Houses in Affordable Metros That Could Become Hot Spots

By Lauren Baier Kim

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Across the U.S., there are signs of a cooling housing market. Yet, in pockets throughout the country, there is a contrasting trend -- areas sidestepped by the real-estate boom are experiencing increased buyer demand, says David Lereah, chief economist of the National Association of Realtors in a .  Driving buyers to these comparatively lower-priced areas is affordability, he says. Here's a look at homes in three metropolitan markets that appear to be on the way up: Salt Lake City, Denver, and Albuquerque, N.M.

• Salt Lake City, Utah
• Albuquerque, N.M.
• Littleton, Colo.

PLACE/PRICE: Salt Lake City, Utah/$1.75 million

PROPERTY TAX*: $7,016

THE PROPERTY: The gated estate of David Elmore, co-owner of the Utah Grizzlies, a professional ice hockey team. The 5,760-square-foot house, which sits on nearly an acre with views of Mount Olympus, includes five bedrooms and seven baths, all on a single level.

DESCRIPTION: The home, which was built in 1942, was renovated by Mr. Elmore and his wife, Donna, in the late 1990s. Among the residence's features are hand-carved 19th-cenutry English doors, hand-rubbed tongue-and-groove walls made from fir, and several fireplaces, two of which are antique. Outside can be found a guest house/artist cottage, a swimming pool and a hot tub.

NOTABLE: The compound, which serves as a vacation property for the couple, is located 20 minutes away by car from area ski resorts. Downtown Salt Lake City is a 20-minute drive away, as is the international airport. Prices for local vacation homes have been rising about 1.5% a month since September, says listing agent Gale Frandsen of Prudential Utah Real Estate in Salt Lake City. "We are definitely in a progressive market now," he says. Proximity to the ski resorts factors prominently into a residential property's price, he says. A buyer looking to purchase an area vacation home in a gated community should expect to pay at least $900,000, he says, with the most expensive vacation home on the market at press time listing for more than $17 million.

 

  

Sources: , , 

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PROPERTY TAX*: $7,016

THE PROPERTY: The gated estate of David Elmore, co-owner of the Utah Grizzlies, a professional ice hockey team. The 5,760-square-foot house, which sits on nearly an acre with views of Mount Olympus, includes five bedrooms and seven baths, all on a single level.

DESCRIPTION: The home, which was built in 1942, was renovated by Mr. Elmore and his wife, Donna, in the late 1990s. Among the residence's features are hand-carved 19th-cenutry English doors, hand-rubbed tongue-and-groove walls made from fir, and several fireplaces, two of which are antique. Outside can be found a guest house/artist cottage, a swimming pool and a hot tub.

NOTABLE: The compound, which serves as a vacation property for the couple, is located 20 minutes away by car from area ski resorts. Downtown Salt Lake City is a 20-minute drive away, as is the international airport. Prices for local vacation homes have been rising about 1.5% a month since September, says listing agent Gale Frandsen of Prudential Utah Real Estate in Salt Lake City. "We are definitely in a progressive market now," he says. Proximity to the ski resorts factors prominently into a residential property's price, he says. A buyer looking to purchase an area vacation home in a gated community should expect to pay at least $900,000, he says, with the most expensive vacation home on the market at press time listing for more than $17 million.";var houseBText = "PLACE/PRICE: Albuquerque, N.M./$650,000

PROPERTY TAX*: $2,816

THE PROPERTY: A contemporary Southwestern home on 1.65 acres, through which runs the Tijeras Creek. The Sandia Mountains can be seen from the south and east sides of the 4,016-square-foot house, which has four bedrooms and three and one-half baths.

DESCRIPTION: Currently used as a primary residence, the home is 10 miles from downtown. The main house has a center-island kitchen with walk-in pantry, a wood-beamed living room, an upstairs balcony off the family room, and an office. A 32-foot by 40-foot garage/workshop includes a kitchen and a bath.

NOTABLE: The home, which was originally listed at $795,000, is one of the highest-priced properties in Albuquerque's housing market, says listing agent Val Hart of Val Hart Real Estate in Albuquerque. "We don't have a whole lot of homes over $1 million," she says. The estate's size and its "unique location" (on a creek) account for its high price tag, she says. Albuquerque is experiencing a seller's market, she says, in which homes saw a year-over-year appreciation of 10% to 15% in 2005, she says. The price on this property was dropped because it was "priced too high," she says.";var houseCText = "PLACE/PRICE: Littleton, Colo./$575,000

PROPERTY TAX*: $3,001

THE PROPERTY: Perched about eight miles up in a Denver suburb in the foothills of the Rocky Mountains, this home looks out over the mountains toward the city. The contemporary-style residence has three bedrooms and two and one-half baths in 4,200 finished square feet. (There is an unfinished storage area in the basement.)

DESCRIPTION: The residence has an open floor plan and a cabin feel, with post and beam construction and several decks with mountain views. Downtown Denver is 30 to 35 minutes away by car, and the city's tech center, a job hub for local executives, is a 30-minute drive away, says listing agent Jeb Baum, owner of Help-U-Sell Mountain Homes in Evergreen, Colo. Ski slopes are an hour away by car, he says. Shopping malls are about 15 minutes away by car.

NOTABLE: The house was placed on the market just about a month ago, Mr. Baum says. The price range for comparable mountain residences in the area is $500,000 to $800,000, he says. This property is priced toward the bottom of that price range because it lacks a garage, he says. Also, he says, while this residence's kitchen has not been updated, "Most homes over a half million dollars have upgraded kitchens with granite." The area's housing market has seen yearly price gains of 3%, he says. "Since 9/11, we pretty much have been plugging along with slow steady growth," he says. "We are not at risk of the bubble reported for other areas of the country."";var houseA = new Array("","/images/buyingselling/20060509-retreats-1.jpg",houseAText,addText,"/images/buyingselling/20060509-retreats-1.jpg","/images/buyingselling/20060509-retreats-2.jpg","/images/buyingselling/20060509-retreats-3.jpg");var houseB = new Array("","/images/buyingselling/20060509-retreats-4.jpg",houseBText,addText,"/images/buyingselling/20060509-retreats-4.jpg","/images/buyingselling/20060509-retreats-5.jpg","/images/buyingselling/20060509-retreats-6.jpg");var houseC = new Array("","/images/buyingselling/20060509-retreats-7.jpg",houseCText,addText,"/images/buyingselling/20060509-retreats-7.jpg","/images/buyingselling/20060509-retreats-8.jpg","/images/buyingselling/20060509-retreats-9.jpg");var masterArray = new Array("",houseA,houseB,houseC);function startHouse(master) {document.myPicture.src = masterArray[master][1];//document.getElementById("picText").innerHTML=masterArray[master][2];document.getElementById("thumbText").innerHTML=masterArray[master][3];document.getElementById("picText").innerHTML=masterArray[master][2];document.Thumb1.src=masterArray[master][4];document.Thumb2.src=masterArray[master][5];document.Thumb3.src=masterArray[master][6];}function myThumb(master2,house) {picName = masterArray[master2][house];if (picName != "/images/blank.jpg") {document.myPicture.src = masterArray[master2][house];}}function myCursor(master2,house) {picName = masterArray[master2][house];if (picName == "/images/blank.jpg") {for (i=1; i

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