Mansions popping up all over
In Utah, number of million-dollar homes nearly doubles in 3 years
In fact, according to a recently released report from the U.S. Census Bureau, the number of million-dollar homes in Utah nearly doubled between 2000 and 2003, from 1,081 units to 2,054 units.
Across the state, the percentage of homes valued at $1 million or more was 0.37 percent, ranking Utah 30th nationally in 2003 for the highest percentage of million-dollar homes.
California was No. 1 in the highest percentage of million-dollar homes, at 4.09 percent. North Dakota ranked last, with none, according to the report. Across the United States, 1.02 percent, or 738,838 houses, were valued at $1 million or more, up from 0.58 percent or 394,878 houses in 2000.
Victor Rothaar, a real estate agent for Midvale-based Ultimate Homes of Utah-Signature Group Real Estate, said interest-only mortgage loans and adjustable-rate mortgages are empowering homebuyers to build bigger.
"Those are all programs that allow people to get into much larger homes and more expensive homes than they could with traditional financing," Rothaar said. "Our market has an influx of people moving into the state from California, Florida and back East. They're getting 10 times as much home for the money when they move out here."
Other exclusive neighborhoods include Steeplechase in Draper and Pepperwood in Sandy.
But in Park City, pricey homes are the standard.
Maire Rosol, past president of the Park City Board of Realtors, said she can remember when the first home in American Flag, a subdivision in Deer Valley, hit $1 million in the 1980s.
"Now, everything in American Flag is over a million," Rosol said. "In Bald Eagle, everything is over $6 million. It's just nuts."
Rothaar said he sees buyers selling their out-of-state houses that cost them $750,000 to $800,000 and then moving up into million-dollar homes in Utah.
Debra Sjoblom, president of the Salt Lake Board of Realtors, said modern amenities like game rooms, home theaters and hot tubs entice people to build bigger.
Sjoblom said when she started in the real estate business 29 years ago, she remembers homes she believed at the time were elaborate.
"They were nothing," Sjoblom said. "It has been kind of a fascinating phenomenon to watch. I just think people's emphasis has changed. People do have the resources and they're wanting to have a big family entertaining area for guests, and we're just seeing people spend more time in their homes."
E-mail: danderton@desnews.com
You can be the first to comment on this story.