New Real Estate Offering in Jackson Hole — New Listing

Location!  Rare! On Flat Creek!  In the Heart of Jackson Hole!

Christy and I just listed a Condo in the heart of the Town of Jackson.  Extremely unique as it is only one of 7 condos in the Town of Jackson that has a third story roof top deck that overlooks Flat Creek and the Bridger Teton National Forest.  It is almost impossible to explain unless you can see it for yourself but the main floor of the condo has floor to ceiling windows that basically overlook the river as it winds itself through a large meadow.  South facing exposure brightens the 3 bedroom, 3 bathroom, 2,200 square foot home making for an efficent living space.

 

        

Listing Price — $1,475,000

Easy to show and if you would like additional information please do not hesitate to call (307- 413-5243 or email.

Recent Real Estate Developments in the Jackson Hole

Over the past month there have been several real estate developments moving through the approval process in the Town of Jackson and Teton County, Wyoming.  I will use this post to update many of them.  If you have any questions about these developments or others that you have heard of please do not hesitate to give me a call at 307-413-5243 or email me.

1.  28 unit development in East Jackson:  Yet to be officially named, this development takes place in East Jackson on 3.35 acres between Rancher Street and Nelson Street.  The planned unit development is proposed to be 145,700 square feet in size which includes 8 single family residences, eight duplexes, and four townhomes.  The development requires affordable housing for 9.79 people and the developer generously is providing affordable housing for 10.  This particular property is in a very attractive location and the developer has a great track record.  It should be a very attractive property with landscaping, sidewalks and a good neighborhood feel.

2.  The Snake River Brewery and Restaurant is expanding!  The "Brew Pub" will be expanding by 2,300 square feet and will include a second floor outdoor deck, new bathrooms (desperately needed!) and an upgraded kitchen.  Congrats and good luck!

3.  A Developer is planning on developing the property that is currently the Painted Buffalo.  The development will be 151,000 square feet in size and will be of a mixed use.  Most of the space will be a new 155-room luxury hotel, spa and fitness center, conference space, restaurant, bar and limited retail space.  The proposed plan calls for a 4 story building.

4.  A beautiful new property is going to be built on the corner of Pearl and Jackson.  The new building will be 31,000 sq feet is size and will be of mixed use.  Retail/Commercial space will be on the first floor with a mix of affordable, employee and free market "lofts" will be on the 2nd and 3rd floor.  The units on the 3rd floor are incredible and should be in big demand when they are released.  The parking will be underground.

5.  A major development was proposed in the county by 3 ranching families – Lucas, Von Gontard, and Robertson families.  The application consists of 692 acres with up to 315 homes.  The acreage is located in 3 different areas – South Park (across the street from 3 Creek Ranch), Hog Island (next to the WYDOT building) and Game Creek.  The property in Game Creek would transfer development rights to the other 2 properties.  Preliminary plans show the South Park property would contain a total of 181 homes – 107 market homes and 74 deed restricted units.  The Robertson property would consist of 128 total units with 33 free market, 11 affordable, 48 PUD affordable and 36 PUD affordable market homes.  This looks and sounds much better than the awful Teton Meadows plan.

6.  There is a lot of new development taking place at Teton Village.  Most recently the Little Nell hotel went before the planning commission for its first hearing.  Little Nell, a project of Terra Development Group, would be a 50 unit condominium-hotel.  The 121,000 square foot hotel includes a conference room, a spa, 3,500 square feet of retail and a 5,000 sq ft restaurant.  The property is 1.3 acres in size.

I hope you found this information informative and easy to read.  Please visit www.JacksonHoleExperts.com if you would like additional information.

 

Sotheby’s International Realty — 61.8% Market Share!

 

2007 was a record year for the Jackson Hole real estate market, and even better one for Sotheby’s International Realty Jackson Hole Brokerage, which increased its local market share to 61.8% based on its sales volume contrasted against Teton County total sales as reported by the Teton County Assessor’s office.

Looking at the market as a whole, the total dollar volume of sales reported through the Teton Board of Realtors Multiple Listing Service (MLS) in 2007 rose 9.1% over 2006.  Even in the fourth quarter, a rocky period for the national real estate market, sale volume was up 5.6% over the same period in 2006.  Sotheby’s sales associates outpaced their competitors for the year, boosting the MLS sales volume in 2007 by 12.2%.  Based on the Teton County Assessor’s numbers, which include both MLS and non-MLS transactions, Sotheby’s associates handled 61.8% of the $1.055 billion real estate sales volume in the Jackson Hole region.  The company’s average market share for the past five years is now 58.2%.

As the result of agent’s efforts and enhanced support they receive, listings with Sotheby’s International Realty in 2007 resulted in an in-house sale nearly 60% of the time.  This was more than 50% better than the company’s nearest competitor – Real Estate of Jackson Hole.  Sotheby’s agents do 88% more transaction sides per agent and 83% more dollar volume than their closest competitor.

This story was written by Sotheby’s International Realty Jackson Hole Brokerage with contributions and editting by Garth Gillespie, sales associate. 

For more information on these statistics or if you have any questions about the Jackson Hole Market please feel free to visit JacksonHoleExperts or to call me at 307-413-5243.

 

Teton Springs in Trouble?

 
News in the Teton Valley of Idaho. Teton Springs sued in U.S District Court.
 
Teton Springs, a planned all seasons resort, located in Victor, Idaho could be credited to jump starting the massive growth that the valley has seen in the past 5 years. The development encompasses a total of 780 acres and includes numerous real estate opportunities, 27 holes of golf (private), fly fishing lakes and streams, a hotel, golf club, fitness facility, swimming pool and endless other amenities. During the past 10 years the developers of Teton Springs have transformed a rolling barley field into the cornerstone of the valley. Since then developments have sprung up all over the valley which include River Rim Ranch, Huntsman Springs and Teton Reserve. Most of these other developments followed the Teton Springs blueprint that if you build it they will come.
 
As we some of us know, times have changed and real estate has slowed in the Teton Valley (see previous post). During the 2007 calendar year, Teton Valley showed continued strength but in the end the growth slowed and did not meet the numbers as 2006. What is very interesting to look at is that Teton Springs recorded numerous land closings that were in the Mountain Meadows area of the development. This was a very interesting development as I was wondering who was purchasing all these properties. In the meantime construction crews swarmed the area and construction took off like we have never seen before. If any of you have ever been to Teton Springs you will understand what I an explaining but if you have not had the chance to see the development this is what it looks like. The lot sizes are no larger than .10 acres and the homes average 2,500 square feet. There are close to 150 of these homes. I remember talking with my wife and saying, “Who is buying all these homes and who is building all these homes?”
 

Maybe a clue to who these buyers are came out in the news last week.  The headline in the Teton Valley News reads…”Teton Springs sued in U.S. District Court.” Over the past few months I have received numerous phone calls from worried buyers that were being told that they were going to have to close on their homes in the next few weeks or months. The buyers, all but one from Idaho, were sold a house/lot combination and were told that by closing they would see an increase in equity of somewhere between $200,000 to $400,000. This has not happened, a matter of fact their investment is worth less than $200,000 to $400,000 than the ibuyers are under contract for or have closed for and most of the plaintiffs are not in a financial situation to close. Even if they could close the case is questioning the developer (Nu Way Partners), the real estate brokerage (All Seasons Realty), the appraisal services (Rivers Edge Appraisal) and the lender (Eagle River Mortgage) on the way the transaction took place. You can read more about this situation at the Teton Valley News website: article written by Lisa Nyren.

With all of this said, Teton Springs is an excellent development.  The golf course is known around the Jackson area as one of the best.  The amenities are fantastic with beautiful ponds, streams, walking trails, cross country skiing and a state of the art fitness and pool facility.  My hope is that all the negative press from the above mentioned article and court case work themselves out and that the development prospers in the near future.  The Mountain Meadows area of the development has some adjustments to work out in inventory and price.  There are some fantastic values in both the Mountain Meadows area and the estate lot homes so if you have interest in the development please do not hesitate to call me to discuss further.

For more information on the Teton Valley of Idaho visit our Idaho Real Estate website – www.TetonValleyExperts.com or our Jackson Hole website www.JacksonHoleExperts.com.

March 7, 2008 Teton Valley Idaho Update

 

Market Update
March 7th, 2008
 
Today I am going to introduce you to the Teton Valley of Idaho.  In the coming days I will give an overall view of the valley explaining the different areas but today I tought I would share some interesting facts, statisics and thoughts about the valley.  First off, the Teton Valley of Idaho, includes the communities of Driggs, Victor and Tetonia.
 
The numbers presented here look at the overall market in 2007 and a quick look at the trends that we are witnessing.  2007 was a disappointing year on both the sales volume side and also in the number of transactions. Sales volume and the number of transactions deceased for the first time since 2003. Other news that dragged on the market was the continued release of additional inventory throughout the valley flooding the market with homes, vacant lots and investment type offerings. The news was not all bad as there were signs of a developing community and some much needed infrastructure improvements. Overall the real estate climate in the Teton Valley continues to show a lot of strength and development but the pressures of outside forces like the economy nation wide, a sagging stock market, changing political environment and competition from other resorts finally took a toll on the market as we saw a decrease in some important statistics.
 
When reviewing the Teton Board of Realtors statistics. sales volume for 2007 was $263,786,400 which is a decline of 15.4% from 2006. Sales volume peaked in 2006 ($311,665,600) which was an 356% increase from 2003. So after 4 years of solid growth, sales volume declined. The only category in which sales volume grew was in vacant building sites which increased by 7%. Sales transactions decreased across the board with residential property transactions decreasing by 22.5% or 72 less sales. Overall the market saw a decrease of 9.4% or 90 transactions. The one positive (if you choose to see it that way) is that the average sales price increased almost 20% for residential units and 8% for vacant land. 
 
When looking at the trends the news does not get much better. Sotheby’s International Realty support personnel looked back until January 2006 and graphed sales volume and units sold. The graph is quite interesting to see but in this format I explain. From January 2006 to December 2006 there was tremendous activity and the graph moves in a noticeable and in some month’s aggressive manner upward. Then through February 2007 till June 2007 the market made another upward move with transactions (sold) in May nearing record activity. What happens next is quite telling. The line almost nose dives from 115 sales in May 2007 to a total of 28 sales in January 2008. January 2008 sales numbers are the lowest since the 4th quarter of 2004. When comparing Q4-07 to Q4-06 the units sold declined 58%.
 
Looking at available inventory in Teton Valley we can see that it is increasing rapidly due to decreased activity and the addition of new inventory on the market. The number of available listings (includes residential and vacant land) in January 2008 are 46% higher than January 2007 and 153% higher than January 2006. The rising inventory coupled with falling unit sales is contributing to the jump in months of inventory.
 
On happier notes: There is a lot of information that shows that the Teton Valley is developing in a quality manner and that there is going to be some sustainable growth. The Teton Valley High School completed an addition earlier this year but with growth in the valley some additional space will be considered later in 2008. The high school has been busy creating a new recreational field and is expected to be ready for the 2008 football season. The facility includes a new track and facilities, a football field, lockers and bleachers. There are a few exciting new restaurants in town which are getting rave reviews from locals. The restaurant at Teton Reserve is doing excellent prix fix dinners on weekends. The Headwaters Club at Teton Springs has been open all winter and it is a great place for a quiet evening of good food. Teton Thai has been busy preparing for their grand opening in Victor in April. Commercial activity has also been very strong. There are developments all along Victor’s main street heading west toward Idaho Falls. There is a new bank, First Bank of the Tetons, which will be open this spring on Main Street. The building is very attractive and is a great addition to the Teton Valley.
 
Overall I feel as if the Teton Valley of Idaho has probably not quite hit the bottom but it is very close. There are numerous quality investments, residential and vacant land parcels that are available and a continued desire for individuals to move to the mountains. Considering the values of Jackson Hole the Teton Valley offers many of the same outdoor opportunities yet offers a lot of opportunity along with value priced properties.
   
If you would like additional information on any of these developments or on the Teton Valley in general please email or call Garth at 877-739-8056 (toll free).
 

The Bar BC Ranch

 

 
One of the most exclusive properties in Jackson Hole and for that part the Rocky Mountain region is the Bar BC Ranch. I wanted to take a few moments to update the recent activity on the Bar BC Ranch and at the same time just give some general information on the ranch itself.
 
The Bar BC Ranch is one of the premier ranches in the Rocky Mountain West. With a rich history, spectacular scenery and quiet ambiance, the ranch is one of the most unique real estate offerings in the Jackson Hole Valley. Located in the “Spring Creek Valley” and atop the “Gros Ventre North Butte” the ranch and its’ real estate offerings are arguably in the best location in the valley. Each property has access to the Snake River and has remarkable Teton views. With a limited number of 35 to 50 acre home sites carefully placed on 1,400 acres, Bar BC Ranch is an understated retreat that respects the environment and maintains the natural habitat for elk, moose, deer, and native cutthroat trout.
 
Investors, Home Builders and Land Buyers that are looking for an exclusive location in Jackson Hole have found that Bar BC Ranch is a special place. Bordered by the Snake River (west) and the Gros Ventre River (north), homesites feature rolling hills, meadowlands, and the outstanding Teton views. The Bar BC Ranch is close to downtown Jackson and Teton Village but is far enough off the beaten path to give homeowners and resident wildlife a sense of seclusion. There is even an 11 acre pond located on the property where trumpeter swans and waterfowl have taken up residency.
 
During summer of 2007 there were 2 closed sales and there is currently 1 pending transaction. Initially the Ranch offered 19 lots of which 9 are either sold or are pending. The remaining ranch sites currently available are: The 6,000 square foot Ranch Estate House on 70 acres along with ranches 1,5,6,7,9,11,12,13 and 14. The ranch offers a paved road system, underground power and utilities, and a water system. Price range of remaining inventory $5,900,000 – $17,000,000.
 
For more information please feel free to contact the Gillespie Real Estate Team at Sotheby’s International Realty

March 4th Market Update

Spring is in the air and here in Jackson we are starting to feel a slight change in the weather. During the last week of January Jackson broke out of the 30’s for the first time since November. It is amazing how nice it can feel after the long winter. That is not to say that skin season is over yet. Jackson Hole is blessed with some of the best skiing in the west. The base snow depth is above 100 inches and total snowfall at Rendezvous Bowl is already over 400 inches. We are anticipating a very busy spring ski season with flights mostly booked.

Speaking of flights….Frontier Airlines announced last week that it would begin flying three planes a day into Jackson Hole starting in mid-May.  The airline is planning on using a 70 seat Q-400 turboprop with flights to Denver. This is great news as it should increase competition with United and will lower prices on flights to many destinations. 
 
Real Estate News – A mixed bag of information. From the prospective of looking at data the numbers are really starting to show a slow down. From the prospective of the “pulse” of the market, Christy and I are feeling like there is still some strength in the real estate market. If a property is unique and desired there are still buyers out there ready to pounce. During the past month we have seen condos in the $400,000 to $700,000 almost disappear. There are also 20 pending transactions over $1,000,000 with 10 over $2,000,000. 
 
On the other end of the spectrum February only saw 17 sales which is the lowest recorded number of sales in the past 3 years. Of the 17 sales 8 were condos, 5 were land sales and 4 were residential sales. As mentioned before there are 41 current pending transactions. Active inventory continued to grow to 441 active listings compared to 404 in January. The number of closed transactions per month fell for the 7th time in the past 8 months. This is the longest and steepest decline in closed activity in the past 4 years.

2007 Jackson Hole Statistics Fine Tuned – March 2008

 

2nd Blog in a series of updates on 2007 statistics:

Sotheby’s International Realty of Jackson Hole has been busy compiling statistics from the past year (2007) and in next series of blog updates I will be taking some of that information and sharing it with you.  Leonard Klieman of the Jackson Hole Sotheby’s office has done an incredible job of analyzing Teton County Multiple Listing Service information along with comparing and contrasting data received from Teton County, Wyoming County Assessors Office.

Source:  Teton County Multiple Listing Service — Sales Volume for 2007 equaled $792 million.  A new record!  There were 83 less sales, but $65.9 million more in gross sales volume verse 2006.  Since 2005 unit sales have been declining yet volume has been increasing.  What does this mean??? Increase sales prices!

There was a noticeable decline in activity in the 4th quarter of 2007.  In 2007 unit volume peaked in July which is completely different from years past when September was the busiest month for sales.  There were only 26 sales reported in December and only 21 in January of 2008.  That is the first time in 3 years that there were 2 consecutive months of fewer than 30 sales.  Six months ended Jan. 08 units sales declined 29% from six months Jan. 07.

Look for more statistics in early March!

For more information or if you have any questions or comments please feel free to contact the Gillespie Real Estate Team.

 

Jackson Hole Market Update – Feb. 20, 2008 – Active Listings and Inventory

Sotheby’s International Realty of Jackson Hole has been busy compiling statistics from the past year (2007) and in next series of blog updates I will be taking some of that information and sharing it with you.  Leonard Klieman of the Jackson Hole Sotheby’s office has done an incredible job of analyzing Teton County Multiple Listing Service information along with comparing and contrasting data received from Teton County, Wyoming County Assessors Office.

As of January 2008 there were 404 current listings in the Teton County MLS.  Due to a extreme slow down in current pending activity this gives Jackson a 20 month supply of inventory.  (Months of Inventory = Active Listings / Unit Sales).  In January 2008 we saw the first increase in active listings for the first time in 3 years.  In 2006 there were 386 active listings and in 2007 there were 364 active listings at this time.  The biggest change in the data however is that pending transactions are trending down instead of up when comparing the past few years.  This trend started in November of ’07.

Properties listed for less that $3 million:  296.  Active listings are up 11.7% vs. last year and is up in January vs. December for the first time in 3 years.

Properties listed greater that $3 million:  116.  Active listings are up 9.4% vs. last year.

Teton Valley, Idaho – – Residential and Building Sites — 1,601!!!  January 2008 active listings are 46% higher than in Jan – 07 and 153% higher than in Jan – 06.  Rising inventory coupled with falling unit sales is contributing to the jump in months of inventory.  You ask what the months of inventory for Teton Valley, Idaho is….5 years!

Jackson Hole / Teton Valley Wyoming 2007 Summary:  The overall market experienced…

  • 9% rise in sales volume
  • 25% increase in average sales price
  • 30% rise in median price of a single family home
  • 34% jump in the median price of a condo
  • Decline of nearly 13% in total unit sales
  • Inventories remain tight but rose slightly in January

Teton Valley, Idaho 2007 Summary:  The overall market experienced…

  • 4 years of solid growth through 2006 ended with a 15% decline in 2007.
  • Unit sales declined 9%
  • Quarter 4 of 2007 – unit sales declined 58% vs. 2006
  • Inventory has more than doubled in 2 years.

Hope you enjoy the statistics and if you have any questions or comments please feel free to contact The Gillespie Real Estate Team.

The Teton Valley of Idaho – Market Update

Market Report
February 9, 2008
Teton Valley, Idaho

Including the communities of Driggs, Victor and Tetonia and the resort communities of Teton Springs, Grand Targhee, River Rim, The Ponds, Trail Creek Springs, Spring Hollow Ranch, Huntsman Springs, and many others.

Looking over at the Teton Valley of Idaho, I really had to search to find out where the sales have been coming from and what had sold in 2008.  The news over the past summer was that inventory had been growing and activity had dropped considerably. 

I agree that inventory had exploded and activity had slowed but I disagreed with many who were and are predicting a major collapse of the market.  Jackson Hole is not getting bigger but the desire to live there and the need for workers is going to help support the Teton Valley.  I also believe that there are communities being created right in front of our own eyes and with that a sense of community is being born. 

Last week, Grand Targhee Resort, won approval for a major expansion (see previous post) which is major news concerning the valley.  From an economic perspective it should be welcoming news yet for some, many in Alta, are upset with the changes that will be coming.  From my perspective, the Gillette family has been enhancing the Teton Valley ever since their ownership began and I hope and trust they will develop Targhee in a responsible way.

As for the year to date statistics through January 31, 2008

There have been 24 sales to date with a volume of $8,184,100.
Of the 24 sales 8 are lots, 2 are town homes, 5 are homes and 9 are condos.
7 of the transactions took place at Teton Springs.
5 of the transactions took place in Driggs, 2 in Tetonia and 17 in Victor.
There are currently 69 pending transactions.

Now the scary part – Looking back at 2007 Statistics for the same time period Jan. 1 through Jan. 31, 2007.  Last year to date there were already 113 transactions!  What has changed?  Last year of the 113 transactions a whooping 40 came from Mountain Meadows in Teton Springs.  There will be a future blog dedicated to Teton Springs but the statistics show that there were a lot of speculative buyers out there only 1 year ago.  Including Teton Springs of the 113 transactions last year 95 of the transactions were vacant land.  These are staggering numbers!  18 of the transactions were either single family homes, condos or townhomes.  Today’s (2008) residential numbers are just one shy of last year.

I will continue to watch over the Teton Valley of Idaho and if you would like more information or would like discussing investing in the valley please do not hesitate to email or call me toll free at 877-739-8056.