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Canovo Group Newsletter - March 2023

Canovo Group Newsletter - March 2023

Utah bubble about to burst?, The Magic of Mother-in-Law Houses, Four Duplexes in Provo

March 06, 2023

Utah Market Snapshot - February 2023

The Utah real estate market has experienced a significant shift in the past year, with notable differences between February 2022 and February 2023. Let's take a closer look at the key changes in the market during this time period.

Firstly, the number of homes sold decreased by 20.7% from February 2022 to February 2023, dropping from 2,981 to 2,363.
Secondly, the median sold price decreased by 6.6% during this period, from $497,707 in February 2022 to $465,000 in February 2023.
Thirdly, the median sold price to original list price decreased from 103% to 94% between February 2022 and February 2023.
Fourthly, the median price per square foot decreased from $227.95 to $215.03 over the same time period.
Finally, the median days on the market increased from 6 days in February 2022 to 50 days in February 2023.

In brief, the Utah economy is currently thriving, and there is a high demand for housing in the state. However, the drastic surge in interest rates aimed at curbing inflation has had a significant impact on housing affordability and the housing market as whole. As a result, we anticipate a decline in all housing categories throughout 2023, which could present a prime opportunity for those looking to make a purchase.

Exciting News! New Podcast Launched!

We are thrilled to announce the launch of The Break Free Real Estate Podcast – your daily guide to financial freedom!

This podcast is specifically designed for newer investors seeking to start or expand their real estate portfolio.

The podcast features three types of DAILY episodes that we think you'll love:

🔥 Quick Tips – Bite-sized episodes of 5-10 minutes that offer practical investing tips, tools, and strategies. These short and sweet episodes are perfect for investors who want to quickly learn something new and actionable.

🔥 Investing School – In these episodes, we take a deeper dive into specific investing topics, ranging from how to find the best deals to how to manage your finances. These 15-30 minute episodes are perfect for those who want to learn the basics of real estate investing on a deeper level.

🔥 Investor Interviews – These in-depth, 30-minute interviews with successful investors will inspire and educate you. We explore their journeys, successes, and failures, as well as the lessons they've learned along the way. These episodes are perfect for those who want to learn from other investors in the trenches doing real deals.

Our primary objective with this podcast is to serve as your trusted guide on the journey towards financial freedom through multi-family real estate. We hope you'll join us!

This week on The Break Free Real Estate Podcast:

Introduction to The Break Free Real Estate Podcast (13:40)
Quick Tips: The Magic of Mother-In-Law Houses (10:07)
Quick Tips: Make Money in Your Current Living Situation (6:03)
Quick Tips: Our Biggest Regrets in Real Estate (6:12)
Quick Tips: Basic Tax Strategies for New Investors (7:16)
Quick Tips: How to Find Good Tenants (10:05)
Investing School: Tax Strategies I Use (12:05)
Investor Interviews: From Realtor To Investor with Braxton Futrell (30:49)

LISTEN TO THE NEW PODCAST NOW

Recent Utah Multifamily Activity

Provo 6 Plex

Built in 1974, 9 Beds, ~4500 SqFt . Asking $1,295,000. Request More Info Listed by: Essential Real Estate

Logan 4 Plex

Built in 1968, 9 beds, 4 baths, sold for $863,000 with cash. sold by: Realty OneGroup Signature

4 Duplexes in Provo

Four duplexes in Provo on half acre lot. $123k in Gross Income in 2022. Asking $2.3M Request More Info Listed by: Mountainland Realty

Turn-Key Fourplex

Built in 2018, 12 Beds, 12 baths, ~6950 SqFt in Eagle Mountain. Sold for $1,200,000. sold by: Capital Advisors Real Estate

Get exclusive access to the top multifamily property in Utah.

Top Headlines, Reports, and Articles

Utah Housing Bubble About to Burst? (canovogroup.com)

The Starter Home in Utah Is Extinct (deseret.com)

How to find good tenants in Utah (canovogroup.com)

Proposal would give first-time Utah homebuyers $20,000 (kslnewsradio.com)

This Week on The Lead Sponsor Podcast…

$450M over 65 Projects, Flex Industrial/Medical Office, Institutional Investors vs Private Investors with Brian C. Adams | TLS242

Brian C. Adams is the President and Founder of Excelsior Capital, Based out of Nashville TN. Excelsior is a private equity firm that has acquired over 65 Total Projects worth over $450M in Acquisition Value

Show Highlights: