What Sets The Values In Canyon Road Towers? This question is relevant to most condominiums, especially high rise condominiums.Values In Canyon Road Towers is an important topic.
Canyon Road towers to the left – Zion Summit below
1- The common real estate phrase is location – location – location, I insert view -view – view. That definitely applies to condos. Condominiums in downtown Salt Lake City go for more than a similar condo away from town. Location is applicable within Canyon Road Towers. It is one of four factors that affect values. Units in Canyon Road Towers fact North, South, and West. There are corner units, some fast two directions as well. To the South the view is of the city. To the West the view is to parks, the west city, and Temple Square. To the North is to the Capitol. Most people feel the North view is the least desirable. I might say that this is a similar paradigm to Zion Summit regarding view. The better the view, the more it will cost.
2- Condition is a big issue. Canyon Road Towers, and again also, Zion Summit were built in 1976. The word for many units is DATED. Old looking kitchen cabinet are a yuk. Re-facing the originals, not a great upgrade. As of this writing a condo is on the market that is in the best condition of any to be sold in the last few years. It’s asking price is $317,500 (unit 813 listing # 1505034) . Click here for Canyon Road Towers Listing. This link will take you to all current Canyon Road Towers units on the market. It will show up in this link as long as it is for sale. The interior photos will help you get the point on the condition. Note: it might be hard to discern between the common area photos and those of the condo.
This unit is likely to sell close to its asking price because of the condition. To compare, a similar unit sold for $235,000 18 months ago. (same view and same floor plan. Yes it was 8 months ago, but the difference in condition was significant.
3- Size of kitchen. This as well as numerous units in Canyon Road Towers have the narrow galley kitchen. Not every buyer will accept that. The photos provided kind of downplay the galley look.
4- Size of unit. I showed listing #1505034 to a couple who have been tracking every condo for sale in Canyon Road Towers for about a year. Finally they loved the condition of the condo. After an hour in viewing the unit they decided that it was too small.
There are basically 4 floor plans in Canyon Road Towers. The majority are 2 bedrooms. All have at least that and all have two bathrooms. The value in the larger units is significant.
I am a large producing condo agent for both buyers and sellers. My website shows 20 example listing for sale and past sales. I am familiar with almost every condo property in Salt Lake City. I strive to be the type of non pushy, expert, and full service agent. I will be glad to assist you with any questions that you may have.
To all Canyon Road Towers current listings, click here.
Larry K Cragun – Windermere Real Estate
Residential and Condominium Professional.
Selling Your Home Can Be A Burden.
So you are going to put your home in the market. Talk about adding a burden to your life, come and see it folks, any time you wish. Welcome to the interrupted life process. Even when you say no showings after 5PM, an agent with the right buyer is going to knock on your door at 5:15 and want to show the home with the client sitting in the car. It’s just not fun anymore is it?
Why prolong the pain? You are putting yourself in for that if you just pick an agent based on friendship or fees.
The message in this article could be called, sales prevention program#80. Not only that, if you make a decision that results in your home being on the market for weeks and weeks, even months and months, you are going to be pressured to lower the asking price or be tempted to take a low ball offer. The longer it is on the market the less you are likely to get for your home. If you doubt, that let me show you the actual, factual numbers.
To illustrate my point here is an actual situation. A home is on the market, well sort of. Sorry, it is on the market I am sure in the sellers mind. The home is vacant. The listing agent is a co agent with a non MLS agent who is the owner of the home. It appears that the sharing of the listing is only to get the home in the MLS. In Utah not all legally licensed agents are members of the MLS. They should be but some are not (very few). Their clients should demand that for the own protection. The MLS has important data every agent should have access to and it implements stricter ethics rules, even requires an arbitration process to settle disputes.
The sales prevention program is this. There is no way an agent can show the home without contacting two agents. First the MLS agent who then refers you to the non MLS agent. So if you wanted to show the home you have two hurdles to go over.
Personally, as a buyers agent, I generally want no part of introducing my client to another agent. I prefer not to have to make an appointment, although that isn’t always a practical choice. My response when this situation arises is to just move on.
What is in it for the second agent? One can only guess. One guess might be to discourage a sale unless he, the second agent makes the sale. That way he gets two sides of the deal. He does hold an open house each week. He does sell some units this way.
Is this the reason? If not, what else could it be? The agent knows me, if you read this my friend I welcome you to change my thoughts. Please do. But if I am right, you have a fiduciary responsibility to your seller. My assumption, if correct, puts that role in question.
My approach, the right approach, is to do everything possible to shorten the time my clients homes is for sale. This way they are most likely to get top dollar and to end the seemingly long and arduous journey. Good agents do that by eliminating all hurdles preventing every possible prospect from seeing the home.
Garden Towers In Downtown Salt Lake City
One of the finer Salt Lake City Condominiums is Garden Towers. It is located close to Temple Square, City Creek, Parks, restaurants, TRAX, Memory Grove, and walking trails. It is also just a few blocks to Salt Palace, Energy Solutions Arena, and The Gateway Mall. The address is 141 E 2nd Avenue 84103. As North Temple crosses State Street it becomes 2nd Ave.
The unit mix consists of 1,2, and 3 bedroom units and Penthouses. Each unit has a private balcony except one penthouse unit which gained permission to close it in. An interesting point on doing this, is that as little as people use their balconies, they are an important factor in a resale.
The top floor, floor nine is divided into four penthouse units. They are at least 2500 square feet. Two of these have sold in the last 18 months or less. One sold for $625,000 the other sold for $450,000 and needed a complete make over.
The smallest that has been for sale is a one bedroom plus a den for $209,000.00 I showed it many times and it just wasn’t what people wanted. It had no view and probably should have been presented better, different wall paint and other staging type efforts.
One great part of Garden Towers is the rooftop garden. It’s a very nice summer feature. I have seen people reading books in the Gazebo and others just out enjoying the view from the park like roof setting. You can BBQ at each corner of the roof, hold weddings there, or have a private conversation. Speaking views, some have great views, some do not. With most buyers, views are important as they are a possibility in many of the condominiums in downtown Salt Lake City.
Parking is ideal, each unit with at least one stall. It is secure, indoors and the stalls are spacious.
For those who want to purchase with an FHA reverse mortgage or buy with a low 3.5% down the complex is not FHA approved.
Monthly HOA fees range from $205 per month for the smaller units to $530 for the penthouse units. The HOA fees include water, sewer, garbage, and basic cable. It does not include electricity. The building owners manage the HOA themselves.
Like many of the nicer properties the HOA does not allow pets, and where some restrict rentals Garden Towers prohibits rentals.
They are building a website but at this moment it has not content. Its link is here: http://www.thegardentowers.com/
Loan Qualifying: My first loan officer job was working for a major bank. I was thoroughly trained, on salary thank goodness, and then placed inside a large real estate office. Of course mortgage banks have standards for loan approvals. Generally you are working on income to house payment ratios and income to total debt payment ratios. There are other rules to deal with. When a loan officer tells you what you qualify for it is often a conservative number. Besides being safe on the commitment they have to be concerned what happens if interest rates rise while borrowers are out shopping.
No one wants a failure in a transaction because of a loan failure once in process.
Here is another consideration that I have found helpful. I have written that I consider that searching for a home us comparable to a treasure hunt. So what if the treasure is a little more expensive than originally budgeted or a little above the safe approval level?
When I was a loan officer I would respect both the borrowers budget wishes and the importance of being careful. However I had enough experience to take another step. I would tell my agent and usually the borrower to start looking at the low range of the qualifying. In addition I would figure an amount that I believed I could push them to. Often I would run it by an underwrite first to confirm the upper limits. With good credit, extra cash reserves, a higher down payment, or other factors the borrower can be stretched. My proposal is that they move up in price in $10,000 increments. That jump often makes a big difference in what you get. Moving up in looking from lowest price to the upper limits often finds the treasure is in the higher range, even higher than originally considered.
After all it is a long term purchase, get the dream home folks.
Recently two appraisers have called me with this question, “how did you get that high price”?
One query was on a Canyon Road Towers listing and the other was in Zion Summit. High Price
It is factual that a sellers agent has the responsibility to follow the instructions of his or her sellers. Of course that means instructions that are legal and ethical. In most cases sellers want the most they can get for their homes. The exception might be to instruct the agent to price it so it sells fast.
The two units that are the subject of this post were where the sellers wanted top dollar. I got that for them.
So to the Zion Summit question; we just closed at $19,000 more than the same condo 4 floors down is on the market for. It is $10,000 cheaper than a unit on the same floor, remodeled nicely, and still for sale. How do we do it? The answer has three parts. 1- I believed the view was better than the condo on the same floor, even better than the unit $19,000 cheaper. 2- My listing had two parking stalls. I understood the value of the second parking stall. The actual buyer in his negotiations claimed the second stall was only worth $5,000. I inquired of the HOA onsite manager what stalls in Zion Summit were going for and he gave me the $5,000 figure. I assumed than that is where the buyer got this number. The fact is parking stalls to some people are worth much much more money. For example, people in Canyon Road Towers have paid as low as $5,000 for a stall, That hasn’t happened recently. There is a resident of Canyon Road Towers offering $12,500 for an extra stall and he has no takers. (In both of these buildings there are stalls included in the deed and some extra stalls that can be bought and sold.) There are buildings in Salt Lake City where buying a parking stall for $12,500 would be considered a steal. Kathleen and I paid $25,000 for an extra stall in our condo in Issaquah, Washington. 3- One of my talents is being able to recognize buying signals. There were a couple of them with this buyer. First, when I showed his wife both units for sale on the floor I could tell she like the other agents listing better. Why didn’t they offer on that unit I asked him? I concluded he wanted my listing, either for the extra stall, the location, or the better view. I look for buying signals and this one had my listing written all over it. We did come down from our original asking price, actually dropped down in negotiations three times, but the final price was the right price and as this appraiser queried, it seemed to him to be confusingly high.
In the Canyon Road Towers querie I understood the value of a remodel. This unit was extremely appealing. Many of the downtown condos need updating. This one did not. I was lucky enough to have the appraiser contact me for access. I told him how much money the seller had put into the remodel. I offered receipts for the work which he didn’t want. He did give us the value.
I take serious my role, am I a buyers agent or a sellers agent? Am I a dual agent where I cannot work against either side. Whatever your need, I understand agency and act accordingly.
Larry Cragun Windermere Real Estate
Residential and Condominium Professional
Almost all of those that show up on click search results have photographs.
This area is perched above Hogle Zoo and at the mouth of Emigration Canyon.
910 Donner Way Condominiums – These units rarely go on the market and are often sold before listing. Many have amazing views across the valley. High ceilings with floor to near ceiling glass windows to enhance the views. On premise building manager.
Canyon Crest – 875 Donner Way – Views can be unbelievable. Some views have full valley up Emigration Canyon. Heated underground parking. Amenities include indoor car wash, pool, exercise room, and laundry facilities on each floor.
Donner Place – 910 S Donner Way – Again, views are mostly spectacular with wrap around decks.
Presidential Club – 3075 E Kennedy Dr.- The most upper condo complex on the hill. Fabulous amenities: large social room, spacious community TV area, huge common patio area for BBQ and hanging out, workshop, car wash, library, game area – (pool- ping pong),and a business center. The dining room is a great plus and it has a full kitchen.
Presidential Villas – 925 S Donner Way – High above the city at the mouth of Emigration Canyon. Dedicated parking. Climate controlled underground garage. Amenities include: club room, exercise room, theater room, courtyard, community patio and BBQ.
I came here in 2011 after a career and great life in Seattle.
Sure, Seattle has the Seahawks but it also has rain in the winter. One of the things I enjoy daily about living in Salt Lake City is the practicality of my wearing my sunglasses. It’s actually joyful for me. Even though it’s winter its bright and sunny. I love it and I appreciate it.
Now you may not think that a big deal but you also may not be a transplant from Seattle as I am. Truthfully, there are seasons in Seattle where the sun doesn’t shine from September to April.
It’s great in Salt Lake
Credit Karma App, It’s free and it’s handy. Get It
Credit Karma App. Perhaps the most important feature is to quickly note what it says. Are there any changes? Did your score go up or down? What caused the change.
If you work through all parts of this app you will be given enough hints that you can see what to adjust or do to raise your score.
It’s wise to try and get your score into the 800’s. In the hundreds of credit reports I have seen very few people are in the 800’s. Even though a low 700 score may qualify you for a loan or to get insurance, the rate you pay may be lower by getting into a higher bracket and result in a lower cost to you.
One credit advisor I took a recent class from pointed out that there are different scoring systems for different applications. Even though your credit report in Credit Karma may show a somewhat different score than the one your loan office pulls for your mortgage, the info is just the same. The accounts, the balances, and the details are all quickly available on Credit Karma.
When the app was first introduced it was less pertinent. Currently they have arrangements with two of the major credit bureaus and the info is relevant. Two is enough in most cases. For example a mortgage lender will take the middle score as their decision score and with two of the three major bureaus you for sure have the middle score.
Your creditors update your information in batches. Some do it monthly some twice a month. Credit Karma tells you when the next update is for their application.
I recently added a credit card for my personal use. First I applied for it. I actually did it from the Credit Karma app. It made a suggestion on an appropriate card for my score. The application was accepted immediately. The next day the request showed up on Credit Karma as an inquiry. More than three inquiries in a quarter bring start to bring you score down a couple of points or more. After receiving the card, I used it. In about six weeks I could see my new score, which raised 20 points because of the large amount of unused credit the new card provided.
Credit Karma is one of those great apps to have on your phone or tablet. It’s meaningful and is an easy way to do a regular checkup on this important part of your financial picture. Don’t let any negative you have heard keep you from downloading it.
By the way, as good as the app is, the desktop version of your Credit Karma account is even better. You will find much more information, more teaching tools, and a clearer look at your credit information. My suggestion is to make it a regular habit to check the app and at least monthly take a thorough journey through the desktop.
I was recently asked “how high should my score be”? The answer to that question is as high as you can get it. The benefits are more than in feeding your ego, they can show up as a lower interest rate or even a lower insurance rate. That’s right, insurance companies run a credit score on you. What has this world come to? Oh, by the way, shoot for an 800+ score, few there be that get to that.
The higher your score the lower the interest rate you will earn. keep on moving it up.
Larry K Cragun – Windermere Real Estate
Residential and Condominium Professional
Condominiums, Condos Temple square City Creek. Many buyers are looking to be an easy walk to Temple Square and City Creek. Hopefully this article will help you analyze the possibilities if you too are in the mode to live near Temple Square and or City Creek. In a separate article I will give a statistical report on these properties.
I will address six properties. These are the closest in. Thee are City Crest, The 3 developments abutting City Creek Mall, Canyon Road Towers, Zion Summit, Garden Towers, and Terrace Falls. All of these are a close walk to Temple Square.
Most but not all of my business comes from downtown Salt Lake City. So far this month I sold a condo in Draper and a home in South Jordan but my marketing focus is condominiums. There is an advantage in dealing with someone who is experienced in condominiums. They are a different transaction with different issues than a home, a little more tricky I would describe it.
I hold a lot of open houses on my listings which brings me a lot of questions. Besides the features and conditions from one condo and building to another a question always arises about the LDS Church. Is a non Mormon going to feel funny or shunned is a common worry. What Ward will I go to is an LDS members question. Understand that it is a Federal crime for an agent to push to or away from a home based on religion, as well as other factors. As it is a common concern and question I will here give my experience to these questions.
Condominiums, Condos, and Temple Square
Note that a lot of people want to live near Temple Square that are LDS. Almost as often people want to live in these six buildings for other important reasons. City Creek shopping and employment for example. The miles of walking trails and the parks are two others.
OK, here are some general comments on the buildings in the featured photo, going from left to right. All are secure buildings with secure parking.
City Crest. This building has the fewest units of the six. Currently there are no units for sale. In the last 12 months 3 units sold here. The prices were $267,00 for 12 59 square foot condo, $265,000 for a 1389 sq ft unit, and $277,500 for a 1380 sq ft unit. It and the City Creek properties are the shortest walk to both Temple Square and City Creek Mall. Will not last ! Great opportunity to own an updated SW corner unit in City Crest. Located 1/2 block from Temple Square or shopping at City Creek. The lobby is small and not as impressive or enjoyable as all of the other buildings of these six. The LDS members attend church at the Joseph Smith Memorial Building.
City Creek Properties: There are three buildings in this development. All are very high end luxury and priced accordingly. Many have incredible views. Here is a write up of one that is currently for sale: The best of City Creek. Stunning southeast-facing unit in SLC’s newest high rise; panoramic valley & mtn views. Fitness room, club room; access to nearby event room & pool. Just steps to shops, restaurants, arts & entertainment. Landscaped walkways with creek, waterfalls & fountains. The prices here are up to and over $500 per square ft. The LDS Ward is the 14th Ward attending church at 142 West and 200 North, close to the Conference Center.
Canyon Road Towers: Built in 1 976 and has 184 units. The prices here are usually determined by size, condition, and view. Some of the views are spectacular. Many need updating, and some have a smaller floor plan with a galley kitchen. Check the market report for current prices. There are a few 3 bedroom units in this property which is rare in downtown Salt Lake and they are they are in high demand. This building is an easy walk to Temple Square and City Creek, fairly level all the way and almost as close as City Crest. LDS members also attend church at the Joseph Smith Memorial building. It has an indoor swimming pool and tennis courts.
Zion Summit. This is a twin tower building rising high above the LDS Conference Center. I recently had three closing there and currently have two listings. People who live here love it. It is a very social building with seemingly something going on almost weekly. I think that is one reason why many so many love living here here. Most units have amazing views, especially those facing South over the city. There are a couple of features that hold some people back: 1- there is a common washer dryer serving each floor. The units can be remodeled to provide a washer but not a dryer. 2- Most are one bedroom units which some agents market as a two bedroom. The tax records call these units two. These are about 1200 square feet so for being a one BR they are large. The LDS Ward is the 14th Ward attending church at 142 West and 200 North, close to the Conference Center.
Garden Towers is a small development, under 40 units. Like Terrace falls the units can be larger in size than Canyon Road Towers or Zion Summit. Their is an assortment of sizes but most are at least 1400 square feet. None are on the market at this time and four were sold in the last 12 months. The LDS members attend church at the Joseph Smith Memorial Building.
Terrace Falls is just a little farther away in location. These units are usually more expensive than all other buildings except the City Creek properties. They are larger, most over 2000 square feet which sets them apart. If you like projects Terrace falls has the most amazing shop for common use. These LDS members attend church at the Stake Center just up the hill.
The feedback I have received from clients that are non LDS is that they love living in these properties. All are welcome. I even sold one in Canyon Road Towers to the Baptist Church to place a missionary couple. It has to be obvious being so close to the LDS Temple and the Family History Centers that that is the motivation for many. It is not the motivation for all.Downtown Salt Lake City is just a great place to live.
I encourage you to contact me if you are interested in Condominiums, Condos, & Temple square and City Creek.
Larry Cragun – Windermere Real Estate
Residential and Condominium Professional
Governors Plaza Salt Lake City: Governors Plaza in Salt Lake City has some special features. The social area, exercise room, and swimming pool stand out as the finest found in a condo property in the city. Some have two parking stalls which is rare in downtown Salt Lake City.
Some have views that will take your heart away. Some units are special.
It is a nice 5 block walk to all downtown amenities. There is an on-site manager, and property and is very secure.
Governors Plaza sits behind the impressive office building on South Temple.
The grounds are impressive and well kept year around.
The unit sizes vary.
It truly is an impressive condominium. Some of the units are pricey and you can often find one priced in the $300’s. I recently sold one that was not on the market for $950,000.00. It is an amazing unit.
Governors Plaza is a bit east of the downtown action (5 blocks) The address is 560 East South Temple, 84102. It is an impressive building from the moment you approach it. It’s lobby adds to the great impression. Some of the units have breathtaking views. The unit size is varied.
Here is what others have said about Governors Plaza: Easy 5 block walk to all the downtown amenities. On-site manager, underground parking, swimming pool, exercise room, conference center, and floor to ceiling atrium available for social gatherings. Recent updating of hallways, entrance, and lobby. Add a secured building with parking and bike storage, a car wash station, and you have a fabulous place to live. Did I say that it had an impressive lobby? I did. It also has one of the best indoor swimming pools. The workout area is to die for. No, don’t die, please. Governors Plaza is walkable to downtown. It is nine blocks east of City Creek and Temple Square. It’s a level walk. Some of the units are really high end, some of the views are breathtaking. Some of the units are smaller and without views.
The condos are behind the office building. The landscaping is top notch.
The parking is great, guests can park behind the office building and there is plenty of guest parking.
The lobby is like no other in town. You could hold a convention in the lobby.
The swim pool is the best in town, indoors and long enough to swim laps.
Their are onsite employees.
The work out room is also the best in the downtown Salt Lake City Condominiums.
Yes, Gordon B Hinckley did live there.
No I don’t live there, but yes you would love living there. I promise that you will. You can click Governors Plaza in the quick links to determine what is currently for sale.
Larry Cragun Windermere Real Estate
Residential and Condominium Professional