I™ve just sold a Resale – single family property at 1133 W Kensington Dr in North Salt Lake. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 1401 Lombardy Pl in Salt Lake Cty. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

On November 17, 2010 at 03:00 AM, you are invited to an Open House at 1234 English Riding Circle in Salt Lake City. If you are looking for a Resale – single family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Resale – single family property, check out my site at audreymonson.topproducerwebsite.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

According to the Institute for Luxury Home Marketing the average price of  a luxury home is $1,097,744 with an asking price of $307 per square foot, average days on market of 117.   Almost 40% of these homes  had a decrease in price since being listed.   The whole report can be viewed on the Institute for Luxury Homes website.

Utah’s market paints a different picture, specifically the Salt Lake luxury market where the average asking price is $784,179, with an average price of $194 per square foot and  156.  

Many  homes once considered to be  ”luxury homes” are now listed below $700,000 and are being sold as short sales or as bank owned.   The hardest hit areas are South Jordan, Draper, Herriman and Eagle Mountain to name a few.   These are areas where there was a high concentration of million dollar homes being built during the period starting 2005-2007,  at the height of the market.

If you are looking to purchase a luxury property this is a  great time.   Many luxury properties are  selling for half, or less,  of their original price.   For more information log onto our website at www.utahbestluxuryhomes.com  or e-mail  me directly at audrey@monsongroup.net.    

I know that this doesn’t apply to the luxury home market, but many of us have children or friends who would like to know more about the new changes to the tax credit.   The following is a simplified, boiled down version:

For those of you who want it simplified, here are the basics on the new tax credit:The new law extends the tax credit for first-time home buyers for up to $8,000.Includes a new credit of up to $6,500 for repeat buyers.All buyers must have a binding contract on a house in place on or before April 30. The purchase must be for a principal residence and must close on or before June 30.First Time Home Buyer Defined:   To be considered a first-time home buyer, an individual must not have owned a home in the past three years. Existing Home Buyer Defined:   Existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased.

Income Limits Defined:   The income limits have been raised with the new tax credit.   According to the Internal Revenue Service’s Web site, www.irs.gov, the home-buyer tax credit phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.

Feel free to contact us  at (801) 867-7053 if you want more information or visit our website at www.bestutahluxuryhomes.com, or email me at audrey@monsongroup.net.