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Turning the Corner

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Friday, March 23, 2012

Turning the corner

In case you needed a quick tutorial on the enormous power and scope of avalanches, this incredible video of control work on Kootenay Pass should do the trick.

Here is an article from Money/cnn.com on the continuing rebound of the housing market.

Another article on the benefits of buying versus renting.  It doesn't really pertain to the Jackson market, but it’s interesting nonetheless

And another from Fortune Magazine which says despite prices staying stagnate, the housing market has in fact turned the corner.

I had the very good fortune to spend 7 days in Verbier, Switzerland earlier this month.  Having never skied in Europe before, to say I was blown away is a huge understatement. The terrain is unbelievable and it seems to go on forever.  Jackson Hole is a very big mountain, but the Alps are a whole different program.   Here are a few pictures.  (The first one was taken at 5 PM, the last run of the day and we had 2000′ of steep, untracked, boot top powder!)

I would also be remiss if I didn't mention Jack Shaw and Susanna Magruder of Epic Europe who organized our trip and did an outstanding job with lodging (perfect), guides (the very best), restaurants(awesome) and just about everything else.  If you're thinking of going to Verbier or anywhere else in Europe, you need to contact them- epiceurope.com or find them on Facebook.  Having someone on the ground before we got there was invaluable!

Real Estate:
22 Properties have gone Under Contract since March 1. Among them:

3br/3ba at the Four Seasons, 2250 sq. ft., Listed for $2,295,000

5br/5ba in Wilson, older home, 6.5 acres, 6000 sq. ft, Listed for $2,295,000 (Orig. $3,995,000)

4br/4ba Granite Ridge Townhouse, right on the slope, 4000 sq. ft, Listed for $3,495,000

3br/2ba 2250 sq. ft house in Cottonwood, .17 acres, built in 1993 Listed for $580,000.

1br/1ba at the Aspens, 750 sq. ft. end unit in the Berry Patch, listed for $280,000

There have been 21 Closings so far in March.  Here is a sampling:

2br/1ba 950 sq. ft in Cottonwood, .25 acres, 1 car garage, listed for $399,000, CLOSED $345,000

3br/3ba 2800 sq. ft house in East Jackson, great views, good shape, quiet street, 2 car garage, .17 acres, Originally listed for $1,475,000 in May 2009, reduced to $859,000, CLOSED $725,000

4br/4ba House in Teton Village (old section) 3000 sq. ft, .9 acres, pretty good shape, Listed for $2,495,000  CLOSED $2,110,000

5br/6ba 8000 sq. ft house off of the Village Rd, 7 acres on the pond, spectacular views, access to the Snake River, very nice house.  Originally Listed for $9,800,000, reduced to $7,800,000, CLOSED for $7,500,000

There are still 16 days left at the JHMR and we've got plenty of snow (18″ Monday and Tuesday!)  Get out and enjoy it!  Mandatory Air is playing outside on Saturday as well!  Always a good time.

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Looking Good in march

Click here for a better view if you can't view the links or video…http://jackstout1.blogspot.com/
Jackson Hole Real Estate News

Thursday, March 1, 2012

Looking good for March!

video

Eighty two inches (82″!) of snow since Valentines Day!  Needless to say the skiing has been off the charts and I'm pretty sure that no one in the West has better snow right now.  Things are shaping up for a great month of March. I took this video of my friend Doug out in Four Pines on Sunday.

This picture was taken by an employee of the JHMR a couple weeks ago.  If you ever get an opportunity to get on an early Tram before the mountain opens, DO IT, it can be magical.

Wolves have found there way to the outskirts of Town and now Wyoming Fish and Game is faced with some very tough decisions.  Personally, I think we should let the wolves be, but I understand both sides of the debate.

Real Estate:

From Jan 1, 2012  - March 1 2012 there were 29 closings of residential type properties (6 over $2M) There were also 9 building lots sold, 4 over $1M
The same period in 2011 produced 41 closings of residential type properties (8 over $2M) yet there was only 1 building lot sold.  This bodes well for all those involved in the construction industry.
It should also be noted that there are 50 properties that are currently “under contract”, set to close sometime in the future.
The general feeling of those of us in the real estate business is that things have finally turned and we expect to see inventory continue to shrink and the total number of sales continue to rise.  I'm not so sure that prices are going to rise in the immediate future as Buyers are still being very disciplined but I also don't think they are going to go down.  Jackson seems to lag about 6-8 months behind the national trends and real estate in some of the bigger markets around the Country is starting to really move again.  We are so tied to the stock market here, that if those markets continue to rise, or even stay where they are,  I expect by Summer we will see the effects here.  Look for the high end properties to lead the way, followed by single family homes and condominiums being the last to come around.
A few notable closings in the past 10 days:

4br/3ba in Cottonwood, 3000+ sq. ft., .3 acres, Listed for $550,000   CLOSED $470,000

6br/6bq in Teton Pines, 7600 sq. ft., 1.15 acres, Listed for $2,400,000 CLOSED $2,100,000

4br/4ba in Melody Ranch, 3200 sq. ft., .7 acres, Listed for $850,000 CLOSED $755,000

As always, if you have any questions about these properties or any other properties in the Jackson Hole area, please give me a call at (307) 413-7118.

-Jack

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It’s Dumping in Jackson Hole Again

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It’s Dumping in Jackson Hole again!

There are many of reasons that make Jackson Hole the best ski resort in America, and one of them is that, comparatively speaking, no one skis here.  Take a look at the photos below: They were taken on Wednesday February 15, 2012 at 1:40 pm.  6″ new the night before (14″ in 4 days) bright blue skies and temps in mid 20’s.  Ideal conditions yet no one is in the lift lines.  The truth is there are many times on any given day where there are so few people around you, it feels like you're all alone.

I saw this quote by Warren Buffet recently.  I could not agree more…if you can get a loan.

This is a promising forecast…and judging by the snow piling up, very accurate!

Real Estate:

Not counting the 30 or so fractional ownership products for sale, there are 8 listings in Teton Village for under $500,000.
The least expensive in TV is $220,000 for a 560 sq. ft Studio condominium.
Another of note is a 782 sq. ft. 1br condo in Hotel Terra listed for $384,700.   That’s $491 per sq. ft., which is a pretty good deal.  Keep in mind these units peaked at around $1,000 per sq. ft. back in 2007. It is worth noting that the annual HOA dues for the Hotel are about $14,000.  With that you get full use of all the hotel, which is very nice.

There are 7 residential listings in Teton Village being offered for over $5,000,000.
The most expensive is a 7br/7ba  23,250 sq. ft. house on 10 acres, stocked ponds, 4000 bottle wine cellar, 1200 sq. ft gym, guest house etc.. listed for $29,500,000.  That’s $1260 or so per sq.ft, which is about what the condominiums at the Four Seasons are selling for.  Granted the economies of scale are not quite the same.

There are 9 condominiums in the Aspens for under $500,000.
The least expensive is a 1br/1ba 735 sq.ft for $265,000
The least expensive 2br/2ba 1174 sq. ft unit in the Wheatgrass building for $379,000 (I think this is a pretty good buy).

A couple notable recent sales:

1br/1ba Condo at the JHRC, listed $289,000,   Closed $240,000
3br/2ba 1200 sq. ft condo in East Jackson, 1 car garage, Listed for $314,600, Closed for 314,600 (clearly there was a big demand at this price).
4br/4ba 3700 sq. ft single family home in Melody Ranch, .5 acres, built in 2004, Listed for $850,000 (originally listed for $1,100,000) Closed for $825,000.

Pitchers and Catchers are in camp, opening day is 6 weeks away!

As always, call me at 307-413-7118 if you have any questions at all

Posted by Jack Stout at 10:53 AM

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Almost 7′ of Snow

FOR A BETTER VIEWING AND TO BE ABLE TO SEE ALL THE PICTURES AND VIDEO'S, GO TO http://jackstout1.blogspot.com/

THANKS.

-JACK

Tuesday, January 31, 2012
Almost 7′ of snow
80″ in eight days. That is what fell fat the JHMR from January 19-January 25. All of a sudden everyone was smiling (except those trying to fly in or out) and the skiing exploded. Here is a video from the JHMR that does a good job of explaining what sort of conditions we experienced last week.

Speaking of Flights, this is great news, at long last a direct flight to and from San Francisco (and one from Houston).

This is a nice piece on the Jackson Hole Four Seasons from the Boston Globe. Plain and simple, it’s a really great Hotel.

I'm not sure who at the JHMR gets credit for this ad campaign, but it’s really good. Apparently this picture was taken in Colorado.

Canis Lupis, Moose Junction. Forrest McCarthy took this picture before the recent storms. As Alfred Hitchcock so astutely noted “there is no terror in the bang, only in the anticipation of it.”

Unless of course you're caught in a very large avalanche, which this snowboarded was a week ago, in which case the terror is very immediate. It’s a pretty good advertisement for BCA’s Float 30 Avalanche Pack .

Real Estate:

There were 12 real estate closings in January 2012.
28 more went under contract during that same period.
Of that 28, 4 were listed for over $1,000,000 and 3 were listed for more than $2,000,000.
11 were listed for under $500,000.
The least expensive was a 2br/1ba 750 sq. ft. condo in the Town of Jackson losted for $109,000
The most expensive was a 4br/4ba 3000sq. ft. house in Teton Village listed for $2,495,000. Not quite ski in/ski out but pretty close. Great rental property.

A few notable Closings in January 2012

2br/3ba 1720 sq. ft condo at the Four Seasons Listed for $1,845,000 Closed for $1,615,000 ($938 per sq. ft)
5br/5ba 4000 sq. ft house in Wilson, 3 acres, Bank Owned, Listed for $3,500,000 Closed for $3,400,000. (It was originally listed for $4,995,000 in 2009).

3br/3ba condo in East jackson, 1900 sq. ft., Bank owned, listed for $380,000 Closed for $373,000.

Pitchers and Catchers report in 3 weeks. Bring it on!

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Wrapping up 2011 Real Estate in Jackson Hole

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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Teton Village Real Estate Scene

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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32 Days until Opening Day at the JHMR

This is also posted at jackstout1.blogspot.com
Jackson Hole Real Estate News

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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Vacant Land Sales

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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Summer 2011

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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Airport 2

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.

ackson Hole Airport- Jack Stout Blog

ackson Hole Airport - Jack Stout Real Esate Blogackson Hole Airport - Jack Stout Real Esate blogackson Hole Airport - Jack Stout real estate blog

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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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