How Many Condo Parking Stalls Do You Need, And Why Would You Need Them?

How Many Condo Parking Stalls Do You Need, And Why Would You Need Them? How Many Condo Parking Stalls Do You Need?

How Many Condo Parking Stalls Do You Need? This lady has three parking stalls. How Many Condo Parking Stalls Do You Need, And Why Would You Need Them? Does she have three because she needs the space? Note the storage units on both sides. No one is likely to ding her car when loading or unloading storage are they? Her car is in nice shape, so that’s a good reason, right? Maybe she just likes it this way. May we call this reason 1

Mind you purchasing an extra stall in a condominium building can be a difficult quest, in some buildings a costly one. In American Towers you can only own one stall but it’s easy to rent one. That may work. In both Canyon Road Towers and Zion Summit each unit has one parking space attached to the original condo declarations.  You can find them on line at their website. Both of these buildings have several extra stalls with actual tax ID numbers. Where those in the original declarations cannot be legally transferred to another person, the deeded ones can be sold to another owner of those buildings. What should they sell for I am often asked? The answer is that depends. One answer I usually give is don’t sell. With that advice being rejected a few times I have seen them go from $5,000 to $50,000. In one building Kathleen and I lived in we paid $25,000 for an extra stall.

Why do I say “don’t sell”? Having sold a lot of condo’s, lived in 5 in our married life, and having showed many times more than I have sold I am confident that you greatly reduce the numbers of people that would by  your condominium should you not have that extra parking stall. There are in fact numerous potential buyers where having one stall is the only reason they won’t buy your unit. (It’s very much like those whose dog is part of the family and your building doesn’t allow pets.)

Resale value then becomes the biggest reason to have a second stall after your own need should you need it for your own use. Having plenty of room to park your car, well that might be listed as number three.

Larry Cragun – Windermere Real Estate

Residential and Condominium professional.

 

 

Posted on April 26, 2018 at 5:27 pm
Larry Cragun | Category: American Towers, Canyon Road Towers, City Creek Condos, Condominiums, Zion Summit | Tagged ,

Featured Property of The Month of April

Featured Property: Featured Property of The Month of April. This is a new category for me here in Utah where I pick out one property that is either unique or of a great value, even one that stands out to myself or my wife Kathleen. It was popular when I was licensed in Washington State and writing about Issaquah. Those featured won’t always be my own listings as is this April featured property.

A RARE OPPORTUNITY

$685,000

Note that you can virtually walk through this unit online by clicking here

Introducing you to 241 North Vine Street #1004, as in the 10th floor with a North view of Zion Summit. I have other listings but this one is so unlike any that come up for sale that I want to focus on it.

What makes it rare?

  • It is a 3 bedroom 3 bath unit. One of the bedrooms has been more of an office. You could actually have his or hers offices here, or make one of them a studio. Three bedroom units of this size are rarely on the market. Three bedrooms of any size are uncommon.
  • It has 3 parking stalls. Most downtown condos have 1 stall, a few have two but not many.
  • It has 2 storage units. Most downtown condos have 1 storage unit.
    • The second storage unit is actually a large 14 x 17 room, with electrical outlets. It could be a shop or be used in any number of ways.
  • It’s large, 2150 square feet.
    • Check the price per square foot vs others on the market to see the value.
  • The master bedrooms are on the opposite sides of the condo. Note the floor plan attached.
  • It has an open view to the North, with the Capitol.

Zion Summit is unique with extra large social room, a TV room, and a nice gathering room. It is secure and the parking is in the building (underground) and most stalls are quite spacious. The location is perfect for those wanting to be close to City Creek, Temple Square, Trax, and downtown action. It has an outdoor pool, has full time on site management and maintenance staff, and has secure access. Zion Summit is a twin tower, 13 stories high, set above the LDS Conference Center.

I think the buyer will want the touch of an interior designer unless the buyer is flush with books, as are the current owners. The home is a second, actually now a third home, and the sellers are disposing of this one.

Again, you can actually do a virtual walk through by clicking this link:  https://my.matterport.com/show/?m=U22fEDmpe2j: 

The doll house view gives this view. You can walk through each room, down the halls, and out the deck, all on line. From the doll house view you can jump to a particular room instead of virtually walking around the condo. This view can be selected and moved around.

Here is a shot we took off of the deck. This was built as one of the 12 double sized units, so it has two north facing decks. Out on the decks the views are actually panoramic. 

Photos of the shop/storage room:

There are 62 photos (including 2 of the parking stalls) in the MLS #1486115  or click here.

The floor plan view: The masters are on each side of the condo. Great for sharing.

Posted on April 9, 2018 at 6:49 pm
Larry Cragun | Category: Featured Properties, Zion Summit

Six Popular Downtown Salt Lake City Condominiums

Six Popular Downtown Salt Lake City Condominiums. There are more and I have links to many on this site and more coming. But I call these the “big six” because I find them the most popular with my buyers.

I number these on the map from 1 to 6 and they are as follows:

  1. Zion Summit
  2. Canyon Road Towers
  3. American Towers
  4. Trevi Towers
  5. 3 City Creek Properties
  6. Parc Gateway

Two additional good options on smaller buildings is 1- Terrace Falls is on the street behind Canyon Road Towers, (on 3rd ave) and is also a good option.  Click here for info and search on Terrace Falls: Terrace Falls – 158 E 3rd Ave – Click Here

and 2- Garden Towers which is next to Canyon Road Towers: Click here Garden Towers – 141 E 2nd Ave – Click Here

Below the photo are links to commentary and the ability to quickly search for listings that are currently for sale in these properties. When clicking those links the search results will possibly include nearby condos of similar details.

Posted on April 5, 2018 at 8:28 pm
Larry Cragun | Category: American Towers, Canyon Road Towers, City Creek Condos, Condominiums, Terrace Falls, Trevi Towers, Zion Summit | Tagged

What Sets The Values In Canyon Road Towers?

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.

Posted on March 12, 2018 at 7:03 pm
Larry Cragun | Category: Canyon Road Towers, Condominiums, Zion Summit

How Did I Get That High Price

Zion Summit Getting that high price

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

Posted on January 29, 2018 at 5:34 pm
Larry Cragun | Category: Canyon Road Towers, Zion Summit | Tagged ,

They Can’t Get In Is A Sales Prevention Program

Continuing Kathleen and mine favorite topic: Sales prevention issues, or things we notice when looking at properties, Sales Prevention Program #82: They Can’t Get In is a sales prevention program.

If an agent can’t get in to show the home or condo, how in the world can it be sold? The process that works is to have a Supra Lock Box, or key box easily accessed in front of the residence. This key box should provide all agents the necessary to enter the home. The Supra key box records what agent entered the home, and at what time. A notice is sent to the listing agent with the ability to copy the notice to the home owner.

Recently I have seen these sales prevention instances.

One doesn’t want to confuse an agent. So how about putting clear identification on the lock box, which condominium the lock box belongs to. It’s bad at Canyon Road Towers, it’s a horrible situation at Parc Gateway. Its unbelievably bad there, so bad it isn’t worth showing the units where figuring out the lock box is a waste of time.

I had an occasion at the Metro Condominiums where no key matched the house. Some careless agent had put back the wrong key in the box. There were five units for sale there, what a mess. That could be alleviated to a great degree by going to the effort of adding a  simple identification ring with a number on it. They cost about .35 cents at Glens Keys.

I have gone to listings where there was a key box, but where it was empty. Figure that one out.

Recently I had to call an agent, fortunately he answered his phone, to inquire where the key box was. The answer, “Oh, its out in back, attached to the gas meter”. Great, the gas meter was covered by a large plant.

Whatever your situation is, it might be wise to see if  your agent, for some silly reason, has joined the Sales Prevention Item #82 club.

Larry Cragun Windermere Real Estate

Salt Lake City Residential & Condominium Professional

Posted on January 10, 2018 at 9:38 pm
Larry Cragun | Category: Sales Prevention Programs, Zion Summit | Tagged , , , ,

Canyon Road Towers or Zion Summit?

Canyon Road Towers or Zion Summit In Salt Lake City, Utah

To many buyers it boils down to choosing between Canyon Road Towers or Zion Summit. This post is to explain why and what the differences plus or minus in the two buildings. Note that both Canyon Road Towers and Zion Summit were built in 1 976. Both have similar HOA costs. Both cover all the utilities including basic cable. The exception is that you pay your own heating in Zion Summit. Canyon Road Towers Zion Summit Salt Lake City, Utah

What makes Zion Summit and Canyon Road Towers the choice for many is the location and the average sales prices. The location is ideal for those who want to be near Temple Square or City Creek. This is what drives most sales in these two buildings. Most of the prices are under $300,000 in both buildings. There are exceptions. Many are in the mid $200,000 range.

Some of the major differences are:

The views: in most cases, but not all, the views are more spectacular in Zion Summit. There are exceptions as some of the Zion Summit views are not superior and some of the Canyon Road Towers views are spectacular.
Usually a + for Zion Summit.

Unit Size: This varies, mostly in Canyon Road Towers. Some of the Canyon Road Towers units are under 1000 square feet. If you are OK with a 1 bedroom Zion Summit units are about 1200 square feet, usually the largest one bedrooms on the market in downtown Salt Lake City. Canyon Road Towers is unique with some three bedroom units. They rarely come up and there will be a feeding frenzy for the next one. Zion Summit has a small percent of two bedrooms, corners, one is currently on the market. I would say on this factor, check out both buildings, the plus would go to what is currently for sale.

Washer Dryer availability is a factor. In Zion Summit each floor shares a washer dryer. They are kept in good condition and they are not coin operated. All Canyon Road Towers units have Washer Dryer hookups in the units, the smaller floor plan needs stack ables. A + to Canyon Road Towers.

Walk ability: Both are close to Temple Square and City Creek Mall. Some don’t like the uphill walk to Zion Summit. Some like the exercise. + or – you decide.

Social Experience: Zion Summit has a social committee. There is something going on each week, be it a movie or another event. There is an expert genealogist living there who offers free help and training on a regular basis each week. Possibly a + for Zion.

Social Rooms: Both have nice facilities.

Swim Pool: Both have a pool and hot tub. The Canyon Road Towers pool is indoors and large enough to swim laps. + for CRT.

Upkeep: Both buildings are well maintained. Some feel the lobby in Zion Summit to be in need of updating. They are working on plans to do so. It’s big and cost is an issue.

Exercise Room. Both have equipment. I would say that Canyon Road Towers is superior and a budget to upgrade it is in place. + to Canyon Road Towers.

Sauna. Both have this in the rest rooms.

Parking. Both have secure inside in the building parking. Canyon Road Towers has indoor guest parking that seems very adequate. Equal to a plus for Canyon Road Towers because of the guest parking. Both have some extra stalls that people own and can sell. This rare event has brought the price for an extra stall up to as much as $15,000.00. Guest parking for Zion Summit is outside and across the street. It is sometimes full. Guests in Canyon Road Towers can park for a maximum of two weeks.

Storage: Each unit in both buildings has assigned storage.

Both buildings are in transition as to the age mix. Owners in both buildings have loved it there and resist leaving. Some were owners in 1976 or shortly after.

Currently I have listings in both buildings. I can gladly assist your hunt for the right place.

Posted on January 9, 2018 at 7:24 pm
Larry Cragun | Category: Canyon Road Towers, Zion Summit

Condos Near City Creek & Temple Square + Quick Searching By Condo

UNDER CONSTRUCTION

NOTE: Quick Searches are also available in the “properties” drop down in the menu bar.

Often additional Close by properties appear in the search results.

Information :

American Towers – 44 W 300 South – Click Here to search

Belvedere – 29 S state – Search Click Here

Broadway Tower – 230 E Broadway – Search Click Here

Canyon Road Towers – 123 E 2nd Ave – Click Here

City Creek 3 Properties – Built around city creek shopping center. – click here

City Crest – 131 E 1st Ave – Click here

Garden Towers – 141 E 2nd Ave – Click Here

Metro Condominiums – 350 S  200 E 84111 Click Here

Panorama – 8 E Hillside Ave – (near Zion Summit) – Click Here To Search

Rockwell – 141 E 1st Ave – Click Here To Search

Terrace Falls – 158 E 3rd Ave – Click Here

Trevi Towers – 245 N Vine – Click Here To Search

Uffens Marketplace – 336 W Broadway –  Click Here To Quick Search

Zion Summit – 241 N Vine St – Click Here

Not Quite Downtown but Convenient

Often additional Close by properties appear in the search results.

838 Condominiums

Angelina’s Corner – 725 S 1100 E – Click Here

Arlington Place – 105 S 2200 E – Click here

Aztec – 515 S 1000 E – Click Here

Belmont Condos – 150 E Belmont Ave, Salt Lake City, UT 84107CLICK HERE

Bonneville Towers – 777 E S Temple, Salt Lake City, UT 84102CLICK HEREGovernors Plaza – 560 E S Temple – Bldg InfoQuick Search

Library Square

Market Street Condos

Northridge Heights

One and Nine – 88 900 E, Salt Lake City, UT 84102  CLICK HERE

Parc Gateway – 5 S 500 W, Salt Lake City, UT 84101 – CLICK HERE

Pierpont Lofts

Stansbury

The Maryland

The Preserve

Towne Park – 339 E 600 S –

Trolley Regent – Click Here About Trolley Regent

Posted on January 9, 2018 at 6:50 pm
Larry Cragun | Category: American Towers, Canyon Road Towers, Condominiums, Terrace Falls, Zion Summit

About Zion Summit

About Zion Summit Zion Summit is a two tower building that sits high above and directly behind the LDS conference center. It is a most convenient location to Temple Square, TRAX, City Creek Center, and all the fun and activities of downtown Salt Lake City. Zion Summit two tower building

Almost every unit has a spectacular view of downtown, the Capitol, or the lights to the north or South.

Most of the units are large 1 bedroom that have ability to convert the den into bedroom use.

The amenities are fabulous. Game room, large social rooms, outdoor pool, exercise area, TV room, storage units, inside parking, and laundry facilities for each floor.

HOA pays heat, basic cable, earthquake insurance, gym room, maintenance, sewer paid, trash paid, water paid, on site security & property management.

I am one of the dominant agents in Zion Summit. I understand the ins and outs of how to get the right price. Each unit has it’s own personality. You may want my input prior to going on the market no matter who you list with.

For unusual reasons financing is difficult with some lenders. Some require a higher interest rate to finance here. This is an unnecessary lender restriction but it is.

I know how to get past this issue in a legitimate way.

I do believe that this is one of the best buildings to own in. It allows rentals if on at least a six month lease.

A recent assessment  has been approved to bring the HOA reserves up and to allow for some exterior and interior improvements.

Posted on January 6, 2018 at 4:29 pm
Larry Cragun | Category: Condominiums, Zion Summit