Salt Lake City - where are we going ?

Question

Hi friend !

My team and I are looking for maybe get into SLC,

I would be glad if some people that are in this market, will share some thoughts for what is happening and also what kind of deals(multifamily apartment) you can find in SLC.

Thanks!

Great year for everyone!

Yonah Weiss · Answer

@Gal Shapira I am very close with the top multifamily broker in SLC and happy to put you in touch.

Cherie Orellana · Answer

The market is very competitive. However values are still rising 5-10% annually so some great appreciation in the area.  Multi family homes tend to go at a premium but there are still some out there that cashflow well. I honestly expect home values to double in the next 15 years in the area.

Gal Shapira · Answer

@Yonah Weiss

Thank you for the offer and comment !

Charles Seaman · Answer

@Gal Shapira my associate, @Trey Knight, recently began working the Salt Lake City market for our team.  Perhaps he can give you some insight on what he's found so far.

Trey Knight · Answer

@Gal Shapira I’m happy to share any of my findings with you. I’m still learning a lot about the market and building relationships with local processionals but will do what I can to help. The job growth is there and tech is moving in fast. One of the challenges they face is being landlocked to some degree.

Gal Shapira · Answer

@Charles Seaman thank you!

I will reach him.

Gal Shapira · Answer

@Cherie Orellana

Thank you so much for your answer!

Gal Shapira · Answer

@Andrew Gammon

thank you for your comment and all the info !

Really appreciate it !

Can we connect?

Andrew Gammon · Answer

Utah is a great place to invest if you can find the right deals. Average DOM right now is about 45 days, which is normal for this time of year, usually they average around 35 days the rest of the year. The good thing about Utah is that average sale price of homes have grown every year, and right right they are sitting at around $440,000 in the SLC area on average.

My best advice with you, is get with a realtor that has worked with investors in the past, and get them to set up listing alerts for you, because in this market you need to move quick. In addition to the competitiveness of this market, and the high value of the homes here, especially in the multi-family realm, I would start thinking of unique strategies for renting the home. A lot of the time, renting out the unit at market value gives you a very slim margin, but there are definitely different strategies you can utilize the mitigate this.

Best of luck to you in your journeys! Feel free to reach out if need anymore information!

-Andrew

Salt Lake City - where are we going ?

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