Real estate may not receive immediate Oly benefits

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    By Micah Davis

    With the Olympics only a few weeks away, Utah”s economy continues to see the benefits of worldwide exposure. But an area that may not see immediate benefits is the state”s real estate market.

    Some brokers here in Utah Valley, like Stan Quackenbush of Quackenbush Realty in Provo, have a common opinion concerning the effects of the Olympics on Utah”s real estate.

    While the Games bring spectators, much exposure, and what might be called free advertising for businesses, resulting market changes are not likely to occur immediately in real estate, Quackenbush said.

    According to the Deseret News, since September 11th, the nation”s economy has slumped, and although Utah was far removed from the actual events, there have still been deep, noticeable effects.

    However, Utah was aided with some economic stability in correlation with Olympic preparations.

    Jill Levingston, of Osmond Real Estate in Orem, believes the reasons for market changes may not be closely tied to the Olympics.

    “We have a lot of listings sell because interest rates are low,” Levingston said. “There may be some vacation home sales later, but not a lot of starter homes.”

    Like Levingston, Jon Anderson, president of Colliers Clark CRG of Provo, believes there will be benefits, but not directly measurable ones.

    “The valley has had such a sustained growth for the last five years or so – it”s hard to determine if the Olympics are tied to that,” Anderson said.

    Anderson said he also believes that, similar to Atlanta, Utah may see a downturn in its economy after the Olympics are over, due to a lack of activity.

    But for some residents, especially here at BYU, the big concern is the possibility of higher prices in the future.

    Quackenbush said he believes that even with the chances of a downturn in the economy following the Olympics, he believes the market here at BYU will remain stable.

    “BYU is even more stable than the rest of the economy as far as I am concerned. My feeling is, we”re the most stable market in the country,” Quackenbush said.

    Some brokers have a general feeling that prices will remain stable for some time.

    “We are going to try and get as much coverage out of it as we can,” Levingston said, “I think they”ll see what a nice lifestyle we have here.”

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