Posts – Page 46

Deal of the Week

May 16, 2016 By Tayson Rockefeller Leave a Comment

700 Pine Dr. Jackson, WY

With Jackson’s housing market on a seemingly permanent wild ride, many buyers focus on properties under 1 million bucks. When comparing to other properties nearby in that price range, this one offers a pretty good mix of size, location, views and architecture for the money.

Why it’s a good deal:

Anything in Jackson under 1 mil can be considered a “good deal” This one, however has 6 bedrooms and over 3200 square feet with elevated views of Jackson, and close to National Forest.

How much?

Co-listed with 2 brokers, 945k.

How quick will it sell?

It should sell rather quickly for reasons mentioned above.

MLS info below. Log in to save this property.

Then & Now, Teton Valley Land Prices

May 14, 2016 By Tayson Rockefeller Leave a Comment

I was posting a few signs last week, and noticed an old (2007 or so) subdivision sign at Teton Meadows. In a way, it’s a testament of where prices once were. If you can’t read it, it says “Lots Starting at $265,000”. Yes, those were the old days. The height of the market, just before the bubble.

Then, the downturn. It would be hard to average prices at the worst point of the market, there just weren’t as many sales. Great Teton View Corridor lots went from 200k, to 50k, overnight. There was a lot of talk – PRICES WILL NEVER GET THERE AGAIN.

Or will they?

The bulk of our recovery and market stabilization cam over the last 24 months. In my opinion, and speaking in generalities, I would say we are 25% up, from the bottom. Look at market reports (you can check out the market reports tab on this site) and you will find that data shows a 30% increase in sales prices over the past 12 months. Based on this info is it feasible that prices will increase another 30% by this time next year? While I tend to agree (barring inflation) that prices won’t reach that 2007 mark, here are a few arguments as to how it might get close;

I’ve seen a few outstanding sales (MLS #’s 15-2321 & 15-1331) in excess of 100k. Yes, these are some of the prime lots in their respective developments, but pretty big numbers nonetheless.
Supply and Demand. I will do a “Then & Now” post for residential examples throughout the region in upcoming posts, but if you haven’t noticed, the residential market has exploded. We are nearly 100% recovered. Why? low supply and high demand. You will hear people talk about a thousand year supply, and that there are 400 residential lots on the market – but the always has been. That’s right, even in 2007, or 1999, there always has been a large supply. Prices go up, and they go down. The supply when talking just number of lots, has remained relatively close to the same. Remember, it’s a large valley. There are large Teton View Corridor lots, in-town lots, City subdivision lots, golf community lots, farm & ranch parcels, and so on.
Cost to subdivide. This is a key point. In a continuation of item 2 above, remember our market is comfortable sustaining a large number of lots on market at all times. To sustain that supply, there has been continual development and growth. There was obviously heavy development in the 2007 era, but has been virtually “none, zero, zilch” since. We do have a good supply (and reserves), but it won’t last forever. The “Teton Valley Dream” will go on. People from all over the world will buy and sell lots, to own a small piece of our valley. In any case, the fear of “over development” has created a difficult environment for future development. By difficult, I mean difficult and expensive. New requirements in place for environmental testing, fire suppression requirements, etc.

The above said, and like always, the good lots always sell first. It’s not uncommon to see a 60k sale, and a 100k sale in the same development. There is a large supply of good lots, at prices substantially less than years’ past. Speculation? Of course, it always is. Do I think it’s a good time to buy a good lot? Yep.

Can homeowners associations fine me for violations?

May 8, 2016 By Tayson Rockefeller Leave a Comment

Homeowners association (HOA) violations have been a Hot Topic lately. Whether it’s the HOA acting outside of their authority based on interpretation of the development bylaws or restrictions, or imposing unreasonable fines for violations.

In 2014, Idaho legislators reported numerous complaints of homeowners associations providing unreasonable notice or demands or even fines for non-compliance of the HOA guidelines. There were circumstances in which subcontractors were hired to remedy issues or violations, and even though the HOA contracted with the subcontractor, bills were sent directly to the property owners.

To combat these scenarios and to protect homeowners, the legislatures set requirements in place to require procedures for homeowners associations to follow when working with violations.

During my continuing education course on the topic I was able to obtain information from the Senate Bill, provided by the course instructor at the Idaho real estate school.

That bill number 1310 from the Senate states:

(2) No fine may be imposed for a violation of the covenants and restrictions pursuant to the rules or regulations of the homeowner’s association unless the authority to impose a fine is clearly set forth in the covenants and restrictions and:

(a) A majority vote by the board shall be required prior to imposing any fine on a member for a violation of any covenants and restrictions pursuant to the rules and regulations of the homeowner’s association.

(b) Written notice by personal service or certified mail of the meeting during which such vote is to be taken shall be made to the member at least thirty (30) days prior to the meeting.

(c) In the event the member begins resolving the violation prior to the meeting, no fine shall be imposed so long as the member continues to address the violation in good faith until fully resolved.

(d) No portion of any fine may be used to increase the remuneration of any board member or agent of the board.

This bill is relatively straightforward, my interpretation is simple. You cannot impose a fine as an HOA unless authority to do so is set forth in the Covenants. Then, a majority vote by the HOA board is required prior to imposing any fine. A written notice of the above vote must be delivered with 30 days notice to the homeowner. In the event that homeowner even begin resolving the violation, notifying can be imposed as long as the homeowner continues to address the problem until it is resolved.

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