San Diego, CA · Member since 2016 · 17 posts · 8 votes
Does anyone have some inputs on American Fork UT, and its nearby surrounding areas? It seems to have grown quite a bit, with high tech companies moving in. Specifically looking at a new development in American Fork called Easton Park, Triplex.
Lehi & AF are definitely one of the spots that I believe are the best in Utah. There are also other areas that I'm keeping an eye on, such as Vineyard, Herriman/Riverton, Bluffdale, Draper, Sandy, Cottonwood Heights, etc. But Lehi/AF is by far my favorite because it is the heart of the next big tech metro. The population is rapidly growing, land and home value are appreciating FAST. The renters demographic is high-paying tech & education industry employees/families (UVU, BYU are minutes away, and they are both expanding their campus). The prices are definitely going up but not as built out as Vineyard or Herriman, thus cost to value ratio is great right now. Adobe is doubling the size of their office. There is going to be a huge retail growth surrounding Traverse Mountain & Thanksgiving point, the ongoing construction of the new mountain view corridor and the future transit projects will dramatically improve the access to uptown and the new suburban retail core. (which is another reason I like Herriman/Riverton area, because it will be much easier commuter access to the Lehi tech area) http://udot.utah.gov/mountainview/dld/MVC_MAP_Marc...
I hope this answers your question :)
Here are the links to articles/report that might be useful.
Investor · Spanish Fork, UT · Member since 2017 · 18 posts · 5 votes
9y
Our sfh we purchased in a hot market before the housing crash and we probably paid too much at the time- but we were interested in building a home on the back property (it was a big lot), subdividing, and renting both. However the month after we bought it, the city changed the ordinance and we were no longer able to move forward with our plan. We kept the home this long until he market recovered and then some. So to answer your question, yes, in THIS case, multi family was better. Always? No.
Rental Property Investor · Vineyard, UT · Member since 2017 · 47 posts · 40 votes
9y
Hi guys, just a quick update on the Utah market.
So as I have mentioned in my past comments that my partner and I have invested in Provo (a fourplex), Vineyard (a duplex & a condo) and Lehi (a townhome), all brand new. Right now we have a single family home being built in Bluffdale (adjacent to Draper) using a home owners loan. We just heard there is one pre-construction duplex available in Herriman, a few pre-con fourplex left in the last phase of this new development in Herriman that just released a few weeks ago.
For our clients who have more upfront cash we have been looking into a couple bigger pre-con deals, one in Vineyard (18plex, 3.2M, urban apartments) and one in Springville (20plex=5 townhome fourplexes, 3.5M) both around 7% cap rate.
If anyone has any question about these deals or the market, please let me know :)
Rental Property Investor · Vineyard, UT · Member since 2017 · 47 posts · 40 votes
9y
Here's some more market update :)
- Adobe is doubling the size of their office
- Amazon is opening a facility and bunch of jobs (same day shipping...! Yes!)
Provo, Springville, Vineyard:
Rumour says BYU is planning on opening a medical school in between Provo & Springville in the next 10 years or less. Springville is still cheaper and undevelopped, yet it has an almost guatanteed growth projection because of the geography of this market; north is developing fast and getting congested, so the growth will naturally have to expand to farther south.
Draper (Bluffdale, Sandy)
the city is moving the prison within the next 10 years, rumor says Google is looking at the post-move site
Cottonwood Heights, Holladay, South salt lake area:
The 4 big ski resorts will be connected with a lift in the next few years. Not many people know about it. The RE in the surrounding areas will appreciate quite a bit once that happens.
Rental Property Investor · Vineyard, UT · Member since 2017 · 47 posts · 40 votes
9y
Just a quick update.
We just went to see these awesome contemporary 18plexes (1, 2 & 3 bedrooms) in Vineyard (right down the street from where we live, and we LOVE living in Vineyard). One of the very few new (pre) construction multis available to individual investors here in Utah county. Purchase price $3.1M, $500k down, cap rate in high 7%. Building time is 12 months. Really cool design, floor plans and the club house will have a pool, hot tub, private entertainment area and a huge fitness room. Kitchen and bathroom have granite countertops. Walk-in closets. Private patio. The builder/developer clearly cares about the quality of the finished products and the long-term effect, and attention to details is pretty impressive. They have built hundreds of high quality townhomes in the area. In-house management available for a very low rate (4%). There is only a few available buildings left, without much of marketing effort.
The pictures are of the ones under construction, they will add some cool colors to the exterior, but nothing crazy so it will still look modern and not dated 10 years from now. I have the market analysis on this if anyone wants it. PM me :)
are you still investing in properties in silicon slopes? i am looking for a real estate agent in that area. id appreciate a referral. and any other information you are willing to share. i am very interested in rental properties in that area specifically duplex or multi-family (four plex). you mentioned in your post what communities you like -would you share? thanks so much!