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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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