I love this area of town, it's where I call home! 84105 is proving to be an oasis of calm on our otherwise slowing market. There are many reasons, the most obvious is it's close to everything, like the Universities and Downtown. There's a trendy feel in 84105 while still providing the character and calm of "anytown USA." If you're a yuppy, a hippy, or a working professional who enjoys good restaurants and city access, there's a good chance you live here. Consequently, its the perfect area for investors looking for rental properties or other investments.
While other areas of our city have seen harsh declines, zip code 84102 and the Avenues have both seen a 29% decrease in number of listings sold from 2007 to 2008. In this same period, 84105 has seen a 4% increase. Compared to once steamrolling areas like Draper (84020) has seen sales drop from 27% to 17% of listings sold from 2007 to 2008.
The following figures are comparables of January to July 15, 2005 to 2008 for zip code 84105. In 2005 67% of all listings sold for average price of $244,000, in 2006 it was 49% at average of %298,000, in 2007 36% at average of $334,000, an in 2008 40%sold at average of $316,000.
I believe this is one of the best areas to buy in now and going forward. It's location means it will remain one of our most stable, and sought after areas. Indeed, if gas prices stay high, owning property in 84105 will be one of the smartest choices you can make.
Best,
Matt
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