What $400,000 buys: Salt Lake City

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What $400K will buy: Salt Lake City
This two-story contemporary was built in 2005. A slate tile foyer gives way to a great room with gas fireplace, clerestory windows, hardwood floors and recessed lighting which opens to the deck. An open great room adjoins a dining area and kitchen with breakfast bar, granite counters, alder wood cabinetry, smooth-top range and stainless steel appliances. Frosted glass clerestory windows in the dining area “allow light to come in but provide privacy,” says James Harvey, branch broker with Service First Realty Group. Similarly, a double row of windows on the back of the house “provides a lot of light as the sun sets,” he says. The vaulted main level master offers a bathroom with jetted tub, separate shower, granite counters, alder wood cabinets, double sinks and walk-in closets.
4 bedrooms/4 baths
2,814 square feet
0.12 acre
Features: Upstairs guest suite with private bath; professionally finished basement includes library with built-in bookshelves, theater room with surround sound, two bonus bedrooms, plus an extra bath with slate floor, granite counters and alder wood cabinets. Association fee of $150 per month includes garbage, snow removal (driveway and sidewalks) and yard maintenance.
Listed by: Service First Realty Group
What you could buy in Salt Lake City for $400,000 a year ago.
Price trend
At $400,000 this year in Salt Lake City, “The inventory is high, as opposed to what you may have been looking at two years ago,” says Harvey.

This home is a good example of what buyers can get in a planned community close to the city, says Harvey. “If you go a little bit further out, to say Sandy, Utah, or Draper or Harriman, you’ll be able to find a larger home — closer to 3,500 or 4,000 square feet — with similar fit and finish.” Lot sizes will be a little bigger: 1/4 to 1/3 of an acre.

Closer to Salt Lake City, “That’s where you’re dealing with older properties, such as bungalows from the 1920s through 1940s that are smaller square footage and configured a little differently,” he says. “In that price range, they’d be somewhat rehabbed and updated.”

If you were looking for downtown condominiums, depending on location, you could get something fairly new with granite, stainless steel appliances and hardwoods in cabinets and floors, ranging from 1,200 to 2,000 square feet, he says.

Median home prices are down 1 percent from the previous year, according to the National Association of Realtors. The median home price in the area was $229,600 in 2008.

However, in some areas, prices receded 15 percent to 20 percent, Harvey says.

Overall, he says, buyers will discover “a better buy and more product to select from” this year.