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Overseas Focus - Utah. Monuntain high price rises in Utah

 


Where is it?

A square shaped mid-western US state, bordering Idaho, Wyoming, Colorado, New Mexico, Arizona and Nevada.

What's so special about it?

The US's forty-fifth state, its name means "people of the mountains" and comes from the local Ute Indians. With the Rocky Mountains, the Great Basin, and the Colorado Plateau it has a distinctly rocky landscape. While it has a small population much of the state is uninhabited and nearly 90% of Utahns live in Salt Lake City making the State the fifth fastest growing population in the US, due mainly to a high birth rate and migration into the state. Unemployment is at 2.6% one of the lowest in the US. The St George area is second only to Las Vegas in terms of growth. Salt Lake City hosted the 2002 Winter Olympics, was one of the few Games to make a profit and helped raise Utah's profile.

Best kept secrets Salt Lake City is twinned with Thurles and nearly 6% of Utahns are of Irish descent. The city was founded by the Mormons in 1867 and 62% of the population follow the faith. As a result it has strong views on alcohol and a birth rate 25% higher than the national average. Utah is currently famous for its rehab clinics, used recently by Lindsey Lohan, but on the silver screen it is famous for the annual Sundance Film Festival and was showcased in Indiana Jones, Dumb and Dumber, Footloose, Independence Day, Con Air, Butch Cassidy and the Sundance Kid, Mission: Impossible, The Pirates of the Caribbeanmovies and the cliff scene in Thelma & Louise.

Who lives here?

The Sundance Film Festival attracts a stream of stars but famous Utahns include singers Jewel and The Killers frontman Brandon Flowers, author John D Fitzgerald, hotelier John Willard Marriott, outlaw, Butch Cassidy, The Osmonds singing family and actors Roseanne Barr, Robert Redford and James Woods.

What's the property market like?

Utah had one of the lowest levels of price appreciation in the US a few years ago but official US government figures from the Office of Federal Housing Enterprise Oversight (OFHEO) shows that in the second quarter of 2007 prices have risen 3.2% in a year in the US but in Utah prices rose by 15.3% making it the top performing state. In terms of cities Provo-Orem and Salt Lake City, both in Utah, ranked second and third in the US with growths of 18.2% and 16.0% respectively. However while this is good news for investors, for locals it means the affordability of property is getting lower.

How do you go about buying property?

The Salt Lake Tribune, the Deseret Morning News or Utah Businessmagazine are good sources for solid information and for local agents it is best to consult the National Association of Realtors (NAR), the Utah Association of Realtors or the Salt Lake Board of Realtors. Once purchase has been agreed a 10% deposit is required. Costs will usually amount to 10% of the contract sale price and settlement usually takes place within 60 to 90 days. Mortgages in the US are available to Irish citizens through brokers, such as Irish owned Florida based brokers Celtic Mortgages.

Where are the best places to buy?

For investors the best areas for prices in 2007 were Park City (+58.15%), Salt Lake County (+23.28%), Uintah Basin (+21.47%) and Grand County (+21.63%). The worst were Iron County (-14.48%), Washington County (11.15%) and the Carbon/Emery area (-9.15%).

What's the rental market like?

With migration into the area there is demand for rental accommodation, especially with the prices rising at current levels making it less affordable for locals to buy. In Forbes' "Best Markets for Landlords" list Salt Lake City was ranked just outside the top 10 and rents jumped by about 6-7% and they classed it as the "small-market-that-could"!

What's the resell market like?

With a growing population market and some second hand property in some counties dropping location is vital. However homes priced over $750,000 ( 527,417) are having a difficult time selling.

What type of property is available?

Real estate expert and author of The Real Guide to Making Millions Through Real Estate Lisa Vander told the Salt Lake Tribune that she's telling many of her investor clients not to buy single-family homes for investment purposes as the prices are too high but to opt for multifamily or commercial properties.

Average property prices?

Figures from the Utah Association of Realtors for the second quarter of 2007 show the average price of a house is $271,771 ( 196,635). The most expensive is Park City, where houses are $947,715 ( 668,266) and condos $878,682 ( 619,575). On Salt Lake City homes were $298,214 ( 210,281), while the cheapest were condos in Davis County and the Carbon/Emery area.

What are the tax breaks with Ireland?

Ireland has had a double taxation agreement with the US since 1998. Utah's income tax has six different brackets, sales tax is 5.75%, property taxes are collected at a County level but Utah does not charge intangible property taxes or inheritance tax.

FAST FACTS

Getting there: Salt Lake City Airport has direct flights from London.

Area: 219,887sq km Population: 2,233,169 Currency: US Dollar (1.00 USD = 0.70) Weather: Temperatures range from -8degreesC to 33 degreesC.

Transport: Salt Lake City International Airport is the number one airport in the US for "ights being on time and a bigger airport at St George is due in 2010. There is a light rail system and a bus service to most of the ski resorts. Many Interstate highways and the Amtrak train and Greyhound bus network run through Utah.

Going out: Salt Lake City is the main draw in Utah, however the state has strong alcohol laws and is only sold in state-owned liquor stores. Utah has stunning scenery and popular spots include Flaming Gorge National Recreation Area, Salt Lake Valley and the Four Corners Monument which marks where Arizona, Colorado, New Mexico and Utah meet. Dinosaur hunters check out the Dinosaur National Monument where you can see real dino fossils.

Eating Out: Fry sauce is popular in Utah and is a mixture of ketchup and mayonnaise and is served in most restaurants. Salt Lake City has a diverse range of eateries from sushi to Mexican to fast food outlets.

Shopping: Salt Lake's Gateway Mall is Utah's largest open air shopping district and the main street for shoppers is South Street.

USEFUL CONTACTS

>> US Embassy in Dublin: 01-668-8777; http: //dublin. usembassy. gov

>> Irish Embassy in Washington DC: 001-202 462 3939; www. irelandemb. org

>> Salt Lake Tribune: www. sltrib. com

>> Utah Business magazine: www. utahbusiness. com

>> Utah Association of Realtors:

www. utahrealtors. com

>> Salt Lake Board of Realtors: www. slrealtors. com

>> National Association of Realtors: www. realtor. org

>> Celtic Mortgages Inc: Tel: 001-561-841-1411 or Web: www. celticmortgage. com

>> The Office of Federal Housing Enterprise Oversight: www. ofheo. gov

>> Utah Travel Council: www. utah. com

>> The Global Property Guide: www. globalpropertyguide. com

>> Federation of Overseas Property Developers, Agents and Consultants: www. fopdac. com >> MyOverseasProperty:

www. myoverseasproperty. ie

>>OverseasCafe: www. overseascafe. com




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