Jason Shumway with RE/MAX Star Valley stepped into the SVI Radio studio for a monthly conversation regarding the current local real estate market, specifically to the process developers go through when proposing and building a housing development.

(0:00) Weekday wake up on SVI radio Swift 98 in the spur back into another guest interview segment for this morning and (0:06) Starting off what we think will be kind of an ongoing monthly series (0:10) Jason shumway of star valley is joining me in studio. Jason’s with remax of star valley and (0:16) Going to have kind of a monthly discussion regarding real estate and the market what what we’re seeing how it impacts both those who are (0:23) Buying selling or those who are just staying put for a while and and how it all impacts all of us (0:28) So jason appreciate your time looking forward to these. Yeah, I appreciate it.

I appreciate the opportunity. Um, (0:33) Yeah, we’re we’re uh, you know star valley based here right in afton and you know grew up here, of course (0:39) And so i’ve seen a lot of the changes that have been happening, uh, you know throughout the valley (0:44) In particular in recent years and uh, yeah, you know, there’s there’s both sides of the coin for sure (0:49) So yeah anything that any questions that I can help discuss or topics, you know that that we see from (0:55) Uh, you know not only as a local (0:58) person who’s lived here, you know the majority of their lives but also as a (1:01) real estate broker and having a company and kind of seeing the need and the demand that we see for (1:08) In particular attainable housing, you know (1:10) affordable is kind of a flashy word that sometimes hard to use but (1:15) Everything’s expensive these days, but there are yeah (1:17) There’s a lot of a lot of angles that we can approach and go from there. And yeah, so what questions so I think we start (1:23) off with (1:24) one of the big concerns that people have right now is is the affordable attainable housing that you mentioned and (1:29) uh, and trying to (1:31) Make it affordable for people to live here (1:34) Especially those that uh, you know, we hear all the time (1:37) Well, my kids are never going to be able to move back here because they can’t afford it (1:39) So, how do we do that? (1:41) but at the same time people want to control the growth a little bit right and and we (1:44) We like star valley because of the open spaces and we’d like to see it stay that way.

So (1:49) Uh, let’s start with that and in particular (1:52) Maybe there’s been some developments proposed some large housing developments in the works (1:58) And and go through what takes place behind the scenes (2:02) To make sure that the that those are all (2:06) Infrastructurally sound and not a burden to the area whether it’s wells or sewers or septics and all that stuff (2:13) so let’s let’s start at the very beginning jason and say someone wants to a (2:17) developer per se wants to go to a municipality (2:20) And propose and we’ve seen this happen recently a number of times propose a large (2:24) Housing development that walk us through the beginning stages of that process. Yeah. Yeah, absolutely (2:29) so and there is a clear distinction and we can circle back to (2:32) kind of something within town limits and then also out in county limits as far as (2:37) municipality or (2:39) Out in the county, but yeah, um that process is it’s actually very detailed.

Um, (2:45) You know, you know, obviously there’s a lot that goes into whether that piece of land has the correct zoning (2:51) the infrastructure even if it’s nearby or in place and that and that’s one of the biggest misconceptions I think out there is (2:58) um, you know the the public for some reason maybe has to contribute to the cost of this infrastructure and and they don’t that is (3:05) 100 of the developers cost so (3:08) It is all engineered the town of afton as an example or the town of thane or alpine any of these municipalities (3:14) They’re going to make sure that it’s engineered and it’s it’s done properly (3:17) um, and the and that’s all (3:20) the cost of the developer so they they purchase the land they pay for all the uh, (3:26) Engineering the studies the water studies the traffic studies impact, uh on the community (3:30) Um, in many cases they have to improve the pavement the roads, um different different situations (3:36) um (3:37) and (3:38) It it’s a huge expense. It’s it’s a huge expense for the developer (3:41) Um, it it really has no bearing on the you know on the taxpayer in all honesty, um, (3:48) they (3:49) In fact in all honesty if there’s a little bit more housing in my opinion at least I think (3:55) Uh, hopefully we could get property taxes to come down right? They’re not they’re not trying to tax (3:59) 10 houses they’re taxing 15 houses or whatever, right? And so (4:03) that would be maybe another topic for you know, the tax assessor’s office, but um, you know, I think (4:10) Um, but yeah, that’s that’s how that process works. There’s a lot of engineering.

There’s a lot of planning and zoning (4:14) There’s public hearings public meetings (4:16) um, and ultimately, you know (4:19) The the town and the and star valley in general. We we desperately need, you know, we we need attainable housing. We need um, (4:27) certain price points in our market that just they just don’t exist and (4:30) the the way to get those is to have (4:34) Public water public sewer systems, which the town of afton town of thane and some of these places have (4:38) um, and those come with a little tighter density and and you know, but that’s what’s going to drive that pricing down and so (4:45) um (4:46) Yeah, I mean, I think that’s so so when you talk about the studies that have to go be done (4:50) Let’s I mean, let’s just say for an example.

Let’s focus specifically on on sewer (4:55) um (4:56) You’re you’re using third-party groups (4:59) Maybe like a sunrise engineering or something like that, right that goes in it does very in-depth (5:03) And i’ve i’ve seen them give reports to town councils and things (5:05) Uh, I mean this they they don’t typically don’t leave any stone unturned (5:09) I mean, there’s a lot of study and research and and that goes in before any dirt’s turned right? It does (5:15) yeah, it’s it’s very in-depth and they (5:17) they build everything, uh, you know, typically they build everything to the (5:21) Kind of overbill, you know as far as like its capacity and what it could potentially do and yeah (5:26) It’s reviewed by a whole series of hydrologists (5:30) engineers, you know pe engineers (5:32) Deq reviews everything as well on a state level. Um (5:36) And yeah, so it’s it’s there’s a lot of studies that go behind the scenes to make sure that that (5:41) You know, it’s done to the proper standard and to code. It’s not just whipped together overnight (5:45) And yeah, yeah (5:47) And you mentioned a little difference between the municipality and the county a lot of times if you’re in the county you’re doing more (5:52) wells, uh septics, uh (5:54) Same type of situation though kind of similar situation (5:57) Yeah, it is, you know on the developer side that they still have to do what’s called like a water and (6:02) water soil study or a chapter 23 study and (6:06) Deq has to review that it’s still engineered, you know, they make sure that they they go out and they test the type of (6:12) Soil content you have however much gravel or sand or whatever is in the system (6:16) And then determine the best type of septic system that you should use (6:19) And so yeah (6:20) There’s even if you’re out in the county in more of a rural setting with the five acre lot (6:24) You still have some some oversight as far as making sure that it’s you know (6:28) You’re putting you know, the right the right septic system or whatever and and everyone wants clean (6:34) Pure water, right? You know, so it’s a good thing.

It’s a good thing to have and um (6:39) but yeah, those are kind of the distinction between the two jason strumway from remax star valley in studio this morning with the (6:44) One of his monthly reports on the local real estate market and what’s happening (6:47) So you mentioned kind of the supply and demand of real estate right trying to get the the prices down and so (6:53) In your mind what? (6:55) Where the market is now, is it just a supply issue? I mean, do we just need more homes? (7:01) That is an awful lot of it (7:02) It is and and you know (7:04) The whole country kind of got caught off guard a little bit during covid and you know things went, you know (7:09) They they jumped up and inventory went (7:12) you know, um (7:13) Next to zero. I mean something come on the market. It was sold immediately, right? And so (7:17) The other thing that happened during covid in my opinion is you know, well not necessarily my opinion (7:22) but um, you know, there was a huge material shortage, right and so (7:26) New construction at that time was very high.

Um, there was a lack of inventory and so things just kind of raced up (7:32) um (7:33) We’ve not caught up to that (7:34) In fact the country as a whole we’ve been chasing an under shortage in housing since you know, really the recession in 2008 (7:42) um, we we’ve not we’ve never we’re not building nearly enough for the housing that’s needed countrywide and that’s the same thing here, (7:49) You know bank of star valley they do (7:51) Annual (7:51) Kind of economic report every couple of years. I think they’re gearing up to do another one here shortly (7:55) So it’d be interesting to see what that um, if I remember correctly (7:58) We were something like six or eight hundred houses short in the star valley area two years ago when they did their report. So (8:05) We’re not building uh fast enough to and and so when there’s only three houses on the market (8:11) those those sellers, you know, they (8:13) Uh, they’re able to get a little bit higher price than maybe they otherwise would if there were eight or nine houses on the market (8:18) Right, so it’s that shortage is driving the pricing higher (8:22) And there’s just nowhere for builders in all honesty (8:25) there’s really very few spots for builders to build especially within town limits and so (8:31) It it really is an impact on them.

We need more housing. So do you see (8:36) Speaking again specifically inside town limits municipality limits. Do you see a lot more? (8:43) Trends toward an urban style townhomes duplexes.

I mean, do you kind of see things going that direction more and more? (8:50) Well a little bit. Um, but but I also think that there’s still a really good opportunity for (8:56) You know a single family home. I mean everyone wants (8:59) I’m i’m the same way, you know, I think everyone wants, you know a house on 10 acres with the white picket fence (9:04) um, but (9:06) My you know, my first house was very small very humble and I think you know (9:10) To get in the door and kind of get things going.

I think it’s very important to have (9:14) um (9:15) You know just just that (9:17) It doesn’t have to be you don’t necessarily have to have a half acre or one acre lot, you know (9:21) If you have a quarter acre lot, it’s your quarter acre lot. It’s your dog’s backyard. It’s your place to be (9:25) It’s your place to create memories and then you can live in it for a while (9:28) You can sell it then you can get the one acre lot right and kind of (9:30) Go up the ladder or whatever if you want or you can stay there, you know, and so (9:35) um, but yeah, I I think um (9:37) It you know, it definitely.

Um (9:41) You know as far as far as um (9:44) Being able to do it in town, you know, it’s a big advantage (9:47) Jason, uh shumway again in studio this morning remaxed our valley (9:50) Well, jason, of course, this is a conversation we could chat about for a long long long time (9:54) And so that’s why we’d like to make this a monthly recurring series (9:57) Have you come in and and shed some light on the real estate market as far as today’s conversation anything else? (10:02) You feel like you’d like to add? (10:03) No, I don’t think so. You know, I just think that um, you know, we you know as far as like the development topic and um, (10:10) You know some of those things. I mean the valley’s growing, you know, I like I mentioned, you know (10:13) I grew up here was born and raised here (10:15) Um, it’s it’s it’s different than it was (10:17) You know 30 years ago and it’s it’s going to be a whole lot different 30 years from now (10:21) and so our kids and our grandkids that (10:23) That want to be here and we want those kids to be here (10:26) We want them to be able to be raised in a good school system and in a good location and they can enjoy the mountains (10:30) the same way we did (10:31) I think we just need to kind of keep that in the back of our minds that (10:35) Yeah, we all want it how it was 30 years ago, but we also want our kids to have a piece of this as well (10:40) so, um, you know, just be open-minded and and um, and you know this this younger generation, I mean they bring in (10:47) Restaurants and ideas and concepts and businesses and energy and you know, um, it’s good for us (10:53) I think it’s good for us and they might bring in competition for certain things and (10:56) You know, they might open a real estate shop across the street from me.

That’s okay. Like it’s it’s okay (11:00) You know, it’s it’s competition’s good (11:03) Energy is good. And so, um, the valley is going to grow and it’s going to continue to grow (11:07) and so I just think we just need to you know, be welcoming be smart about it and (11:11) Yeah, do our do all i’ll do our part.

Jason strongly remaxed our valley (11:15) It’s all part of the weekday. Wake up on svi radio