Archive for March, 2009

Star Valley Economic Development

Monday, March 30th, 2009

1.  Consensus on Star Valley real estate:  raw land coming down drastically.  Finished homes are not.  Opportunity and demand for buyers who have down-payment.  Some key employers:  local hospital, phosphate mine JR Simplot who has people turning down jobs due to lack of housing (Smokey Cyn in Carribou County, Idaho – HR Dept.), Lincoln County School District (#1 employer), local Silver Star Communications (telecom), Lower Valley Energy, 1st National Bank, Wells Fargo, Bank of Star Valley, Maverick Country Stores, and Aviat Aircraft Plant all have high need of affordable housing for employees.

2.  Bank of Star Valley puts together an annual economic forecast, which just came out and can help with the feel of furture activity & trends in homes for sale and real estate locally.

3.  Good news, folks aren’t getting desperate on finished housing.  Folks that have existing homes are too high-end for the worker market.  Downside, loans from banks vary by region.  Hoping some of these employers will back a silent second mortgage for a key-position employees …. i.e. amortize a 5-year second mortgage to keep employee retention, especially the hospital, which doing creative things for nurses, (i.e. scholarships, etc.).  Also, the hospital is moving forward with expansion plans this year. This could be positive stimulation for homes for sale in Star Valley Wyoming.

4.  In Jackson and surrounding areas, resorts are cautiously optimistic. Tourism is expected to come down, but Teton County is still issuing building permits and is just below normal for this time of year – which is soft-season anyway. Sales taxes off 12% in Teton County, not too bad.  With aging population (teachers, cops, etc.) they have to be able to lure people into moving there.  There will likely be a die off of young teachers in the next year or two due to a vested retirement program installed.

5. All this tells us that affordable housing should be very viable.

“Val D. Pendleton is the premier real estate broker in Star Valley Wyoming. Val’s family has a deep and respected heritage going back several generations in the Star Valley area. Specializing in Thayne, Afton, Bedford, Alpine, Star Valley Ranch, and surrounding communities please visit the Coldwell Banker Country Estates website at  http://www.cbcountry.comfor a complete list of inventory offered by Coldwell Banker Country Estates or email us at val@cbcountry.com If we can assist you in any way, feel free to contact us directly 307-883-7000″

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Will this help real estate in Star Valley ?

Tuesday, March 24th, 2009

As we get information through the real estate in Wyoming sources, we would like to pass it on to our clients and customers in Wyoming Real Estate, as to give them them tools to plan and prepare for the future of investing in land or homes in Star Valley. 

President Barack Obama rolled out a bold $75 billion, three-part plan to halt the soaring rate of mortgage foreclosures nationwide, one that seeks to encourage refinancing of homes now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners. This should help real estate in wyoming, right?

President Barack Obama’s new effort to use Wall Street rescue money to halt the soaring rate of mortgage foreclosures nationwide encourages refinancing of homes that are now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners.Some things seem so obvious that simple folks like me have started to question our own common sense. Like the idea that the best way to help the average American, who has lost 40% of the value of his retirement nest-egg and half the equity in his real estate, is to GIVE billions of our dollars to the people who caused this fleecing of America. Huh?

By last report, none of the money had made its way to where it is needed and where it was supposed to be headed. Banks gobbled up the money and refuse to disclose what they did with it; but, they, apparently, haven’t been lending it. They won’t say where it went and tell us they don’t have to. They concluded with the statement that they really couldn’t track it anyway because all revenue goes together and its source is unaccounted for.

Again, huh? If I got even just a single billion from somewhere, I’m sure the IRS would make me account for its source. But, a statement like that raises the even larger question-do these people know even the basics of business? You track where your money comes from so that you can do more of what is profitable and less of what is not. No wonder some are already coming back for more. And, one exec at Bank of America, John Thain, spent $1.2 million on drapes for his office. Drapes! Why aren’t we marching in the streets? Luckily real estate in Wyoiming and our agents are well accounted for!

“Val D. Pendleton is the premier real estate broker in Star Valley Wyoming. Val’s family has a deep and respected heritage going back several generations in the Star Valley area. Specializing in Thayne, Afton, Bedford, Alpine and surrounding communities please visit the Coldwell Banker Country Estates website at  http://www.cbcountry.comfor a complete list of inventory offered by Coldwell Banker Country Estates or email us at val@cbcountry.com If we can assist you in any way, feel free to contact us directly 307-883-7000″

Posted in Economy, General, Mortgages | Comments Off

February Wyoming Real Estate Stats from Star Valley

Wednesday, March 18th, 2009

What a great opportunity to invest in real estate in Wyoming.  Interest rates are at an all time low, and our market in Star Valley Wyoming is looking very optimistic. Read our blogs for tips on investing in real estate for sale in wyoming.

     During our monthly tracking, we have noticed that, generally speaking, real estate for sale in Wyoming is still holding strong.

Homes for sale in Wyoming Star Valley

June, 2008-346 homes for sale with an average list price of $475,000

February, 2009-272 homes for sale with an average list price of $466,500

Land for sale in Wyoming Star Valley

June, 2008-611 parcels of land for sale with an average list price of $245,000

February, 2009-527 parcels of land for sale with an average list price of $262,000

     These numbers representing real estate for sale in Wyoming were gathered from our local MLS data and show that contrary to the National media portrayal of the real estate industry, confidence should still be strong in Wyoming Real Estate.

     “Val D. Pendleton is the premier real estate broker in Star Valley Wyoming. Val’s family has a deep and respected heritage going back several generations in the Star Valley area. Specializing in Thayne, Afton, Bedford, Alpine and surrounding communities please visit the Coldwell Banker Country Estates website at  http://www.cbcountry.com for a complete list of inventory offered by Coldwell Banker Country Estates or email us at val@cbcountry.com If we can assist you in any way, feel free to contact us directly 307-883-7000″

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Help for Real Estate in Star Valley Wyoming update

Monday, March 9th, 2009

As Real Estate Professionals in Star Valley Wyoming were hoping this would pass-we all need to pull together and let our government know how we feel.

Unfortunately, Amendment #353 to the Economic Stimulus Plan, which contained a provision for the Federal Government to buy-down mortgage rates to 4.5% or less for a 30-year fixed rate loan for the purchase of a primary residence, was not passed at this time.  However, on Tuesday, Feb. 10, the Senate will vote on their version of the Economic Stimulus Plan. We need to ensure the following three provisions that have a direct impact on housing will be included in the Plan:
$15,000 home-buyer tax credit that was proposed by Senators Isakson, Lieberman and Dodd
Permanent FHA, Fannie Mae and Freddie Mac loan limits that match the levels enacted in 2008
Increased resources for foreclosure mitigation efforts to stem the flood of foreclosures
I strongly encourage you to follow the link below, provided by the National Association of Realtors, to learn more about the provisions and voice your support. Please click on the link and follow the site’s instructions, which allow you to create and immediately post a letter via e-mail through the site to your U.S. Senators and Representatives.
http://takeaction.realtoractioncenter.com/campaign/2009stimulus

Foreclosures in Star Valley Wyoming aren’t flooding our market, yet.  Real Estate in Star Valley and Land in Star Valley are holding their value and seem to still be in demand. The Star Valley Real Estate market hasn’t been driven by our local economy for some time, we do rely on outside buyers, so what happens in the rest of the world will eventually trickle down to effect us in time.

“Val D. Pendleton is the premier real estate broker in Star Valley Wyoming. Val’s family has a deep and respected heritage going back several generations in the Star Valley area. Specializing in Thayne, Afton, Bedford, Alpine and surrounding communities please visit the Coldwell Banker Country Estates website at  http://www.cbcountry.comfor a complete list of inventory offered by Coldwell Banker Country Estates or email us at val@cbcountry.com If we can assist you in any way, feel free to contact us directly 307-883-7000″

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Help for Real Estate in Star Valley Wyoming

Friday, March 6th, 2009

(Feb. 5, 2009) The United States Senate unanimously passed a bipartisan amendment, offered by REALTOR® Champions, Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year. This should help real estate in Star Valley.

Specifically, the Isakson-Lieberman amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.

The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment. We here at Coldwell Banker Country Estates in Star Valley Wyoming think this is great!

While the final details of the Stimulus Bill are still being debated, this amendment represents a tremendous step forward in NAR’s efforts to stabilize housing markets around the nation. Because of the efforts of REALTORS®, we expect the final Economic Stimulus Bill will contain several major housing provisions. We will continue to update you as the bill progresses through the legislative process.

“Val D. Pendleton is the premier real estate broker in Star Valley Wyoming. Val’s family has a deep and respected heritage going back several generations in the Star Valley area. Specializing in Thayne, Afton, Bedford, Alpine and surrounding communities please visit the Coldwell Banker Country Estates website at  http://www.cbcountry.com for a complete list of inventory offered by Coldwell Banker Country Estates or email us at val@cbcountry.com If we can assist you in any way, feel free to contact us directly 307-883-7000″