Jackson Hole Real Estate Blog

Saturday marks the 70th anniversary of the famous speech by Lou Gehrig, as addressed to the crowd at Yankee Stadium for the last time. We could all take a few lessons from the Iron Horse.

Here is the full text of the speech from July 4, 1939

“Fans, for the past two weeks you have been reading about a bad break I got. Yet today I consider myself the luckiest man on the face of the earth. I have been in ballparks for seventeen years and have never received anything but kindness and encouragement from you fans.

Look at these grand men. Which of you wouldn't consider it the highlight of his career to associate with them for even one day?

Sure, I'm lucky. Who wouldn't consider it an honor to have known Jacob Ruppert - also the builder of baseball’s greatest empire, Ed Barrow - to have spent the next nine years with that wonderful little fellow Miller Huggins - then to have spent the next nine years with that outstanding leader, that smart student of psychology - the best manager in baseball today, Joe McCarthy!

Sure, I'm lucky. When the New York Giants, a team you would give your right arm to beat, and vice versa, sends you a gift, that’s something! When everybody down to the groundskeepers and those boys in white coats remember you with trophies, that’s something.

When you have a wonderful mother-in-law who takes sides with you in squabbles against her own daughter, that’s something. When you have a father and mother who work all their lives so that you can have an education and build your body, it’s a blessing! When you have a wife who has been a tower of strength and shown more courage than you dreamed existed, that’s the finest I know.

So I close in saying that I might have had a tough break - but I have an awful lot to live for.”

Took a ride on the Ferrins trail the other day.  Without a doubt, one of the best rides in the Valley

You know it’s been a tough year for South Carolina when the two biggest stories coming out of the Palmetto State this year are this gem from Miss Teen South Carolina, and of course Governor Mark Sanford’s extremely poor map reading skills that found him canoodling with an Argentinian beauty queen when he thought he was going hiking on the Appalachian trail. Apparently he’s going survive politically for the affair, but the public wont forgive using taxpayer funds to wet his whistle. Pretty stupid move. He should have traveled on his own nickel because he’s going to loose it all to his wife anyway and he might still have a political future.

Shooting Star golf course opened today and I had a chance to take a tour yesterday. Needless to say it’s pretty impressive in every aspect. The course looks very challenging, especially if you hit from the back tee boxes. The Clubhouse has everything you'd ever need and a few things you never will. Locals with a Teton County driver licsence will be able to play on Tuesday afternoons for $50 plus $45 for a mandatory caddie. It will be interesting to see how well the memberships sell in this economy. It seems to me that when people are cutting back, memberships at your second and third Country Clubs are the first thing they will draw a red line through. Here is what the JH News and Guide had to sa

Real Esate:

3br/2ba in Melody Ranch, .53 acres, 2485 sq. ft. built in 2003, Listed for $899,000 Closed for $775,000

3br/3.5 bath house in Wilson Meadows, 1.5 acres, 3539 sq.ft. built in 2003, Teton Views, Listed for $1,595,000 Closed for $1,550,000

3br/2ba older home on Morley Drive in Teton Village, 2646 sq. ft., .7 acres, Listd for $1,495,000 Under Contract

4br/5ba house in John Dodge, 5030 sq.ft. 3.13 acres, built in 2002, beautiful lot with a pond, Listed for $5,950,000 Under Contract

4br/4ba house located at Fairway Estates (North of Town), built in 2006, 3.18 acres, big Teton Views, Listed for $5,500,000 Under Contract

4br/2.5ba house in Rafter J, 2287 sq. ft., built in 1980 but in good shape, .35 acres, Listed for $647,500 Under Contract

2br/2ba house on West Karns in the Town of Jackson, 1250 sq.ft., .15 acres, completely remodeled in 2009, Listed for $580,000 Under Contract (on the market for 2 weeks)

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Now that it’s pretty obvious that Ortiz’s has turned into a 260lb singles hitter, a .200 singles hitter for that matter, can we begin to wonder where Jason Veritek’s new found power has come from at age 37? He’s on a pace to have his highest home run total in 6 years. At age 37? Hmmmm. That’s kinda weird.

Apparently Chris Johnston, formally the main principle in Real Estate of Jackson Hole, is part of a group offering to take Saab off of embattled General Motors’ hands. It will be interesting to see if it happens and if the company comes to Wyoming.

Speaking of sales, this is a great offer from Jackson Hole Resort Lodging. I guess bookings are a little slow, but this should help. It’s good for any time this summer but you have to book by tomorrow at 5:00 pm. It applies to all properties, but there is a 4 night minimum for the private homes, and a 3 night minimum for all the others.

I'm not entirely sure how I feel about this, but there is a lot that doesn't sit right with me.
Real Estate: Things are picking up. Slowly, but picking up nonetheless.

As bad as things are for David Ortiz, at least he’s not in poor ex Yankee Mel Hall’s shoes. What the hell is wrong with people?

2.69 acres on the Village Rd, across from John Dodge, originally $1,345,000, now $980,000.

3br/2br House in the Aspens , 1.02 acres, 1476 sq. ft. built in 1977, Listed for $1,380,000 , CLOSED $980,000

2br/2ba Teton Shadows Condo, 1388 sq. ft. 1 car garage, big Teton Vews Listed for $625,000, CLOSED $615,000

On the market for 48 days.

4br/3ba Clarks Knoll (near Snow King) 1902 sq. ft., 2 car garage, OK for short term rental, Listed at $649,000, CLOSED $620,000

3br/2ba Creekside Condo, built in 1992, 1375 sq. ft., 2 car garage Listed for $599,000, UNDER CONTRACT

3.1 Acres in Willowbrook, great Teton Views, 5 miles from JHMR, Listed $1,499,000 UNDER CONTRACT

There are 9 houses and 22 vacant lots for sale at 3 Creek according to the MLS. I guessing there are several more that are not in the MLS.

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As I stated a couple months ago, David Ortiz is so done. This is a great piece by diehard Sox fan Bill Simmons who seems to feel the same way.

He'll be gone by July 1. Hello Nick Johnson!

Apparently the big hole in the ground where the Jackson Hole Guide used to be, corner of Gill and Glenwood, where work has been stopped on for 6 months, is going to start back up.

According to a very reliable source, private jet service was down 35% this past winter.

I have heard that the old Chef’s Table (missed very much) has been bought and will be a hign end Martini Bar type place.

Shooting Star, the new golf course in Teton Village is moving full speed ahead. The course and clubhouse are scheduled to open on July 1, and at this point,it seems the all the Cabins are in line to close on time starting in Mid July. The course looks to be in great shape.
These are pretty telling numbers about the Real Estate market in Jackson over the past three years

1/1/07-6/1/07 there were 247 closings (193 Residential, 54 Vacant Lots)
1/1/08-6/1/08 there were 114 closings (97 Residential, 17 Vacant lots)
1/1/09-6/1/09 there were 38 closings (33 Residential, 5 vacant lots)
It should be noted that there are 14 transactions listed as Pending and that this does not include transactions that are not in the MLS, which have be pretty substantial, between $20,000,000-$30,000,000 I have been told. Also, this doesn't include the Shooting Star cabins or the condo’s at Hotel Terra which are apparently going to close in late June.

Lastly, I went out to Dornans Monday night to the Hootanany. I took this video of current and Former County Commissioners Hank Phibbs and John Carney. It was a really fun night and the place was packed. I guess they're moving outdoors this week.

The rain has to stop eventually…

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Hill Climb weekend has come and gone and the Town of Jackson is still standing. It wasn't without it’s share of classic outfits, one of which I spotted on Saturday. Classic.
My friend Alden brought this to my attention. Even in Jackson, where we have our share of professional drinkers, we haven't seen something like this .

Over the past 9 days or so the JHMR has received 74″ of snow and more is coming tomorrow. Some of the best skiing of the entire year has been in the week, this morning included. Absolutely the best day I've ever had in April at the ski area. Here are a couple shots of my friends Shelly and Sara taken in the Cirque around 9:30 this morning.

This classic story ran in Sports Illustrated 4/1/85 and was written by timeless George Plimpton. The Red Sox might be calling Sid’s number by August once John Smoltz’s 89 year old arm falls off.

Real Estate:

We're seeing a few signs of life in the market here, and as someone who is generally very conservative about these things, I feel we've hit the bottom in most areas of the Valley. Teton Village may have a little ways to go, as will condo’s in town. Because of the excess inventory, I don't think prices are going to rise for a while, but I don't think they are going to drop and the best properties that are for sale are going to start to move as Buyers start to snap up the bargains.

2br/2ba Aspens condo, 1150 sq. ft., good shape, Listed for $595,000 UNDER CONTRACT

3br/3ba 2300 sq. ft. TownHouse located at 810 West, built in 2005, Listed for $995,000, UNDER CONTRACT

4br/3ba 3670 sq. ft house on 1.3 acres, built in 2008, Located on South Park Loop Rd. Listed for $1,375,000 UNDER CONTRACT

6 acres on Saddle Butte, close to town, great Teton Views, Listed for $1,375,000 UNDER CONTRACT

Today is the last day of Spring Training, the teams head North tomorrow and Opening Day is Monday. Can't wait to see that 390lb ball of HGH otherwise known as David Ortiz waddle back to the dugout.

JOBA!!!

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Just when you thought you'd seen it all…

My guess is that this is true for many people in Jackson and certainly in Teton Valley.

Looks like we all should have listened a little more closely to Mr. Cramer. This is from August 2007!

He was right on this prediction as well.

Speaking of Cramer, this guy, Louis C.K. looks just like him but is a little funnier.

This is a very sad story. No doubt. But there are a few questions, not the least of which is what in world were these guys doing 20 miles off shore. Their boat was 21 feet long. Not exactly the Queen Mary. Now, no one will ever confuse me with Quint, but if I'm going fishing on a 21 foot boat, open air, I'm keeping land in sight at ALL times.

There are 125 active listings in the MLS for the Town of Jackson. The least expensive is a 1br, 428 sq. ft. condo located i in the southern end of Town, sort of behind K Mart. It’s been on the market for 230 days and was originally listed for $299,000

In the Aspens, there are 33 active listings. The least expensive is a 1br/1ba 776 sq. ft condo listed for $340,000.

The Buffalo Junction commercial center (Pica’s, TOPS, etc) 26,000 sq. ft, very good tenants, closed for $8,200,000. Listed for $8,795,000.

5br/4ba, 4058 sq. ft., .75 acres built in 2001, Melody Ranch, originally listed for $1,495,000, CLOSED for $1,225,000

3br/3ba 2025 sq. ft., built in 2003 on .40 acres, Originally listed for $1,075,000, reduced to $795,000, UNDER CONTRACT.

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If you're still one of the six people in the world who doesn't think David Ortiz has indulged in PED’s, take a look at these pictures, one from his Rookie year and one from 2008. And if that’s not enough, look at his power numbers since baseball started mandatory testing. 54 HR’s in 2006, 35 in 2007, 21 in 2008.
That being said, if A Rod could lie as well as he hits the outside fastball, he wouldn't be in nearly the mess he’s in now. And, like the economy, Madona’s face, and my hairline, it’s going to get worse before it gets better.

This is pretty funny from SNL.

The new/old Betty Rock opened today at it’s old location on Pearl St.

It’s refreshing that you can still get a cup of good coffee for $1.00 at Joe’s Gourmet Coffee located next to Bubba’s on West Broadway. Seems like everywhere else is at least $1.50.

A 591 sq.ft. condo on East Hansen St., originally listed for $370,000, reduced to $330,000, CLOSED for $303,000

This past week may have been the best conditions of the year at the JHMR. More snow on the way as well.

There are 149 “active ” listings in the MLS for Teton Village. The combined value of those listings according to the listing price is $244,735,000!! And that does not count the commercial properties for sale or any of the Hotel Terra II properties.

The least expensive full ownership property in Teton Village is $319,000 for a 464 sq. ft. studio in the Sleeping Indian building.

There is a one week Teton Club listing for $750.

There are 72 properties for sale in Teton Village for over $1,000,000.

There are 12 properties for sale at the Four Seasons. The least expensive is a 2br/2ba, 1720 sq. ft condo for $2,675,000. The most expensive is a 5br/5ba penthouse suite, 5016 sq. ft. for $6,950,000.

I've been told by a couple commercial brokers that there is over 150,000 sq. ft of available office space in the Town of Jackson.

3 Acres out by the Airport/JHG&T was recently reduced to $875,000 (Originally listed for $1,250,000).

Last night, Diane Lane once again proved that the line for the prettiest women in Hollywood starts behind her.

Finally, Jon Klaczkiewicz’s new movie Swift.Silent.Deep premiers in Jackson on Wed., February 25 at the Center For The Arts. Tickets are $10 and it’s a benefit for Bridger - Teton Avalanche Center. If you have any interest in the history of big mountain skiing at the JHMR, you probably have to see it.

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So now that the dust is beginning to settle from the second largest RE firm shutting it’s doors (on 12/23 no less) and the real estate agent landscape has changed dramatically, everybody is trying to get the market going, and quite honestly, it’s kind of stuck in the mud. Not many people are willing to admit that the market has dropped here and if anything is going to move, Sellers are going to have to come off their prices, which they don't seem to be doing. As a result , we've seen only 16 closings in the residential /second home market in Jackson since December 1, 2008, and on three closings since 1/1/2009! There are 5 or 6 pending now though.
The encouraging news is that we are beginning to see a few Sellers in Teton Village recognize this and they are cutting their prices. A new 3200 sq. ft. townhome in Granite Ridge was just reduced from $3,700,000 to $2,950,000 and another 2br Granite Ridge Cabin reduced to $2,195,000. 2200 sq. ft. Those both bring the price per sq. ft. below $1000 per ft., which is getting closer to the $750 per sq. ft for ski in/ski out properties benchmark that I think is going to be needed to get things moving again. I know that is not what a lot of people want to hear, but I think it’s true. I'm not sure if this applies to the Four Seasons condo’s which at times seems to exist in it’s own little orbit.

This picture is a sign of the times. The note explains that one of the owners is filing for bankruptcy and the future of the store is in doubt.

If you missed last nights David Letterman Show, this is pretty good .

Apparently, the original Betty Rock Cafe is re-opening in Jackson. God bless the Turkey Cranpesto sandwich!

Real Estate:

5br/5ba brand new home in River Hollow, 7670 sq.ft., 5.4 acres, very nice LISTED for $3,800,000

5br/3ba home in John Dodge, 3.5 acres, 5058 sq. ft. built in 1995, beautiful, Listed for $4,900,000

Buffalo Junction (where Pica’s is in town) 26000 sq. ft. of retail space, 1.47 acres, plenty of parking and good tenants, LISTED for $8,795,000, UNDER CONTRACT IN A WEEK!

35 Acres on the Gros Ventre River, one of a kind property with stunning Teton Views, LISTED for $8,900,000

Lake Creek Ranch subdivision (Directly across from Teton Village) 7482 Sq. ft. 4br/4ba and 2br guest house, on 4 acres, amazing location and Views, LISTED for $10,500,000, UNDER CONTRACT (unconfirmed rumor that the price is around $8,500,000)

.84 acres on Pearl St, next to Pearl St. Bagels, zoned commercial, LISTED for $4,540,000, UNDER CONTRACT! (also unconfirmed rumor of a price around $3,500,000).

Spring Training begins in 4 days! And for all you Red Sox fans gloating about A-Rod testing positive for a banned substance in 2003. Settle down. There are 103 more names on that list and I'm thinking Big Papi may be on it as well. We'll see….

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The idea that Jackson is immune to the world economy is clearly dead. Not only is the Real Estate market very slow (although some things are selling-see below) but were now seeing the effects in all aspects of the local economy. There are very few help wanted adds in the paper, there is an abundance of rentals available (56 condo’s or houses for rent in the Jackson Daily last week!) primarily due to condominiums that are for sale, who’s owners are now looking to rent them until the market turns around. For the first time in the 18 years that I've lived here we're seeing layoffs in all segments of the workforce, from the title companies, to architecture firms to retail stores. These are people who've had steady, year round jobs for many years who all of a sudden are out of work. And I'm not counting the many, many real estate agents who have effectively been unemployed for the past 6 months or so.

Here are three pictures I took of developments going on in the Town of Jackson. based on the number of people working at each site, it appears that all three have slowed down their operations. I'm just basing this on my observations and have only heard rumors. No hard facts.

Here is a picture I took of the new Tram Building and you can see the Red Box in the back round. I've been told by good sources that everything is on track for a 12/20 opening. It’s pretty exciting.

Here is an interesting article on the budget cuts coming to the County due to a decrease in sales tax revenue this Fall.

This is a pretty good deal if you're thinking about coming to Jackson this winter.

My brother Ben sent me this clip. As long as Sarah Palin keeps her face in public view, she’s fair game. Happy Thanksgiving Sarah!

Real Estate:

9 listings went under contract in the past couple weeks.

4 of those were over $1,000,000

3 of those were over $3,000,000, with 1 listed over $5,000,0000

A 6br/7ba house on 33 acres bordering the Snake River was listed for $28,900,000, dropped to $19,900,000 and CLOSED this week although have not heard the price. That is a big sale.

A 3br/2ba , 2770 sq. ft house off of Nethercott in Wilson on 3 acres was originally listed for $2,600,000, dropped to $1,995,000, CLOSED for $1,850,000. It’s a beautiful lot but the house will need some work.

5br/4ba 3800 sq. ft. house on just over an acre North of Town, across from the Fish hatchery, Listed for $1,890,000, reduced to $1,795,000, CLOSED for $1,550,000.

A 5br/3ba 5900 sq. ft. house on 6 acres in Wilson, beautiful lot, built in 1978, remodeled in 2007 was listed for $3,995,000, just reduced to $2,995,000! That’s a 25% reduction. Sign of the Times….

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With the Election upon us, a few predictions on how Teton County and Wyoming will go.

Obama wins Teton County, loses Wyoming. It’s getting closer though.
Mike Enzi crushes again. So does Barrasso.
I really hope I'm wrong on this but I think Gary Trauner loses, sadly. Cynthia Lummis is slightly less cookoo than her predecessor Barbara Cubin, which allows her to keep just enough votes.

Jim Roscoe wins state House seat #22, which is such a bit of a slap in the face to the neo-cons who reshaped the districts a few years a go to include Wilson with Sublette County.

Pete Jorgenson wins House set #16

Andy Schwartz and Leland Christiansen win the County Commissioner seats.

Mark Barron wins as Mayor

Obringer again wins the Town Council.

BTW, I have a question for the special interest group “Save Historic Jackson Hole”. What exactly are they trying to save? A far as I can tell “Historic Jackson Hole” was when the roads were dirt, poker was being played nightly at The Wort, the mosquito’s were being mistaken for small birds, and there were exactly 4 single women in Teton County.

The only thing I will say about John McCain is that a year ago, I might have voted for him. I thought he was a genuine person and had his own thoughts. Somewhere during the campaign though, I feel like he caved to party leaders and began to pander to the so called “base” of the Republican party and began to sound like all the rest. It was sad to see. And then he chose Sarah Palin, which was just completely irresponsible. It did make for some extremely funny television though.

This is an article from the NY Times. Reservations must be slow b/c I've never seen discounts offered over the Holidays.

I have to say it was kind of exciting to see all the snow in the mountains this morning.

Real Estate:

A few things have gone under contract this past week, which is encouraging. Finally a 1br/1ba condo in the Aspens contracted that was listed for $440,000. Not a bad listing price but I don't know what the contract price was.

A 2br/2ba in the Aspens (Windflower Building) closed that was listed at $645,000

3br/4ba 4100 sq. ft. House in Wilson, 3.10 acres, big views, Listed for $4,100,000 UNDER CONTRACT

4br/3ba 2550 sq. ft. house in Rafter J, listed for $849,000 (Originally $923,000) UNDER CONTRACT. On the market for 148 days.

4br/1.5, 2000 sq. ft. bath older home on Crabtree Lane (behind KMart) listed for $710,000 UNDER CONTRACT

Here is an article and a few pictures of the new Cabins loaded on the cables of the new Tram.

Off to watch CNN and the election coverage.

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A number of years ago, I attempted to make a big vat of Chili for a few friends. One of the guys, clearly not afraid of any sort of comfort food, declared himself an expert on the nuances of Chili. After letting it simmer for a few hours, I let it loose on my friend Litton. He tasted, smiled and declared “it’s very good. It’s not Chili, but it’s very good”.

This is how I feel about Mrs. Palin and her performance the other night. She didn't even remotely answer any of the questions, but she gave some decent mini speeches. Listen, the whole Pentecostal Church thing not withstanding, I'm sure Sarah Palin is a nice person, probably a great “Team Mom” for her sons hockey team, diligently bringing cupcakes and and cocoa for the kids after games. But I'm still really at a loss as to how she became GOVERNOR much less a potential VP nominee.
My Mom forwarded this Youtube clip on to me. Regardless of your political views, you have to admit the people on the left are a little more creative than those on the right.

Here is an article about the cost of getting to Jackson compared to other resorts.

And another article about the cost of getting here in a very different way .

This is a good story that ran in the Daily News as well as a pretty good one from the Boston Globe
The New Tram cars have arrived! I'm told they will be put on the cables around the end of the month or early November. I've also heard that the East Ridge chair will not be running on a daily basis. Rather, it will be used only on very busy days to take some pressure off the Tram.

With Wall Street and the World markets in a free fall that would make even the most die hard Mets fan envious, the overall real estate market in Jackson is moving very slowly, “like molassas in wintertime” to quote Josey Wales. The top of the market is still seeing some activity though, with a few $6,000,0000-$8,000,000 properties going under contract in the past couple weeks and I was told a couple more of the Shooting Star properties went under contract at $3,000,000 and $4,000,000 respectively. If you have some cash in the bank (assuming your bank is still above water) and you can get some financing, there are some great deals in and around Jackson right now. The prices will come back, it’s simple supply and demand economics, but you need to ready to wait a year or two. If you can do that you will do just fine.

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