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FIS Championships and Real Estate Updates

By Ramon Gomez, Jr.
Feb 05, 2019

This week we wanted to share what is happening in Park City in the midst of the FIS World Championships, what states are growing the fastest in the US and which home improvements have the highest return on investment in 2019.

The FIS World Championships bring in over 1,500 athletes to compete in aerials, SX snowboardcross and skicross, and moguls. The Park Record shares that Aerials, one of the original freestyle events, is also flying into new territory. On Feb. 7, athletes will compete in the World Championship debut of team aerials at Deer Valley Resort's Owl Run.

The traditional aerials finals are scheduled for Feb. 6 on the same course. Both events are judged, in which athletes fly off high-angle jumps to complete multiple spins and flips in a single jump. Snowboardcross and Skicross, in which groups of athletes race down a course that features drops, ramps and jumps, made their Olympic debuts in 2006 and 2010 respectively.

Deer Valley's World Cups are marked as a high point in the moguls season among athletes because of the quality of course and accommodations as well as the tight-knit corps of volunteers that run the competition. Moguls is both a timed and judged sport. Athletes are judged on their skiing technique and the tricks they perform off of two jumps, which is added to their timed run down the slope. Spectators can see that course from the same area as the aerials competition. For more information and a detailed schedule of events, go to 2019worldchamps.com.

Western States Fare Best in Population Growth - Which states are growing the fastest and adding new residents? Idaho and Nevada once again lead the states in population growth rates, according to the latest U.S. Census Bureau figures. Demographic changes can be key to projecting future housing needs, the National Association of Home Builders explained on its Eye On Housing blog post analyzing the census numbers. Between July 1, 2017, to July 1, 2018, Nevada posted a population growth rate of 2.09 percent, while Idaho grew by 2.05 percent. The other three of the five fastest-growing states: Utah, Arizona, and Florida.

However, Texas had the largest increase in its population by number—adding 379,128 people between July 1, 2017, and July 1, 2018. Florida, California, Arizona, and North Carolina followed with the largest numerical increases to their populations. New York and Illinois posted the largest declines in population during that time period. Overall, the U.S. population increased by 2 million between July 1, 2017, and July 1, 2018. The U.S. population now stands at 327.2 million.

Cost vs. Value: The Home Improvement Projects With the Highest ROI in 2019 Remodelers across the country took a hit last summer as the cost of building materials spiked dramatically, and the picture for 2019 isn't much rosier. The percentage of return on investment (ROI) is projected to trend downward for all the replacement projects listed in Remodeling magazine's newly-released Cost vs. Value Report.

Larger indoor remodel projects took a hit as well, but weren't impacted as greatly as replacement projects as they rely more on labor costs rather than material costs.

"With the increasing costs of building materials and labor, we urge remodelers to think like real estate professionals first,” says Clayton DeKorne, editor-in-chief of Remodeling magazine. "When you adjust your focus to think like a broker first, you can dull clients’ No. 1 pain point—cost—with a discussion of the amount that can be recouped."

Nationally, here are the five projects with the greatest ROI in the report's mid-range cost category:

Manufactured Stone Veneer(94.9% ROI)

  • Average Cost: $8,907
  • Average Resale Value: $8,449
Minor Kitchen Remodel(80.5% ROI)
  • Average Cost: $22,507
  • Average Resale Value: $18,123
Deck Addition (Wood)(75.6% ROI)
  • Average Cost: $13,333
  • Average Resale Value: $10,083
Siding Replacement(75.6% ROI)
  • Average Cost: $16,036
  • Average Resale Value: $12,119
Entry Door Replacement (Steel)(74.9% ROI)
  • Average Cost: $1,826
  • Average Resale Value: $1,368
And the five projects with the greatest ROI in the report's upscale cost category are:

Garage Door Replacement(97.5% ROI)

  • Average Cost: $3,611
  • Average Resale Value: $3,520
Window Replacement (Vinyl)(73.4% ROI)
  • Average Cost: $16,802
  • Average Resale Value: $12,332
Grand Entrance (Fiberglass)(71.9% ROI)
  • Average Cost: $8,994
  • Average Resale Value: $6,469
Window Replacement (Wood)(70.8% ROI)
  • Average Cost: $20,526
  • Average Resale Value: $14,530
Bathroom Remodel(60.2% ROI)
  • Average Cost: $64,743
  • Average Resale Value: $38,952
Nationally—and on the other end of the spectrum—here are the five projects with the lowest ROI in the mid-range cost category:

Backyard Patio(55.2% ROI)

  • Average Cost: $56,906
  • Average Resale Value: $31,430
Master Suite Addition(59.4% ROI)
  • Average Cost: $130,986
  • Average Resale Value: $77,785
Bathroom Addition(60.6% ROI)
  • Average Cost: $47,427
  • Average Resale Value: $28,726
Roofing Replacement (Metal)(60.9% ROI)
  • Average Cost: $38,600
  • Average Resale Value: $23,526
Major Kitchen Remodel(62.1% ROI)
  • Average Cost: $66,196
  • Average Resale Value: $41,133
And the five projects with the lowest ROI in the upscale cost category are:

Master Suite Addition(50.4% ROI)

  • Average Cost: $271,470
  • Average Resale Value: $136,820
Bathroom Addition(58.1% ROI)
  • Average Cost: $87,704
  • Average Resale Value: $51,000
Major Kitchen Remodel(59.7% ROI)
  • Average Cost: $131,510
  • Average Resale Value: $78,524
Bathroom Remodel(60.2% ROI)
  • Average Cost: $64,743
  • Average Resale Value: $38,952
Window Replacement (Wood)(70.8% ROI)
  • Average Cost: $20,526
  • Average Resale Value: $14,530
  • The 2019 Cost vs. Value Report surveyed more than 3,200 real estate professionals about returns for 22 popular renovation projects in 136 different U.S. housing markets—up from 100 markets last year. View the full report, including project descriptions and city-level data, here.

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