Watch the State of Real Estate Forum

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A lot has changed since our last community forum in May! We’re starting to see an uptick in tourism, and businesses are starting to open up. Within the guidelines that Governor Mark Gordon has put into place, of course.

Even though Jackson is on the road to some sort of normalcy, we are wondering what that means for our town. What will summer look like? How are we adapting? We hosted the second State of Real Estate Community Forum last week and invite you to view the recording above.

We were joined by, Mary Kate Buckley, the esteemed CEO of Jackson Hole Mountain Resort. She discussed the impact of early closures on the ski industry, her thoughts on the travel and tourism for the rest of 2020. Her thoughts on strengthening local business this summer, as well as for the upcoming ski season. We’re thrilled that she agreed to speak at our Community Forum.

Jackson Hole Real Estate Associates real estate experts including Christy have been watching the Jackson Hole market closer than ever, and they discussed how real estate value has been impacted, and what segments of the market are most vulnerable in the current climate. We also addressed what we’re seeing in the realm of lending, relocation and predictions for the upcoming quarters.

If you have any questions about the community forum or the real estate market please reach out to us!

Born from a Dream – The Remarkable Evolution of Jackson Hole Mountain Resort

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The Beginning

Long before Jackson Hole came on the map as the country’s premier ski destination, even before it was known as the gateway to two of the nation’s most esteemed National Parks, the area existed as a quiet cattle town. The impressive mountains long attracted climbers, hikers and early skiers. Which one 19th century fur trapper called “the most remarkable heights in the great backbone of America.” But, until the mid-1900s, the valley’s permanent residents were chiefly ranchers and hunting guides. Attracted by affordable homestead plots and an abundance of wildlife that produced a steady stream of wealthy East Coast patrons.

It was to this rough-and-tumble community, a middle aged Paul McCollister arrived to in 1957. A “classless society full of class,” said Nathaniel Burt, one of the valley’s first dude ranches. Retired at age 41 from radio advertising in San Francisco’s Bay Area, McCollister relocated with his family to Jackson Hole. Where he had spent a summer in his youth working as a “gentleman rancher” on one of the valley’s cattle operations, some 25 years earlier.

McCollister’s ambitions at the time were more introverted than grandiose. Asked by a colleague what he planned to do in Wyoming, McCollister replied: “I’m not going to do anything. I’m just going to play.” And so he did. McCollister purchased a nearly 400-acre ranch north of the Town of Jackson. Which at that time consisted of little more than a few shops, a grocery store, two bars, and a mechanic’s garage. An avid outdoorsman, he soon became president of the Jackson Hole Ski Club. A ragtag organization that trained alpine and Nordic racers after the town’s first ski hill, Snow King, was opened in 1939.

Plan in the Making

It wasn’t long before McCollister began to develop bigger plans. Partnering with Alex Morley, a general contractor from Cheyenne, Wyoming. Who after spending several summers in Jackson Hole during the 1950s relocated to the valley with his family in 1960. McCollister began to survey sites to build a new ski resort. The two considered several locations, including Cache Creek to the east of town and Static Peak in Grand Teton National Park. Which, at the time wasn’t an unlikely proposal. Both Rainer and Rocky Mountain National Parks contained small ski resorts.

Eventually, the men decided on a modest plot of land at the base of Rendezvous Peak on the southern end of the Grand Tetons. A rocky outcrop dotted with a few marshes that didn’t grow much besides mosquitos. The land was not particularly attractive but, it did offer proximity to the Town of Jackson and Wilson. Then, still not more than a small ranching community at the base of the Teton Pass, and an impressive 4,000-plus feet of vertical from summit to base. And, because the Teton Range caught passing weather formations, the area was known to receive some of the valley’s heaviest snowfall.

Read more about the early days of Jackson Hole Mountain Resort, and their vision for the future in our latest version of Experience Jackson Hole, a lifestyle catalog accompanied by a list of fine properties. Please reach out with any questions.

Jackson Hole Global Networking Event

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The Jackson Hole Real Estate Associates to host Christie’s International Real Estate Global Networking Event

Jackson Hole Real Estate Associates will host a Christie’s International Real Estate Global Networking Event in Jackson Hole, Wyoming, from January 21-24, 2016. Global affiliates of Christie’s International Real Estate will gather for the multiday event to share ideas and best practices, network, and enjoy some of the greatest skiing in the world. This exclusive event will attract top real estate professionals from the world’s leading luxury real estate network spanning 46 countries with over 1,350 offices and 32,000 professionals.
Wyoming-based Jackson Hole Real Estate Associates, the largest real estate brokerage in the Jackson Hole region, is thrilled to share its extraordinary destination with attendees from around the world. This networking event gives the company an opportunity to acquaint the global real estate community with one of the top mountain destinations in the United States. The event will take place at the Jackson Hole Mountain Resort in Teton Village, which will be kicking off its 50th anniversary celebration.
“As the reigning Christie’s International Real Estate Global Affiliate of the Year, we are grateful for the support regarding this global networking event,” said Julie Faupel, JHRE Associates Partner. “Bringing the top brokers together from this $113 billion dollar network for 4 days in Jackson Hole will not only benefit the relationships formed among our brokers, but will also bring additional attention to the Jackson Hole community and showcase the 50th Anniversary of Jackson Hole Mountain Resort.”
“It’s an extraordinary opportunity to gather many of the best real estate professionals in one of the world’s great resort destinations,” said Dan Conn, Chief Executive Officer of Christie’s International Real Estate. “By bringing together our agents from across the globe to share insights and discuss business opportunities, we strengthen our position as the leading international network of luxury real estate companies.”

About Christie’s International Real Estate

Christie’s International Real Estate is an invitation-only affiliate network composed of the world’s most proven and qualified real estate specialists in the luxury residential sector. The company has offices in London, New York, Hong Kong, Beverly Hills and Palm Beach, and 138 global affiliates with 32,000 real estate professionals in 46 countries. For additional information about Christie’s International Real Estate, please visit www.christiesrealestate.com.

About Jackson Hole Real Estate Associates / The Gillespie Real Estate Team

Jackson Hole Real Estate Associates is the exclusive affiliate of Christie’s International Real Estate in Wyoming and Idaho and has twice been recognized as the Global Affiliate of the Year from Christie’s International Real Estate. The reputation of Jackson Hole Real Estate Associates for exemplary client service and market knowledge combined with the power of Christie’s International Real Estate, the largest network of independent real estate firms, offers a synergy between local strength and global networking. The Christie’s International Real Estate network exceeds $113 Billion in annual sales and is the largest international network of real estate companies specializing in the sale of luxury and notable properties. For additional information about Jackson Hole Real Estate Associates, please visit www.jhrea.com.

About Jackson Hole Mountain Resort’s 50th Anniversary Winter 2015-16

Over its nearly 50 year history Jackson Hole has evolved, but the spirit remains bold and wild, as the last true bastion for all those who dare to live this dream. JHMR was kick-started in the early 1960’s by the passionate dream of its founders, Paul McCollister and Alex Morley. From humble and rugged beginnings, this dream was fully realized decades later with the ingenuity of a family with historic ties to the Cowboy State. In their tenure of ownership since 1992, the Kemmerer family has invested greatly in the prosperity of Jackson Hole and the state of Wyoming. With vast improvements to operations, lifts and infrastructure, they have ushered JHMR into its present-day luster and world-wide iconic status as “The Big One.” Next winter, JHMR is celebrating that “Born to Be Wild” spirit all season long with events, a video web series produced by TGR, and ‘The Crags’ will undergo a transformation with the construction and December 2015 opening of the brand new Teton Lift. This new high-speed quad lift will carry skiers and riders 1,600 vertical feet to an area that has previously only been accessible via hiking. For additional information please visit http://www.jacksonhole.com/50th-anniversary.html

About Jackson Hole

Jackson Hole continues to famously deliver our legendary powder snow, 4,136 continuous vertical feet, 2500 acres of the best beginner, intermediate and expert skiing and snowboarding and a genuine “Last of the Old West” atmosphere. Neighboring the legacy U.S National Parks of Yellowstone and Grand Teton and operating in Bridger Teton National Forest, there is no more spectacular setting for a destination resort in the world. Now with thirteen nonstop cities (and hundreds of international connections) flying to the newly expanded airport, Jackson Hole is one of the most easily accessed destination resorts in the Rockies. For route maps, ski packages, web cams, videos and more please visit jacksonhole.com

February 2014 in Review – The Jackson Hole Real Estate Market

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elk in refuge

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

Wow! What is happening to high end real estate in Jackson Hole?

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March and April of 2012 have started with a bang!  Major “transactions” have been taking place in Jackson Hole these past few months and we are really getting excited about the upcoming summer.  Since March 1st we have had 47 closings with 15 of those over $1 million dollars!  Half of those have been over $2 million and of those there have been 4 transactions over $6 million.

The action is not stopping either.  There are currently 12 under contract over $1 million dollars.  The biggest surprise has to be the vacant land buyers on the high end.  Since April 20th, 7 parcels have either sold or are under contract that were priced over $1 million.  On the high end side 2 parcels closed north of town in the Bar BC Ranch neighborhood that had listing prices of $6.5 and $8.9 million.  2 more properties just went “under contract” in the past week that are priced at $5 and $6.5 million?

Another observation is even though Teton Village and the Jackson Hole Mountain Resort have closed for the ski season properties at the village have really been selling.  A Granite Ridge Lodge, an older Teton Village home and a Four Season Resort property have all sold.  There is one Older Teton Village home under contract and 2 vacant land parcels in the Granite Ridge Subdivision.

This is great news for the Jackson Hole Real Estate Market.  As more information is gathered about these transactions we will post it.  If you need additional information on the Jackson Hole market please feel free to call us at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Are you ready for winter in Jackson Hole?

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The beautiful oranges and yellows of fall are alive in Jackson Hole. The sun is shining, temperatures have cooled off and the tourists have left after a busy summer season. Don’t be fooled! Winter is just around the corner and weather experts are expecting another big winter, much to the delight of local skiers, tourists and the folks at Jackson Hole Mountain Resort. While it won’t be an easy task to top last year’s record breaking snow fall of over 700″ (locals are still talking about their epic ski runs from last winter), Jackson Hole Mountain Resort is ready another “La-Nina” snow year.

During these times of economic uncertainty, while many ski resorts are tightening their budgets, Jackson Hole Mountain Resort continues to show its commitment to improving and enhancing the skier experience. Construction is nearly complete on the new Marmot chairlift, which will provide access from the bottom of the Thunder chairlift up to the top of the Gondola and the Coulier Restaurant. JHMR will also increase their snow making capacity and will have an additional cat for more grooming.

Getting to Jackson Hole this winter will be even easy with direct flights from Atlanta, Salt Lake City, Denver, Chicago, L.A. and Dallas. A new flight from Newark takes off this season as well. From the airplane window, visitors can get their first glance of the 4,200 feet of vertical available for skiing, along with the famous Grand Teton mountain range. There are several winter lodging / skiing packages available. Click HERE for more information.

Jackson Hole Sotheby’s International Realty has several Teton Village property opportunities from condos to condohotels to single family homes. The Gillespie Real Estate Team can help you find the perfect ski vacation home. Contact us at 307-413-5243 or garth.gillespie@jhsir.com

Jackson Hole Real Estate Market Update: Statistics through June 2011

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The first half of the year, the Jackson Hole real estate market experienced a slight improvement in sales dollar volume, but saw a significant increase in unit sales, suggesting that more transactions are happening in Teton County, but at lower sales prices.

Through June 2011, closed real estate transations in the Jackson Hole area were up 28% compared with the same period in 2010, while dollar volume sales rose improved only slightly. However, both unit sales and dollar volume were well above the lows of the real estate market in 2009 – unit sales up 96% and sales volume up 114%. Click here to view graph

June has proven to be the best month in 2011 for real estate sales dollar volume. In the month of June in Teton County, there were 29 transactions totaling $36.5 million. Compare this to the previous month of May (typically a slow month in real estate out here), where sales volumn totaled only $12 million.  Click here for a graph

Real Estate Sales by Area:

North of Town has seen the largest improvement in sales volume, with a 48% increase over the first half of 2010. North of the Town of Jackson includes neighborhoods such as Owl Creek, Solitude, Bar-B-Bar Meadows, Jackson Hole Golf & Tennis and Moulton Ranches. There were 23 sales totaling $46 million through June 2011.  South of Jackson Hole also experienced an increase in sales volume with sales totaling $21 million, a 28% increase over the first half of 2010. Teton Village experienced the largest increase in real estate transactions, with a whopping 81% increase over 2010. There were 38 sales in the first half of 2011, with many of the sales happening in the condo and condo-hotel market in Teton Village. Many investors took advantage of low prices on bank owned and foreclosed condos, in order to have a place located walking distance to Jackson Hole Mountain Resort.

For more information contact The Gillespie Real Estate Team at 307-739-8056 or garth.gillespie@jhsir.com.

Real Estate Sales in February 2011 – Most Activity in Teton Village and Wilson

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February 2011 was a very active month in real estate sales in Jackson Hole, Wyoming. Overall, this month we saw 16 real estate sales in the Jackson Hole area, with most sales concentrated in Teton Village and Wilson, WY. Total real estate sales volume for the month topped $27 million, with an average sale price of just over $2 million. On average properties were selling at 85% of thier latest listing price and, on average, were on the market for 245 days prior to selling.

It appears the record snowfall at Jackson Hole Mountain Resort, encouraged many buyers to purchase condos, condohotels and homes in Teton Village this winter. Of the 16 total real estate sales in the area, 1/2 of them were near the ski resort. These sales covered a wide range of properties and price points  – a 2 week fractional sold at the Teton Club, a 1 bedroom condohotel at Snake River Lodge and Spa and a 3 bedroom condohotel at Teton Mountain Lodge sold this February. There were also 2 sales of condominiums in the Nez Perce condo and the Teewinot building. These condos are a short walk or shuttle ride from the Aerial Tram at Jackson Hole Mountain Resort.   A 2 bedroom unit at the Four Seasonsand a 3 bedroom unit at Crystal Springs also sold, both with ski-in, ski-out access. A large home in Lake Creek Ranch and the end of Granite Creek Road across from Teton Village sold in early February.

 Four Seasons Resort Jackson Hole > Exterior of hotel.                            

Wilson also saw several sales this past month including a home in Stilson Ranch, a home in Crescent H Ranch and large home with a horse stable in Wilson. There were twp sales in Town – a 2 bedroom Ponderosa condo that was listed at $99,900 and a Love Ridge Condo at the base of Snow King Resort. The largest sale of the month was a 10,000 square foot, 5 bedroom home in Spring Creek Ranch that was listed at $9,500,000.

The Gillespie Real Estate Team of Jackson Hole Sotheby’s International Realty is always tracking the real estate market in Jackson Hole. We’d be happy to share our market knowledge, insight and experience – just give us a call at 307-739-8078.

Teton Village Real Estate: Off to a great start in 2011

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In 2011, we have seen an increase in real estate activity in Teton Village.  In the past 20 days, there have been two closed sales in Teton Village. Both real estate sales were condos located at the base of Jackson Hole Mountain Resort. A 2 bedroom, 2 bath, bank owned, condo sold in mid January. The other sale happened this past weekend – a 3 bedroom, 2 bath penthouse condo in the Nez Perce Condominium Building.

                                  

 Additionally, there are currently 15 properties under contract in Teton Village. Seven of those were put under contract in the new year!  They include a wide range of property types. Four of the sales are condominiums within walking distance to the Jackson Hole ski resort. There is one unit under contract in the Snake River Lodge & Spa and a 2 bedroom unit in the Four Seasons – both ski-in, ski-out properties. There is also a 3 bedroom Timbers at Granite Ridge currently under contract.

While the above properties are spoken for, there are still many real estate opportunities in Teton Village. In fact, there are 85 properties for sale in a wide range of price ranges – a condo hotel for $299,000,  a 2-bedroom condominium for $445,000, a 4 bedroom vacation home for $3 million and a Four Seasons Penthouse Residence for $6 million.

The Gillespie Real Estate Team can easily guide you through these real estate opportunities and help you to find the perfect winter getaway in Jackson Hole. Call us today at 307-739-8078 for a list of all available properties in Teton Village.

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Contact

CHRISTY GILLESPIE

Associate Broker
Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

Sales Associate
Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

© Copyright 2018-2023 Christy & Garth Gillespie. All rights reserved.