Margaret Eli…, Home Buyer in Cottonwood Heights, UT

what to expect in land/lot pricing?

Asked by Margaret Elizabeth Antola, Cottonwood Heights, UT Thu Jan 3, 2013

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6
A little information that should help you with planning a purchase or sale.

As home prices continue to rise and get tot the point where it costs close to the same amount to build as to buy resale more home owners will be buying lots. That is why we see lot prices going up slowly. However, lending has not been extremely easy for new construction loans. Because of this values are not rising at the same rate as that of single family homes. I do have builders who will fund the construction project (making it so the homeowner does not need a construction loan).

Things to watch; If home values continue to rise (which will be largely dependent on interest rates) lot values could go up sharply as the cost to buy existing surpasses the cost to build. Also watch the lending market for lots / new construction. If you see lenders beginning to offer favorable terms lot prices will rise.

Micah Olson
801-805-4900
info@EffectiveAgent.com
http://www.EffectiveBuyer.com
0 votes Thank Flag Link Fri Jan 4, 2013
Lot prices are up by about 12-20% depending on the area from a year ago...but building prices are still low and make it a good option still. If you are buying a lot that already has the utilities stubbed and the roads done then you will just need to worry about the building and permit fee's. If you send me the specific property I can get 2-3 builders to give you a bid on building costs.

Search all lots for sale at http://www.RealDealUtah.com

Find out what your current home is worth and get actual MLS Sold home prices in your neighborhood at http://www.UtahHomeValuesNow.com


Justin Critchfield
Century 21
801-891-5489
http://www.RealDealUtah.com
0 votes Thank Flag Link Fri Jan 4, 2013
Expect to pay a similar price for an existing house with utilities already ready.
I would suggest buying a old worn out home and razing it.
0 votes Thank Flag Link Fri Jan 4, 2013
Margaret, are you buying or selling a lot? Are you looking in cottonwood heights, or elsewhere?
0 votes Thank Flag Link Fri Jan 4, 2013
The bottom was last winter. There were 24 lots for sale At that time in CH. 4 sold during that time frame. I was involved In 2 of the and purchased one my self for which I am building a parade home in 2013. They have sinced increased I'ld say on avg 10-12% as have median pricing in CH. I think lots will continue to go up this spring as building is hot right now.

Jake Breen
Managing Broker
Prudential
Web Reference: http://Www.utahcribs.com
0 votes Thank Flag Link Thu Jan 3, 2013
Hi Margaret!
Do you have a lot you want to sell or are you looking to buy?
What size? Utilities installed?
0 votes Thank Flag Link Thu Jan 3, 2013
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