2/1/07
Will it slow down?
 | By Jack Stout Read more of Jack's posts |
Here’s a piece from the JH News and Guide about the Jackson Real Estate market and it amazing resiliency (http://www.jacksonholenews.com/article.php?art_id=1360. ) Common sense says that at some point the faucet has got to turn off and the money will stop. I beginning to think that’s not going to happen unless the country experiences a complete financial meltdown (something a lot worse than 9/11 b/c that just slowed things down a little) or the area suffers some sort of natural disaster (see: earthquake and Jackson Lake Dam breaking). The fact that there is so little land available here combined with both the summer and winter appeal make real estate in Jackson kind of immune to the whims of the marketplace. We’re seeing record prices for properties in Teton Village and the new Shooting Star development at the base of the ski area is creating all sort buzz, but the remember it’s the summer that drives the real estate bus around here so all this winter business is really just gravy. Keep in mind that condos in average condition in the town of Jackson are selling for about $400 per sq. ft. In downtown Aspen, similar properties are going for about $1,000 per sq. ft. Needless to say we’ve got a long way go.
Real Estate
Prices per ft. for new construction in Teton Village (according to Listing Prices)
Four Seasons Condominiums 1500
Snake River Lodge and Spa 1280
Teton Mountain Lodge 1050
Chrystal Springs 980
The first three having access to all hotel amenties on site.
In Wilson, a 3Br/3ba 2300 sq.f t. on .17 acres “Bungalow” was listed at $1,795,000. There are three of these houses in a row, all the same although one may have some upgrades that another does not have. The last one sold in late September 2006 for $1,185,000.
2br+loft/2ba 1100 sq. ft. Raquet Club condo closed at $532,000
2br/2ba 1200 sq. ft.Balsam unit at the Raquet Club Listed at $625,000
Go Bears!
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