Yes, you are insane to spend millions in Holladay....just kidding, but really you can live like you spent millions but there are a couple good bargains to live next to those who have spent millions, but for a lot less.
I have a beautiful .52 acre lot on a private driveway at Big Cottonwood Rd. (6200 S and 2100 East). This location is still in the prestigious sections of Holladay but without the heavy price tag. It is also very conveniently accessible to I-215 at 2000 E and at 6200 S, as well as Van Winkle/Highland Dr. and Holladay Blvd. This provides very quick, convenient access to the freeway, but still tucked away in wooded seclusion.
The lot is heavily wooded with about 30 trees with over a dozen mature trees 50-80 feet tall and has water rights to the Big Cottonwood-Tanner Ditch (valued around $5000).The listing is below. There is a 1960's house on it that would be a good fixer-upper. It has been gutted and could easily be updated, however, in many opinions I have encountered it is better suited to be torn down and have a dream home built on the lot.
It is listed under just under $500k. This lot is located across from homes over $ 1 Million. Building a home on this lot for $150,000-$200,000 could easily fetch over $1 Million in value from appreciation. I am not in the market to fund a spec home. I was holding this property for an investor who collapsed under some other deals, but now I need to sell it....I am quite motivated. If you write an offer under $500k , you will likely get it. I would also consider renting the property while the new home is constructed.
If you are interested, drop me a message or talk with my realtor in the listing!
As with many areas of the country, specific local real estate markets may not make sense. Anecdotal information you hear may differ significantly from the empirical data available.
Your best bet? Contact a local real estate professional and ask them to sit down with you, and look at the statistics available to them in their work. They will be able to zero in on an area and answer your questions and concerns with viable data. This will help you make a sound decision.
To answer your last question ... Holladay is a beautiful area, with stunning homes and a convenient location ... and no, you are not an idiot. You are asking the questions to get answers to make an informed decision about a large investment. You are brilliant!
Happy home buying,
Coldwell Banker Residential Brokerage-Utah
The highest sales price in Salt Lake County so far in 2009 is $3,4900,000 for a Mansion in Holladay.
The highest asking price in Salt Lake County is $12,900,000 which also happens to be in Holladay.
Also, here are a few additional streets in Holladay you should certainly consider.
Brentwood Dr & Cir
Field Rose Dr
Hope this helps!