Salt Lake City’s current sellers’ market has seen home prices jump across the city, but in the Liberty Wells neighborhood the spike in home prices has been more pronounced as more people are drawn to the neighborhood that boasts quick access to downtown, good transit access and proximity to the city’s second largest park.
According to Zillow, the average home price has risen $45,000 since April 2017. But in the Liberty Wells neighborhood, the average home costs $56,000 more today than a year ago. There are several mid-density housing projects underway in the neighborhood that will add to the for-sale housing stock. Additionally constructed has started on the Cleveland Court condominiums that will add five for-sale residential units to the 300 East block of Cleveland Avenue.
The project replaces a single-family home, quintupling the density of the property. Crews recently demolished the home to prepare for construction that should commence shortly as the developers have received the need preliminary building permits.
According to planning documents, the homes will all be attached creating a u-shape with two homes fronting 400 East, two homes fronting Cleveland Avenue and one home fronting an alleyway to the west. The two buildings will be connected by a two-story common area building to the north that will include a roof deck. According to planning documents, each home will be two stories with a garage and living space at the ground level and bedrooms and large balconies at the second level.
The garages will be accessed via 400 East, Cleveland Avenue and the alley to the west of the project. The homes and common area building will wrap around a shared landscaped courtyard that will have pedestrian connections to Cleveland Avenue. The homes will also have a slight setback from the street to provide small front yard areas for the residents.
Salt Lake’s housing market is becoming increasingly unaffordable as the demand for housing outpaces the supply and salaries fail to catch up to rising housing prices. This week Realtor.com listed Salt Lake City as the third most-difficult housing market for Millennial home buyers.
Projects like Cleveland Court help increase the city’s for-sale housing stock by taking lots that previously consisted of just one single-family detached properties and replacing it with single-family attached homes.
Another similarly sized residential project is moving forward. On Wednesday, April 25, the Salt Lake City Planning Commission approved with conditions a planned development request for The Cynthia, a proposed a three-unit townhome project at the 500 South block of 800 East. As with Cleveland Court, The Cynthia will replace a single-family home.