Will City Creek Condos Sell in the Current Market?

Prices have been announced for the downtown Salt Lake City Creek Condo developments and as you may expect they are expensive. Prices range from $500 to $800 per square foot. To put this in perspective in the first quarter 2009, just 5 condos were sold in the entire downtown area, with an average price per square foot of just $205. That puts the starting price of a City Creek Condo at approximately 150 percent more than the current cost of a downtown condo.

Now don’t get me wrong the City Creek development will be a quality development and probably deserves to be sold at a premium to other condos, but given the current state of the real estate market, it does not seem how such a high premium can be justified.

There are currently two options available if you want to purchase a condo in the City Creek development, The Regent and Richards Court (which in turn is split into Richards Court East and West). Richards Court is located at the gateway between Temple Square and City Creek, the development is comprised of two ten story buildings flanking a tree lined promenade through which flows City Creek. The Regent is a 20 story ultra modern looking building located at the south end of the City Creek Center project on 100 South.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please enter to stop spam *