Teton Realty Blog

Teton Region Real Estate Market Stats, Articles & News

  • Home
  • Listings ‘N Stuff
    • Property Search
    • Search Account
  • The Blog
    • Buyers
    • Sellers
    • Local Info
    • Market Reports
    • Know Your Home
    • 2022 Teton County, ID Code
    • Pages & Categories
  • About/Contact Me
    • Contact Me
    • About Me
    • Testimonials
  • Log In/Subscribe
    • Account Set-Up/Log-In
    • Weekly Newsletter
  • Facebook
  • LinkedIn
  • YouTube

Will Heat Pumps Work in the Teton Valley Climate

April 18, 2018 By Tayson Rockefeller Leave a Comment

You’ll probably find a video in the coming weeks with respect to heat pumps in our climate, I’ve just installed one. One can assume that probably means that they do work in our climate, otherwise I wouldn’t have installed one. The real answer is, pretty much. With that said, read on for details.

The first thing to understand about heat pumps is how they work. In a traditional sense, heat is created by burning fuel (in the case of Teton Valley, propane, whereas natural gas is not available) or with the use of an electric heating element much the heating element in your oven, or the elements that glow bright red in your toaster. Heat pumps work much differently. Essentially, they absorb heat from the outside and transfer that heat inside your home through refrigerant. Refrigerant has all sorts of weird properties that allow it to boil and change from a liquid to a vapor at temperatures far different than something like water.

Not all heat pumps are created equal, there are different types. The most common types are air source and ground or water source heat pumps.

Ground source heat pumps are more traditionally referred to as geothermal systems.  There are different types of geothermal systems. The most common types are open-loop and closed-loop, we see closed loop systems more frequently in our area, but I have seen both. With a  closed loop  system, liquid is pumped through tubes in the ground which is naturally warm, even throughout the winter months. The heat that is absorbed is then extracted from the liquid as it returns to the heat pump, and the cold water is then pumped back into the ground to be reheated naturally. In the case of an open loop system, groundwater is used usually from a domestic well, the heat is extracted, and the water is then allowed to drain or in some cases is injected back into the ground.

Air source heat pumps are more traditionally referred to as condensers and evaporators, a good example is an air conditioning system. An air conditioner works by absorbing heat inside the home, then transferring it outside. In the winter the cycle reverses, and the heat is absorbed from the outside air and transferred inside. Believe it or not, there’s enough heat in the outdoor air even at very low temperatures. Obviously a major benefit of an air source system is that it can be reversed, and the home is then air-conditioned during the cooling months. The downside is that these systems begin to lose efficiency at about 0 degrees Fahrenheit, but can operate efficiently in Sub-Zero temperatures to a point. This is why at the preface of my article I said “pretty much.”

With respect to the air source systems, it never gets below 0 degrees in Teton Valley, so there’s nothing to worry about. Right? Sarcasm aside, there are solutions. The easiest solution is obviously a backup heat source that can be activated when the temperatures get too low for the system to operate efficiently. The other solution is to add an auxiliary form of heat to the system which can either be in electric coil that is activated at very low temperatures, or a gas furnace that activates at low temperatures. The latter is referred to a “dual fuel” system.

There are other types of air source heat pumps which are commonly referred to as “mini splits.” Mini splits are basically an air source heat pump, but rather than having the system tied to a traditional furnace, they usually have a smaller self contained blower connected to an outside condenser via refrigerant lines. Mini splits are very common in most parts of the world because of their efficient cooling and heating capabilities and the fact that they can easily be retrofitted to any residence or building with relative ease. The downside is that most mini split indoor units (often called heads) don’t have any way to add auxiliary forms of heat such as heating elements or gas-burning forms of backup heat. Regardless, I do anticipate seeing more of these types of installations with backup heat such as baseboard electric which can be used seldomly when the temperatures dip into the sub double digits.

As for my system, it’s ducted and ductless mini split system with backup heat strips and temperature lockouts, all of which is controlled from my smartphone. I’d be happy to fill you in, it’s pretty cool stuff.

Is the rental market changing in Teton Valley, Idaho?

December 11, 2017 By Tayson Rockefeller Leave a Comment

Those of you with a pulse on Teton Valley long-term rental market have probably noticed a bit of a lull in terms of occupancy and a small increase in availability. This tends to happen every year after the ski season begins and before the holidays. Those looking for something to rent for seasonal work have already found something in most cases, and long-term residents are generally settled in for the winter.

This year, most property managers have noticed things are a bit slower than the last couple of years, at least with existing inventory, specifically in Driggs and the North end of the valley. This is caused mostly by a supply spike in Victor, where people prefer for the Jackson commute. Several modulars along Highway 31, though lacking amenities, have filled quickly because of their location. Several more units are soon coming available on Dogwood St, and it is yet to be seen how many will be reserved for long-term renters. The new Clinic on Main Street will likely have long term rental availability. These newly completed, or soon-to-be completed projects in addition to a few others seem to have mostly satisfied the shortage, at least in the short-term interim.

I don’t believe this influx of availability will have any long-term effect on the market based on how deep the rental shortage actually is. Once the holidays are behind us, we will begin to better understand inventory levels compared to recent history. It’s been a long time since we’ve seen an oversupply (and I’m not suggesting at all that we are back to anywhere near an oversupply, or even sufficient supply) and even when we did, it was an oversupply of rentals that were not originally meant to be rentals. Throughout the downturn of 2008 we saw a number of vacancies, but these vacancies were second homes converted to long-term rentals, or even vacation rentals which weren’t performing well enough to satisfy debt service. In fact, there haven’t been too many private back-to-back projects built specifically for long-term rentals in a long time. We saw some housing projects near the Sage Hen condos, and of course the Fox Creek Apartments, but all told, not too many dedicated rental properties.

With the headlines being rental shortage you will call me crazy, but we will have to monitor the number of dedicated long term rental projects, apartment buildings and so forth in order to sustain a healthy environment with a good mix of tenants and available rentals to keep vacancies at a minimum and our rental market healthy. It will be interesting to see new major projects and how well they absorb into the marketplace in the near future.

Homeowner’s Association Interpretation

July 10, 2017 By Tayson Rockefeller Leave a Comment

Homeowner’s Associations and CC&R’s seem to be one of the Hot Topics in real estate, especially over the past couple of years. I don’t want to wear out the topic, but it is important to address some of the questions that people have, especially locally.

For the record, I am for Homeowner’s Associations in most circumstances and agree that in some situations they don’t belong. Many people buy property within existing developments because of the covenants, rules & regulations in place. While it may not be expressly stated that the covenants are the reason for the purchase, it is usually as a result of those within a community abiding by the requirements set forth in these documents. Uniformity, style, there are a dozen reasons why these covenants makes sense.

On the flip side, there are communities in areas that have not had, and likely never will have CC&R’s or development restrictions. Usually, if it’s not within a development such as the core towns like as Driggs and Victor, it can be part of the appeal for some. I always chuckle hearing the sounds of clucking chickens in town, and seeing the great diversity in construction style in these “downtowns”, but it’s also what makes these towns charming.

So, getting back to the topic here. I’ve run into a few circumstances lately where even though I thought understood how the CC&R’s were written, I learned that many Homeowner’s Associations had interpreted these documents differently. While I think there may be an argument in many of these cases, some potential buyers don’t want to argue with the Associations regardless of whether or not they think, or anyone else thinks that they’re interpreting them incorrectly.

One of the most popular examples would be short-term rentals. Most CC&R’s do state that homes shall be used for residential purposes only. There are few exceptions that state home businesses can operate with conditional-use permits from the County, but again, most of them have this generic language. Most case law, (from what I understand many in Idaho) suggests that short-term rentals are not considered commercial businesses. Unless these documents specifically state that short-term rentals are not allowed, it is my opinion that Idaho would rule in favor of allowing rental types, both long-term and short-term.

Another example I ran into recently would be livestock and horses. The CC&R’s in this particular case stated that livestock would be allowed as long as it did not create a nuisance, but after contacting and understanding the Homeowner’s Associations interpretation, I was informed that livestock, nor horses would be allowed. I think there may be an argument here, but I’m not sure this would hold up in court. Here again, unless someone already owns the property and wants to argue, most buyers don’t want to prematurely go down this road, they would rather just find something else.

The second example might be a little bit harder to argue in the case of the association or the potential buyer, but much information I reviewed suggests that homeowners associations should specifically state what is NOT allowed as opposed to stating what is, or at least in my opinion.

As tensions rise over some of these issues in the future, I believe that homeowners association should take an active role in reviewing their CC&R’s and perhaps a mending some of the language so that it it is ambiguous while it is still relatively easy to amend these documents. Mini development today have owners of multiple lots, and very few homes in them. It’s easier to address some of these issues today as opposed to arguing with homeowners and buyers down the road, especially as population grows.

Transactions and Utilities

April 17, 2017 By Tayson Rockefeller Leave a Comment

Fall River Electric

Here in Teton County Idaho, closing a transaction is a bit more complex due to the proration of utilities at closing. A couple of things need to be taken into consideration. Those items typically include property taxes, electricity, liquid propane or oil, water and sewer bills, local improvement district assessments, and so on.

Most of the above items will be addressed in any real estate transaction in most every state. Here in Idaho, taxes are assessed in arrears. I have written a few different articles on how property taxes work, I’m happy to provide that link. If anyone has pre paid their taxes, they will get a credit at closing. Otherwise the seller might have a deduction on their closing statement. In this scenario, the buyer would be responsible for the entire tax bill when it comes due.

Things I would like to focus on would be electricity, liquid fuel, and Municipal Water and Sewer bills.

When it comes to electricity in Teton County Idaho, the provider is Fall River Electric. Fall River Electric is actually a co-op with over 13,000 members in three states and eight counties. The co-op owns and manages several hydro-electric stations in the region. The co-op operates on a non-profit basis with a primary goal to deliver safe and reliable electricity to it’s owners. Revenue that exceeds the cost of delivering this service is allocated back to the owners in the form of capital. This capital is distributed approximately every 20 years. Over time this Capital accumulates. So, what happens if you sell your property prior to receiving your funds whereas co-op only distributes every two decades? The answer is that you are still entitled to these accumulated funds, but you can’t receive payment until distributions are made. With that being said, if you’ve owned the property here in Teton County for any significant amount of time, it’s a good idea to make sure you continue to keep your account address updated with Fall River Electric. In the short-term, you will be working with prorating electricity charges through the date of closing. Fall River is extremely efficient when it comes to keeping track of member accounts. It is a good idea for a new buyer to set up an account prior to taking possession, and providing the exact date of closing. If the seller also provides the exact date of closing, Fall River Electric can bill accordingly. For this reason, we usually don’t see any prorations on a closing statement when working with your real estate agent and Title Company. It’s also important to remember that Fall River ties the bill to the property, not the owner. Even if the owner leaves an unpaid balance, it will run with the property and the new owner will be responsible to make that payment. Most of the title companies are very good about making sure balances are current prior to closing.

Liquid propane and fuel oil or diesel fuel is a different story. Idaho’s contract provides for a section that describes who is ultimately responsible to receive, or pay for any fuel left in a tank upon closing. Since we don’t have natural gas piped and metered in the area, and very few Community Propane systems with meters, this comes up frequently. If the contract states that the buyer is responsible to reimburse the seller at closing for fuel remaining in the tank, a representative from the title company who acts as a third-party will usually get a reading on the tank or a percentage level and to multiply that by the size of the tank and at the current rate. In this circumstance, you will see a proration or a credit or a debit on the closing statement. Build is less common, fuel oil is something that comes up periodically. If the buyer is not responsible to reimburse the seller at closing they are entitled to any remaining fuel in the tank. In this scenario, it’s easy peasy. If the buyer is required to reimburse the seller for the fuel remaining in the tank, it gets a little complicated without a gauge present to provide information as to how much fuel is left in the tank. The basic process for testing how much fuel remains in a fuel oil tank is basically a dipstick similar to you are car oil. Oftentimes The seller might top off the tank so that they can calculate based on a full tank. Alternatively, the buyer can top off the tank and deduct that amount from the total tank volume. There a few other moving factors with all of this, usually comma and more specifically with liquid propane, the tanks are never filled to 100%.
Water and Sewer is also a bit peculiar when it comes to the way things operate in Teton County Idaho. In most cases, the cities do not want to try to prorate to the day any bills as it complicates their Billing System. In most cases the buyer and the seller are able to come to an amicable agreement as to who will pay for it, or how they will split the difference. If a tenant resides in the property it can further complicate things as the city’s generally require owners to keep the city water and sewer Billings in their name since the owner is tied to the property and the Tenant is not. This allows the city to have better control with regards to who is using the service comma and who the owner is. If a tenant moves out of the property, they would rather be able to communicate with the owner as opposed to keeping track of the different residents or tenants in each property.
  • « Previous Page
  • 1
  • 2
  • 3
  • 4
  • 5
  • Next Page »

Recent Testimonials

  • Douglas V.
  • Chuck M.
  • Terry & Joy K.
Teton Valley Realty
Copyright Teton Realty Blog© 2025 - Tayson Rockefeller - [email protected] - 208-709-1333 - sitemap | Privacy Policy, Copyright & Terms of Use