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What is a Listing “Contingency”?

August 14, 2018 By Tayson Rockefeller Leave a Comment

Somewhat recently, the Teton MLS changed their display rules so that listings which are under contract (now labeled “Pending”, “Pending Contingent”, or “Pending Continue to Show”) still show up in consumer searches such as our websites and realtor.com. In years past, when an offer was accepted on a listing and the agent marked it as “pending” (meaning pending sale) in the local MLS, the listing was removed from advertising platforms so it was no longer visible to the public. Now that consumers are still able to see this information, I get all sorts of questions as to what the contingency is, or what it means. Most often, it is a potential buyer hoping that they can make an offer because there is a contingency and still have an opportunity to purchase the property. Unless there is a form of kick out clause, this usually is not the case. Further, most buyers depending on the language they are used to hearing and their local areas, believe that a contingency is something such as a buyer who must sell a home in another location before proceeding with the sale, but this usually isn’t the case.

Before going further, what is a contingency? Google’s definition is “a future event or circumstance that is possible but cannot be predicted with certainty.”

While I believe the above description is most accurate, I don’t believe it really fits with respect to the real estate definition of a contingency. Further, it is defined differently in different areas of the country, as mentioned above. Here in Teton Valley, it simply means any sort of event that must occur or must be satisfied by the buyer before the earnest money becomes non-refundable. For example, a buyer’s inspection is usually referred to as a contract contingency. Financing, a satisfactory appraisal – any number of things that must occur before the earnest money becomes non-refundable. Note that even if a contingency is not met, the buyer can still close a transaction if the buyer chooses to do so, effectively releasing the contingencies upon closing.

So, now that we have the local lingo down with respect to what a contingency is, it’s easier to remember not to get too excited about a listing because it is labeled as contingent. However, the way it is labeled can help indicate how solid the contract is. Currently, the Teton MLS has three forms of labeling a pending transaction. They are “Pending”, “Pending Contingent”, and “Pending Continue to Show”. In a perfect sense, simply stating “Pending” means there are no contingencies and it is very likely to close. “Pending Contingent” we covered above, and could simply mean the buyer has the right to do an inspection. “Pending Continue to Show”, on the other hand, might be something to ask your agent about. In order to label a listing as Pending Continue to Show, the buyer and seller are supposed to agree that the seller is authorized to do so. Also, there is usually a logical reason for displaying the listing like this, such as an unusual contingency like a buyer who much sell a property before closing on the subject property. In some cases these types of contracts are accompanied with a kick out clause in the event of seller receives a backup offer.

Now that you are armed with this new information, good luck on your search!

Teton County Zoning, what you need to know

August 1, 2018 By Tayson Rockefeller Leave a Comment

Oftentimes I receive questions from prospective buyers, (sometimes sellers) as to what they can do with their property, or perhaps how they can advertise their property. When it comes to the city municipalities, they have their own set of zoning regulations and Zoning Maps such as the cities of Driggs and Victor. Each Zone has its own set of code requirements, and you can navigate this information relatively easy on each city’s respective website. The cities, however, take up a very small portion of the usable land in Teton County. The vast majority of private land is in the county itself.

At first glance, the county has only a few zones when compared with Driggs or Victor. In a nutshell, these are agriculture, commercial, manufacturing, public lands and the city areas of impact. Of this acreage, only a very small amount of the county contains commercial or manufacturing zoning, the vast majority is agriculture, with 2.5 to 20 acre density requirements. As long as there isn’t anything abnormal going on, you can subdivide acreage through the formal subdivision process in these areas as long as the finished product meets the density requirement in that zone. Each parcel can then have a house and a guest house, as well as a well and septic system, assuming it meets Department of Health requirements. Each parcel can water up to 1/2 acre per Idaho’s water regulations.
Teton County Zoning Map
So, the question is, and the point of this article, can you do anything on your agricultural zoned property other than a single family residence with guest house (or of course agriculture)?
The answer is yes, as long as you conform to the land use requirements in the county. In a sense, the name of the zoning is a bit deceiving. It leads most to believe that only agriculture is allowed, and some even question the ability to have a home. Since we talked about that above, let’s talk about some of the other allowed, or allowable uses.
The County’s existing land use regulations are split into three categories. They are:
  • Permitted by Right
  • Permitted with Conditions
  • Permitted with Conditional Use
In a nutshell, if you are trying to do something that is permitted by right, you don’t have to ask in most cases. If it is permitted with conditions, obviously you need to make sure that the conditions are met, and the same rules apply. If it is permitted with a conditional-use permit, there are special requirements that vary based on the nature of whatever it is you are trying to do. Some interesting ones; a home daycare is permitted for up to 6 children, and 7 to 10 children is permitted with conditions. An aviation field is permitted in agricultural zones with a conditional-use permit. A church, or place of worship can be permitted with a conditional-use permit. The list goes on.
Many sectors of retail, manufacturing, and even some residential types are still limited to commercially zoned areas such as convenience stores, bakeries, bars, beauty shops, golf courses, grocery stores, hotels, restaurants – you get the idea. In a way this makes sense, and most of these services would make more sense located within city limits anyway.
You can find the County’s land use Matrix table beginning on page 29 of title 8 of the Teton Valley code, zoning regulations. That link is below.
Teton Valley Code (see Chapter 8)

With so much available land, why can’t I find what I am looking for?

July 17, 2018 By Tayson Rockefeller Leave a Comment

It is true that at any given moment in the Teton Valley Idaho Market, there are between 4-600 available building sites for sale. Time and again, I converse with someone about oversupply of land. This can be true, but it is really a statement about one sector of the real estate land market in Teton Valley – that is of course subdivision lots. Even those, however, have their own sectors that have very limited supply. How can this be, you ask? Let’s run through some of the popular categories or subcategories of land that people frequently look for, that isn’t necessarily in high supply:

No CCRs: This is the most common and obvious area of lack of supply. I received a fair share of monthly inquiries from someone looking to build something that doesn’t conform to subdivision requirements. Tiny houses, yurts, places for an RV, the list goes on. With respect to what is available, in a way, it’s an unintentional bait-and-switch. Many people are drawn to the area because of affordable land prices. They see building sites starting at very reasonable prices, but don’t yet understand what they can or cannot do with those building sites. When they discover that they must build a 2500 square foot home on that building site, they begin to explore options that better suit their needs, oftentimes something without subdivision restrictions, and they aren’t alone. Sometime just after the turn of the century, Teton Valley recognized that if they did not create some sort of requirement to properly subdivide larger pieces of land, they are going to end up with unorganized blocks of land in farm fields without any infrastructure or control for chaos and madness. Therefore, they enacted new requirements for proper subdivision of land, and authorized what is referred to locally as a one-time-only land split. Basically, each larger tract, usually more than 20 acres, can be split one time. Otherwise, the proper subdivision process must be followed. While this process does require that each subdivision shall install road and infrastructure, it does not require strict CCRs. However, since the bulk of the development in Teton Valley occurred between 2003 and 2008, these subdivisions followed trends at the time which included home sizes between 1600 and 2500 square feet, or larger. The inventory of un-restricted land today is either a product of land splits prior to this County enactment, or the remaining one-time-only divisions that have not yet been performed. Also, old downtown building sites within the city limits of Driggs, Victor, or even Tetonia also house a number of these lots, but the inventory reduces as time goes on. Because of the relatively high demand, and the low supply, these types of building sites are amongst the most expensive in Teton Valley, a contrast between very affordable subdivided parcels.

Trees: Because we live in a wide-open, flat, valley floor that has been converted over many decades to mostly agriculture land, areas with trees are generally limited to creeks, streams, and the surrounding foothills of Teton Valley.

Surrounding Foothills: This is an easy one, there’s only a narrow strip of land between the valley floor and the National Forest, what I refer to as the “foothills”. While lots can be affordable as you reach the North End of Teton Valley, the Southern end is quite different. At any given time, there aren’t more than a handful of accessible, desirable listings in the surrounding foothills.

River or Creek Frontage: Nothing creates a romantic atmosphere and a desirable place to live like being on one of Teton Valley’s Creeks, or the Holy Grail, the Teton River. Supply is obviously limited to the banks of one of these creeks flowing from the canyons of the surrounding foothills of the Big Hole or Teton mountain range, but it is almost impossible to locate available land along the banks of the Teton River. The Teton River is formed by a culmination of creeks and springs on the South end of the Teton Valley and gradually becomes a river about 6 miles South of Driggs. It gains creeks and momentum along the way, ultimately exiting Teton Valley at the North end of the valley below River Rim Ranch, becoming class 5 white-water rapids before flowing into the Snake River. Much of this land is protected in conservation, and the few available parcels that remain are held tightly and traded infrequently.

As I mentioned at the beginning of this writing, even subdivided lots can have their own specific sectors or Categories in the marketplace that naturally limit availability. I would consider one such category to be Teton “View Corridor” building sites East of Highway 33, and between the 2.5 Mile and 6 Mile mark North of Driggs that creates the full, Four Peak Teton view. As you begin to narrow these lots down into areas where view corridor seekers prefer, the inventory reduces to only a handful available building sites depending on the price range.

I believe land today, and likely in the future, will be a viable investment for these reasons. The prices are low because of the perceived supply, therefore the value, in my opinion, is high. There are only very short periods of time which I believe land sells at unsustainable price points, 2007 and 2008 was an example of this. These land bubbles are typically very short, and do not happen frequently. In addition, holding costs for land are usually very affordable with relatively low property taxes and homeowners dues in most of developments. For these reasons, land is becoming one of my preferred recommendations for affordable long-term investments in Teton Valley.

Buying Land and What to Inspect

June 1, 2018 By Tayson Rockefeller 2 Comments

***NOTE: This article is intended primarily for Teton County Idaho and Teton COunty Wyoming. If you are purchasing land in surrounding counties, contact me for assistance.

Yes, inspect not expect. Before I dive into this, note that I cannot outline or detail every aspect or potential problem that may come with a particular piece of property. Below is general information which can be applied to any lot, but special inspections or considerations may need to be explored.

Oftentimes I get comments or questions from potential buyers with respect to buying land. It’s usually one extreme or another. For example, some buyers live in areas with soils that are not very permeable or along the coastlines. They have major concern about the viability of septic systems. The other extreme usually comes from buyers to haven’t had a bad experience and question whether they even need an inspection at all.
When buying land it’s important to remember that you probably aren’t going to be working with someone like a home inspector that you might contact when buying a home. Likely, YOU will be the inspector – or more accurately, the investigator.
With that said, where do you begin? The best place to look for recommendations for contact information is your real estate agent. Your agent should have a clear understanding of the Teton Valley Market and the nuances that come with buying land. They may not have run into every potential problem or experience that may come with buying land, but they’ve likely been through more transactions than you have, each one is a different experience. That being said, there are a certain number of key points, and the Idaho Real Estate Association tries to help you by outlining some of the potential areas to investigate. As of this date, the Idaho Purchase and Real Estate agreement states that a buyer can inspect any element of the property including size, boundaries, zoning, utilities, hazardous waste, and taxes. I might add building feasibility or eligibility to this list as well.
Before I dive into this list, it’s important to remember one last item that you may need to be aware of prior to even writing your offer. There is an increasing number of real estate agents who believed that the seller must grant permission to allow certain types of inspections. Primarily, I have run into test holes for septic site analyses. As a courtesy, I usually send a note to a seller’s agent and inform them that we will be performing this inspection. More than half of the time, the seller’s agent is up in arms with concerns about not asking permission and liability. I believe that the Idaho agreement covers this, but you may ask your agent to include language that they will allow these types of inspections.
With that said, let’s get started. As you read through these suggestions, remember what I outlined at the preface of this article, this may or may not be a complete list. There’s going to be special considerations with any property that potentially need to be explored.
***Please see the resources below if you would like to skip the summaries.
Recorded Documents: Usually when I write an offer, I will make sure that the review period expiration for the title report comes first and the actual due diligence (inspection) period expiration comes last. The title report will expose documents that are in the record such as subdivision covenants (CC&Rs) and plat maps.
Site Location, Boundaries and Size: MOST parcels are in a subdivision of sorts which means they will have an accompanying plat map. It’s important to remember plat maps can be amended. If you follow the order of operations, you should have the latest iteration of plat maps and CC&Rs from the title report mentioned above. If the parcel is not in a subdivision, a survey of record is still usually available. If it’s not, and you did not ask for a survey or at least corner flagging as a part of your offer, you can hire an engineer to complete these tasks. Corner flagging is usually under $500, where a survey can cost much more.
Zoning: If you are in Teton County, the County has prepared a one-stop-shop for zoning at tetonvalleycode.org. It’s a bit tough to navigate, but has all of the information you need. See the resources section, below, or visit tetonvalleycode.org.
Utilities (Well & Septic): In Idaho (and similar in Wyoming) you must have at least 1 acre to have both a well and a septic. That said, if you have a half acre, you can usually have a well or a septic. Oftentimes we see some creative thinking with developments that may be one half acre lots with wells, then the septic systems are in the open space of the development, or perhaps there is a community water system but each lot has it’s own septic. Packsaddle Creek Estates in Tetonia and Grove Creek in Victor are examples where the community has a water system, but each home has a septic. Wells vary in depth throughout the area, but the Idaho Department of Water Resources does track well depths and I am proficient with the tools they have available for research – so don’t hesitate. At the time of this writing, well costs are about 55/foot, with a pump. There are a few areas in Teton Valley where depths are extreme, usually at the end of 4000 N or on the North end of Teton Valley. Wyoming doesn’t have a tool that I am aware of, so I’m not up to speed on depths in certain areas. As far as septic systems go, they are relatively inexpensive to install, and reliable. The soils in most areas are of a rock or gravel substrate, so drainage is good. There are a few areas where “enhanced” or “raised mound” systems are required by the health department, those areas are usually in watershed areas next to creeks or rivers. This said, basements are relatively common in the area. The soils can be tested before completing a purchase, and the cost is in the range of $500 to $800. They are coordinated with the local health official and an excavator. The excavator digs a hole, the health official records the data, and they fill it back in. The process is usually referred to as a site analysis.
Utilites (Water & Sewer): Most areas rely on a well and septic with the exception of the Driggs, Victor, Tetonia & Jackson City limits and a few subdivisions which have city services but are outside the city limits such as developments like Teton Springs which have City sewer. Other examples would be communities with private water systems such as Rivermeadows in Victor and Targhee Towne in Alta. Each utility or service usually comes with a maintenance fee, or a monthly bill. Note that a failure in a community system would likely result in an assessment. Many see a benefit in a municipal system to avoid the cost of drilling a well or installing a septic – but beware – hookup fees can also be quite expensive, usually around 2/3 the cost of a well and septic.
Utilities (Phone & Internet): There are two main types of internet service in the area, and that is DSL or Fiber and Satellite. DSL is usually provided by the phone company (Silverstar Communications in almost all areas) and there are a handful of satellite providers. In my experience a hard line such as DSL or Fiber is most reliable, but some of the rural areas have old lines that have been dug up by farmers and road crews a few hundred times. The local phone company can easily to a check on the address and provide pretty accurate information. The counties required phone line installation to each subdivision lot in almost all cases, but it’s always good to check. There are a few developments out there that have conduit, but no line.
Utilities (Electricity): Electricity in Teton Valley and Alta is provided by Fall River Electric, Teton County WY (excluding Alta) is provided by Lower Valley Energy. Fall River Electric is a CoOp, so members get a nice check every 15 or 20 years (hey, can’t complain). The other good news is that electricity is very inexpensive, roughly $0.075 per KW Hr at the time of this writing. Just like telephone lines, electricity is to the boundary of almost all subdivided lots. Those without lines may require transformers to boost depending on the distance to the area where power is needed. In rare events, overhead power poles and lines can, or need to be installed.
Soil & Hazardous Waste: Most land buyers go as far as a site analysis for septic (see well & septic section above) but no further. If the parcel in question is in a wetland, it may be a good idea to contact the county mapping director to get an idea on nearby floodplains. Rarely a customer will do additional soil testing for hazardous waste – a good example might be an old junk yard or an area with buried fuel tanks. Usually these tests are performed by environmental engineers, and there are some great local companies.
Taxes: Usually when purchasing property the title company will pro-rate taxes to the date of closing. It may however be a good idea to have the title company (or you) contact the city or county to make sure there are no outstanding assessments for improvements.
Building Eligibility: I added this section as this has been a point of contention, specifically in Teton Valley, Idaho. Historic “illegal” lot splits, or land splits that were done only for agricultural purposes have been surfaced and recent administrations have denied the ability to obtain a building permit. Though these cases are becoming rare, it’s still possible. Other examples would be subdivisions with fire systems that are out of compliance. For these reasons, it is a good idea to check with the applicable City, County OR Fire Department to insure building permits can be issued.
***Resources: Note, I will do my best to keep this INCOMPLETE list up to date and accurate. If you are a contractor or vendor not on this list, contact me! I would be happy to add you.
Zoning
Teton County, Idaho (includes Driggs, Victor, Tetonia)
If you are purchasing land in one of the cities such as Driggs or Victor, they will have their own site and information which you may be directed to, cityofdriggs.org | victorcityidaho.com | tetoniaidaho.com FOR ALTA, it’s best to visit Teton County WYOMING’s website, tetoncountywy.gov.
Otherwise, the BEST resource for zoning information is Teton Valley’s one-stop zoning resource, tetonvalleycode.org.

Building Eligibility & Permits

Teton County, Idaho (includes Driggs, Victor, Tetonia)

Planning & Zoning

208-354-2593 (phone)
208-354-8410 (fax)
[email protected]

Teton County Building Department

208-354-2593 (phone)
208-354-8410 (fax)
[email protected]

Teton County, Wyoming (includes Alta, Jackson, Wilson)

Planning, Building & Development

307-733-3959 (phone)
307-733-4451 (fax)
https://www.tetoncountywy.gov/518/Planning-Building

 

Well Research

Water Well Research Idaho Department of Water Resources
http://www.idwr.idaho.gov/Apps/appsWell/WCInfoSearchExternal/
Eastern Regional Office
900 North Skyline Drive, Suite A
Idaho Falls, ID 83402-1718
P: (208) 525-7161
F: (208) 525-7177

 

Septic Research

Teton County, Idaho (includes Driggs, Victor, Tetonia)

East Idaho Public Health Department
http://www.eiph.idaho.gov/
Teton Valley (Savannah Rice)
208-354-2220
[email protected] 

Site Analysis Excavator suggestion:
Action Excavation
208-354-3478

 

Municipal Water & Sewer

Teton County, Idaho (includes Driggs, Victor, Tetonia)

driggsidaho.org
victorcityidaho.com
tetoniaidaho.com

 

Wetland Research

Teton County, Idaho (includes Driggs, Victor, Tetonia)

(Contact Teton County for Wetland Overlay first)

Army Corps of Engineers

208-522-1645
http://www.nww.usace.army.mil/Business-With-Us/Regulatory-Division/Contact-Us/

 

Wetland Specialists & Soil Testing

(For delineation analysis, etc.)
Rocky Mountain Environmental
208-524-2353
http://www.rockymountainenvironmental.com/

Intermountain Aquatics
(208) 354-3690
[email protected]
http://www.intermountainaquatics.com/contact/

 

Fire Marshall

Teton County, Idaho (includes Driggs, Victor, Tetonia)

Fire Marshall: Earle Giles III – [email protected]

 

Well Drillers

Denning Well Drilling:
208-523-4600
http://www.denningwelldrilling.com/

Andrew Well Drilling
208 522-2794
http://www.andrewwelldrill.com/

 

Water Testing

Teton Microbiology Lab
208-932-0215

Teton County, Idaho (includes Driggs, Victor, Tetonia)

Idaho Department of Quality:
DEQ Idaho Falls Regional Office

900 N. Skyline Drive, Suite B
Idaho Falls, ID 83402
(208) 528-2650
toll-free: (800) 232-4635
http://www.deq.idaho.gov/

 

Power

Teton County, Idaho (includes Driggs, Victor, Tetonia)

Fall River Electric
208-652-4731
(Wendy Celino for power line availability questions)
http://www.fallriverelectric.com/

Teton County, Wyoming (includes Alta, Jackson, Wilson)

Lower Valley Energy
307 733-2446

Home

 

Phone & Available Internet Speeds

Silverstar Communications
208-354-3300
http://www.silverstar.com/

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