Cedar City, UT

The GR Parry Subdivision is one of those great post World War II subdivisions in the Cedar City Real Estate Market. It has the added advantage of being almost in the Center Part of Cedar City. It is near Southern Utah University as well as shopping and the downtown area.

There have been 3 homes sell in the GR Parry Subdvision in the past three years, although currently, no homes are listed for sale in the MLS. This is another quiet subdivision that is close enough to the University to be attractive to investors as well as homeowners.

Market Update 3/13/2012: There are currently no homes listed for sale in the Multiple Listing Service. In the past 12 months there have been no homes sell in the G R Parry Subdivision. It is a built out subdivision and an extremely stable subdivision.

G R Parry is one of the great subdivisions in the Cedar City Real Estate Market!

Here are the photos:

Cool Atomic Ranch Home in the GR Parry Subdivision

Anther Ranch Style home in the GR Parry Subdivision

Cottage Home in the GR Parry Subdivision

Just in case no one in the Cedar City Real Estate Market has noticed, we are running out of inventory. I know that may not be earth shattering news, I mean after all, Peyton Manning got released today! We are really running out of inventory for the first time home buyer market. In fact, homes listed under $135,000 that are in decent to good condition (and stick built) likely will have multiple offers within 24 hours after hitting the multiple listing service. I am talking about single family detached homes.

We just had a notice posted by the local board of Realtors of an article written by the Utah Association of Realtors that January 2012 was the best January in the past 5 for home sales. January, according to this article was the 8^th straight month of increased sales when compared to the same month of the previous year. These UAR figures were based both on existing home sales and new construction home sales.

What does this mean to you the consumer? That becomes a very important question! We have clients who just today told us that they were wishing that they hadn’t waited six months to really start looking after they decided that it was time to buy. The rising cost of gasoline and diesel fuel is going to affect the construction price of new homes, which will increase the demand on existing homes that reach the market. We know what increased demand equals; of course it equals higher prices.

Darcy and I were talking just the night before last that we are going to have to see a big spike in new construction in the Cedar City Real Estate Market just to satisfy the demand of the entry level home buyer. We made that comment without factoring the daily 20 Cent jump in gasoline prices into overall construction costs.

My big fear now becomes once the last of the shadow inventory hits our market, the first time homebuyers will be left renting, as the price point of housing will be too high for the typical first time home buyer in the Cedar City Market. This is a scenario that is never good! In fact, it is the worst of all scenarios, because it will lead to inflation, which is something that none of us want to see in the economic recovery! I guess that the point I am making is, that in my opinion, now is the time to act! Get into that new home before inflation and increasing prices make it impossible to buy.

This is especially true if you’re looking to build a new home. Politicians spend too much time blaming each other to adequately address the danger that rising fuel prices pose to the economic recovery. Everything that we consume from the food that we eat to the clothes that we wear is delivered from somewhere else. This is true of construction materials for houses, not to mention the cost of the workers to and from the job site. We just don’t have the inventory of houses right now to meet the demand. New home construction is always a major factor in the health of the economy. Here in Cedar City it is the first time homebuyer right now that is driving our real estate market. If new construction is too costly to keep up with demand, we run the danger of falling back into the trap of this past recession, a glut of homes that no one can afford to buy.

Most realtors will tell anyone that if you’re looking to buy or invest it is one of the best markets that we have seen in many years. Price points in Cedar City are at 1998 or 2000 levels, but our inventory level is the lowest that it has been in years. I know that if I were thinking of buying or building a home in the near future, I wouldn’t wait any longer, I would get started as soon as possible!

House in Cedar City

After World War II there were many great subdivisions added to the Cedar City Real Estate Market. College Vista is one of those great subdivisions. It is also one of those subdivisions where there is almost no turnover.

College Vista is like the name implies near the University. In fact University housing falls inside of this subdivision. College Vista is almost two subdivisions, the one that is a lot of investor owned property, and the other that is owned by homeowners. The latter I am going to treat in a separate blog, called Dewey Avenue. The former, is the subject of this blog.

Like the other subdivisions in the area, The College Vista Subdivision was built in the mid 1950's. Most of the homes are brick, and many have been turned into student rentals. There is currently 1 home listed in the MLS at $149,900.

Market Update 3/7/2012: There are currently no homes listed for sale in the Multiple Listing Service. There have been no homes sell in the past 12 months. This is really one of the most stable subdivisions in the Cedar City Real Estate Market.

Here are some photos:

Brick home in College Vista

Another Brick home in College Vista

Cottage in College Vista

One more College Vista Home

Cross Hollow Hills is another great subdivision in the Cedar City Real Estate Market. Cross Hollow Hills is just South of the North Ridge Subdivision. It is South and West of Cedar City, it is also in the County. It is an older subdivision, by that I mean that it has filled in a lot more than North Ridge, it was built in the late 1990′s and early 2000′s.

Like North Ridge, it is on larger lots, lot size beginning at 1.75 acres and up to a little over 3 acres. Unlike North Ridge, there are animal rights in Cross Hollow Hills, which allows you to have horses. It is like North Ridge in that it is a high end subdivision, meaning larger, custom homes. It also has lots that offer views of both the West Cedar Valley and Views to the Mountains East of Cedar City.

There are currently 5 homes listed for sale in MLS in Cross Hollow Hills ranging from $399,000 to $500,000. It is a beautiful area, secluded with trees and a view. Very nice homes, in a quiet, rural setting.

Market Update 4/13/2011 as of today the Multiple Listing Service has 6 homes listed for sale in the Cross Hollow Hills area. They range in price from $299,900 to $699,900. This is a great subdivision with upscale homes on acreage. Cross Hollow Hills is a great benefit to the Cedar City Real Estate Market.

Market Update 12/23/2011: There are currently 6 homes listed for sale in the Multiple Listings Service ranging in price from $289,900 to $546,000. In the past 12 months there have been 3 homes sell ranging from $330,000 to $405,000. There are currently 4 lots listed for sale ranging in price from $75,000 to $140,000. These lots range in size from 2.17 to 3.8 acres.

Market Update 3/7/2012: There are currently 4 homes listed for sale in the Multiple Listings Service. They range in price from $289,900 to $525,000. In the past 12 months there have been 2 homes sell. One sold for $330,000 and the other sold for $400,000. There are currently 2 lots listed for sale one at $92,00 the other at $140,000. These lots are 2.87 and 2.75 acres and include animal rights.

Here are some photos:

A picture of some of the homes in Cross Hollow Hills

Some More homes in Cross Hollows Hills, you can also see the great views as well.

Another look at the views in Cross Hollow Hills.

Another of the great new subdivisions in Cedar City Real Estate Market is the Old Farm Subdivision. It is a new subdivision with plenty of lots to build on. It is more of a larger home subdivision and no so much a starter home type subdivision.

It is in the City limits, on the North side of the City. This is a subdivision that is listed with another office, but it is a nice subdivision and needs to be shown to those looking to buy or build in Cedar City. It was built in 2007. There are currently 3 homes listed for sale in the Old Farm Subdivision with prices ranging from $237,000 to $299,000.

Market Update 5/2/2011 There are currently 2 homes listed for sale in the Old Farm Subdivision one at $249,900 and the other at $279,000. This is a subdivision that is convenient to the Interstate 15, the newness, the size of the homes, and the ability to continue to build new homes combine to make Old Farm Subdivision another great addition to the Cedar City Real Estate Market!

Market Update 12/21/2011: There are currently no homes listed for sale in the Multiple Listing Service in the Old Farm Subdivision. In the past 12 Months there have been 2 homes sell, one at $187,243 and the other at $259,000. There are currently 33 lots listed for sale ranging from $25,000 to $39,700. The lots are between .23 and .38 acres. This is still a great location to bring your builder and build your dream home!

Market Update 3/5/2012: There are currently no homes listed for sale in the Multiple Listing Service. The past 12 months have seen 2 homes close. One sold for $187,143 and the other sold for $259,000. There are currently 32 building lots listed for sale ranging from $18,000 to $34,000. These lots are between .24 and .38 acres, so the opportunity is there to bring your own builder and build the home of your dreams!

Old Farm is really one of those subdivisions with tremendous potential!

Here are some photos:

Old Farm Home

Another Home in Old Farm

Old Farm Street Scene