8/29/08
WWBD? (What Would Buttermaker Do?)
 | By Jack Stout Read more of Jack's posts |
Took a tour of Shooting Star this week and you can't help but be very impressed. The Course itself (Opening July 2009) is just plain beautiful and will play very difficult from the back two tee boxes. The Clubhouse, which probably will not open until Fall 2009, is very well thought out and will have just about every amenity a member could dream of. Certain parts will be open to the public, including the dining room and spa facilities and I'm told there will be tee times for locals on Tuesdays. I have no idea what the price for 18 holes will be.
Took this picture at the first annual Jackson Hole Music Festival this past weekend. It was a great event and with an average of 4000 people per day, it looks like it will be back next year, which is a good thing.
The Jackson market is soft. Any real estate agent who tells you differently is either lying, lucky or named John Resor (just kidding…..sort of). However, there is no reason to think that the Jackson market won't comeback, even stronger in the near future. I'm not sure the same can be said for Teton Valley. The big difference, in my opinion, is that there are a lot believers in the Jackson market. A lot of very wealthy believers… They may be sitting on the sidelines now, but they are there… waiting and watching. I'm not sure how true that for Victor and Driggs, etc.. And unlike the other side of the mountains, in Jackson, there are real physical boundries in all directions that limit how far the Valley can be developed. Teton Valley is effectively endless. The problem for a lot of buyers is trying to figure out when the market will hit bottom. Unfortunately, as my friend Stuart pointed out the other day, you only know when the bottom of the market hits about a year after it hit…then you can look back and say “that was the bottom”.
Speaking of believers, a good source has told me that 9 acres in Teton Village that includes part of the upper parking lot and the skiier bridge, is under contract, with $3,500,000 already non refundable, for $93,000,000. NINETY THREE MILLION! Apparently a large hotel/condo/ retail development has been penciled in… NINETY THREE MILLION! Clearly, there are some people betting, and betting big, that the market will come back. If it closes, that should help the JHMR pay for the new Tram, which looks cooler and cooler every time I see it. Speaking of which, this is a good little piece to get you excited for December.
Speaking of non believers, a friend at a local bank told me 30 properties in Teton Springs are in foreclosure. Thirty! Not too surprising when you consider that if you add the vacant lots and built properties together, there are over 235 properties for sale in Teton Springs. That being said, if you have some cash sitting around, it’s probably a pretty good buy. The golf course at Teton Springs is just too nice for it not to come back eventually.
Do you think the Red Sox will someday wonder how they traded a guy (and two prospects and paid his entire salary) who will probably wind up as the best right handed hitter of ALL TIME for a Jason Bay? History is not going to kind to them on this one.
Speaking of baseball, this story is a joke. Kicking a nine year old out of the League for being too good? That sends a great message to the rest of the kids. ” Don't worry kids, when life gets to hard, someone will come in and get rid of the people who are better or smarter than you”. Where have you gone Kelly Leak, our nation turns it’s lonely eyes you!
What’s with Connecticut sports anyway? A few years ago they enacted a rule that suspend any coach if his high school football team won by more than 50 points. Brilliant. Whatever happened to learning life’s lesson’s from sports? Nothing teaches you a little humility like getting your a** kicked by another team when you're 16 years old. Makes me kind of embarrassed to be be from the Nutmeg State. First the Whalers, now this.
Real Estate:
There are 62 properties for sale in Wilson, both north and south of Hwy 22, but not counting the Aspens or Teton Pines.
There are 82 places in town for sale listed between $450,000 and $800,0000.
Last summer for the months of June, July and August, 124 properties went under contract. 35 in June, 52 in July, and 37 in August. This summer, for the months of June, July and August, 61 properties have gone under contract. 24 in June, 27 in July, and 18 in August. Granted these numbers do not reflect all the transactions that never make it into the MLS or sales where RE Agents have been slow to enter the information. That being said I feel the percentages are pretty telling and probably accurate. There has been 50% less activity this summer than last.
4br/5ba in Teton Pines, 4300 sq. ft., built 1997, 1.46 acres. Listed for $3,750,000. Under Contract
6br/4ba 4780 sq. ft. In Indian Trails, .42 acres built in 2006. Listed for $2,385,000. Under Contract
6br/5ba in the Aspens, 4500 sq. ft., 1.46 acres, built in 1979, Listed for $2,495,000 CLOSED for $2,225,000
5br/6ba 7600 sq. ft. house in Tucker Ranch, on the lake, built in 2003, great Teton Views, 6 acres, Listed for $9,200,000,
CLOSED $9,000,000.
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Still not sure why you are always bashing the other side of the range? yes there is inventory, and some foreclosures but do you see any other place in the states that has that kind of teton access? your comment that it is endless is false, you can keep going west but the appeal pretty much stops once your outside the victor/driggs/tetonia area. You have to remember that not everyone is privelaged enough to be able to own on your side of the hill. I cant help wonder if you have some sort of agenda in writing these things? It will take a few years to straighten everything out, once it does the areas access to all of the thigs jackson has for a fraction of the cost will bring people in. Try to do the numbers on a parcel that costs 93 million just for the land. only the upper 1% of the population will be able to afford to stay in a place that gets built there. There is only one teton valley, just like there is only one jackson, telluride, breckenridge etc. It will fix it self, its to beautiful not to. Liked your response to the kid out east. I wrote a veery long response on fox sports blog. its pretty pathetic how all competition is being taken away from kids in favor of safe, “even steven” activities to make sure little johnny dosent ever have to feel rejected. Enjoy the rest of your holiday!
It’s been a while since you posted! Have the Yankee’s really got you into such a funk that you can't even write?