Salt Lake City BOOMING after the Olympics! *and subsequent bust.

Things are looking up in Salt Lake City – Employment is rising and they’re showing a strong retail sector. Vacancy rates are still very high but they’re building a new convention center to bring more people into town. This recovery is very good news, because after they hosted the Winter Olympics in 2002 they suffered a big crash.

..when the skiers and skaters went home, Salt Lake City’s economy went into a tailspin. The host city was saddled with a glut of offices and hotel rooms while apartments went vacant as demand fell.

Last year, the city’s economy rebounded after two years of job losses. But the area’s office and apartment markets still struggle, and its promising retail market may be hurt by a stream of new construction.

With rents in SLC going for about 27% less than the national average this recovery is encouraging – even if Vancouver suffers a similar fate after the 2010 winter olympics it just goes to show that the economy can recover after a few years. By the year 2060 most any condo you buy in vancouver will even be cash positive!

Now thats a good investment!

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Anonymous
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Anonymous

Is there stats on more olympic crashes…booms?What else could be driving this market. I got a paltry 2 bdrm in Surrey for low 90's 1.5 yrs ago, now same building another ones up for 165…I'm thinking its a good time to rent!

turbididdy
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turbididdy

Well all I can say is so far the olympics seem to be doing a booming job for Vancouvers economy!I dont think we have to worry here, we have a lot more going for us.

Anonymous
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Anonymous

I'm finding less and less people willing to say that 'its a good time to buy' lately.Who are you talking to musikal?

musikal
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musikal

I'm confused. How is that almost everyone seems to agree that a correction will happen after the olympics, but still say now is a good time to buy real estate? Do they plan on selling immediately after the olympics and hope that others dont?

Dorothy
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Dorothy

It is wrong to kill your neighbor.criticizing the olympics, I think we can let that one slide.

Anonymous
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Anonymous

It is wrong to criticize the olympics.