Wealthy out-of-staters drawn by Utah’s many charms have lifted sales of million-dollar homes along the Wasatch Front in recent years.
Now, thanks to the latest federal tax reform, some economists are predicting that steady flow of rich homebuyers could turn into a flood, potentially pushing already-high housing prices even higher.
Be they ivy-clad mansions in Salt Lake City’s Federal Heights or Harvard-Yale districts; upscale new dwellings in the Avenues, Sandy, Draper, Alpine or Provo; or exclusive winter retreats in Park City, sales of homes priced at or above $1 million have surged.
Across Salt Lake, Utah, Davis, Weber and Tooele counties, 257 homes in that price range sold in 2017, according to the Salt Lake Board of Realtors.