Jackson Hole Real Estate Blog

2011 Real Estate Totals

Well, it didn't take long.  The first sunny day after a 30+” storm cycle, despite several ardent warnings of very high avalanche danger, a couple of guys headed out to Pucker Face, just South of the JHMR and this is what happened.  A very lucky snowboarder..

This is a nice piece from the USA about Teton Thai restaurant in Teton Village

This was an exciting day for those who showed up for story time at the JH Library.

Some pretty good press for Jackson Hole.  Granted, those of us who live here have know this for quite a while.

I found this photo, and after thinking about it for several days, I'm still at a loss.

Real Estate in the past month or so:

From 12/1/2011 - 1/3/2012 there were 39 Closings.  15 of those were for under $500,000 and 8 were for over $3,000,000
For the same period last year there were 20 Closings.  7 of those were under $500,000 and 4 were for over $3,000,000.
So were seeing the same Buying trends, just twice as many Buyers.

Totals for 2011 vs. 2010 (this includes all fractional ownership sales and this information does not include private sales such as FSBO’s etc.. )

In 2010 there were 227 Closings for residential real estate and 29 closings for vacant land.
In 2011 there were 306 Closings for residential real estate and 34 closings for vacant land.
In 2010 67 of the closings (29%) for residential real estate were for under $500,000.
In 2011 127 of the closings (41%) for residential real estate were for under $500,000.
In 2010 28 of the closings (12%) for  residential real estate were for over $3,000,000.
In 2011 28 of the closings (9%) for residential real estate were for over $3,000,000.

So, according to the MLS the total number of sales in 2011was up about 25% over 2010 and a whopping 45% over 2009 (there were 170 sales of residential real estate and 23 sales of vacant land in 2009).  Clearly we are headed in a positive direction.  Are we approaching 2006-2007 numbers?  Absolutely not, and we may never again.  But judging by the number of foreclosures in Teton County within ALL economic classes, that may not be such a bad thing.
Lastly, I think the high percentage of sales for under $500,000  in 2011 is indicative of a lot of Sellers who are either in foreclosure or under a lot of financial stress combined with historically low interest rates for Buyers who can qualify.  There are first time Buyer’s in Teton County getting into homes in 2011 that were completely unreachable in 2007.  I think we will see this trend continue and I don't see values rising in that segment of the market in the first 1/2 of 2012.  In fact, they may go down a little more. I think the high end market $3,000,000+ is going to continue to be OK, with total sales and values slowly heading up.

If you've spent any time at a Whole Foods, you'll appreciate this

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If you cant view here, go to http://jackstout1.blogspot.com/2011/11/teton-village-real-estate-scene.html

The Teton Village Real Estate Scene
I'm not sure what to think when I see things like this, other than there are people with far, far too much time on their hands.

The National Parks were created in an effort for people to experience nature in as an unspoiled state as possible. Yet every year, Grand Teton Nation Park issues a certain amount of Elk tags to reduce the herd (I thought that is what the wolves were doing) Here is another of example of why this policy decision may need to be revisited.

Jackson Hole Real Estate News.

As we are 21 days from the Jackson Hole Mountain Resort’s official opening (yes we could use some snow),
I thought I'd take a look at how Teton Village is holding real estate wise.
If you haven't visited Teton Village in while, you need to. The Teton Village Association, JHMR, Shooting Star, and all the other private land owners deserve a ton of credit for all the work that has gone on and continues to go on. The skiing, in my opinion, has always been the best in the Lower 48. No question. Now, the Village surrounding the mountain has caught up and the beauty is that it’s done without comprising the unbelievable scenery, sense of open space and most importantly it’s sense of authenticity. There are 5 resorts, a world class golf course, dive bars, wine bars, several fantastic restaurants, ridiculous mountain biking, free summer concerts, plenty of shopping and any number of moose, bears, elk and coyotes that continually remind you that you're smack in the middle of the greater Yellowstone ecosystem. And it’s all surrounded by thousands of acres of permanently protected open spaces. For these reasons, it’s pretty easy to see why Teton Village, for the most part, has weathered the recent economic downturn better than most of the rest of the Teton County.
Here are some numbers from the past 12 months.
-There have 39 sales (not including Shooting Star Club or all the fractional sales)
-19 of those sales were over $1,000,000
-6 were over $2,000,000
-10 were for under $500,000
-The least expensive sale was $208,000 for a 2br/1ba bank owned condo, 760 sq. ft, not ski in/ski out
-The most expensive sale was $6,000,000 for a 5br/7ba 6300 sq. ft house in Granite Ridge, right on the slope
-There are 2 sales pending at the Four Seasons, both over $2,500,000
-The average price per sq. ft. at the Four Seasons was $1046 (one sale was $729, the rest were over $1100
-The average price per sq.ft. at The Teton Mountain Lodge was $718
-The average price per sq.ft . at Crystal Springs was $703
-The average price per sq. ft. at Hotel Terra was $666, though the sample size was small.
What I noticed in putting these number together is there were a handful of sales that were clearly distressed Sellers and the prices reflected that. Otherwise, while prices are down from their peak in 2007-2008, it’s nothing like the close to 40-50% drop we've seen on SOME places in the County. A good example is the Four Seasons condominiums, which at their peak were selling in the $1300 per ft range and now they are mostly in the $1100 per ft range. Definitely a drop, but not too bad when compared to other places.
I'm not sure we've hit the bottom yet or not, an we won't until we can look back and say “that was the bottom.” But am confident that in Teton County, it will be Teton Village will lead the way back up.

I really hope you saw Game 6 of the World Series..

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Tuesday, October 25, 2011

32 Days until Opening Day at Jackson Hole Mountain Resort

Saw this moose out my living room window on Thursday. I”m not entirely sure why there have been so many Moose in the Valley this fall, but this is one of 4 that has been hanging around in our yard for the past month or so and doing some solid pruning of all my trees.

Taken last week, this is yet another example of why you should not try and short cut the switch backs on Teton Pass.  Fortunately, no one was hurt, except maybe a bruised ego of the driver who had borrowed the RV from a friend.  Oops.

Real Estate:
The market continues to move along, and while we're by no means setting any records , the sales are steady.  There were 27 closings since my last post on October 4.  Seven were for over $1,000,000 and three were over $2,000,000.  Among those sales were:
2br/1ba condo in Teton Village, not ski in/ski out, 800 sq. ft., distressed sale, closed for under $250,000.
2br/1.5 ba condo in the Aspens, 1100 sq. ft., no garage, Closed for just under $450,000.
4br/4ba 2300 sq. ft condo in Teton Village, close to the Moose Creek lift, pretty good shape, Closed for just over $760,000 (originally listed for $1,850,000 in June 2007!)
5br/5ba in John Dodge, 6 acres, 4900 sq. ft, Listed for $4,195,000 Closed price not disclosed.

There were also 22 properties that went under contract during that same period, which included:
6br/6ba 4700 sq. ft louse in Indian Trails (close to Town) that was listed for $1,600,000
4br/4ba, 5100 sq. ft house in Solitude (North of Town) on 5 acres that was listed for $2,495,000
5br/4ba 4600 sq. ft house on 44 acres (30 min. south of JH)adjacent to the Hoback River that was listed for $5,250,000
1br/1ba 750 sq. ft condo in the Aspens (4 miles South of the ski area) that was listed for $295,000.
As always, if you have any questions about these sales or any other real estate in Jackson Hole, please give me a call - 307-413-7118

Here’s a shot from the JHMR camera at the Bridger Center.  With AM temps in the Valley consistently below below freezing,The North facing slopes pictured here, the Expert Chutes, Tensleep Bowl and Corbet’s, will probably keep the show that there now. Winter is coming, book now!

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Once again, September proved to the the best month of the Summer. 28 of 30 days were just about perfect, the crowds are gone and after a hectic Summer, we all remember why we live here. Truly spectacular.

Looking around at sales and listings for vacant land, I found some interesting things.
2011: There have been 35 closed sales in the past year (9/2010-9/2011). The least expensive was .5 acres in East jackson for $250,000 and the most expensive was for 130 acres on the Snake River south of Wilson which was listed for $13,900,000 (I don't know the sale price). There also were two 35 acre parcels at Bar-B-C which sold for over $9,000,000 and $5,000,000 respectively. Those are pretty big numbers, once again indicating that there’s still a fair amount of money out there controlled by people who obviously believe in the value of Jackson real estate.

2010: There were 26 sales in the year from 9/2009-9/2010. The low was for a lot in Hoback Junction for around $350,000 and the high was a lot at Shooting Star that sold for around $1,300,000. A lot fewer sales and no really big ones but the bottom was was higher.

It’s also interesting to see that there are lots listed in the Town of Jackson (standard Town lots, .17 acres) for around $250,000 which is about the same as they were trading for in 2004-2005. Even more surprising is that there are lots in the Karns Hillside subdivision which are listed for between $230,000 and $280,000 which what they were selling for in 2002! And in all honestly I think there are still some Sellers who will look seriously at any offer.
In the Wilson area, prices of vacant lots have dropped some but not like the Town of Jackson. There are two lots in Stilson Ranch listed for $799,000 and $850,000 respectively. There’s also a couple lots in Wilson Meadows for $850,000 and $950,000 (both about 1.5 acres). I'm guessing there may be some room to negotiate but it should give an idea of what Seller’s expect. I've got some thoughts on all these that I probably shouldn't write in this forum, but I'd be happy to discuss over the phone. (307-413-7118)

Closings in Teton County since my last post:

16 Closings in Teton County.
The least expensive was a 3br/2ba condo in East Jackson, Just over 1000 sq.ft., no garage and Bank owned, Closed for under $215,000.
The most expensive were both listed for right around $9,000,000 and were both on the the market for well over a year. One was 15 acres in Wilson and 7000+ sq. ft and the other was a little South of Jackson, 20+ acres close Snake River with year round water and an 8000 sq.ft house.

That’s about it for now, gotta get home and pray for A.J. Burnett.

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People are asking everyday where the Real Estate Market is today compared to last year and compared to the peak, which was probably early to mid 2008. The second part is pretty easy to answer: It’s down. Anywhere from 20%-50% , depending where the property is located. For instance, Shooting Star and the Four Seasons, both in Teton Village, seem to have fared pretty well through this mess and while their values have dropped, maybe 15%-20%, that’s not too bad. Condo’s in the Town of Jackson, where there is quite a bit of inventory and many distressed properties, have dropped up to 50% in some cases, and in my opinion, probably have not hit the bottom quite yet. The upside to all this is that with rates at historic loans, if you can get a loan, it’s a great time to get into the Jackson real estate market. Which leads to the question of is the market improving?
The short answer is yes. Looking at the sales from 5/1/2010- 9/20/2010 and compare them with 5/1/2011- 9/20/201, we see the following:
5/1/2010- 9/20/2010
Total Sales off residential properties: 90
Lowest sale: $130,000 for a 1br/1ba Meadowbrook Condo
33 sales over $1,000,000
6 sales over $4,000,000
1 sale over $9,000,000 (5br/7ba 8000 sq. ft. house in John Dodge, 7 acres right on the Snake River).

5/1/2011-9/20/2011
Total Sales of residential properties: 107
Lowest $95,000 for a 1br/1ba Ponderosa Village, 700 sq.ft, needs a lot of work)
24 sales over $1,000,000
1 over $4,000,000
Highest sale :$5,425,000

If you look at 2011 from the beginning of the year compared to the same period the year before, 2011 has 193 total sales and 2010 had 152. So while this is not a break neck pace, it is a positive that we are seeing more sales, and as long as interest rates stay low, and more importantly as long as the stock market stays somewhat strong, I expect this trend to continue. The interesting thing is that sale prices are not going up, and in some cases going down. This tells me there are still a lot of Seller’s who need to get out from under their debt, and there are a lot of Buyer’s but they are being very disciplined, and not paying any more than they think the property is worth.
Stay tuned…

Looks like the end of January is going to be a little busier than usual at the JHMR. http://www.therepublic.com/view/story/e724ddf76f8b4488bad9f6f1671349a0/WY–Ski-Association-Jackson/

La Nina may return this winter in JH which is a good thing, writes the JH News and Guide:http://www.jhnewsandguide.com/article.php?art_id=7750

Recent sales: (Note: Teton Board of Realtors bylaws prohibit public disclosure of certain information, including sale prices of properties, listed in the MLS and this Blog constitutes a public site. Therefore I cannot post the agreed upon sales price here, but I can in a private conversation)

3br/3ba Crystal Springs Condo in Teton Village, right at the base of the JHMR, very nicely finished, underground parking, close to all Teton Village amenities. Listed for $2,200,000 in Jan. 2008, Closed last week for $621 per sq. ft. (Call me at 307-413-7118 for additional information and the sale price)

3br/4ba Granite Ridge Timbers unit, built in 2008, 3200 sq. ft., very nice but NOT ski/ski out. Listed for $2,400,000 Closed in August (Call me at 307-413-7118 for additional information and the sale price)

2br\2ba Granite Ridge Cabin 2200 sq. ft, built in 1998, not ski in ski out, but pretty close. great short term rental property, Listed for $1,600,000, Closed in June. (call me at 307-413-7118 for additional information and the sale price).

3br/3ba 2400 sq. ft. Moose Creek condo in Teton Village, very nice, ski in /ski out, fully furnished, great rental potential, Listed for $1,750,000 in December 2010, Closed April 2011 (Call me at 307-413-7118 for additional information and the sale price).

3br/2ba 1200 sq. ft condo in Town, located on Flat Creek, needed some work, no garage, Listed for $325,000 in February, Closed in May (Call me at 307-413-7118 for additional information and sale price)

3br/3ba 1950 sq.ft. Teton Pines Condo, fully furnished, high quality, Teton Pines membership included, Listed for $1,050,000 in August 2010, Closed in August 2011. (Call me at 307-413 -7118 for additional information and the sale price)

4br/5ba home located on Fish Creek Rd. 4300 sq. ft with 100 ft guest house, 11 acres with a pond, contemporary design, very nice, Listed for $3,495,000 in December 2010, Closed in August ( Call me at 307-413-7118 for the sale price).

The HMS Red Sox is taking on water….fast

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I had my first look at the JH Airport renovations and it’s pretty spectacular.  Whether it will make for a better experience for locals and visitors remains to be seen, but it’s very nice to look at.  While the ticketing area receives all the press, it’s the baggage screening area that is really the centerpiece of the renovation.  It’s designed to handle 10 times as many bags and is state of the art.  It’s just for outgoing bags though and will not change the current system for arriving flights.  The building is certified Silver LEED and cost around $31,000,000. By the middle of the summer the security station will be moved into this new building and the current ticketing area will all be in the security area including the restaurant and bar. Here are a few pictures.

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If you haven't had a chance to swing by Fred Peightal’s new restaurant Cafe Genevieve, do so the next time you're looking for a great meal that’s fairly priced.  Open for breakfast, lunch and dinner and located just off the Town Square on East Broadway, in the building formally occupied by Jedediah’s.

Real Estate:

There are currently 52 Condominiums or homes for sale in the Town of Jackson.  This does not include Rafter J.  23 of those are condominiums for under $300,000.  The least expensive is a 2br/1ba 644 sq. ft. condo in Ponderosa Village for $159,000.

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The least expensive true single family home is 3br/2ba 1300 sq. ft. house on .21 acres in Rafter J for $419,000. (there are houses at Cottonwood Flats that are less expensive, but they all share a common wall)
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Here are some interesting numbers:

1/1/2007 - 6/1/2007     203 Closed Sales in the MLS  (Ave. sale price $1,068,630)
1/1/2008 - 6/1/2008     104 Closed Sales in the MLS  (Ave. sale price $1,459,000)
1/1/2009 - 6/1/2009      35  Closed Sales in the MLS  (Ave. sale price $817,000)
1/1/2010 - 6/1/2010      91  Closed Sales in the MLS  (Ave. sale price $1,269,000)

A few things to remember.  These number do not include Teton Valley ID, and these are just the sales in the MLS.  There were a number of sales in each of the time periods above that were private transactions and never made it into the Teton County MLS.   That being said, I think what you can take from these numbers is a clear uptick in total sales which is certainly reflective of the amount of interest the we're seeing lately. As I've stated before there are a lot of very educated Buyer’s taking advantage of what they feel is the bottom of the market with some segments of real estate market off up to 30%-35% of their peak values in mid/late 2007

Other interesting happenings:

3br/2ba 1900 sq. ft. home in Cottonwood. 23 acres, 2 car garage, built in 1990, Listed for $599,000   CLOSED $538,000

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4br/4ba 4200 sq. ft House in Karns Hillside, built in 2001, nice views, .45 acres, 2 car garage, Listed for $1,450,000  CLOSED $1,150,000

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4br/4ba House at 3 Creek, 4250 sq.ft. , .60 acres, built in 2006,  Listed for $2,000,000 CLOSED $1,935,000

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2br/3ba 919 sq. ft condominium at the Teton Mtn. Lodge, 4th floor, very nice, HOA DUES $15,000 PER YER, Bank owned,  Listed for  $749,900   UNDER CONTRACT

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4br/3ba 2700 sq. ft. house North of Town, 3 acres, great Teton Views, built in 1994, 3 car garage, Listed for $1,675,000  UNDER CONTRACT

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I had my first look at the JH Airport renovations and it’s pretty spectacular.  Whether it will make for a better experience for locals and visitors remains to be seen, but it’s very nice to look at.  While the ticketing area receives all the press, it’s the baggage screening area that is really the centerpiece of the renovation.  It’s designed to handle 10 times as many bags and is state of the art.  It’s just for outgoing bags though and will not change the current system for arriving flights.  The building is certified Silver LEED and cost around $31,000,000. By the middle of the summer the security station will be moved into this new building and the current ticketing area will all be in the security area including the restaurant and bar. Here are a few pictures.

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If you haven't had a chance to swing by Fred Peightal’s new restaurant Cafe Genevieve, do so the next time you're looking for a great meal that’s fairly priced.  Open for breakfast, lunch and dinner and located just off the Town Square on East Broadway, in the building formally occupied by Jedediah’s.

Real Estate:

There are currently 52 Condominiums or homes for sale in the Town of Jackson.  This does not include Rafter J.  23 of those are condominiums for under $300,000.  The least expensive is a 2br/1ba 644 sq. ft. condo in Ponderosa Village for $159,000.

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The least expensive true single family home is 3br/2ba 1300 sq. ft. house on .21 acres in Rafter J for $419,000. (there are houses at Cottonwood Flats that are less expensive, but they all share a common wall)
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Here are some interesting numbers:

1/1/2007 - 6/1/2007     203 Closed Sales in the MLS  (Ave. sale price $1,068,630)
1/1/2008 - 6/1/2008     104 Closed Sales in the MLS  (Ave. sale price $1,459,000)
1/1/2009 - 6/1/2009      35  Closed Sales in the MLS  (Ave. sale price $817,000)
1/1/2010 - 6/1/2010      91  Closed Sales in the MLS  (Ave. sale price $1,269,000)

A few things to remember.  These number do not include Teton Valley ID, and these are just the sales in the MLS.  There were a number of sales in each of the time periods above that were private transactions and never made it into the Teton County MLS.   That being said, I think what you can take from these numbers is a clear uptick in total sales which is certainly reflective of the amount of interest the we're seeing lately. As I've stated before there are a lot of very educated Buyer’s taking advantage of what they feel is the bottom of the market with some segments of real estate market off up to 30%-35% of their peak values in mid/late 2007

Other interesting happenings:

3br/2ba 1900 sq. ft. home in Cottonwood. 23 acres, 2 car garage, built in 1990, Listed for $599,000   CLOSED $538,000

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4br/4ba 4200 sq. ft House in Karns Hillside, built in 2001, nice views, .45 acres, 2 car garage, Listed for $1,450,000  CLOSED $1,150,000

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4br/4ba House at 3 Creek, 4250 sq.ft. , .60 acres, built in 2006,  Listed for $2,000,000 CLOSED $1,935,000

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2br/3ba 919 sq. ft condominium at the Teton Mtn. Lodge, 4th floor, very nice, HOA DUES $15,000 PER YER, Bank owned,  Listed for  $749,900   UNDER CONTRACT

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4br/3ba 2700 sq. ft. house North of Town, 3 acres, great Teton Views, built in 1994, 3 car garage, Listed for $1,675,000  UNDER CONTRACT

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It’s been a while since my last post, no real excuse other than I've been enjoying the summer, working when I can, and becoming father to a beautiful little baby boy.
Anyway…

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This is a terrific video of a rescue up on the Grand. If you've ever spent any time in the Mountains when the outcome of your day was not entirely certain, then I think you will really appreciate this short film.

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Took a ride on the Philips Ridge trail last weekend.  It’s a great trail that will just get better as time goes by.  The views aren't so bad either…

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I've seen a Moose in my yard a lot. Occasionally I'll see two at once. But I've never three together, much less twins, systematically taking apart one of my trees.

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But it’s nothing compared to what young Penelope Gricus encountered one evening earlier this Summer..

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.  There’s really not too many things better than the Cinnamon Burst bread at Great Harvest Bread Company when it’s still warm.  Granted, there’s about a stick of butter in each slice….

I'm still in amazed by this catch .

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I don't really care that this women was once a man and is now competing in in LPGA events, what amazes me is the she (he) is a former Police Officer in California who changed her (his ) name to Lana Lawless.  Really??!!

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Real Estate:

There are 153 residential properties/condos  currently listed for sale in the MLS within the Town of Jackson. The least expensive is a 2br/1ba ,712 sq. ft condo located in Ponderosa Village for $139,000.  The least expensive single family home is $355,000, located on Crabtree Lane.
There are 28 residential properties/condos listed for sale in the MLS in the Aspens. The least expensive is a 2br/1ba 760 sq. ft condo for $189,000 (bank owned).

There 76 residential properties/condos for sale in Teton Village (not counting fractional ownership listings and anything in Shooting Star).  The least expensive is a Sleeping Indian Studio, 464 sq. ft. for $145,900 (bank owned).  The most expensive is a 5br/7ba 6250 sq. ft. house in Granite Ridge listed for $6,900,000. (There are 7 places for sale in Granite Ridge, the least expensive is a 2br/2ba “Cabin” 2200 sq. ft. listed for $1,495,000 .  Originally listed for $1,950,000 in May 2009).

It’s my personal opinion that Teton Village is going to be the area of the Valley that leads the way in real estate price recovery here in Jackson Hole.  I believe Shooting Star will be first, followed by some of the newer buildings like Moose Creek, Granite Ridge, and The Four Seasons Condos.  There are still some very good deals in those places, but as the economy, more specifically the stock market continues to edge upwards, they won't stick around too much longer.  It may still be a while until the older condominiums in Teton Village come around.

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A little comparative between this Summer and Last Summer ( Homes in Teton County Only)
From 6/1/2010-10/1/2010                     From 6/1/2009 - 10/1/2009
73 Total Closed Sales                                  66 Total Closed Sales
30 Closed Sales over $1,000,000                 22 Closed Sales over $1,000,000
4  Closed sales over $5,000,000                   2 Closed Sales over $5,000,000
1 Closed Sale over 7,000,000                      0 Closed sales over $7,000,000
1 Closed Sale over $10,000,000                  0 Closed Sales over $10,000,000
4 in the Aspens                                …..    5 in the Aspens
6 in Teton Pines                                     4 in Teton Pines
9 in Teton Village                                   9 in Teton Village

11 Vacant building lots Closed                         11 Vacant Building Lots Closed
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.There are currently 31 properties described as “pending” or “under contract”, 10 of which are listed for more than $1,000,000.

5 Vacant lots are described as “pending” or “under contract”.

The weather in Jackson for the past month has, quite simply, been extraordinary.  A couple pictures.

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