CRT & ZION

Market Report Canyon Road Towers and Zion Summit

I am providing this market report about Canyon Road Towers and Zion Summit:

I currently have five listings in these two buildings. The previous article addresses some basic items about living in these two and four other nearby condominiums.

First I want to make a few statements on my philosophy and practice as a listing agent, pricing, and a listing agents ethical – even legal responsibility. First it is the agents responsibility to follow the sellers instructions as long as these instructions don’t place their agent in a position to do something illegal or unethical.  Second it is the listing agents fiduciary duty to obtain the highest price for their seller. Consider that the seller may also have a need or desire to sell the home quickly which then places the agent in a situation to balance price and time to sell.

I list many properties where I know that they are possibly priced  too high. The market decides that, not me. I provide reasons for a price range I believe in, but I am never in a hurry for a commission and with the sellers opinion or desire being important I don’t reject the sellers expectation as to the right price. I always provide a seller a range that I believe in. One thing I have seen and experienced a lot is the attitude of “it must be the price, it hasn’t sold in three weeks, so lower the price.” If there hasn’t been a lot of traffic to see the home, why is the price the issue? I joined MediaOne Real Estate mostly because of their amazing advertising support. No company matches it. I hold open houses almost every weekend because I know they work.

I don’t push my sellers to lower their price. I provide feedback and let them decide. This article is an example. I will be sending it to all five of my current client sellers.

OK:

RE: Canyon Road Towers.

All are two bedroom two bath.

There are currently four for sale: $249,900, $252,000. $299,900, and $329,000.

Two have incredible views, one a great view and is remodeled with and has a galley kitchen – is 990 square feet.

In the last 4 months four units have either gone under contract or sold: $179,200, $218,000, $229,000, and $282,500.

The $282,500 unit was really nicely remodeled. It was the only one with the most popular kitchen floor plan. It is the largest in size. The appraisal came in at $292,000.00 The other three had galley kitchens. Only the expensive one was remodeled. The galley kitchen stops many buyers. The size under 999 sq ft affects some.

My observation is that the lower price  units are selling and that a real  high end update/remodel can be important. However, the unit for sale at $329,000 has both amazing view and first class remodel in it’s favor and it still hasn’t sold after 63 days and numerous showings. It is on the 13th floor and looks west out to temple square and the park below. I actually thought that it would be sold by now.

Price is obviously a factor. Three of the four recent sales were under $229,000.

RE: Zion Summit

There are 2 one bedroom units and 1 two  bedroom for sale.

  • Five have sold or under contract in the last 120 days. This is a big amount for this building in this period of time.
  • The units that are currently for sale are priced at $259,000, 249,000, and $169,700. The $169,700 is the smaller floor plan, needs work inside, and is on the first floor facing north.

The units that sold or went under contract are: $165,00, $225,00, $235,00, $249,000, and $250,000.

  • The unit that sold for $250,000 included two parking stalls as part of the purchase price, offering two stalls is a big deal.
  • The unit under contract and listed at $249,000 was nicely updated.

Once again price is the obvious factor. The lower price units are selling. View is a major factor for most buyers. The least expensive ones sold and the lowest price unit here have no view. The sold ones in Zion Summit are on floors 7, 4, and two were on 9.

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