Does it Still Make Sense to Invest in Utah?
Do folks who are familiar with the area think the Utah housing market is still worth investing in or has the juice been squeezed? I'm Looking in particular around the Lehi/Bluffdale area. New development townhomes going for $350k. I’m from NJ so this would be an out of state investment for me.
I have an old buddy that sells for a developer out there and I’ve been in contact with him as of late, so naturally he is optimistic about the area but I want to make sure I'm doing the proper research. A lot of the articles I’ve been reading do not have Utah listed as one of the better states to invest in right now so I just wanted to see if anybody had thoughts on the topic or any market insights. In particular:
A.) Do you still think it makes sense to invest in Bluffdale/Lehi? Meaning, is there a high demand for rental units?
B.) Do you think $350k for a new construction townhome (estimated completion spring 2021) is overpriced right now?
C.) Are the rents holding up relative to housing prices (i.e. are landlords getting $1,800 - $2,000/mo) and if not how long are these rental listings sitting on the market?
D.) If you are familiar with the area, do you still think there is upside and growth in the years to come on these housing prices, specifically for townhomes?
Anything would help, thanks all!
- Jordan