Will It Sell? Washington Terrace Home to be built.

This is the first installment of Will It Sell?  It is my goal to look at Homes, Multi-family properties, and other development possibilities.  To see if they will sell.  The first property is a new home to be built in Washington Terrace, Utah.  My Clients are looking to build a 2600 sq. ft. Rambler on a 0.15 acre parcel.  Home Details are this:

Rambler: 1300 Sq.Ft. with 3 Bedrooms, 2.5 Baths, 2 car garage.  The Basement will be unfinished with 1300 Sq.Ft. 2600 Total Sq. Ft.  Surrounding homes in the heighborhood were built in the late 1940’s to late 1950’s.  Washington Terrace Homes average sales price is $145,000.  There is a small subdivision close to the subject property, these homes are Patio/Ranch style homes Selling in the Mid-$250,000 range.  They are approx. 1800-2000 Sq.Ft.

My question is… What should they build?  Rambler or Patio home?  And what do you think the Washington Terrace home will sell for? 

Riverdale, Utah, 1st Quarter 2008 Real Estate Statistics..

A perfect city to Live and own Real Estate .  Riverdale homes are affordable, property taxes are low, and the location is unbeatable.  My family and I live in Riverdale and love it.  We are close to everything.  Riverdale city is the envy of neighboring cities due to the tax revenue of it’s commerce.  If you want to eat at good restaraunt’s Riverdale is the place to come.  Chilis’s, Applebee’s, Ruby River, Olive Garden, TGI Fridays, are a few of the places to eat, along with plenty of fast food places.  If you feel like shopping take your pick, JC Penney, Target, Wal Mart, Justice for girls, Canyon Sports, R.C. Willey’s, what can’t find anything then try the Newgate Mall.  If you need to buy a car or truck, Riverdale Road has plenty of Dealerships to choose from…  Oh….. you don’t want a car?  Then try Harley Davidson of Northern Utah or Carey’s cycle, or go buy a boat at Petersen Marine.  Need to fix up your house?  You have The Home Depot and Lowes on Riverdale Road.  Whatever you need you can find in Riverdale.  You like the outdoor’s.  There are 3 parks, the Weber River Pathway, and the Kayak park at Weber River.  I don’t know any other city I would rather live.

Riverdale, Utah Real Estate, 1st Quarter 2008 Statistics

14 Riverdale Homes Sold

Median Price: $245,000

Average Price: $235,000

Low: $131,750

High: $309,500

Average Time on Market: 77 Days

Current Homes on the market: 62.  39 of these homes are new Construction,  In the Combe Farms subdivision.

No Multi-family properties are currently on the market.   No Multi-family properties sold

-Basic Riverdale City Demographics-

Riverdale City Population

 Population: 8,264

Land Area: 4.6 Square Miles

Population Growth Rate: 1.3% (Annualized last 5 years)

Riverdale City Income

Median Income: $47,594

State Income Ranking: 50th Percentile

National Income Ranking: 64th Percentile

Average Income Households with Children: $56,734

State Income Ranking: 50th Percentile

National Income Ranking: 56th Percentile 

Average Age for Riverdale City: 29.2 Years

Household Characteristics for Riverdale City

58.9% Married

39.9% With Children

 The accuracy of all information is deemed reliable, but is not guaranteed.

Washington Terrace, Utah, 1st Quarter 2008 Real Estate Statistics.

Here we go….  My first blog,  I chose to write about Washington Terrace, Utah.  One of the best Cities to buy Real Estate.  (My opinion)  I also was raised there.  I enjoy selling and marketing Real Estate in Washington Terrace, Utah.  

Let’s look at the 1^st quarter 2008 Real Estate Stats. 

 23 Homes Sold

Average time on the market: 48 days

Average Price: $144,900

Median Price: $134,800

Low: $103,000

High: $330,000

There are currently 33 Single family homes on the market. (April 3, 200

1 Multi-family (Duplex) Sold for $220,000.

There are currently 2 Multi-family properties on the market. (April 3, 200  

In my 6 years of Real Estate experience and dealing in Washington Terrace, the market has seen some good steady appreciation, around 10% per year.  The 1^st quarter 2008 has seen a little slow down but demand is relatively strong.  One reason for strong demand is the city is close to good Commerce, Shopping, Restaurants, Retail, Schools, Transportation, and Employment.

Washington Terrace is a great place for investors to own rental property.  The Properties I own there have virtually no vacancies, and rent is good and rising. 

-Some basic demographics- 

Population for Washington Terrace City

Population = 9,139

Land Area = 1.9 Square Miles

Growth Rate: 1.3%

State Growth Ranking: 56th Percentile

National Growth Ranking: 77th Percentile

Annualized (Last 5 Years)

Income for Washington Terrace City

Median Income:  $45,300

State Income Ranking:  45th Percentile

National Income Ranking:  59th Percentile

Average Income

Households with Children: $52,730

State Income Ranking: 40th Percentile

National Income Ranking: 49th Percentile  

The accuracy of all information is deemed reliable, but is not guaranteed

This has been my first blog post. If you have any feedback I would greatly appreciate it.   What did you like?  Was it easy to read?  What area’s can I improve? 

Thanks,

 Marty Reynolds

www.Iamutahrealestate.com