Those who watch the Salt Lake City market may notice the lack of existing condos and condo development projects in SLC. It seems odd as SLC is booming with cranes and large multifamily projects being built across the city and suburbs.

There are a few reasons for this. The most apparent reason for the lack of condos is the time it took the sell the hundreds of condo units in City Creek (a downtown mall next to Temple Square). Although this project was completed in 2012 when the nation was coming out of the last recession, it still took considerable time to sell out these units. Interesting side note, the developer built the footings but didn't complete the last planned tower.

Another reason for the lack of condo developments is the builder’s liability. Unless you are a builder, you don’t really consider the risk of a defect in the building.

Lastly, Utahns are used to very large homes, as Utah has the highest average size of homes in the country. I think most Utahns look at a larger single-family house and opt to buy that rather than a smaller condo in the city. As downtown continues to grow, I believe that this will continue to change and more people will want to live a city lifestyle.