Real Estate Reality | Where to invest, adding statement points, investment properties.

Summary

Dear Alice | Interior Design Podcast Summary

Episode: Real Estate Reality | Where to Invest, Adding Statement Points, Investment Properties
Release Date: March 13, 2025
Hosts: Jessica Bennett and Suzanne Hall (Alice Lane Interior Design)
Guests: Rob Corcoran, Corey, and a Real Estate Expert

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1. Introduction to Real Estate Investment

The episode kicks off with a discussion on the current real estate landscape, focusing on the abundance of home equity Americans possess and the best strategies to leverage it for building further wealth.

Notable Quote:

Unnamed Real Estate Expert [02:00]: "Most people probably shouldn't touch it. If you knew if you were comfortable and confident in the stock market... your real estate's gonna be there as long as you're insured properly."

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2. Utilizing Home Equity for Wealth Building

Corey and the Real Estate Expert delve into the pros and cons of tapping into home equity through methods like HELOCs. They emphasize caution, highlighting the high interest rates associated with such loans and recommending alternative investment avenues.

Notable Quote:

Unnamed Real Estate Expert [02:54]: "Let it sit and just start building. Utilize that low mortgage... Put that into something. Absolutely, it'd be the right thing to do."

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3. Renovations with High ROI: Kitchen and Curb Appeal

A significant portion of the conversation revolves around home renovations that offer the best return on investment (ROI). The kitchen is unanimously identified as the top area to invest in, not just for personal satisfaction but also for boosting resale value. Additionally, enhancing curb appeal through updates like new doors and landscaping is recommended to make a strong first impression on potential buyers.

Notable Quotes:

Unnamed Real Estate Expert [03:09]: "The kitchen is where most people spend... what can I do? How creative can I get with my kitchen?"

Unnamed Real Estate Expert [05:05]: "Go spend four grand and get a new garage door... It'll make a big difference. You'll get top dollar for your house."

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4. Trends in Real Estate Design: Authenticity and Statement Pieces

The discussion shifts to current design trends, emphasizing the importance of maintaining authentic architectural features like fireplaces and arches. The Real Estate Expert advises against removing unique elements that add character and timelessness to a home. Instead, they encourage incorporating statement pieces that resonate with buyers’ memories and preferences.

Notable Quotes:

Unnamed Real Estate Expert [09:14]: "Do not tear those things out, because people love those things."

Unnamed Real Estate Expert [12:18]: "Have the Italian French range... that's your statement piece in your kitchen."

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5. Real Estate Market Insights: Utah Ski Towns and Investment Opportunities

A deep dive into the Utah real estate market highlights investment opportunities in ski towns like Park City and Midway. The experts discuss the potential growth driven by upcoming events like the Olympics, the appeal of rural land investments, and the high demand for unique, character-rich properties over ultra-contemporary designs.

Notable Quotes:

Unnamed Real Estate Expert [22:53]: "I would invest in downtown Salt Lake right now, anything."

Unnamed Real Estate Expert [32:32]: "Midway is a hot spot... they're buying land. That's where I'm seeing people park their money."

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6. Challenges in the Real Estate Market: High Renovation Costs and Airbnb Viability

The conversation addresses the rising costs of renovations, particularly in high-demand areas like California, and the diminishing returns on investment properties such as Airbnbs. The Real Estate Expert points out that high HOA fees and maintenance costs are making traditional investment properties less lucrative.

Notable Quotes:

Unnamed Real Estate Expert [29:16]: "The prices of real estate are killing the investor because you can't make enough generated each month."

Unnamed Real Estate Expert [29:14]: "An Airbnb is an investment property. It's an investment property trying to create revenue... location, location."

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7. Advice for Homeowners and Investors

Wrapping up, the Real Estate Expert offers practical advice for homeowners considering renovations and investors navigating the current market. Emphasis is placed on enjoying the renovation process, being intentional with design choices, and focusing on creating spaces that build lasting memories.

Notable Quotes:

Unnamed Real Estate Expert [36:04]: "Enjoy the experience. I think so many people get wrapped up... Have fun with it."

Alice [37:20]: "Trust your designer. Hire a trustworthy designer and then trust the designer."

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Conclusion

This episode of Dear Alice | Interior Design provides a comprehensive look at the intersection of interior design and real estate investment. From leveraging home equity and smart renovations to navigating the complexities of the Utah real estate market, listeners gain valuable insights to make informed decisions. The emphasis on authenticity in design and strategic investment highlights the nuanced approach required to maximize both personal enjoyment and financial returns in today’s dynamic housing market.

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Overall Notable Quote:

Unnamed Real Estate Expert [35:53]: "Have fun designing your home... it's going to be your home. You're going to create amazing memories there. So have fun."

Transcript

[Alice]

Welcome to Dear Alice, a lifestyle approach to interior design.

[Rob Corcoran]

Hello, everyone, and welcome to our second part series of Real Estate Reality with Rob Corcoran. This interview is so juicy, we had to split it into two parts. And I'm really excited for you guys to hear about the second part of the conversation. But first, I want to tell you about our trade program. This is fantastic news for you guys that are interior designers out there. We offer a really unique product to the marketplace. We're designing our own product, we're manufacturing it, and we have it in stock for the most part. And so these things are ready to ship out to your clients. They're good for your projects because it's not that same old stuff that you see kicking around. And it is finished and built to last. Right, Corey?

[Corey]

Yep.

[Rob Corcoran]

Yeah. Really, really stunning stuff. So to sign up for the trade.

[Corey]

Program, you go to alicelanehome.com and you're going to go to the design services tab. Scroll down to to the trade, fill out the form, and we'll do the rest. We'll get back to you.

[Rob Corcoran]

Awesome. Okay, let's get back to that conversation with Rob.

[Corey]

There's a lot of people that have equity in their homes right now.

[Unnamed Real Estate Expert]

Obviously, you take most of America's incredible amount.

[Corey]

Yeah. So in your opinion, what's the best way to use that to build further wealth right now? Or do you not touch it?

[Unnamed Real Estate Expert]

Most people probably shouldn't touch it. If you knew if you were comfortable and confident in the stock market. I mean, look, here's the tough part about your real estate. Your real estate's gonna be there as long as you're insured properly. Ding, ding, ding. We just talked about most people are underinsured. They don't even know it. So if I was anyone listening to this podcast, I would absolutely go to your insurance agent and say, hey, I just want to make sure my home's doubled in value the last few years. Are we insured properly? Keep in mind, on 95% of the homes in America, and if they adjusted your insurance, it might go up a few hundred dollars a year.

[Alice]

Yeah, right.

[Unnamed Real Estate Expert]

We're not talking about being next to, yeah, Forest, National Forest or something. So I would absolutely advise people to definitely call check on their policies to make sure they're good there. And we can only learn from what others mistake. Other people have made mistakes. Right. But to answer that question, you could pull some of that money out. But here's the problem. If you pull some of that money out and do a HELOC, you're paying 7% or more. So you need to make sure. Probably more like 8 or 9 on a HELOC. You need to make sure that. That your wealth advisor is going to guarantee you. No wealth advisor can guarantee anything more than that. I think that's kind of tricky. I'd probably just keep. Keep the wealth and stay out of debt. Take the money from. You have a. You have a 2.5% mortgage. Right. You have very low mortgage paying every month. Take more money and invest in the stock market. Start right there. Don't take the wealth that you currently have created.

[Alice]

Let it sit.

[Unnamed Real Estate Expert]

Let it sit and just start building. Utilize that low mortgage. Instead of double down and paying double mortgage payments. Take that $1,200 a month or 3,000, whatever your lifestyle is something. Put that into something. Absolutely. It'd be the right thing to do.

[Corey]

Okay.

[Rob Corcoran]

Okay.

[Unnamed Real Estate Expert]

We having fun.

[Alice]

So much fun.

[Rob Corcoran]

Question for one of our listeners is, besides a big reno, what improvements give the best ROI in terms of adding value?

[Unnamed Real Estate Expert]

Great question. So kitchen bar none. We all know that. But what people. I think a lot of people miss. Was that question geared towards selling or just a Renault?

[Rob Corcoran]

Renault, she said. But you could speak to either because.

[Unnamed Real Estate Expert]

People want to know you're sitting or selling kitchen. Well, when it comes to Reno, it's what makes you happy.

[Rob Corcoran]

Yeah.

[Alice]

Amen.

[Unnamed Real Estate Expert]

Most is your primary bedroom and your or your kitchen in your primary or kitchen and all the bathrooms, right?

[Alice]

Yep.

[Unnamed Real Estate Expert]

Majority of your home is sheetrock paint and floors.

[Rob Corcoran]

Pretty easy to change.

[Unnamed Real Estate Expert]

Pretty easy to change.

[Rob Corcoran]

Kitchens and baths are expensive.

[Unnamed Real Estate Expert]

Yeah. And the kitchen is where most people spend. Families spend most of their time.

[Corey]

Yeah.

[Unnamed Real Estate Expert]

So I would, you know, it's, it's a, it's simple but definitely kitchen. That's what buyers are looking for to place, Right?

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

That's where you come into play is, okay, what can I do? How creative can I get with my kitchen? So just wanting to paint it, it's not really a Renault. If you're going to Reno, there's so many, as you all know, so many cool things you can. I didn't even know existed in kitchens these days that are just unbelievable. So.

[Alice]

And to, and to your point of like, you have to like has to be amazing for it to sell. You know, right now the kitchen's where people look. The kitchen, kitchen's closets.

[Unnamed Real Estate Expert]

In regards to selling your home, one thing that people tend to miss is everyone. Have you ever heard of the saying curb appeal? We've all heard it. Oh, you gotta have a curb appeal. People miss that. So the first Thing you do is go buy a new door. Your door is 18 years old. It's faded, it's ugly. Go get a new door handle. Just replace the entire thing. Fresh and clean. When people drive to your house, put some money in flowers, landscaping. And here's the one thing that people. People tend to forget because it's a little expensive. Go spend four grand and get a new garage door. We're just talking how people have all this equity in your house. You're Gonna pull out $400,000 out of your home. Go spend $4,000, put a brand new garage door, brand new front door. Landscape the front of the home. I promise you it'll do. You have no idea. It's all about how you feel. I've been in real estate 24 years. When a client gets out of the car, how do they instantly feel? How many homes have I gone into? I'm like, we're going to be in here for three minutes. Because I can tell how it's taken care of by the front.

[Alice]

Yep.

[Unnamed Real Estate Expert]

So really make it pop. Really, really make it pop. Declutter your home. Spruce it up a little bit inside. But really, it's the front. There's so many cool, modern, neat garage doors these days. Right. So do that. It'll make a big difference. You'll get top dollar for your house.

[Corey]

I'm going to say this. Even if you're not thinking of selling, do that, because then you're going to love your home.

[Unnamed Real Estate Expert]

Right. You enjoy the home.

[Corey]

Yeah.

[Unnamed Real Estate Expert]

Cheers to that. Exactly.

[Alice]

So sad when they do all this work to sell it. I'm like, right. Darn it. Years ago. I know.

[Unnamed Real Estate Expert]

Yeah, absolutely.

[Corey]

I should have started loving my home.

[Unnamed Real Estate Expert]

Yeah. Or if you think you're moving in three to five years. Yeah, do it. Enjoy it. Keep it nice. Take care of it. And decluttering. Of course, I know it's common sense, but you would be shocked at the people. Is it agents? As an agent, you're hiring me to tell you what to do. And I think a lot of agents are afraid. I am not afraid to tell my client anything. You're not buying a house near a telephone line or a power pole or a busy street. It's not happening. I won't allow you to do it. Those types of things. And clients appreciate it. So tell them, declutter. Take 50% of everything out of your closet and get rid of it. Donate it, put in storage, I don't care. But it's out of the house. And no, it's not going in the garage.

[Alice]

That's advice for anybody.

[Corey]

Yeah.

[Alice]

Right now.

[Unnamed Real Estate Expert]

If you're struggling with that, sue, you know, I can chat about it later.

[Alice]

I know. Thank you.

[Unnamed Real Estate Expert]

I don't think you're struggling with that.

[Corey]

In 2017, I sold a condo that I owned for, like, I had it for, like, 10 years, and I bought a home. And when we went to sell the condo, I, like, replaced the carpet, touched up all the paint, did all this work, and I'm like, actually, I wish I wasn't selling this place now.

[Unnamed Sponsor]

Right.

[Corey]

You know? Yeah, yeah.

[Unnamed Real Estate Expert]

It felt good. It felt refreshed.

[Corey]

Exactly.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

I like that.

[Corey]

So that's great. Maybe keep your interest rate where it's at. Refresh your home.

[Unnamed Real Estate Expert]

Refresh your home. Keep it for a few years. Absolutely.

[Alice]

Rent it out. No doubt.

[Rob Corcoran]

I have two questions from listeners here that kind of want to know the same thing. The first question is what color palette has the most universal appeal when marketing a home other than neutrals?

[Unnamed Real Estate Expert]

Oh, no.

[Rob Corcoran]

And the other question, your knowledge here is I have not when to. When to incorporate something unique. Like, so you have a real memory point about that house. Like, oh, you remember that house with the.

[Alice]

The French range?

[Unnamed Sponsor]

Do you feel.

[Rob Corcoran]

Whatever it is, I don't know what they're talking about.

[Alice]

They're so pretty good for you.

[Rob Corcoran]

So, like, uniqueness in a property when you're. When you're making these decisions. For resale.

[Unnamed Real Estate Expert]

That's a great question. For resale. Once again, I like where you're going. Do this a little bit earlier. Why give someone else the upside? Now you will get top dollars. So just to give you an idea, when you do a reno in that kitchen, you'll probably recoup about 80% of the money that you put in when you sell it. That's pretty darn amazing. Good rejection.

[Alice]

Yeah.

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

And if that helps you get closer to top dollar. Yeah, it's worth it. Absolutely worth it.

[Corey]

Or sells your home quicker because you're no doubt about it, you have appeal that others don't.

[Unnamed Real Estate Expert]

Absolutely. So here's. This is kind of cool. So for those that aren't familiar, we have this little area called Sugar House in Yalecrest in downtown Salt Lake City. Really boutique, really quaint. Beautiful little homes have gotten very expensive. Just put an offer on one the other day for a client, and it was. It's. The family had lived there for 70 plus years. Oh, yeah. So awesome.

[Alice]

That's amazing.

[Unnamed Real Estate Expert]

Same people or same family? Grandma, Grandpa, 70 years, generation.

[Alice]

My gosh.

[Unnamed Real Estate Expert]

So awesome. Like, you can feel it when you walk in. Nothing can change, folks. Matter of fact, what's crazy is I'm walking outside and the agent had told me, well, there's a fireplace. Like, I see the chimney. I don't see the fireplace. No, they covered it up with Sheetrock because that was a cool thing to do, is cover up the windows.

[Alice]

Blasphemy. Blasphemy.

[Unnamed Real Estate Expert]

And there's a Right. And a gorgeous fireplace. And so if we are lucky enough to get it, we're going to. We'll find out this afternoon, which I think we will get it. But nonetheless, I cannot wait. We're like, we're having a party. We are tearing down the wall.

[Alice]

Oh, my gosh.

[Corey]

That's.

[Unnamed Real Estate Expert]

I've heard it's going to be beautiful. I think there's going to be a stunning 1920s fireplace behind here and bring in more light with windows so things like that don't cover up. But the reason I bring that house up, you walk into the kitchen, and it is literally like 1955. There's a little. Two little benches and a little window. And you know what it looks like, right?

[Alice]

Yeah.

[Unnamed Real Estate Expert]

I told my client, do not tear that out. So going to exactly what your question is, if there are things of value or you're in a neighborhood that is built in the 1920s. Oh, my gosh. So thankful they didn't tear out their fireplace. They just covered it up. Leave those things you can incorporate. You all know as well as anyone, that's what you do. Incorporate that into whatever look that you want, but do not tear those things out, because people love those things. When you walk into a home, it's interesting.

[Alice]

It's interesting what even clients are wanting right now. Obviously, we keep saying, like, traditional trending, which is such a dumb thing to say out loud because it's traditional, but people want the history they want, and that. That feels timeless. When you do go to grandma's house, you're like, the memories I have there. And, like, it's still timeless today. Yes. Things can be updated around those memory points, but. Yeah, I totally agree.

[Rob Corcoran]

What's the trend we saw last night? Are they calling it Castle?

[Alice]

Castle Core?

[Rob Corcoran]

Castle core.

[Alice]

It's a new, like, microtrent trend. Well, I don't know if it's new, but.

[Rob Corcoran]

Well, it's spaces that are, like, dark and moody and opulent and antiques.

[Unnamed Real Estate Expert]

Oh, absolutely. Totally goes with that home.

[Rob Corcoran]

It's that old dining situation. It's the old fireplace, those old traditional. You know, just like, kind of old money moves. People are loving that in the kitchen.

[Unnamed Real Estate Expert]

Yeah, I saw. I'm like, what is behind this thing? Grab this, pull it down.

[Rob Corcoran]

What was it, an ironing board?

[Unnamed Real Estate Expert]

Yes. Like, why would you ever get rid of that?

[Alice]

That is the thing.

[Unnamed Real Estate Expert]

They're like, oh, someone had mentioned. Oh, you just take that out and you make it a. Excuse me. A put your salts, or what do you call it?

[Alice]

Spice rack. Spice rack.

[Unnamed Real Estate Expert]

Spice rack. Sorry, I'm a guy. Spice rack. I'm like, no, you don't tear that out. We'll put spices somewhere else. Like, I'm sorry. That's cool. Don't get rid of those types of special features in a home, because people are, I think, today, America. Well, I spoke at the Park City Home Builders association, all because of this last cast I did with you. And you were there, and we were talking about. Remember, I went back to the builders, I said, what are you going to do differently?

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

People are getting tired of this contemporary box with glasses. And no offense, if anyone in this has it, it's beautiful. It can be, but it's not comfortable. It's not cozy.

[Corey]

Doesn't have character.

[Unnamed Real Estate Expert]

Doesn't have character. So one builder stood up in the background and said, we just did. They built a spec build. It's completely unique and furnished. It sold it for $7.1 million in three days. Why? Because it was different. I cannot tell you how many homes are on the market that are ultra contemporary. Sure, they're ski in, ski out, but they're a box with glass windows. I'm telling you. I think you all would know best. But me as a real estate agent, it's time for change. People want what we were just talking about. I don't want to forget and escape the question about colors.

[Rob Corcoran]

Yeah, I know.

[Unnamed Real Estate Expert]

So, yeah. Typically you want neutral colors because people like Alice Lane can come in and add color to your life.

[Alice]

Yeah, right.

[Unnamed Real Estate Expert]

That's pretty good. Right?

[Rob Corcoran]

For sure.

[Alice]

You're texting the mail.

[Rob Corcoran]

But anything.

[Alice]

If you are about to do a remodel, if it's done in good taste and you're doing your research before you hop into that bath. Right, right. And if it's done in good taste, you could have a green kitchen, you can have a red kitchen, whatever it is. And that's a memory point. If it's done well.

[Unnamed Real Estate Expert]

If it's done well, we're seeing. I mean, you know, I'm talking about your world, but what do we start seeing really cool blue kitchens again? Right. You're starting to see more. Everything's, you know, gone back to kind of panel refrigerators, so on and so forth. But have the statement piece. Have the Italian French range. Yeah. 100%, because. Yes, they're more expensive. You're gonna pay seven to. You guys know, $50,000. Call an average for 11 grand, you can get a gorgeous Italian range.

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

That is your statement piece in your kitchen.

[Alice]

Well, don't you take some equity out for that? I mean, let's do that.

[Unnamed Real Estate Expert]

Get that a buddy.

[Corey]

Yeah.

[Rob Corcoran]

I think the wife, too. I don't know. But if I were the wife in this situation, I was talking about which house I'm trying to decide between, I'd be like, you know, the one with the French range. I'd probably keep going back to memory point.

[Unnamed Real Estate Expert]

Absolutely. We're the ironing board.

[Rob Corcoran]

Have something memorable. Then it just sticks with you differently. If your house is different, it stands out.

[Unnamed Real Estate Expert]

I am seeing people. When I was shopping myself for a home in Arizona, people are starting to gravitate there. It's, you know, you've got. Neighborhoods have been in it like anywhere else, 20, 30 years. Right. But like, ranch ramblers, like, you don't talk bad about a ranch rambler there. That is cool. Hip trendies, 1960s. And people are spinning. You all know you've probably done some. They're spending money in homes like that. They're only 2,200 square feet, but they're not afraid to spend a million dollars renoing one. I mean, just awesome. The big trees. I think the world's changing a little bit.

[Alice]

I do, too.

[Unnamed Real Estate Expert]

From wanting new new, new new. To. Wait a minute. Let's find a community that has got large trees, lakes, ponds, whatever it is that you're looking for. But I think that's. And people aren't afraid to spend the money. Once again, Alice Lane. To make it their home.

[Alice]

Yeah.

[Rob Corcoran]

I've also heard that the big open floor plan is going away. People actually want rooms. Right.

[Alice]

It's so fun for designers.

[Unnamed Real Estate Expert]

Yeah, I bet it is. But is it not we as people ebb and flow, like everything does. And it's. We get sick of what we have anymore.

[Unnamed Sponsor]

Yeah.

[Unnamed Real Estate Expert]

So, you know, I'll just share something. So the place I bought is Santa Barbara style. You guys are familiar with it?

[Alice]

Yep.

[Unnamed Real Estate Expert]

On Arizona, when I went into my. When I went into the. My contractor, I'm like, so we need to make sure we bring arches back in. The. The property's beautiful. The contractor's like, well, wait a minute. In Arizona, arches are a thing. And a lot of the homes are like, I've been tearing out arches for 10 years. I'm like, well, you don't understand. This is Santa Barbara style. This is what the style is. So I had them put the arches back in and it's just kind of funny because it looks totally cool but yet anyone else is tearing out the arches because they wanted more contemporary and modern at the time. Even though it doesn't necessarily go with the flow. But I feel like people are there. They're gravitating back towards. I don't know what it is. I think it's a good thing for all of us.

[Rob Corcoran]

Well, I think authenticity is what you're going back to. Like the roots of the house.

[Unnamed Real Estate Expert]

Absolutely.

[Rob Corcoran]

I want the DNA on the inside to match what it is. You want it to have integrity. So it's not even about a trend. You're like, let's just make this pure. Right?

[Unnamed Real Estate Expert]

Yeah, absolutely. And newer construction, no matter what you guys have done it. You can even put your touch on it. But someone's spending 5 million and 5 million is so strange. At the end of the day they look the same with different colors. I went into a. It was in pebble beach last weekend and went into a 35ish million dollar home.

[Rob Corcoran]

Go you.

[Unnamed Real Estate Expert]

And you're going to see what I like. What do you got?

[Alice]

Yeah.

[Unnamed Real Estate Expert]

I was so disappointed.

[Rob Corcoran]

Isn't that sad? Like you felt nothing?

[Unnamed Real Estate Expert]

No.

[Corey]

Underwhelming.

[Alice]

I get it.

[Unnamed Real Estate Expert]

Completely underwhelmed. Home that can be built right down the street and is that just happens to be sitting an extraordinarily expensive piece of land on the bottom.

[Rob Corcoran]

What a missed opportunity.

[Unnamed Real Estate Expert]

Complete missed opportunity. Blown away by it. I could not. Beautiful. Don't get me wrong. And teach their own. Wow. Did you have a chance to bring back some history, some real soul? Real soul, yeah. So anyway. Teach their own. Once again, not good or bad, but we're finding more people are looking for that.

[Alice]

Go ahead.

[Unnamed Real Estate Expert]

No, this is fun.

[Alice]

I was gonna say you said something interesting about the contractor. Kind of like questioning your idea for the arches. So I'm like, don't listen to your contractor unless he has a really great eye and knows the history of where you're renovating. Like you do the research. I'm so glad that you push back. So many people would be like, okay, he's in the industry, I'll let him decide. But that's such a bad idea. So if you're. Yeah. Whether you're selling or renovating, like you need to just like.

[Unnamed Real Estate Expert]

Right. And it's not like some major rental. I would have had full blown team there. I mean it's kind of common Sense what was needed. But no, you're exactly right. And that's where you bring in an architect. That's where you bring in, you know, Alice Lane. And do it right if you have the funds to do so.

[Alice]

But every choice is important. If you're doing anything. If you're buying a trash can, there's a prettier trash can over here than there is over there. Be intention.

[Unnamed Real Estate Expert]

Be intentional. Makes a difference. And it is so easy, I will tell you, it is so easy to set yourself apart when it comes to selling your home. Yeah, it is as simple as. Yeah, absolutely. It is as simple as the garage door. Say you're going to take, say your home's valued $850,000. Take $10,000 and say, okay, what are we going to do with this $10,000? Our front door, Our garage door. Okay, we just burned to five. But man, does our home look good. Oh, we can do, we can, we can plant flowers on our own, right? That's easy. Go to Home Depot, make it a date day. Right, whatever. That's a piece of cake. But figure out where the next $5,000 is going. You know, do we need to repaint the cabinets? They're pretty, but the kids beat them up. The dog scraped the door. Oh, my gosh, I could go on for hours about this. I've seen, seen it all, right. New carpet. Those little things are what make a difference. And once, I think we alluded to this earlier today, the market is different. Yes, there's low inventory. Yes, there are multiple offers. There are also homes out there that have sat for 90, 120, which by. In a normal market. That's normal. We're not in a normal market. We don't have inventory. So if we had a six month inventory, which is a normal flat market, 120 days would be normal. We're seeing some homes sit for 120 days and we have no inventory. And that just tells you that they're either in a poor location, they're not well cared for. And people are starting to recognize that. So the one thing that has changed from now, as opposed to two years ago, when it was just like, man, if it has a roof and running water and a toilet, I'm buying it. Literally. That's the way it felt. Those days are far gone. People won't, they're like, these homes are too expensive. I'm not investing in this.

[Rob Corcoran]

Which is smart. Well, I feel like our listener, I could be wrong. Everybody listening is a design enthusiast of some sort. Right. Because they're Tuning into this design podcast. So I think most of us, we'd be okay with what you just described. Running water, yada yada. We want to make our own design decisions. I mean, you do want it to look nice. The point, Corey, the updates you did, it looked nice, it sold the home. And then we could still go in and add our personality. But I've heard people say, you don't want to pay for somebody else's reno.

[Unnamed Real Estate Expert]

You want to do that because right now you're paying top dollar for somebody.

[Rob Corcoran]

Else'S rent for somebody else to design the kitchen. And all of us sitting here and salivating because we're like, I want to design the kitchen myself or I have ideas about my dream kitchen and now I had to pay for theirs.

[Unnamed Real Estate Expert]

And you all know too, I mean, you know better than anyone, the cost of doing that is not cheap right now.

[Rob Corcoran]

It's actually so much worse than you can imagine. Yeah.

[Unnamed Real Estate Expert]

And even in California, you have to go back to California. But you all do a lot of homes there.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

A bathroom in Utah you could still do not. I'm not, I'm not talking about a $10 million home. You can spend whatever they want, but let's just say it's a 1.4 million dollar home.

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

You know you're gonna spend 30, 40 thousand dollars in a bathroom. How much is that in California? Because my sister went through one and she's like, you can't redo a kitchen for under like 150 grand.

[Alice]

I'm like, what's crazy?

[Unnamed Real Estate Expert]

Because that's what it can cost. And just the prices of living on the coast.

[Rob Corcoran]

Yeah.

[Alice]

This is like pre fires. But just like even this is about a year ago, I talked to a builder in Northern California and just, I'm like, where does it start? Square foot price for you to even like consider building a home? It's like 1200 a square foot.

[Unnamed Real Estate Expert]

Oh, that's interesting.

[Alice]

1200 a square foot.

[Unnamed Real Estate Expert]

Wow.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

Base price.

[Alice]

Yeah. Even. Even now we're start going to start another build here in the county. And they're like, with what the bank would loan them, they're like, we want to be around 400 square foot. These are like, this is like high dollars. We understand that that's a 400 a square foot.

[Rob Corcoran]

In Utah.

[Alice]

In Utah. But I just talked to the client, but I'm just like, if you can be like closer to that 600, we can do something.

[Unnamed Real Estate Expert]

Oh, you can get something great.

[Alice]

Something great. But the 400's hard. No, 400 is really, really hard. For us?

[Unnamed Real Estate Expert]

Oh, absolutely.

[Rob Corcoran]

It was 100, like probably six or seven years ago a foot.

[Unnamed Real Estate Expert]

It was selling homes at 98. We when we hit 100 a square foot, probably decade ago.

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

I was like, I cannot believe people are buying homes. And now that is nothing. So you want to hear fun little tidbit of us Always. This is. So I was in Aspen a few months ago and I'm in real estate, so I'm always fascinated, toying around, looking on realtor.com, blah blah, blah. And people always wonder in Park City because that's where we live. So sorry I keep talking about that just happens to be where we live and we know the market well. How much more growth per square foot can we get out of Park City? So we have more land. Aspen has their landlocked, so to speak, with the mountain range. We have more land so we can continue to grow. But nonetheless, people gravitate towards the ski resorts. Right?

[Alice]

Yeah.

[Unnamed Real Estate Expert]

Common sense. So we're anywhere There are some $2,200 a square foot homes up there. And there' few outliers that are more, no doubt about it. Right. But on average, you're 15 to 22, 2300 bucks a square foot. And this is jaw dropping. I was at a friend's house, has a condominium and I started like, what is this little place?

[Rob Corcoran]

Is this in Park City?

[Unnamed Real Estate Expert]

This is in Aspen. 900 square feet, two bedrooms. Built in 1980s. Okay, nice. Still close to the mountain. Yes, sue, hang tight. You're right, Sue. Okay, nice little place. But you can imagine it built in the 1980s, built with all wood, so on and so forth. How much do you think that property will go for? 8 or 980 sq ft, two bedrooms. Close to the mountain. They're in town. Aspen's gorgeous. Under a thousand square feet.

[Corey]

I was going to say 10. I was going to say 2 million, but that's like probably the 12 is.

[Unnamed Real Estate Expert]

That there were three under contract in the same community. 4.5 million. Go them the average. Yeah. Average price per square foot there is about $4200 a square foot. Anywhere between 35 here on the outline I'm talking about in town. 3500 square foot to 4500 square foot.

[Rob Corcoran]

So can I ask you a question then?

[Unnamed Real Estate Expert]

Ask anything.

[Rob Corcoran]

If I'm a real estate investor and I want to invest in a ski town, what makes the most sense to park your dollars? Well, and let's just say that this is just funny money because it's okay.

[Unnamed Real Estate Expert]

I was going to say when you say park your dollars. You're talking about people, any money, high.

[Rob Corcoran]

Net worth individuals that have, you know, two homes. This is maybe a third home.

[Unnamed Real Estate Expert]

That's a great question.

[Rob Corcoran]

Oh, I think it's growing.

[Unnamed Real Estate Expert]

It's still growing. And we have the Olympics. And I have my own opinion on what's going to happen at the Olympics. It's just my opinion, but I think it's probably fairly close to being accurate with the ebb and flow of the real estate market.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

We still have so many people moving there. So Park City is an interesting dynamic right there. Every ski community is different. We have traffic like crazy in town now.

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

So I would, I would a year or two ago, three years ago, I would have said, well, you're going to buy, ski and ski out, park your money and ski and ski out. Now are people parking their money out in camas out in Oakley?

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

One ship Colville.

[Rob Corcoran]

For the listener, we're talking about. Tell them, tell them what's what.

[Unnamed Real Estate Expert]

That's about anywhere from 15 to 20 minutes outside of Park City and it's just farmland. It's cattle country. Farmers, Very rural. Holy cow. Artist town going through the roof. So now they're buying land. Instead of buying the big home in Deer Valley, they're buying, I want 10 acres. I can build my dream home or I want 20. The ranch I just sold already had the house on it. Had a caretaker take care. Excuse me. Took care of the animals, had all of it. It's Moving. Ready. Boom. March 2nd. They're moving in and they've got their dream home, which is awesome. So that's where we're seeing people. That's where I'd park the money. Land is priceless. It always will be.

[Rob Corcoran]

So just outside Park City, you're not going to get the traffic. You're going to get more land. And you can. It's not as expensive yet.

[Unnamed Real Estate Expert]

Oh, it's getting just as expensive.

[Alice]

Oh, it is.

[Unnamed Real Estate Expert]

But you're going to get land. That's the difference. You're going to pay just as much. 6.

[Rob Corcoran]

But you're going to get that more rural feeling. Is it a little bit like Montana?

[Alice]

I mean, I know I'm very Yellowstone about this conversation.

[Unnamed Real Estate Expert]

About this conversation. Yes. That's what people are going for. That show alone changed the game.

[Rob Corcoran]

Yeah.

[Alice]

Like, cowboy hats have just, like gone up in stock.

[Rob Corcoran]

Splitting.

[Alice]

My gosh.

[Rob Corcoran]

I have a few.

[Alice]

Yeah, you do.

[Unnamed Real Estate Expert]

I'm going to the PBR rodeo tomorrow. I'm going to get a hat and yeah, buddy, I'm not going out with.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

I can't wait to see your boots.

[Rob Corcoran]

Get your name branded in that.

[Unnamed Real Estate Expert]

Let's go.

[Rob Corcoran]

So fun.

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[Corey]

How long have you lived in Park City?

[Unnamed Real Estate Expert]

Oh gosh, twice now. Since 2003 to now. And then left for a stint. No, left for a couple stints. I would say call it 15 years. Somewhere around there.

[Corey]

Are you as. This is a totally different subject. So sorry. But are you like as blown away as I am with lift ticket prices per day at Park City?

[Unnamed Real Estate Expert]

They know what they're doing.

[Corey]

That's insane.

[Unnamed Real Estate Expert]

It's all about buying the pass. Right. So they're funneling Everybody. Yeah. You're $300 for it makes no sense. They want you to buy for a day for to your twelve hundred dollars for a family four to go skiing.

[Rob Corcoran]

How much does it cost to go.

[Corey]

To Disneyland for $104?

[Unnamed Real Estate Expert]

No. Yes.

[Alice]

What?

[Corey]

No. Yeah, for that. If you have a pass, that's a one day. No, no, that's a one day. I mean they fluctuate. If you go on the weekend it's a little bit more we factor. Not, not.

[Alice]

Not Park Hopper and not Genie Pass.

[Rob Corcoran]

Had a season pass for the last how many?

[Unnamed Real Estate Expert]

Okay, so what's your problem? She's a pass. Run.

[Corey]

I mean, they went up, but they're $975 right now for unlimited.

[Unnamed Real Estate Expert]

It's. It's.

[Corey]

Yeah, Noel. There's restrictions to it. You got to get a reservation, all of that. But they're doing the same thing. Ski resorts are sure.

[Unnamed Real Estate Expert]

They're funneling you down a rabbit hole to buy a pass exactly.

[Corey]

To where you're like, you can go six days throughout the entire year.

[Unnamed Real Estate Expert]

Then they have your information and they send you the Epic Pass in August. And right now you can get it for a thousand one. I buy them every year for my kids and myself. You can get it for 1100. It was 700 four years ago. And then it keeps getting higher and higher. But the family's like, we might go to Park City. Oh, wait a minute. We can ski over 40. I don't know what it is. 50 ski resorts around the world. What if we went to Switzerland for a weekend? No, you're not going to Switzerland for a weekend. But you bought the Epic Pass. How they note their dance.

[Corey]

I went to Brian Head Resort over the weekend. My lift ticket was $70. I haven't paid that since I was in high school, probably. I don't know. That's insane.

[Unnamed Real Estate Expert]

I skied at Alton. I remember. It was 21 bucks.

[Corey]

Yeah. Wow.

[Unnamed Real Estate Expert]

Times have changed.

[Corey]

I heard the reason is because they're not getting as as much snow like consistently throughout the year. So they, you know, they'll have lulls where.

[Unnamed Real Estate Expert]

That's a nice story they're selling. I mean, we're still Utah arsenals.

[Corey]

That's true.

[Unnamed Real Estate Expert]

Get more than most, even on a bad year.

[Corey]

Yeah. Yeah, that's true.

[Rob Corcoran]

Ski resorts. And all people want to know, are Airbnbs worth it?

[Unnamed Real Estate Expert]

Oh, my gosh. That's a great question. Google that one. It depends where you are. I. Yeah. Your professional opinion maybe in the right location. Otherwise. No, look, they dropped 50, you know, after Covid and rentals. 50 people could travel the world again.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

When I go to Europe, they don't want to go to wherever. You know, they've been there. We went there three years in a road to Montana or whatever. Yeah, I think so. Here's. Look, an airbnb is an investment property. So let's back out the word Airbnb and call it what it is. It's an investment property. Right. You're trying to create revenue for that property. You get a lot of wear and tear. There are some. I went to Portugal and stayed in one and it was absolutely awesome. I'm like, location, location. Who wouldn't rent this as an Airbnb. She's probably booked up for three years, right? Yeah, I think it's a struggle. Prices are killing investment properties. I've had investors call me.

[Rob Corcoran]

Say that one more time.

[Unnamed Real Estate Expert]

Prices, the prices of real estate are.

[Corey]

Killing the investor because you can't make enough. Generated enough each month.

[Unnamed Real Estate Expert]

No sense whatsoever.

[Alice]

Now you have insurance too, or more.

[Unnamed Real Estate Expert]

Right. But in a typical community that you're going to buy an investment property and that won't be too big of an issue. So I've had investors call me Rob. Let's go find some investment. I'm just straight up with them. I'm not going to be able to find you anything that makes any sense whatsoever. So I'd suggest. Personally, I would suggest now, are there good deals out there? I'm sure there are. That's not what I specialize in. Are they one in a thousand? Yes, they're one in a thousand. I could tell you some places I would park money. I think I would park money in downtown Salt Lake City.

[Rob Corcoran]

My brother just did that.

[Unnamed Real Estate Expert]

Very smart. What'd he buy?

[Rob Corcoran]

He just sold a big company and had to get rid of a bunch of money.

[Unnamed Real Estate Expert]

There you go.

[Rob Corcoran]

So he invested in that package where they're going to be regenerating the downtown. Yes. Oh, yeah, yeah. Millions.

[Unnamed Real Estate Expert]

Brian Smith.

[Rob Corcoran]

Tens of millions. Yeah. Just invested in that.

[Unnamed Real Estate Expert]

I would invest in two places that I know of confidently in Utah, downtown Salt Lake, for. Out for. Without a doubt. In 10 years, you're going to be blown away. It's going to be like New York City.

[Rob Corcoran]

Would you say invest in the real estate there or invest in that whole.

[Unnamed Real Estate Expert]

I would just. Well, that's different. That's a different animal. Right. He had an opportunity to invest in development. For the typical individual that's looking at an investment property. Oh, I'd buy in downtown Salt Lake right now, anything.

[Rob Corcoran]

Condos.

[Unnamed Real Estate Expert]

Condos are hard, condos are. There's articles. There aren't a lot of properties, not a lot of property that they're building for sale. It's all apartments. You've been downtown.

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

And the reason for that is a developer can pre sell, pre lease a development two years before, you know, right in the middle of construction. Right. You see it pre lease sales come one month free, yada, yada, yada. Residential is tricky. A market can turn in a heartbeat and you could be sitting on a $300 million project for five years and your on the hook for it.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

Yet we need more of that. But what does that for an investor Though, for someone that wants to buy a piece of real estate, there's low inventory, not good. But everybody wants to be in downtown Salt Lake. Now, because of what you just talked about, the redevelopment of it. I mean, what they're doing. Yeah. The hockey team, the Jazz, the redevelopment, they're going to make it. If you've seen any of the renderings, it's going to look like a miniature New York City to an extent. I mean, Ryan Smith's going to do it. Right. So I think it's an awesome time to invest down there. Condos are challenging because your HOA fees are so high, so they wipe out any return on investment. And as I mentioned earlier, it is a challenge to buy an investment. But if I was going to do that, I'd buy there. Can anyone else tell me where in Utah you would invest?

[Corey]

St. George?

[Unnamed Real Estate Expert]

One town? Nope.

[Alice]

Ireland?

[Unnamed Real Estate Expert]

Nope.

[Rob Corcoran]

I'm going to go wild. I'm going to say Nephi.

[Unnamed Real Estate Expert]

No, no, good try. That's so far off.

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

Midway. I'd buy in Midway, Utah. Yeah. I've had clients. We're gonna go buy in Midway. Period, End of story.

[Rob Corcoran]

Would you say, Heber. Same thing.

[Unnamed Real Estate Expert]

Yeah.

[Rob Corcoran]

Or different.

[Unnamed Real Estate Expert]

Higher price point. Midway. More rural, more of that feel that people are talking about Swiss Alps. And when I. Yes. When I mentioned the camas and all of that earlier, they're also. Midway's a hot spot. Got it. It's gotten very expensive. You have the new Deer Valley East Village that's being built right now, which is only 10 minutes away. You don't need to go into Park City. Main Street. Midway's got its own little cute Main Street. I go in there all the time. You got the pizza restaurants, you have high end dining. You have it all right.

[Alice]

Mercantile, all the things.

[Unnamed Real Estate Expert]

Mercantile. Yeah. Mercantile is great. You can go there now and not have the same feel. Don't get me wrong. Main Street, Park City is awesome. But you got to deal with the traffic. So go to the mercantile, have an awesome dinner. Go for a walk.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

So I would buy there. I think the.

[Rob Corcoran]

Would you buy a house or buy land or both?

[Unnamed Real Estate Expert]

Oh, weight. Both. Absolutely.

[Rob Corcoran]

Doesn't matter. You can't lose.

[Unnamed Real Estate Expert]

I do not think you can lose in Midway, Utah. It's. It's gorgeous. Absolutely beautiful. And if you just drive through and see the homes that are being built there. Oh, my, my. Ooh la la. Holy cow, are people. The California gold rushes in Midway, Utah.

[Rob Corcoran]

Fascinating.

[Unnamed Real Estate Expert]

Huge, huge, huge homes.

[Rob Corcoran]

Yeah.

[Unnamed Real Estate Expert]

Unbelievable houses.

[Alice]

I think it's a prettier location than Park City.

[Unnamed Real Estate Expert]

Absolutely. No.

[Alice]

Midway is like as far as just like your mountain. 360. It's so beautiful. You have Deer Creek, you have Jordan. Now you have everything. You can hop over to Main street, you know, right over there on guards.

[Unnamed Real Estate Expert]

And eventually I do believe they're going to build the gondola to go into Main Street. There's no way. They're not going to do that. Part of the reason for this is to funnel traffic outside of Main street to go up to Deer Valley. Why would you not put a gondola in there? I was in Switzerland a year and a half, two years ago and I was on a 30 passenger gondola. Had never been on one. Like, why are we not building these 30 passengers? Coolest thing in the entire world. Build one of those and up and over the mountain. Have you ever been to Telluride?

[Corey]

Yes.

[Unnamed Real Estate Expert]

You know, you know the, the gondola there? Yeah, it's awesome. You're staying up in the village, you hop in the gondola, it's open to 1am and you go right down to their main street. So cool.

[Corey]

Both sides of that are super cool too.

[Unnamed Real Estate Expert]

Yeah, absolutely.

[Corey]

Two different little towns.

[Unnamed Real Estate Expert]

But what they've done is created an experience. Like it's not every night you just walk out your hotel door, hop on a gondola and go downtown and come back. I mean, it's just incredible. They're gonna do good things.

[Corey]

Yeah. Are there talks of them doing that from Midway and go up.

[Unnamed Real Estate Expert]

I don. Where it's at, but I heard they're.

[Corey]

Going to finish a road so you can access it year round because you can do it in the summer if you go up like the canyon in Midway and kind of drop down into Park City Guardsman. So, yeah. Yeah.

[Unnamed Real Estate Expert]

So I think they pro. They're going to do something, but there's just. It's. That's a whole another topic because that is unbelievable what is happening on the East Village of Deer Valley. It's mind blowing.

[Rob Corcoran]

You were sort of hinting at what you think is going to happen in Utah with the olympics coming in 10 years.

[Unnamed Real Estate Expert]

Oh, yeah. So this is just once again, my opinion. Last Olympics we kind of had a lull and then prices actually dropped, oddly enough after the Olympics. But Utah's a entirely different state from 2002. Right. I mean, talk about being on the world map. It's on the map.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

People are actually pinning it on the map. Right? Yeah. So I think at some point we're gonna have a little lull in real estate. We've got to it's 10 more years. Can we go on another 10 year run? I don't know. Who knows? Maybe I'm wrong, but I think there will be a little bit of lull. But for people that have wealth, I tell all my clients, I truly believe three years before people are going to start looking at rentals for the Olympics, big corporations and they're going to be like, why are we spending $1.5 million for 30 days? Let's go buy one. I think whoever has homes in Deer Valley and Park City are going to crush it up to three years up and past the Olympics. You're gonna have people just come, I want my home. I don't want to worry about an Airbnb. I don't want to rent. I want my house. What does it cost? 10 million. Great. $10 million. And they're gonna utilize it, they're gonna enjoy it. They're going to keep it through the Olympics. They'll probably end up selling it afterwards. I really think that's gonna happen. Crazy great opportunity for a lot of people.

[Alice]

You heard it here, people.

[Rob Corcoran]

Yeah. Anything for our design loving crowd here. Anything that you want to teach them or tell them before we let you and all your brilliance go, oh my.

[Unnamed Real Estate Expert]

Gosh, you're so kind to me. Have fun designing your home.

[Alice]

Yeah.

[Unnamed Real Estate Expert]

When you're working with you all, like, just enjoy the experience. I think so many people get wrapped up, you see it stressed. Look, buying a home, renovating, very expensive, very stressful. Get rid of the stress a little bit. Like, have fun. The project's probably gonna go over a little bit just for sure will. Right. You just know it's gonna happen. Right? But I really would, I would say, I see people get so agitated, so frustrated, you change orders, right. You know all about them. You do them. You're changing something for the good because you believe it's gonna, you're going to enjoy it more. So enjoy the process. That's what I'd say. Have fun with it. Be thankful that you're, you know, you're able to afford to do something like that. But have a blast. It's going to be your home. You're going to create amazing memories there. So have fun.

[Rob Corcoran]

Yeah.

[Alice]

Isn't it amazing that after you finish a remodel or doing something or you invest in something in your own home, like a week after, a month after, you know, you don't even think about that anymore. You're just enjoying it? You know what I mean? Like, you don't even like remember spending.

[Unnamed Real Estate Expert]

That money or being frustrated or stressed. Just enjoy the process. Have fun with it. Get excited to go over every week and see the small things that are happening and have fun. I think that's it. Progress.

[Rob Corcoran]

Just have fun.

[Alice]

Trust your designer. Hire a trustworthy designer and then trust the designer.

[Unnamed Real Estate Expert]

Why wouldn't you? Cheers to that.

[Rob Corcoran]

Hey, guys, if you have podcast topics or ideas, we'd love to hear them, so please send them to us at. Dear Alice alicelanehome. Thank you so much for joining us, Rob.

[Unnamed Real Estate Expert]

You're welcome. Thanks for having me. Again, I must say something. I'm not sure what, but here I am.

[Rob Corcoran]

Yeah, you're the best. It's always good for us to get our finger on the pulse. We are in the business of home. You're in the business of home. You're looking at it from a different angle. And I know our listeners are all fascinated with real estate. We all tune in for the real estate shows. We just, we love home. So thank you for sharing all your thoughts.

[Unnamed Real Estate Expert]

You're welcome. Yeah, thank you so much for having me.

[Corey]

Thanks for coming.

[Rob Corcoran]

If you guys don't mind, we'd love you to leave us a review and. And we will see you next week. Hey, thanks for listening. If you like our show, please leave a five star rating.