Salt Lake and Utah valleys – is what affords some experiences you don’t get just anywhere. Breakfasts here are served with sunrises over Mt. Timp and gorgeous views of Utah Lake. Dinner is paired with sunsets over the Great Salt Lake and twinkling city lights.
Elevation has another meaning, though. In architectural terms, it’s a flat view of one side of the home. We think every elevation strikes a stunning silhouette against the skyline. Architecturally speaking, however, there’s even more to love on the inside. The 5500 square feet is laid out to take maximum advantage of an elevated lifestyle.
Windows line the walls to capitalize on the home’s unbeatable mountain setting.
The gigantic chef’s kitchen is complete with double ovens, in-counter gas cooktop, and beautiful thick slabs of granite. Best of all, the kitchen is the heart of the home and is flanked by the dining room and a pair of family rooms have taken “open concept” to new heights. We’re confident it will handle any size party you’re brave enough throw at it.
Three bedrooms, 2.5 bathrooms are tucked quietly away if you need a break from the home’s common areas. The master bedroom is not only a spacious retreat, but it’s flooded with natural light and features sky high ceilings, double closets, dual vanities, a spa-like tub and shower, and a walkout (yep, we said walkout!) that leads to the open mountain air above the inversion and worry of life below.
PROPERTY FLYER | FULL LISTING | SCHEDULE A TOUR
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SunCrest Area Land – What’s the latest?
There’s a lot of hubbub regarding the future of SunCrest right now. As many know, the original SunCrest developer declared bankruptcy, a few potential purchases didn’t materialize, and Draper City was able to purchase about 2,400 acres for $5.6M exactly 4 years ago. This, along with the failed development, effectively nixed the original master plan that had been approved, and has given the City an opportunity to set forth their own vision for the area.
In 2015, Draper City put the wheels in motion to develop an “Open Space Master Plan.” With the help of outside consultants, countless hours of input, open houses, and surveys, this plan was adopted early 2016 to serve as an “open space element of the general plan.”
As part of their overall plan, a few parcels are being sold for development, and Draper City will soon hold another meeting regarding the surplus (sale) of additional SunCrest land. With development on the horizon, we thought we’d take a look at the history of other surplus land, and their status today since being purchased.
Image courtesy of Draper City
1- Mercer Mountain Estates
This ~20 acre parcel neighbors Hidden Canyon Estates and will provide pristine mountain and city views. This particular parcel was used to facilitate a settlement between the City and a private owner.
2-Lakeview Heights
This ~20 acre parcel neighbors the current Maple Hollow subdivision and zoning allows for multiunit density. This too was used to facilitate a settlement between the City and private owner.
3-Blue Bison Development
This ~100 acre parcel was formally put up for sale in 2014 and recently went under contract with Blue Bison Development for likely residential development.
4- December 2016 Surplus Proposal
Draper is currently considering a surplus of an additional 30-40 acres located along the road leading into the Blue Bison Development parcel.
Our take:
As more SunCrest land is being sold, open space plans put into place, new trails made, and the Hidden Canyon Estates and Edelweiss subdivisions bring new a wave of new construction not seen since the “boom” of the 2000’s, it’s certainly a busy time up here. Whether you’re new or old to SunCrest, for or against development, an avid outdoor enthusiast or homebody, we encourage voicing your comments, concerns and compliments when change is presented. Collectively, we’re a passionate group and that’s what makes this neighborhood such a unique and diverse community.
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.
Read More$359,000 | 3,123 sq. ft. | 3 beds | 2.5 baths
For those canvassing the area searching for the perfect place to call home, the buck(s) stop here. Figuratively and literally.
This 2-story sits proudly along the Maple Hollow corridor and is perfect for any outdoor enthusiast extraordinaire. Seriously, there’s not a single house between you and the Maple Hollow trailhead. Mother Nature is a great neighbor in our book.
The inside? Well for starters, check out that bonus room. Our thoughts? It’s perfect for a telecommuter, homeworker, or wildlife watcher – just don’t creep the neighbors with your binoculars.
The rest of the main floor is screaming for you to host this year’s ugly sweater party. The open concept kitchen and family room is huge!
Even your tallest friends can fit under those nine-foot ceilings. The home was recently updated with new stainless steel appliances, granite countertops, carpet, and that oh-so-stylish wood looking tile.
Three bedrooms, two bathrooms, and the laundry room provide ample space upstairs, and downstairs is bursting with possibilities (theater room, gym, or a place to create YouTube cat videos).
Pack your things, we’ll see you at the open house.
1863 E. Chimney Stone Court | Windermere Real EstateRead More
We are excited to announce our third annual warm winter clothes drive. In 2014, we introduced you to the needs of families in the Heber Valley community; a community not too far or too different from ours. Many residents in the Heber community are the backbone work forces in the hotel, ski and tourism industries, often working long hours for low wages. Over the past two years, your response has been truly amazing! Together, we have gathered over 1,000 items and when we delivered your donations, we saw firsthand the difference you made.
We need your help again! We’re asking residents to donate new or gently used items warm winter clothes including:
Jackets • Coats • Winter Gloves • Winter Hats • Winter Pants • Winter Boots
Here’s how you can help: Drop off anything from the list in the blue donation bins at the SunCrest Community Clubhouse through November 28th, 2016.
Thank you in advance for your warm generosity.
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