Home Buying in Holladay>Question Details

Greene, Home Buyer in Utah

is it crazy so spend millions in holladay?

Asked by Greene, Utah Wed May 7, 2008

we're looking for a high-end home, but the market in holladay seems insane compared to other parts of the country. the large lots are about $1M/acre, and the homes go up from there. we like utah, and holladay seems nice, but the holladay market doesnt make sense to us. am i an idiot to pay $5M for a home in holladay?

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5
Greene,

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!

Chris S.

akas1@yahoo.com
1 vote Thank Flag Link Thu May 8, 2008
Greene,

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,
Cheryl Lyon
Coldwell Banker Residential Brokerage-Utah
cheryl.lyon@utahhomes.com
1 vote Thank Flag Link Wed May 7, 2008
I am originally from New England but I have lived in Holladay, Utah for over five years now and it is absolutely one of the nicest areas you will find in Utah.

FYI
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
Oakhill Dr
Field Rose Dr
Shadybrook Ln

Hope this helps!
Web Reference: http://www.utahhousefly.com
0 votes Thank Flag Link Mon Aug 3, 2009
Mr Greene, You ask a valid question. As you already know, Holladay is one of Salt Lake City's Premier neighborhood's. Not only is it convenient to just about everything, but it is where Salt Lake's "Old Money" built their mansions fr decades. Also it is only minutes to the canyons that boast the "Greatest Snow on Earth", not to mention marvelous hiking and biking that the mountains can provide, as well as fishing or camping. All this without fighting any traffic. So, whether you choose Hillsden, Walker, Havenwood or Cottonwood, you will not go wrong. Keep in mind, though, now is the best time to really get your money's worth. Some of my best friends live in Holladay and they have a great Lions Club there, too. Respectfully, Karl-Heinz F. Koenig, Realtor since 1973. Feel free to call me anytime. (801) 298-1234
Web Reference: http://www.century21.com
0 votes Thank Flag Link Mon Feb 16, 2009
With you being in the market for a home in the 5 million dollar price range, you really do have your choice of any area to live in utah, holliday is known as one of the premier areas to live. Several Utah Jazz players have picked this area to live. I really think it just depends on what part of holladay you are looking to live in to justify paying the $5 million. In some cases this 5 mill market has hardly been impacted by the change in market, because people in this price range can pay cash and have lots of money in reserves. The market that has most been hit has been $300k to $2 million. People would have homes that they own for $800k and within a year they thought they were worth 1.5 million. I really would get a tour of the entire high end market to find where the best place for you to live is. Thanks James
0 votes Thank Flag Link Mon May 26, 2008
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