Foreclosure in Saint George>Question Details

Susan E. Tay…, Other/Just Looking in 98144

I WAS RECENTLY IN ST. GEORGE, UTAH AND IT SEEMED AS IF NEW DEVELOPMENTS WERE ON EVERY OTHER

Asked by Susan E. Taylor, 98144 Tue Jan 8, 2008

CORNER. WILL THERE BE AN UPSWING IN THE REAL ESTATE MARKET? I AM THINKING OF INVESTING THERE (e.g. HOUSE RENTALS). ANY ADVICE FOR ME? ALSO, WHY AREN'T THERE ANY MULTI-UNITS IN THE AREA? I DIDN'T SEE ANY TRI-PLEXES OR 4-PLEXES AT ALL; AND HARDLY ANY APARTMENT HOUSES. WHY IS THAT??

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Susan, in our board meeting last week I was also amazed at all the agents that are working with builders and new homes are being offered. One builder opened a 32 lot project (1st phase) and sold out in 30 days. You can't go wrong investing in St. George right now. There are 16 multifamily units for sale in Washington county. most of them are duplex units but there are several four plex and one 16 plex.
Web Reference: http://leannwalters.com
1 vote Thank Flag Link Wed Feb 17, 2010
BEST ANSWER
(One place I would look at investing is Elim Valley .... http://www.elimvalley.com. It's going to be amazing.)

Good summary by Stephanie but in regards to the comment above, MUCH caution. Elim Valley is a master-planned community based on the theme of "most loved places" such as you see in the Jim Carey movie "Pleasantville." As much as I love what they are doing, it is NOT an invesment opportunity and they most likely wont get real excited about investors.

That said, as values settle back to equilibrium there are definitely going to be rental opportunities which takes us to "investment" vs. "speculation." Both have their merits, but investment is about making logical purchases and holding on for the long term steady appreciation while a tenant pays your mortgage down.
It's safe and over history has always worked.

Speculation on the other hand burnt many a speculator in recent years. (See: 'major pain and suffering"..... ) The challenge with speculation is that it is often dependent on extreme short-term appreciation.

Washington County WILL see an upswing, but there is no data whatsover to indicate that it will be anytime soon. PLUS, it will have to stabilize prior to the upswing. Hence, safe time to "invest" despite declining market.
Best of luck.
J
1 vote Thank Flag Link Fri Apr 11, 2008
Here is an update on the building that has been very strong in Washington County. In February 2013 there were 115 building permits issued. In February 2014 there were 83, this represents a 27.8% reduction. 83 is not bad, just not as strong as last year.
0 votes Thank Flag Link Mon Apr 28, 2014
It is a diverse market there. There has been a demand for development. I am working with a developer down there. It would be a great place to invest
0 votes Thank Flag Link Wed Feb 19, 2014
A new duplex just hit our MLS today, if you are interested please let me know.
0 votes Thank Flag Link Wed Feb 19, 2014
I just did a search in our local MLS and there are currently 26 multi family properties listed. If you would like me to send them to you let me know.
0 votes Thank Flag Link Fri Feb 7, 2014
It is true that Southern Utah is experiencing a boom. A few weeks ago I attended a seminar on what is happening in Southern Utah. These two facts were given to us from the CEO of our local MLS.

There were 554 building permits issued for single-family homes in St.George through November 2013, up from 422 in November 2012. There were 700 new construction jobs created between June 2012 and June 2013, a 19.6 percent increase.

I also have a more comprehensive update on our local real estate market available on my website, http://www.ownsg.com
0 votes Thank Flag Link Fri Feb 7, 2014
Hi Susan,

To answer your question, you need to go to http://www.HotHomesofStgeorge.com. They have a ton of useful articles and information there. http://www.hothomesofstgeorge.com is obviously the best real estate reference and website in St. George. BY FAR! We're investors here in the area, that work with the Realtors there, and we're in the process of buying another home, who is incredibly insightful! they seriously have/know all the best deals in the St. George real estate market. Not to mention, their tips and advice is saving us THOUSANDS!! I can't stress enough how great their agents/realtors are (and very fun to work with too). I would highly recommend EVERYBODY to check out their site. Good luck with your house hunting everybody. http://www.hothomesofstgeorge.com
0 votes Thank Flag Link Wed Feb 13, 2013
2008: "We've hit the bottom in pricing".
2009: "Better buy now or you'll miss the upswing in prices".
2010: "You can't go wrong investing in St George right now".
2011: "Please, let me keep the car. I swear I'm getting my commission check any day now!".
2012: "MOMMY!!!".
2013: "I don't care what the girls charge in Vegas, it'll be 25 bucks".


Elim Valley......BHAAAWWAAAAAAAAAA.
0 votes Thank Flag Link Sat May 12, 2012
Most of the homes in St George and the surroundings are still way overpriced to catch the unwary out of state buyer (or "move in" as the locals affectionately refer to us).

For example, in the nice area of Foremaster Ridge which has fabulous views over SG as well as Washington cities, I have seen houses initially priced at $1.5 million go for maybe a third of that. My own house has halved in value in the last 4-5 years. There are always going to be unscrupulous realtors who have no concept of "building a relationship." So, beware of the "churn and burn" RE community.

Remember this is a low income agricultural community with no reason to be able to charge Los Angeles or New York prices for the abundant land, other than an artificial shortage created by speculators.

Yes, there will almost certainly be another boom in SG as these things are cyclical. But, maybe in another 5-10 years - if we're lucky and the US economy turns around. For now, I would divide most prices you see by a factor of 2 or 3 to get a fair deal.
0 votes Thank Flag Link Mon Apr 2, 2012
I too also found http://www.HotHomesofStGeorge.com to be the most useful website that we found while looking for homes to buy in St. George utah.

best of luck,
0 votes Thank Flag Link Wed May 18, 2011
Hello Susan:

Thank you for your comments. There are a few great deals in the Multi Unit sector. There are quite of few great rental opportunities in Condo's and lower priced Single Family homes.

I have been a professional realtor for the past 12 years and a Mortgage Broker for 14 years in the State of Utah and Nevada. I have a gauge on the local markets and have sold over $60 Million Dollars worth of Real Estate in the my career.

I would like to work with you and offer you my professional services.

If you are interested, please advise and we can take the next step.

I look forward to working with you,

Best regards,

Mark Meredith, GRI,CSP
Professional Realtor
0 votes Thank Flag Link Thu May 27, 2010
Hi Susan,

To answer your question, you need to go to http://www.HotHomesofStgeorge.com. They have a ton of useful articles and information there. http://www.hothomesofstgeorge.com is obviously the best real estate reference and website in St. George. BY FAR! We're investors here in the area, that work with the Realtors there, and we're in the process of buying another home, who is incredibly insightful! they seriously have/know all the best deals in the St. George real estate market. Not to mention, their tips and advice is saving us THOUSANDS!! I can't stress enough how great their agents/realtors are (and very fun to work with too). I would highly recommend EVERYBODY to check out their site. Good luck with your house hunting everybody. http://www.hothomesofstgeorge.com
0 votes Thank Flag Link Mon Apr 19, 2010
Hi Susan,

I've just listed a great 4-plex in the city of Washington. It's near exit 10 which is a great location. The rental history is fantastic and all units are currently rented. If you would like more information, Please contact me directly or visit my website http://www.suesellsutah.com.

Have some fun today!
Sue
Web Reference: http://www.suesellsutah.com
0 votes Thank Flag Link Wed Mar 24, 2010
I am not sure what area's you were in if you were just strictly in one City. We do have house rental properties for sale. Please take a look at my web site and it will let you in the MLS and you can put in search criteria and you will be very happy from an investor's standpoint.

Feel free to contact me.
Colleen

colleenstgeorge@aol.com
0 votes Thank Flag Link Wed Mar 10, 2010
Hi Susan. Multi-family is scattered through Southern Utah, but is often priced too high for most smart investors; offering rates of return below other product types with more risk, turnover, and management. Lately, we have seen some offerings that were more in line, but typically what is sitting on the market is overpriced or has problems. If you have an interest in units, the best way to secure a fair deal is to go hunt them down with the help of an investment specialist. Just because "that's what they are selling for" does not mean its a good deal.

The current economy has also created much more value for those seeking to rent single family product. This means that because renter dollars get more house today, you have to choose wisely,or might have to carry a portion of the home/mortgage until the economy improves. Sure, if you want to pick out a cute little house and slap a renter in, you won't have much trouble, but if your RATE OF RETURN is important to you, it's not so easy. There are some great investments here and single family residential can really work if done right. I would suggest you interview a few agents and find one that is experienced in investment real estate - look for commercial designations such as CCIM, SIOR, and CRE, or at least an agent who personally owns a few...
Web Reference: http://www.artisanrea.com
0 votes Thank Flag Link Wed Mar 3, 2010
I'd have to agree with Dave, St. George is a GREAT place to live. We never knew how nice of a place it really is until we visited a couple years ago, and then retired here last year. BEST decision we've ever made. I also have to agree with Carol about http://www.hothomesofstgeorge.com/ We also used Hot Homes of St. George when moving here. It's by far the best Real Estate website in Southern Utah, their "Hot List" is always being updated with the best deals in the market. Also Lance Hill was the best agent that I've ever had the pleasure of dealing with. I recommend him to everybody that is looking for Real Estate in St. George Utah.

Feel free to email me for a referral @ Phil.R.Robinson@gmail.com.

Good Luck in your home search.
0 votes Thank Flag Link Fri Jan 29, 2010
We have lived in washington County for six years after retiring in the Midwest. It's a great place to live, and from what we are seeing, there are really great buys compared to two years ago. It's a retirment mecca and well worth investing. Look in Ivins. There are some wonderful buys there in all price ranges from under 200K to two million+. From some of the subdivisions you can easily walk to Snow Canyon State Park. There are myriad hiking trails throughout the area and in the Red Cliffs Desert Preserve. There are great schools, including two charter schools with no tuition. There are two world class spas, and the Tuachan ampitheater features Broadway plays all summer, plus other big name entertainment most of the year. The scenery is wonderful, and there are large lots available if you are seeking privacy. Utah is known for large families, so a three or four bedroom home will have better resale value down the road.
0 votes Thank Flag Link Tue Jan 26, 2010
Utah is always an acception to the rest of the nation, and St. George will be back stong. There will be an international airport there in 2011; if you do not buy now, you will regret it - with interest rates at historic lows, and prices from a decade ago. Don't try and find the bottom, because you will be burnt. As soon as everyone starts feeling comfortable, it will already be too late.

Look at this subdivision next door to Entrada - http://www.TuweapStGeorgeHomes.com
Also, for building lots all over this beautiful state, and home plans - http://www.DaVinciHomeBuilders.com
0 votes Thank Flag Link Fri Dec 18, 2009
The best resource that I've been able to find was at http://www.hothomesofstgeorge.com/ they seem to have the best foreclosure list that I've seen anywhere in the Southern Utah Real Estate market. They have a very detailed foreclosure list of all the homes for sale in St. George Utah. I think the list is called the Hot List. They also have some very good investment properties on their website as well.
0 votes Thank Flag Link Thu Apr 9, 2009
Susan, you'll need to really look into this first. I have a few friends that went there and purchased houses and apts to rent.................iIF they can find a renter, they are giving them away. Now what about 'short term' rentals by the day or week??? I wonder how that would go? Is it legal and or how do you go about doing that?
0 votes Thank Flag Link Thu Mar 5, 2009
Susan,
There are multi-family units in St. George as well as surrounding areas. There is not any newer construction for apartments. The rental market for multi-family is still good.
Thank You,
Loetta Richter
St George GMAC Real Estate
0 votes Thank Flag Link Mon Mar 10, 2008
The market in St. George is starting to show activity. As you may know we have many retirees here. Prices have declined and if you search the market there are some excellent buys recently. We do not have the foreclosures like Las Vegas. There are a few multiple units but the land is so expensive and there are not a lot of properties zoned for Multi units. Now is a good time to be looking for townhouses to purchase for rental. Search for properties in St George on my web site listed below
Web Reference: http://www.fshaffer.com
0 votes Thank Flag Link Thu Mar 6, 2008
The reason you didn't see any tri or 4-plexes is because there really aren't any. St. George and Washington have been behind in allowing zoning for these types of housing. For the most part there are only single family, condo units, or duplexes. As far as investing, you would do really well with rentals because a lot of people are going into foreclosure here and will have to rent. And there aren't a lot of choices. There are not a lot of apt buildings either. Usually there are places that look like apts, but are condos instead. There is definately a need here for that type of housing. Because people here tend to have a lot of children I would suggest getting a home with atleast 3 bdrms, preferably 4. Or just rent to students going to Dixie State College which will soon become University of Utah St. George which will bring a lot of new students here, there is already a need for student housing. Most of the realtors here think it will be another 2 years before the real estate markets start to pick up. One place I would look at investing is Elim Valley .... http://www.elimvalley.com. It's going to be amazing.
0 votes Thank Flag Link Sun Jan 13, 2008
You're right - there are a lot of developments. Many of those have some good investment opportunities, as the amount of inventory has really increased. I would recommend getting an agent who is familiar with the area and can point you to some good deals.

I'm not sure why you didn't see multi-family - maybe you were in an area that has a zoning that doesn't allow for it. There are some multi-family opportunities there as well.
0 votes Thank Flag Link Tue Jan 8, 2008
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