Most of us in the industry know that interest rates have already begun to rise, and while they are nowhere near historic levels, they are approaching levels we started to see prior to the recession. Average 30-year rates dipped into the low 3s at the bottom of the 2008 downturn, and held at these levels for some time.
Teton Valley including Alta saw nearly 200 residential single-family sales in 2016, an improvement from 2015, even though inventory remains low. Condo and townhouse sales were on par with the year prior, though prices have increased in various sectors in the Valley. The number of building site sales in the Valley increased by 10% in 2016, and the average sale price ended at over $120,000 for the month of December 2016.
Alright, commonly we hear the term real estate and just assume it is just that. Property, house, something associated with improvements on land or just bare land. This is correct, any buildings that are permanently attached to the property (note that a shed on skids would be considered personal property) are referred to as improvements. Real estate normally includes resources or minerals that are under the land or water rights, unless they are specifically excluded, usually at the time of transfer. The same goes for the air rights, or the space above the surface of the Earth. This can also be limited to a certain distance as we start to think about airplanes and their right to travel over your property. Even though you may own the space, it can also be limited by County height limitations, and this can be further convoluted when high-rise buildings or condos come into play. In these instances the homeowner’s association may own the building footprint, while you own the inside of the condo.