Interested in a penthouse unit in the LDS Church's downtown Salt Lake City condo development?
Even if the seven-figure price tag on the top floor of The Regent doesn't deter you, you're still out of luck. All four penthouse units are already spoken for, and so are a growing number of units on other floors.
In fact, more than three dozen units in The Regent have been reserved, with 54 units left in the first phase still available. Local Realtors say that's pretty good for a 20-story project priced from about $300,000 to $1.7 million. The 150-unit project will be completed in phases as enough units are pre-sold.
Even in the worst economic downturn since the Great Depression, the Church of Jesus Christ of Latter-day Saints is having a fair amount of success selling condos in its downtown City Creek project, which features not only residences but retail space and offices.
Church spokesman Dale Bills isn't expansive when discussing the condos, other than to say that interest has been good given the economic climate. Neither the individual units nor the project itself are listed on the Wasatch Front Regional Multiple Listing Service. Bills is mum about who is buying the condos -- and who can afford them -- but local Realtors say it's probably a mix of in-state and out-of-state buyers.
Prospective buyers are reserving units at The Regent, 35 E. 100 South, by placing a refundable deposit of $7,500. Closer to its scheduled completion in 2011, buyers who sign a purchase agreement will be asked to put down a nonrefundable 5 percent of the purchase price.
One block to the north, across from Temple Square, the church is building the 10-story Richards Court towers at 45 and 55 W. South Temple. They feature a total of 90 units priced from $442,000 to more than $2 million. More than half have been reserved.
A refundable deposit of $10,000 is required at Richards Court, which will be completed by the first quarter 2010. The first buyers, expected to go under contract later this fall, are required to put down a nonrefundable 5 percent deposit when they sign their purchase agreements.
Prospective buyers in either project are visiting a sales office set up on the second floor of the Beneficial Life Tower (by appointment only.) The sales office features kitchen and bathroom setups available in each of the developments, complete with higher-end cabinetry, granite counter tops, hardwood flooring and floor-to-ceiling windows that afford views of Temple Square, downtown and the Wasatch Mountains.
Realtors say the condos' distinctive location -- downtown and near the Salt Lake Temple -- increases their appeal. It also doesn't hurt that units are being built by the business arm of the state's predominant religion.
"The whole project is so unique that I think in many ways they are recession proof," said veteran realtor Babs De Lay.
That runs counter to trends in condo sales. Even as the housing market in the Salt Lake area has suffered amid the economic downturn, the condo market has been hurt harder, according to data from the Salt Lake Board of Realtors.
From January through September, 1,330 condos sold in Salt Lake County, down nearly one-fourth from 1,748 during the same time nine-month period last year. And now, more than ever, condo sales are highly concentrated in the $200,000-and-below range, and many condos in higher price ranges are languishing.
Also, the church has the wherewithal to move forward with a high-end condo project at a time so few projects are able to gain momentum.
Rick Howa of Howa Capital stopped development of his high-end condos west of the State Capitol because of market and the fact he says he can't get financing. Developer Craig Mecham, had hoped to build higher-end condos near 1100 East and 21st South, along with shops and offices. But that project is stalled for the same reasons as Howa's.
With those efforts and others on hold, the church's project has little competition, especially downtown.
Aside from Richards Court and The Regent, The LDS Church is building 30-story condominium tower at 99 W. South Temple. The 185 units have not yet been marketed, named or priced. A fourth condominium building will be built as market conditions allow. City Creek also will include about 100 apartment units, some of which will front Main Street.
Downtown-area advocates say the city is fortunate to have a fairly recession-proof developer committed to constructing so much housing.
Natalie Gochnour, chief operating officer of the Salt Lake Chamber, said she's watched as other downtown developments have made the area a much more lively place. City Creek is poised to make an even bigger impact, she said.
"Downtown housing has really been the missing link in creating a great American city."
