The Wasatch Front has been dubbed the “Silicon Slopes” and a “super incubator for tech companies.” Salt Lake itself has been compared to San Francisco from 20 years ago. Of course, we want to welcome the growth, the boom, and all the benefits that come with it, while still evading that growth’s disadvantages. How, and what are some of those hindrances? Skyscrapers and large tenements amongst quiet neighborhoods. Many communities have spoken out against ‘too-tall’ structures or larger developments around Salt Lake.
The problem with trying to dodge new skyscraper construction is that there is nowhere else to put the new arrivals. We have to have high density development to accommodate the future growth of our city. Our population is growing, the real estate market is tight, and there’s just not a lot of inventory. This normally means that prices must up, and it’s no different for us here along the Wasatch Front. According to the Salt Lake Board of Realtors, due to the lack of single-family homes available, the median price of a condo has risen to$203,450, and the number of sales of condos themselves have jumped at a double-digit increase. They go on to report that these higher priced condos are moving just as quick as their single-family counterparts. What does all of that mean? We need more housing units. So we reach upward as the supply of land is limited.
James Cash Penney once said, “Growth is never by mere chance; it is the result of forces working together.” Salt Lake builders and city planners are working hard to try and find the happy medium to providing strong roots for the new growth without uprooting the tradition that is Salt Lake. They are doing this with investigating new zoning laws; making sure new hotel/skyscrapers are mixed use, requiring a certain amount of “walkability” and energy efficiency for new developments. Keep up to date with what is going on near you by following www.buildingsaltlake.com and help The Wasatch Front GROW.
If you have questions about how this market, and growth in general, affects you and your home comment below or contact us directly here.
