- Salt Lake City homes were purchased for $ 670,000 and went public seven months later for $ 1.6 million.
- According to local broker Becca Summers, someone spray-painted the house “cleaning up greedy flippers.”
- Summers, where Tik Toks has recorded 2 million views on graffiti, summarized why it caused anger.
Last month, Utah’s neighborhood woke up to clear signs of local frustration with the tough housing market.
Someone covered the sides of a recently overturned Salt Lake City home with pink spray paint.
In fact, according to public records, an investor whose identity is hidden behind LLC paid $ 675,000 for a three-bedroom home in September. Just eight months later, in May, 2,128-square-foot real estate re-marketed for an astonishing $ 1.6 million.
It’s already sold. And the neighbor is obviously angry.
Salt Lake City police confirmed to insiders on May 14 that police officers had “reported vandalism” at home. “The investigation is ongoing,” police said.
Becca Summers, a local real estate agent who wasn’t involved in either sale, saw a graffiti photo in a Facebook group for area brokers. In her TikTok account, @SeasonsRealEstateShe narrated the details of the vandalism Graffiti imageEven as Dramatically different before and after a photo of an upside down house.. The two videos posted on May 20th and 21st were played 2 million times in total and received thousands of comments.
Summers told insiders that the reaction was divided. There is a cohort of voices that sympathize with the destroyers and see the new asking price as making money, while another group defends flippers because refurbishment can be expensive.
“My overall view is very sad for everyone involved. It’s sad to think that it’s okay for someone to hurt someone’s property. It’s also causing problems for people. It’s sad, “she told TikTok.
The incident and its anger represent the challenge of buying a home in the hottest city in the United States. Homeowners and investors may be happy to increase fairness, but tax increases can hurt people with bonds, and soaring real estate prices have caused many to move out of home ownership all at once. I feel pressured by.
“It definitely puts a gap between what you have and what you don’t,” Summers told insiders.
Home prices in Salt Lake City have skyrocketed
Home prices in a typical Salt Lake City reached $ 635,962 in May, an increase of 24.4% from the same month in 2021, when the typical value was $ 511,000. According to Zillow.. (According to Zillow, the typical value for May 2020 is $ 433,000, 18% lower than 2021.)
The scribbled house is located in Sugar House, southeast of downtown Salt Lake City.o oThe most eccentric and colorful progressive enclave ne” regional.
According to Summers, sugar house buyers tend to be millennials, high-income earners, and “fashion-conscious people” who are attracted to the area because of their attractive old homes and walkability.
“To understand the value of this property’s renovation, we need to understand the area where this property has been renovated. This is one of the places where people just pay stupid money,” she said on TikTok. Said.
However, this flip is also exceptional in the region. Two other homes in the same block were recently sold for $ 870,000 and $ 780,000. According to Zillow, the value of surrounding homes ranges from $ 600,000 to $ 1 million.
If the sale price is close to the asking price of $ 1.6 million, it will definitely increase the capital of the surrounding homes. In addition, the property tax of owners may increase next year.
“It will probably add thousands of dollars in taxes to every house that surrounds it,” Summers told insiders.
Home flipping is a dramatic and dangerous business
In her second video, Summers shows photos before and after the remodeling to show the reason for flippers against the new asking price of the home. The kitchen is showing a particularly dramatic change.
“I think this is the house’s biggest statement piece. They removed the walls. They redo a lot of things and put in load-bearing beams,” she said on TikTok. “This is a different kitchen, like the difference between day and night.”
Still, not everyone is convinced.
Critical comments on Summers videos ranged from general distrust of home flippers to the belief that the $ 1.6 million price wasn’t justified despite extreme modifications.
“This flip was 100% superficial and all internal problems must have remained.” user Said in a comment that received over 1,000 likes.
Destroyer anger at home flipping occurs when the industry is facing a slowdown.
Report from housing data company Kukun The short time between buying and selling flippers and lowering permit rates is a sign of “speculation,” he said.