July 2009
Ogden/Ogden Valley Real Estate Market Update

While following trends seen in most markets across the country--declining prices and increasing numbers of short sales and foreclosures--the current Ogden/Ogden Valley real estate market is becoming much more attractive for those who have been waiting for a more affordable time to purchase a permanent residence or vacation property.

About 15% of current Ogden Valley condo and single family listings are short sales or bank-owned properties, as were almost 20% of the 57 closed single-family/condo transactions in the past year.  Not surprisingly, the  average sale price for a single family home in the Valley was down by about one-third for the second quarter, compared to second quarter 2008 prices, to ~$270,000; and the average condo sales price was down 25% to ~$263,000--a reflection of both decreasing prices and greater interest in properties on the lower end of the price range.

Moose Hollow furnished 2/2 condos have sold as low as $185,000 in the past year and sales of 3/3 units have been as low as $200,000.  There are a number of 2/2 Moose Hollow units currently on the market under $160,000 with the lowest priced 2/2 unit at $142,900--priced below several Wolf Lodge 2/2 listings and even below some Wolf Lodge 1/1 listings.  Pricing on several Moose Hollow properties is approaching half what they sold for 2-3 years ago, including a 5 bedroom/5 bath 3373sqft Cascades townhome that sold for $685,000 in 5/07 and is now for sale fully furnished as a short sale listing at $399,000.

Though it's notable to see bank-owned/short sale properties listed as low as $70/sqft, it's remarkable to see  newer luxury homes at Edgewater Chalets, where bank-owned 4000sqft+ 4 bedroom/5 bath properties are for sale as low as $525,000 or $112/sqft.

Vacant land/lot prices in the Valley have taken an even greater hit, with half-acre Edgewater Chalets lots that came on the market at $495,000 in 5/07 now priced as low as $127,000; and one acre Crimson Ridge lots initially priced just under $499,000 in 9/06 now priced at $250,000 and selling at $215,000.  A .34 acre lot in the Preserve that sold for $175,000 in 9/05  was recently back on the market and sold for $60,000.  The Edgewater Condo project--adjacent to Lakeside Resort condos and entitled for 168 units--went back to the bank after the first 4 plex was built and is now on the market for $4,999,000. 

Ogden prices have not taken the same hit that the Valley has seen with a YTD year-over-year decline of ~1.5% in single family residential sales prices and ~7% decrease in condo sales prices, though sales have slowed and prices flattened over the past couple of years.  The Ogden market has also benefited from the federal tax credit for first-time home buyers and zero interest loans to help with closing costs, such as Own in Ogden.

Ogden and Ogden Valley both continue to receive national exposure for accessibility to outdoor activities and  Snowbasin was just named the second stop on the 2nd annual Winter Dew Tour freeskiing/snowboarding slopestyle and superpipe competition, to be held January 15-17, 2010.  As I speak with visitors contacting me to book their lodging through my new central reservations business, Utah Resort Reservations, there's no doubt in my mind that even in difficult economic times the buzz about the area is spreading.

For additional information or answers to your questions,
 contact Nancy at Living@NancysEden.com
or by phone at 801-866-2848

ARCHIVES