Jackson Hole Real Estate Hotsheet Highlights Jan. 1 – Jan. 11, 2009

What is the Jackson Hole Real Estate Hot Sheet? One of a Realtor’s most important tools is the local Teton County Multiple Listing Service, a dynamic database of currently available properties and much, much more, including sales histories, Competitive Market Analysis programs and information only available to members. The MLS also provides a daily “Hot Sheet” brimming with the latest price changes, new listings, pending and closed sales, as well as expired, withdrawn and back on the market properties.

New listings:
There were 28 new listings for residential property in Teton County, WY, between New Year’s Day and January 10. The least expensive is a 1-bed, 1-bath, 760 sq. ft. condo in the Aspens listed at $419K and the most expensive is “Bighorn Lodge,” an 8,000 sq. ft. new home on 5.23 acres in Solitude priced at $12,750,000. Ten properties were listed below $1M, another 10 were priced between $1M and $2M, and 6 between $2M and $3.5M.
Coincidentally, the same 10 days in 2008 also saw 28 new listings for residential property in the same area. Thanks to the “custom” Hot Sheet, we can see also see how these newly listed properties fared over the course of the year.
· Twelve of the 28 properties eventually sold, with the least expensive being a Ponderosa Village condo (2-bed, 1-bath, 716 sq. ft.) for $379K and the most expensive being a $3.95M home in Willowbrook.

· Three are still active, 11 listings expired and one was withdrawn.

Closed and pended listings:

Perhaps more indicative of any overall trends may be a look at closed and pended transactions for the same time frame.
· This year has seen 2 closings on homes in Teton County, with one of them being a fractional (1/6th) unit in Teton Pines and other a home on Munger Mountain for $900K. No property has gone under contract so far in 2009.

· In 2008, there were six closings year to date at this point, with 8 properties going under contract.

· Teton Village:

With the Jackson Hole Mountain Resort now 100 percent open (when avalanche conditions permit!) and winter in full swing, many of the buyers in town are focusing their attention on Teton Village property.
What’s the latest in the land of the big new shiny red tram?
· The first thing that jumps out is that of the 130 active listings in Teton Village, 42 are fractional ownerships at Teton Club with the least expensive being 2 weeks (one fall, one spring) in a 2-bed unit and the most expensive being 4 prime weeks including New Year’s in a 3-bed unit for $350,000.

· The least expensive full ownership condo in TV is a 464 sq. ft. studio built in 1972 listed at $389K. The lowest priced unit with 2 baths is $685K.

Thanks for visiting the Jackson Hole Real Estate and Community News Blog sponsored by Christy and Garth Gillespie from Sotheby’s International Realty of Jackson Hole. For more information on the “Hot Sheet” please feel free to contact me – Brian Siegfried, sale associate and Gillespie Real Estate Team member at brian.siegfried@sothebysrealty.com.

Jackson Hole Market – What to Do While It Is a Buyer’s Market

Towel background. VERY shallow DOF.Who doesn’t love the idea of a fresh new bathroom to enjoy that morning shower in each and every day? Or picturing a sleek powder room that you can proudly guide your guests to? These days most homeowners are thinking twice before calling a contractor to do these costly jobs. If you are considering tackling the project yourself, here are some tips to get you started on the right track to a beautiful new bathroom at a fraction of the cost.

With real estate markets slowing in almost every region, Jackson Hole is no different. We are seeing a considerable lack of buyers yet we are unfortunately not seeing prices drop to help increase the level of purchases. We believe that we will see a few more “motivated” seller in the next few months. In the meantime it is an excellent time to investigate upgrading your current home. The article included in this report should assist you in many ways. Another avenue to look into is that contractors are becoming very eagar. There is all of a sudden a lack of work and ample contractors looking for work. This is exciting as new construction and remodel projects should become much more affordable during the spring and summer seasons. If you are a buyer looking into the Jackson Hole Real Estate Market there are some decent deals out there — you just need to know where to look. For more information feel free to contact us at 307-739-8056. Enjoy reading the suggestions below.

  1. Carefully assess your financial situation, then set a budget. Be generous with your estimates as it is always better to set a high budget and finish with leftover cash, than to have a tiny budget that forces you to spend more than you’ve allowed yourself.
  2. Carefully measure your bathroom. The importance of this step cannot be underestimated. Digital measuring tools are worth their weight in gold.
  3. Make a list or sketch of your renovation plan. This will include a new tub/shower, sink, fixtures, etc.
  4. Decide upon wallpaper, paint and tile. Have an alternate plan in case your first idea does not work.
  5. Take your plans to your home improvement store. Compare prices at more than one store. Make detailed notes and keep them together in a file so that you can get the lowest price possible. You may even discover some items at the store that cost less and you like more than what you had originally planned upon.
  6. Take home any paint, tile or wallpaper samples. View them at different times of day in your bathroom. Certain colors that look soothing by day, can look garish by night due to lighting.
  7. When you have assessed all of the above, does it fit into your budget? If so, go ahead and purchase everything you need to avoid multiple trips to the store.
  8. When finished, pat yourself on the back for a job well done!

For more information go to the Do It Yourself Website.

Jackson Hole Real Estate Hotsheet Highlights for 12.31.08

Holiday lull; more REJH fallout; looking ahead to 2009

The Web is crawling with ways to search for real estate listings. In this region, the best way to get started is at Jackson Hole Experts.com. But for when you want to know what Realtors know … you need the Hotsheet!

New listings: Activity has been light during the holiday period, with many “new listings” representing extensions of listing contracts that often expire at the end of the year. For example, Garth and Christy Gillespie extended their listing for a beautiful home in 3 Creek Ranch listed at $3M. There are now 8 homes available in this private development just south of Jackson listed between $2.695M and $5.295M.

Real Estate of Jackson Hole: Also notable in the last week under new listings are all the properties formerly listed with Real Estate of Jackson Hole, which completed a nearly yearlong demise earlier this month when they announced on Dec. 22 they would be closing their doors. As the approximately 70 agents resurface at other valley brokerages, their listings are steadily reappearing. An article written in the Jackson Hole News and Guide is published here – http://www.jacksonholenews.com/article.php?art_id=4045

One other note on REJH: Sotheby’s agents were provided a good bit of information in this week’s sales meeting that was not available in the extensive newspaper coverage of REJH’s demise. I would be glad to help anyone better understand this complex story, to the best of my ability, or refer them to someone even closer to the facts.

Outlook for 2009: What will next year bring in the Jackson Hole real estate world? From my perspective — opportunity. As a buyer’s agent, I am working with several people very interested in entering the Jackson market in 2009. With sales prices generally regressing to years past, market watchers are well aware this will be one of the best times to buy into Jackson in the last 20-25 years. And with current interest rates near historic lows, the question becomes: Even if prices have not reached bottom, will an increase in the cost of credit in the coming months offset any future price reductions?

My advice is to identify a specific area or neighborhood and a price range and make an offer on available properties based on what you are willing to pay, regardless of the listing price. Many sellers today do not have the luxury of being “insulted” by offers much lower than asking price – in fact, my inbox is filled daily with e-mails from agents saying their sellers are willing to look at any and all offers. In other words, ask today for next summer’s price reduction, and you might get it. And if the market rebounds before that, your deal will look even better.

For details about any property mentioned in this blog post or a FREE PERSONALIZED Jackson Hole real estate market analysis, please call Brian Siegfried [my name should be a link to my bio page] at 690-9346 or e-mail him at Brian.Siegfried@sothebysrealty.com.

An Exciting Winter for Teton Village – Jackson Hole, Wyoming

It isn’t every day that workers at Jackson Hole Mountain Resort get applause for their work. But then, a new Aerial Tram at isn’t exactly an everyday occurrence.

In late October, spectators gathered at the resort and clapped as crews placed the first of two bright-red Tram cars from Switzerland onto their track cables. Seeing the cars put into place was like watching the curtain lift at the theater, although in this case the performance is to start December 20, when the Aerial Tram will begin carrying skiers and snowboarders up Rendezvous Mountain. For the legions of people who are passionate about this particular ski hill, it will be as though Christmas arrived five days early.

Anyone who has skied at Jackson Hole Mountain Resort any time from the 1960s to more recent years will find the sight of the little red boxes moving along their cable to be a familiar sight. The Tram cars are red, like their iconic predecessor, which shuttled skiers up the mountain for 40 years before being retired. But the new tram will be bigger and faster, whisking 100 passengers at a time to their starting point for their adventures in about nine minutes.

Change is afoot at Teton Village as a whole. The Village has kept hold of its classic attractions, like the Mangy Moose Saloon, while adding new ones like Hotel Terra, a boutique property that’s sleek, upscale and eco-friendly. Some changes at the Village are subtle, like the acoustical upgrades at Walk Festival Hall, home to the Grand Teton Music Festival. Other changes are more dramatic, a case in point being the new Shooting Star™ golf course.

Teton Village has become famous for its resort offerings. But it has become viewed more and more in recent years a great place to live, whether year round or on a part-time basis. The new hotels, for example, offer condo ownership opportunities in addition to options for out-of-towners to stay in style and comfort when they come to Jackson Hole. With the opening of the Four Seasons Resort, Teton Village acquired a “grande dame” hotel as well as a new group of slopeside luxury residences. In addition to Hotel Terra, there’s also Teton Mountain Lodge and others are coming, including the second phase of Hotel Terra.

Another new arrival in Teton Village is the newly completed Timbers, a group of three- and four-bedroom homes in Granite Ridge. Designed by John Carney, they average 3,300 square feet, with vaulted ceilings, gourmet kitchens, stone fireplaces and private Jacuzzi decks. Elsewhere in the village, the condos along McCollister Drive and Rachel Way, though not exactly new, are newly interesting to the real estate market. With upgrades and improvements the units, which like the Timbers, are zoned for short-term rentals, creating an attractive opportunity for investors who would like to generate some revenue from their properties.

As for Shooting Star™, it’s easy at this time of year for Nordic skiers to look out at the snow covered rolling terrain of the Tom Fazio-designed golf course and fantasize about streaking along a freshly groomed track. The golf course will, in fact, be a Nordic ski center, but its big unveiling will be next summer, when the golfers who have been watching the new facility take shape can finally walk out onto those greens and play a few rounds.

Construction is well underway on the Shooting Star™ club house, which will feature spa and fitness facilities, as well as a restaurant. The residential portion of Shooting Star™ includes cabins by architect Paul Bertelli of JLF Associates, featuring reclaimed materials and old world craftsmanship, plus spectacular views of the Tetons and the golf course.

Not everything planned for Teton Village is on such a grand scale, but little things make a difference. The pond behind Crystal Springs Lodge will eventually be replaced by a group of smaller water features and landscaping better suited for functions or for just relaxing. An 812-space, paved parking lot was just approved by the Teton County Board of Commissioners to be built between Granite Loop Road and Highway 390. It’s possible that someday there will be an automated “lift” that will whisk skiers and snowboarders from the lot to the clock tower so they can begin their day on the slopes. There’s no doubt that the opening of the new Arial Tram at Jackson Hole Mountain Resort is the biggest story for winter 2008-09 at Teton Village. But as is always the case with news, some of the other stories are pretty interesting, too. For first timers and veterans, Teton Village is worth exploring this winter.

For more information on Teton Village or Jackson Hole please feel free to email or call the Jackson Hole Experts – Christy and Garth Gillespie.

Jackson Hole Mountain Resort Set to Open the New Tram

It is almost time for the grand opening of the new Jackson Hole Ski Resort tram scheduled for the weekend of December 19, 2008. The celebration will take place all weekend long but the opening ceremony will be at the base of the tram from 5:30 – 6:30 with fireworks and treats for all ages. The tram will own the honor of the longest vertical rise of any ski lift in the USA –Jackson Hole will once again be put on the map as one of the most extreme ski destinations in the United States. Now is a great time to buy in Teton Village with prices at a all new low you can own a fully furnished Teton Mountain Lodge ski –in / ski-out studio apartment with full amenities at Teton Mountain Lodge for as little as $475,000 or own 2,200 square foot 3 bedroom/ 3 bath luxurious condo in the heart of Teton Village at the Crystal Springs Building. Whatever your budget may be we can help you find what you are looking for – call or email the Jackson Hole Experts today.

The Latest and Greatest Jackson Hole Market Update – 12/15/2008

After reading these highlights you are going to believe that Santa has is bag full of coal for Christmas. Unfortunately the market statistics for the first 11 months Jan-Nov 2008 are looking quite bleak. Please do not shoot the messenger.

• The sales volume is 39% below that of 2007 at about $460,000,000.
• We can trace the beginning of the slow down to August of 2007 when units listed outpaced units sold
• Sales volume in all market areas is down with the biggest decreases seen in Teton Village (-55%) and South of Jackson (-64%).
• Units sold as stated above is down (-287) almost 52%.
• Teton Village reported only 1 home and 28 condos sold verse 7 homes and 52 condos and 5 vacant land parcels during the first 11 months of 2007!
• With the limited number of transactions along with a somewhat strong over $3 million market the average sales price has increased by 27%.
• Days on Market has started to increase with an average of 157 days on market verse 142 in 2007. The biggest increase in Days on Market is being seen in the Condo market.
• Vacant land transactions are taking the biggest hit down 47% on volume and down 67% on the amount of transactions 37 vs. 113 in 2007.
• Only 9 transactions took place in November! The fewest since before January of 2002.
• Active inventory is 72% higher than last year at this time
• Inventory priced under $3 million is up 85% vs. last year
• Inventory priced over $3 million is up 32% verse 2007

Sources for a the data come from the Teton Board of Realtors and Sotheby’s International Realty with a little bit of input by Garth Gillespie, Sales Associate, SIR.

It is our belief that we will start to see an adjustment in the average sales price in the near future. Our transaction data is becoming smaller as the market slows so a few transactions can really skew the data. We are starting to see some major price adjustments in the under $1 million and under $2 million markets. For more information on the current real estate environment in Jackson Hole please do not hesitate to call us at 307-739-8056 or email us at garth.gillespie@sothebysrealty.com.

December 2008 Market Update

Where does the Jackson Hole Real Estate Market stand during these turbulent economic times? As you can imagine, Jackson Hole is not immune to any crisis and from where Christy and I sit the Jackson Hole Real Estate Market is feeling the pain. Activity, not in the sense of actual statistical activity, but activity in the sense of phones ringing, buyer’s inquiring, copy machines printing and fax machines dialing is probably at an all time low in the real estate careers of Garth and Christy. Being at work 9-5 every weekday we can get a feeling of where the real estate market is going and yes November and December are usually the slowest months in Jackson Hole real estate but so far November was extremely slow and December has started slow out of the gate. The Gillespie Real Estate Team continues to work extremely hard during these slower times. We are busy communicating with customers, business planning and strategizing, creating advertising programs and completing other real estate activities but on a whole we have seen a noticeable lull in showing activity.

As for the statistics…they tell the same story. When comparing 2007 numbers to the current 2008 numbers we are experiencing a much slower market. In October we saw 25 closings in Teton County, Wyoming (according to the Teton County Multiple Listing Service) where in 2007 we saw 47 closings. Surprisingly, listing price volume was almost identical. This is due to less lower priced properties selling and a few very large transactions taking place. Days on market increased by almost 3 months. In November the news gets worse – 10 closings in 2008 verses 43 closings in 2007. Days on market for the closed transactions was not as dramatic as October but shows an increase of 40 days. Currently there are 21 pending transaction in the entire valley – 6 of which are in the Pine Glades development which is under construction.

Highlights in the market include some very strong upper tier sales. In October there were closings of listed properties of $19.5 million, $6.3 million, $5.8 million and $5.3 million. In November the upper tier market continues this trend with 2 closings where the listed properties were priced at $19.9 million and 8.5 million!

Active listing inventory numbers are staggering! We have seen an almost 75% increase in actively listed properties on the market over 2007 numbers. Getting a completely accurate number is difficult with the changing market but there are about 700 active listings on the market in Teton County, Wyoming.

So what does all this mean? Lowering prices, excellent choices, extremely good buying opportunities but also less liquidity, more competition and increased market time. If buyer’s purchased their property before 2006 they have seen a robust growth and appreciation but if someone just recently purchased property they are probably going to see a depreciating asset for the next few quarters. Jackson Hole is still the wonderful place it was before these difficult economic times offering unbelievable beauty, National Parks, the Jackson Hole Mountain Resort and a very favorable tax climate. The real estate market and for that fact the community will survive and the market will rebound. We rarely have seen buyer’s markets in Jackson Hole so it is also a time of opportunity. To get more in depth analysis or if you have any questions please fee free to call Garth Gillespie at 307-739-8056 or Christy Gillespie at 307-739-8146.

Teton Village Update

 

Teton Village Update – April 22, 2008

  Actually the Tram Tower is no longer there….but a new one is being built!

 

The update at Teton Village: What has happened since the March report? The ski season at the Jackson Hole Mountain Resort will go down as one of the very best. Highlighted by over 600 inches and a base of over 100 inches skiers were delighted by quality skiing all season. Next year will be the debut of the new Aerial Tram so we will be excited about the 2008-2009 season too. With that said – we have had it with winter! Bring on Spring!

Real Estate News – There have been 3 closings since March 1st. A Four Seasons Resort Penthouse for $4,500,000, a new "Timber’s" Free Standing Townhome for close to $3,400,000 and an older condo that sold for close to $1,600,000. The last month of skiing proved to be fairly active on the sales side as there are 9 Pending transactions with an average list price of $2,260,000. This includes 2 Granite Ridge Lodges and 1 Four Seasons Penthouse.

The 9 Pending Transactions sound great but the real news is in the available active inventory — 54 Active Listings. The median active listing price is $1,995,000 so there is a lot of inventory priced in the "millions" category. Average Days of Market is climbing and is at an average of 157 days (that’s an entire ski season!).

Overall the Teton Village Market is a strong Buyer’s market. There are a lot of condos and townhomes to choose from and there are probably many Seller’s willing to negotiate. The biggest issue with the available inventory is that the prices were set when the market was much more active. Now we do not have Buyers and the pricing is at pre decline pricing.

If you would like information on:
Teton County, Idaho – please visit: www.tetonvalleyexperts.com

Jackson Hole, Wyoming – please visit: www.jacksonholeexperts.com

Economic Stimulus Act – How does it effect Jackson Hole??

The Economic Stimulus Act of 2008 signed into law by President Bush in Feb. provides help for some homeowners facing a more challenging lending environment.  The act contains provisions to increase the availability and affordability this year for the kinds of loans that finance many Jackson Hole area homes. 

The act provides a good opportunity for homeowners who purchased homes in the Jackson or Teton Valley of Idaho area during the past 3-5 years and used an adjustable rate mortgage to fund the purchase.  Between March 1 through December 31 new jumbo-conforming loan limits apply.  The economic stimulus package temporarily increased the limit on mortgages that can be purchased by the government-sponsored Freddie Mac and Frannie Mae.  The Office of Housing and Urban Development, Freddie Mac and Frannie Mae have designated Teton County, Wyoming, and Teton County, Idaho, as among certain high-value areas of the country where  a higher loan limit will be necessary to be coupled with a lower conforming rate.  The traditional loan amount is still $417,000 but the jumbo conforming loan limit is now $693,750.

The new rules only apply to 30-year fixed rate and five year adjustable mortgages.

For more information on the new mortgage rates feel free to touch base with Taylor Mortgage, John Curry at 307-733-5800 or T.R. Pierce at the Bank of Jackson Hole 307-733-8064.  They’d be happy to assist you.  If you are interested in real estate information please feel free to call Garth Gillespie 307-413-5243 or email me.

New Listing in Jackson Hole!

 

Comfortable, Well Maintained Rafter J Home.

Charming 3 bedroom, 2 bathroom home includes a gas fireplace, an open floor plan, a large well maintained fenced yard and a 2 car garage. Good mountain views in all directions and the opportunity for remodeling and or expansion provides the homeowner many possibilities. Rafter J offers good walking paths, views of the Tetons and a peaceful neighborhood location.

The home is about 1,500 square feet and includes washer and dryer, refrigerator, stove/oven and a dishwasher.  Room spaces are perfect with a large open floor plan in the kitchen, living and dining room.  Summer outdoor life is fantastic with a large lawn in the back yard – perfect for horseshoes, soccer, free roaming dog etc

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Please call Garth Gillespie at 307-739-8056 or email me if you have additional questions or would like to tour the home.