OCR Text |
Show ella li aha ey Sey = ea al Page 14-Wasatch Canyon Reporter, 22 February - 7 March 1995 _ New Developments Spur Real Estate e Boom— by Alex Miller What a: ata five While properties located everywhere in Salt Lake ‘This southward and westward County benefited, the south- of the underlying strength of east quadrant was certainly among the biggest winners. the market for entry level and income across most of the Salt Lake Even before the most recent years makes. The real estate boom in the Salt Lake Valley has benefited both buyer and seller. Increasing demographic segments along upswing in prices, Sandy and with low interest rates and a Draper were feeling the bene- sprawl gave ample evidence these developments. Currently every single lot in “Alta Approach” is sold and was the local coordinator for there the development in it’s early at least half a dozen Real Estate agent Sandy Sullivan (with Probe Realtors) more than adequate inventory of property brought on a flurry fit of an increasing Salt Lake City population. It was in of buying and selling that the these two areas, or on the Salt Lake valley hadn’t seen | city’s west side, where everyfor 15 years. one went to build a home. Teri Deardorff Off: 261-4114 - PONDEROSA REALTORS, INC. 5300 South 900 East Murray, Utah 84117. |Development near the base of Little Cottonwood Canyon el eT The Wasatch rate mid-priced real estate, but it mca Mountains, Utah © The Hamptons, New wasn’t until the current boom York cycle that the really high end EDR eer properties got their legs. There are no better examples of this phenomenon than three relatively new subdivisions at the Snowbird/Alta ‘Salt Lake City mouth of Little Cottonwood Canyon. Park City Deer Valley ee Alta Approach, Little Cottonwood View Estates, and Residential Sales © Vocation Rentals © Investments © Property Management the Pointe at Glacio Park are all exclusive developments within two minutes of the | Fera Baird « ia ah SNOWBIRD / ALTA Little Cottonwood Canyon’s mouth of Little Cottonwood Canyon. Five years ago there was not a house to be seen in PROPERTIES only on site real estate office with over 20 years experience in the Snowbird/Alta Resort Areas Sugarplum Powder Ridge Condominiums Homes Building Lots Blackjack Hellgate The View Shared Ownership . Snowbird Village. -snowbird realty Snowbird Realty PO Box 920071 Snowbird UT 84092 800-453-7122 801-742-2222 ext. 4120 801-742-2807 FAX Located in the Snowbird Center - 2nd floor large, perched “Little Estates” expensive homes on the hillside. At Cottonwood View all but six lots are days. As the New York own- Hogan, subdivider and one of ers’ on. site person she became intimately acquainted with all the headaches a developer goes through. She remembers when it wasn’t so easy to sell the original owners of the land At “The Pointe at Glace Park,” the phone has been ringing off the hook since the developers began to $100,000 even if it did have great views. In light of recent developments the prices they paid look positively reason- gone according to Kent a lot on a hillside for $70,000 seriously marketing the prop- - able. erty about a month ago. Nowadays Alta Approach A BRIEF HISTORY | The earliest of these developments was Alta Approach. Alta Approach is located on the south slope of the mouth of Little Cottonwood Canyon, about a third of a mile below the electric sign. The begin- is adorned with several homes whose value would certainly approach the million dollar range. To Sullivan’s knowledge everyone with a lot at Alta Approach intends to build as opposed to holding the lots _for speculative purposes. This ning of the permit process for is an advantageous situation as Alta Approach got underway in 1987 when a wealthy New York family who had been skiing Alta for years fell in love with the site and bought it establishes the area’s viabili- ty and desirability. The suc- cess of Alta Approach along with the strengthening of the it. The new owners had sub- region’s real estate market made possible the exclusive stantial experience developments that followed. in real estate in New York City and they recognized the potential of Salt Lake City. By 1990 the lots were subdivided and the serious marketing effort began. It’s nineteen lots range in size from a half and acre to four acres. Because of the severe slope up the side of the canyon, the larger lots typically include half to three quarters of an acre of buildable _ acreage. Little Cottonwood View Estates, located immediately to the west of Alta Approach, is another successful development. The twenty acre parcel was just recently subdivided and there are 21 approved lots ranging in size from a half acre to four acres. The lot dis- position is basically the same as at Alta Approach. Even though the improvements such as curb and gutter are not yet |