Jackson Hole Real Estate Blog

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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Posted by Jack Stout in Real Estate |