Boom and Bust: Reshaping Development Patterns
Newspaper: New West Development
Reprinted from http://www.newwest.net
Boom and Bust: Reshaping Development Patterns in Teton Valley
A community in southeast Idaho with too many lots and too few homebuyers reconsiders development by downsizing neighborhood plans that seemed like a good idea a few years ago. Will it work?
By Molly Loomis, Guest Writer, 3-23-11
Rather than lament the state of Rocky Mountain real estate, county officials and nonprofit groups in Teton County, Idaho, are working to develop concrete solutions that will not only help this corner of southeastern Idaho, but also be applicable to other Western communities.
Located on the western slope of the Teton mountains, Teton County’s housing market exploded during the mid-2000s, a story similar throughout the Rockies.
Second homeowners and commuters, many of whom couldn’t afford sky-high home prices in neighboring Teton County, Wyoming, started buying in Idaho.
Developers, lured by the robust market, ample private land and cheaper fees with lax conditions, went into overdrive to meet both the real and anticipated demand. Teton County officials were eager to supply the market and, during the height of the boom in 2007, the county’s approval rating for subdivisions was five times the region’s norm…
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