Real Estate News Archives - Christy & Garth Gillespie

Jackson Hole Real Estate – April 2014 Update

May 9, 2014/in General Real Estate Information, Homes, Jackson Hole Real Estate Associates, New Listing in Jackson Hole, Real Estate Listings

Excellent choice for East Jackson living!

If you are looking for trends in our current real estate market I would say the strongest trend is lack of inventory. And in direct correlation with lack of inventory we have less sales and higher prices. Comparing April 2013 to April 2014: we had 31 residential sales in 2014 verse 42 sales in 2013. Sales volume was about identical at about $27 million which results in a 30% increase in average sales price. The inventory numbers for lower price properties continues to shrink and is also represented when comparing sales for the two Aprils – April 2013 had 31 sales under $1 million where 2014 only saw 22 sales under $1 million.
Vacant land in Jackson Hole continues its resurgence as we had 7 sales in 2014. 4 properties south of Town in the more “local” locations of Little Horse Thief and Game Creek sold last month.
Pending sales have been averaging about 55 sales every month and that number did not change in April as we have 58 pending sales. The friendly competition between Sotheby’s International Realty and Jackson Hole Real Estate Associates is a dog fight and a tie in the number of transactions pending.
Active Market – there are 412 active listings. 119 residential units priced under $1 million, 54 properties priced between $1 and $2 million, 50 properties between $2 and $4 million and 22 properties priced over $ million. There are 70 vacant lots priced under $1 million.

For additional statistics or to discuss the current Real Estate Market in Jackson Hole please contact the Jackson Hole Experts – Christy and Garth Gillespie at 307-413-5243 or email us at garthgillespie@jhrea.com.

Jackson Hole Real Estate Compared to Other Western Resorts?

April 24, 2014/in General Real Estate Information, Jackson Hole Real Estate Associates, Vacation Homes

Report on Destination Resort of the West

Report on Destination Resorts of the West

We have attached an excellent article from the Western Mountain Resort Alliance (WMRA). The WMRA is an organization composed of Realtor Boards of destination ski resorts in the Mountain West. Boards include Park City, Utah; Sun Valley and McCall Idaho; Jackson Hole, WY; Crested Butte, Steamboat, Summit County, Vail Colorado; Big Sky, Montana; Whistler, British Columbia and Tahoe California.

The most recent report can be found here: Click this link —- http://origin.library.constantcontact.com/download/get/file/1107631264353-51/WMRA+Graphs.pdf

The information is really interesting to see. When comparing Teton, County (Jackson Hole) to the other communities you can see that Teton, County has the highest Average Sale Price by far, the least amount of active listings and the largest decrease in the number of available properties for sale when compared to 2012. To me, it illustrates some of the benefits and down falls of our real estate market here in Jackson Hole. The benefits are that our real estate values are going to be strong and will increase significantly as activity increases. The negatives are going to be our lack of inventory. When looking at available real estate for sale in areas like Vail it is remarkable to see almost 2,500 active listings compared to Jackson 450. Wow – I can only imagine what it would be like to have that much inventory.

One more stat that is interesting to point out — Number of Listings per Realtor — Jackson Hole = 1.02. Vail = 3.65. Big Sky = 14.2. Park City = 5.0

For additional information on the differences in real estate markets please contact the Jackson Hole Experts – Christy and Garth Gillespie at Jackson Hole Real Estate Associates – Christie’s International Real Estate – 307-413-5243 or at gillespieteam@jhrea.com.

February 2014 in Review – The Jackson Hole Real Estate Market

March 11, 2014/in Christy and Garth Gillespie Info, General Real Estate Information, Jackson Hole Mountain Resort

February’s market update needs to start with a recap of our crazy weather in Jackson Hole. As most of you have read – February was the wettest on record. We had a ton of snow but the big story was the amount of moisture we received. Temperatures were warm so we had a few episodes of rain in the valley. Weather forecasters call this the Pineapple Express as our storms originate in the Pacific and stream right over the Tetons. The weather pattern continues as even today we are seeing a rain in the valley and snow in the mountains. The ski resort has seen record amounts of tourists/skiers and the town has been very busy in the evenings.

Our real estate market continues to move forward in a fairly uneventful manner. In many ways this is good as we see steady sales and no major swings of activity. The winter months are known for this so I would call the market “normal”. The big story is that inventory is starting to wane. Comparing 2013 to 2014 we have 100 less listings in the Teton Board of Realtors MLS. When comparing February 2013 to 2014 we had 28 fewer new listings hit the market. Christy and I specialize in listing homes in Jackson Hole and our call volume for spring listings is down when compared to last year.

February 2014 saw 20 residential sales and 6 vacant lot sales. The highest priced listing to sell was 2675 W. Stonecrop Road which is located on the “westbank” and was listed for $5,575,000. There were a total of 7 sales over $1 million and 13 sales under $1 million. Sales were spread out throughout the valley with 5 sales on the west bank, 4 sales at Teton Village, 4 sales in the Town of Jackson, 2 sales south of town and 1 sale north of town. When comparing sold data to 2013 the market had equal transactions (27) in 2013 to (26) in 2014. Dollar volume was considerably less in 2014 with List Price Volume of $44 million compared to List Price Volume of $33 million in 2014.

There are 57 pendings in Teton County with a List Volume of $51 million. 36 of the pending transactions are price under $1,000,000. There are 14 pending transactions in the town of Jackson with 12 of those under $500,000 (the condo and townhome market). More breakdowns: 6 pendings in Teton Village, 17 pendings in the south of Jackson market, 4 north of town and 11 pending sales on the “westbank”.

Active Market: a total of 420 total active listings in Teton County. 41 in the town of Jackson with 34 of the 41 units priced under $1 million. 41 units for sale in Teton Village with an additional 37 fractional ownership properties actively marketed.

Christy and Garth Gillespie are actively looking for additional properties to sell. We have a very aggressive marketing plan to go along with our thorough analysis of all properties we list so that we achieve the goal of the seller – a quick sale with the highest possible sales price. 2013 was one of our most successful and if we would have stayed at Sotheby’s International Realty – Jackson Hole through the end of 2013 we would have ranked extremely high in their rankings of successful real estate teams. Call today to find out more about our services or if you would like us to do an analysis of your home or vacant lot in Jackson Hole.

Christy and Garth Gillespie work at Jackson Hole Real Estate Associates – Christie’s International Realty and can be reached at 307-413-5243 or email us at gillespieteam@jhrea.com.

****All statistics gathered by Garth Gillespie from the Teton Board of Realtors MLS

A Quick Look at the Jackson Hole Real Estate Market

February 7, 2014/in Christie's International Real Estate, Christy and Garth Gillespie Info, Jackson Hole Real Estate Associates, Market Updates

Sold! List Price $1,850,000

January 2014….where do you go? We had an excellent January in Jackson as we had great sunshine most of the month and then 2 feet of powder the end the month. Today it is snowing and we have a Winter Storm Warning thru Monday (sometimes a jinx but the jet stream is positioned to deliver lots of moisture).

The first month of the season saw a pretty stable real estate market. We had 24 closings with 18 residential unit sales and 8 vacant land parcels selling. There were 3 sales at $3 million (2 vacant land parcels in Teton Village and a beautiful ranch in Dairy Ranch). Sales were spread out throughout the valley including Melody Ranch(1), The Aspen’s(2), Town of Jackson (9), north of town (2), south of town (5) and the westbank (2).

Christy and Garth Gillespie had one fantastic closing south of town – Eagle Ranch – listed for $1,850,000. Christy and Garth have been marketing Eagle Ranch for almost 3 years (never gave up hope, never stopped advertising and always believed we’d find the perfect buyer). Eagle Ranch was an amazing parcel consisting of 20 acres, a 5,000 sq. ft . home, 1,200 sq. ft. guest house and offered privacy and wonderful wildlife viewing. The new owners are going to be pleasantly surprised.

Currently the real estate market in Jackson Hole has 50 pending transactions and 453 active listings.

To find out more about the current real estate market in Jackson Hole please do not hesitate to call us at 307-413-5243. Christy and Garth Gillespie are some of Jackson’s leading real estate agents and have recently move real estate brokerages from Sotheby’s International Realty to Christie’s International Real Estate – Jackson Hole Real Estate Associates.

Real Estate Sales Totals Through the 3rd Quarter for Teton County, Wyoming — Market Update

November 15, 2013/in General Real Estate Information, Real Estate Values

One of our best charts. Cumulative Sales Totals with sales volume and the number of properties sold.

(Click the chart to enlarge)

Working at Sotheby’s in Jackson Hole has many advantages, one of which is that we receive quarterly reports from our master accountant Leonard Kleiman. The quarterly reports breakdown the market into many segments and help educate the Gillespie Real Estate Team on the current Real Estate Market in Jackson Hole. On this post we see the Cumulative Sales Totals through the 3rd quarter and can compare the totals to the past 10 years. We can see from the chart that 2013 is by far our best year since the recession.

1031 Exchanges and Tax Deferrals

March 5, 2013/in Uncategorized

With tax season upon us, we found the following excerpt from Wyoming Title and Escrow timely, informative and easy to follow. It can be difficult to stay on top of the latest practices, especially when it comes to real estate. Please contact us if you are interested in learning more about a 1031 Exchange.

“A 92 Year-Old Solution for Real Estate Investors Facing Higher Taxes in 2013:

1031 Exchanges Offer Full Deferral of the New 3.8% Medicare Surtax Tax and 20% Capital Gain Tax

The familiar adage, “It’s not how much you make, but how much you keep” rings truer than ever for real estate investors in 2013. Not only have capital gain taxes increased significantly for high earners, but many investors below the top tax bracket face an additional 3.8% surtax on passive investment income like capital gains. Fortunately, IRC Section 1031, a provision which has been in the tax code since 1921, provides critically needed tax relief.

Under the American Taxpayer Relief Act of 2012, the top capital gain tax rate has been permanently increased to 20% (up from 15%) for single filers with incomes above $400,000 and married couples filing jointly with incomes exceeding $450,000. In addition, the new IRC Section 1411 3.8% Medicare surtax on net investment income, which includes capital gains, results in an overall rate for higher-income taxpayers of 23.8% — a staggering 58% increase from 2012 tax rates!

Four Steps Involved in Determining Capital Gain Taxation

Absent the tax deferral benefits of a 1031 exchange, below is a summary of the four ways investors will be taxed on the sale of an investment property:

1) Depreciation Recapture: Taxpayers will be taxed at a rate of 25% on all depreciation recapture.

2) Federal Capital Gain Taxes: Investors owe Federal capital gain taxes on the remaining economic gain depending upon their taxable income. Since a new higher capital gain tax rate of 20% has been added to the tax code, investors exceeding the $400,000 taxable income threshold for single filers and married couples filing jointly with over $450,000 in taxable income will be subject to the new higher tax rate. The previous Federal capital gain tax rate of 15% remains for investors below these threshold income amounts.

3) New Medicare Surtax Pursuant to IRC Section 1411: The Health Care and Education Reconciliation Act of 2010 added a new 3.8% Medicare Surtax on “net investment income.” This 3.8% Medicare surtax applies to taxpayers with “net investment income” who exceed threshold income amounts of $200,000 for single filers and $250,000 for married couples filing jointly. Pursuant to IRC Section 1411, “net investment income” includes interest, dividends, capital gains, retirement income and income from partnerships (as well as other forms of “unearned income”).

4) State Taxes: Taxpayers must also take into account the applicable state tax, if any, to determine their total tax owed. Some states have no state taxes at all, while other states, like California, have a 13.3% top tax rate.”

Where was real estate selling in Jackson Hole in 2010?

April 4, 2011/in General Real Estate Information, Real Estate Values, Teton Pines, Teton Village

Teton County real estate sales totaled $387 million for 2010, which includes Jackson Hole, Wilson, Teton Village, South of Town, North of Town, and West of the Snake River (Wilson). The Town of Jackson aside, all areas reported susstaintial improvement in sales and unit volume. The area West of the Snake River saw the largest increase over 2009 of 136%, spurred by 4 large land sales and several single family home sales in Teton Pines. Teton Village, at the base of Jackson Hole Mountain Resort, also saw a 74.5% increase in real estate sales over 2009, perhaps fueled by the new Aerial Tram and several bank owned condominium sales.

Teton County Units sold in 2010 totaled 261 transactions. The most sales (78) occurred in the Town of Jackson, however the Town experienced the smallest increase (13%) over 2009. The highest increase (66.7%) in properties sold occurred in the South of Town locations, including Rafter J, Melody Ranch, and Hoback Junction – there were 50 sales in that area.

Average Sales Price increased in all areas, except the Town of Jackson, which experienced a decrease of 16.5% in the average sold price when compared to 2009. Properties West of the Snake River, including Teton Pines & Wilson, saw the largest increase of 93.8% over last year’s average sold price. Again, 4 large land sales and several Teton Pines home sales (averaging $2.8 million each) contributed to this increase. Average days on market were also higher than 2009. The overall all average days on market for sold properties was 282 days in 2010. This is 38% higher than in 2009. Leading the way was North of Town, where properties were on the market for 367 days, and increase of 75% over last year.

The Gillespie Real Estate Team at Jackson Hole Sotheby’s Internation Realty has access to much more detailed information – call us at 307-739-8078 for a copy of the entire report of the 2010 Jackson Hole Real Estate Market Update.

Jackson Hole – Wyoming – Disaster Free?

March 25, 2011/in General Jackson Hole Information, General Real Estate Information, Real Estate Taxes, Uncategorized

Maybe not exactly but Wyoming ranked 5th for Distaster Resistant real estate locations from the MSN real estate site:

Here’s the link: http://realestate.msn.com/slideshow.aspx?cp-documentid=25641997&GT1=35006

Here’s what they had to say about Wyoming and Jackson Hole:

Wyoming

Want to live tax-free, but don’t want to deal with hurricanes? Welcome to Wyoming, where individual and corporate taxes are as nonexistent as oceans and gulf currents. Residents may wonder how their state can be considered so safe when it was declared a disaster area in July after a serious bout of flooding. Simple: With only eight major disasters declared since FEMA started keeping tabs back in 1953, the least-populous state (roughly 540,000, or fewer than in Tucson, Ariz., alone) takes calamities including floods, tornadoes and winter storms in stride. With all that cash savings and little worry about impending doom, Wyoming newcomers should feel free to splurge on such homes as Sotheby’s $7 million, four-bedroom, seven-acre spread in Jackson Hole with a stone fireplace, infinity-edge outdoor hot tub, heated concrete floors, six-car garage, guest house and a 30-foot window wall with a view of the Tetons.

All I can say is somehow Utah beat us? I beg to differ!

Jackson Hole Real Estate Improving In 2010…

April 27, 2010/in General Real Estate Information, Market Updates, New Listings, Real Estate Buyer & Seller News, Real Estate Values

Jackson Hole Q1 Real Estate Results

Today at Sotheby’s International Realty – Jackson Hole Real Estate Brokerage we sent out this informative newletter to out client base. It is a very good article about recent active in the Jackson Hole housing market. I think you will find it very helpful in understanding what is currently happening….

With things a bit quieter here now that Jackson Hole Mountain Resort has successfully closed out the ski season, Sotheby’s International Realty is studying recent real estate activity and preparing for what by recent indications could be a hot summer selling season. Click for more

So far this year data from the Teton County Multiple List Service reports an upward trend in real estate sales in Jackson Hole. In March, for example, unit volume was up 170 percent suggesting increased buyer demand.

Looking at entire first quarter of 2010, dollar sales volume rose 88% percent over the same period in 2009 according to our analysis of the market and MLS data. Interestingly, twenty-five sales were for properties of more than $1 million, versus only 11 in the first quarter of last year. This could be read as a sign that though there are still excellent values to be found, some buyers see current prices as true bargains and are taking action and the lower end of the market is beginning to stabilize.

Certainly proper pricing has played a key role in getting the market back on track. Our market-watch committee meets each week to review pricing of the latest pending sales, closed sales, current inventory and new listings. The committee reports its findings at our weekly sales meetings.

While the lines on the graph are heading in the right direction, we continue to increase our sales and marketing efforts keeping us on top of the latest trends with increased e-marketing as well as creative print advertising.

Our overall expertise as well as in specific market areas around the valley such as the Town of Jackson, Shooting Star, Teton Pines, Jackson Hole Mountain Resort, Hotel Terra, north of town, in eastern Idaho, etc. – allows us to closely monitor the pulse of the daily market activity and helps us deliver exceptional service to our clients.

Initiatives like this appear to be working for Sotheby’s and its clients. In Q1 of 2010, Sotheby’s Jackson Hole Brokerage accounted for more than 70 percent of the total dollar volume in the Teton County.

Although the foregoing data has been compiled from sources deemed to be reliable, SIR does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, omission, error, revision and cancellation without notice, and should be independently verified with the source of such information.

Thanks for reading the Jackson Hole Experts Real Estate Blog — Please contact us at 307-739-8056 or visit us at www.jacksonholeexperts.com.

December 1st – Jackson Hole Real Estate Update

December 1, 2009/in Uncategorized

It has been a while since this site has been updated – we are sorry. The Jackson Hole Experts – Christy and Garth Gillespie of Sotheby’s International Realty – have been extremely busy over the past 4 months and unfortunately our Blog fell silent.

We are excited about getting back into posting current information about Jackson Hole and the Jackson Hole Real Estate Market. 2009 has been a challenging real estate climate nationally and locally. Financing continues to be a struggle and declining property and home values are creating a burden for many homeowners. We understand these issues and hope to cover topics within our blog that offer solutions and opportunities.

In our first Blog back we want to bring people back up to speed on the current market statistics. We will be updating the information soon as our last current review of the market is thru October 2009. Year to Date there have been a total of 152 closings with a sales volume of $182 million as reported by Teton Board of Realtors (TBOR) MLS system. When comparing this information to 2008 unit volume was down 41% and down 70% from 2007. Sales volume is down 58% from 2008 and 73% from 2007. Positive news is that in October we had 29 closings which was the high for 2009 and also in October we saw 7 sales over $2 million.

Christy and I believe that Sotheby’s International Realty – Jackson Hole Brokerage offers our customers the best opportunity for success. If you are a seller, hands down there is nobody in Teton County that can offer you so many marketing opportunities and exposure to the most buyers. For buyers – the same can be said – we work extremely hard in the office to educate each other on the most up to date statistics which offers our sellers the most educated price analysis. This in turn offers a buyer the opportunity to look at properties that are priced correctly for the market. We have incredible tools for both Buyers and Sellers as too how the real estate process works in Jackson Hole.

The statistics uphold our thoughts above. In October alone, Sotheby’s was involved with 23 transaction sides (a transaction = 2 sides a buyer and a seller). This equaled a 62% market share. Year to date Sotheby’s has sold 72 properties and has assisted 61 buyers complete a transaction. This equals 133 transaction sides or 55% market share. These are fantastic numbers.

As for Christy and Garth Gillespie – we continue to work extremely hard to produce results for our sellers. We have sold 8 listings so far in 2009 and have been involved in 14 transaction sides. When compared to years past we are lagging our average but we are proud of our efforts and continue to learn more about our market every day.

If you would like additional information, please feel free to call us at 307-413-5243 or email me at garth.gillespie@sothebyshomes.com. Thanks for visiting our site and we hope you stop by again real soon.

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