Company Plans to Revitalize $885M in Affordable Homes Over Five Years
SALT LAKE CITY, June 28, 2022 /PRNewswire/ -- New Western, the largest national private source of distressed residential investment properties, announced today the opening of its 45th office location in Salt Lake City, Utah. Realtor.com listed Salt Lake City as the number one city positioned for growth in its Top Housing Markets for 2022 list. Utah's rapid population growth and job growth are the two most important drivers of housing demand in Utah right now.
According to a recent report analyzing U.S. census data, there are 16 million vacant homes across the U.S. New Western partners with local real estate investors to help facilitate the revitalization of properties.
"Salt Lake City has seen an upward trend in the median price of homes year-over-year," said Kurt Carlton, co-founder and president of New Western. "With our unique expertise in finding and acquiring vacant properties, combined with our value-added insights, New Western is well-positioned to be a valuable resource for local real estate investors, sellers, and buyers. Our expansion into Utah marks New Western's presence in 21 states."
New Western brings market insight and an exclusive marketplace of distressed investment property inventory to help real estate investors acquire fixer-upper properties. The company's agents are helping to address the affordable housing shortage by revitalizing distressed homes across the U.S., with more than 700,000 aged properties in the Salt Lake City metropolitan area alone and 68.9% built before 2002.
Colin Barnes is the general manager (GM) leading the Salt Lake City office, alongside regional director Mike Lam. In his new role, Barnes is responsible for recruiting, hiring, training, and leading his team to revitalize $885 million in residential properties in the Salt Lake City area over the next five years.
"I'm looking forward to growing and expanding our New Western team in Salt Lake City," said Barnes. "The metropolitan area is rated a top-tier market for multiple offer situations, providing New Western with the unique opportunity to provide much-needed housing inventory to both local investors and sellers."
Barnes began his career with New Western in 2019 in its Denver Central office as a sales agent, where the team successfully led market sales totaling more than $1.02 billion for the past three years. In April 2022, New Western asked Barnes to open a Salt Lake City office.
New Western is the largest private source of investment properties in the nation. Since 2008, New Western has bought and sold nearly $12 billion in residential real estate.
About New Western
New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 100,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers. For more information, visit www.newwestern.com.
SOURCE New Western