How Did Jackson Hole Real Estate Compared to Aspen Real Estate in 2008?


2008 Real Estate Resort Market 2008 sales data has just been released by the Rocky Mountain Resort Alliance with not so surprising results.

The Rocky Mountain Resort Alliance consists of Aspen, Whistler, Park City, Steamboat Springs, Summit Co., Sun Valley, Telluride, Jackson Hole, Vail, McCall, Idaho, Grand Co. and the Lake Tahoe region. The Rocky Mountain Resort Alliance is composed of boards of REALTORS of destination ski resorts in the Rocky Mountain West. The alliance was formed in January of 1996.

As mentioned above the market updates from all of these locations slow a dramatic decrease in activity. All of the “Statistics” compare year end totals from 2008 to 2007. Active listings have increased in all locations with the exceptions being Sun Valley (-10.5%) and Vail (-25%).

The number of “units” which include Homes, Condos, Land and Other, decreased in every market. As we will see in a pattern the best performing market was Vail, Colorado with only a 10% decrease in transactions with strength in land and “other” sales. The worst performing market in transactions was Steamboat Springs with 57.3% decrease. The other results – Aspen (-55%), Whistler (-39%), Park City (-45.3%), Summit County (-45.3%), Sun Valley (-46.7%), Telluride (-50%), Jackson (-51%) and Grand County (-33.6%). Notable transaction numbers include a (-92%) decrease in land transactions in Aspen, a (-65%) decrease in Home sales in Telluride and a (-65%) decrease in Condo sales in Streamboat.

As for Total Multiple Listing Service sales volume numbers, the strength again was in Vail with only a 24.3% decrease in dollar volume to a total of almost $2 billion! Seeing the largest drop in sales volume was Telluride with a 56.6% decrease to a total of $225 million. The strongest change in sales volume came from Jackson Hole where the commercial segment saw an 84% increase.

When looking at all the markets Vail is by far the largest with total sales volume of $2 billion and the smallest being the McCall, Idaho market with $100 million in sales. Totals include: Aspen – $917.75 million, Whistler – $400 million, Park City – $1 billion, Steamboat $455 million, Summit County – $800 million, Sun Valley – almost $300 million, Telluride – 225 million, Jackson Hole – $525 million, Grand County – $261 million, and Tahoe – 734 million.

Hope you find this information interesting and for additional statistics feel free to email or call us at 877-739-8056. You may also visit the Jackson Hole Experts website for additional information including our latest Top Values!

Jackson Hole Town Square Real Estate – Want to Buy a Corner of Jackson Hole History?

For Sale - 98 Center Street - $6.97 million - Listed w/ Teton Village Realty

For Sale - 98 Center Street - $6.97 million - Listed w/ Teton Village Realty

In the past few weeks something unusual has happened in the Jackson Hole real estate market – 2 commercial properties on Jackson’s Town Square have become available for purchase. In the 15 years Christy and I have been in the real estate business we can not remember a time when 2 corners of the famed Town Square have been for sale at the same time.
15 East Deloney, currently owned by Sharon Davies and Terry Reid, is one of the most recognizable properties in Jackson Hole. A designated historic building, which used to house the Jackson Drug Company – known by Christy and I for their milkshakes – is currently run as a high-end rug and gift store. The building was built in 1937 and offers about 3,000 square feet of retail space, 2,500 square feet of storage space (basement), and an almost 3,000 square foot private residence on the second floor. The residence is four bedrooms, 2.75 bedrooms.

98 Center Street - Northeast Corner of the Town Square - Listed by Scott Shepherd Real Estate

98 Center Street - Northeast Corner of the Town Square - Listed by Scott Shepherd Real Estate


The other “piece” of the Town Square is in the northeast corner and is listed for $2.25 million. This commercial parcel has a long term lease established and is almost 4,000 square feet in size.

There are other opportunities on the southside of the Town Square so if you would like additional information on Jackson Hole commercial property or more specifically Jackson Town Square real estate please contact us – the JacksonHoleExperts!

Jackson Hole Real Estate – Top Values for February 19, 2009

Check out the link to the JacksonHoleExperts Top Picks of the Week! Christy and I, along with the Gillepie Real Estate Team, takes time each few weeks to look at the current market and make a couple of Top Picks.

A question we hear from almost everyone is, “So, how is the market?” Those answers are found in a different blog post on this site but to go along with that question we also hear, “Are there any great deals out there?” Well there are and we will be posting them every 2 weeks for you to look at. So click the highlighted link and check them out for yourself.

Top Picks!

Thanks for visiting and please visit again. For more information on Jackson Hole and the real estate market please feel free to call us at 877-739-8056.

Year End Real Estate Results For Jackson Hole — 2008

Year End Real Estate Results For Jackson Hole — 2008

Looking strictly at the Teton Board of REALTORS multiple listing service (MLS) the numbers are quite stagering. Transactions totaled 282 and sales vloume was $480 million. Verse 2007 – unit volume fell 51% and sales volume declined 39%. Charting the past seven years we saw the unit volume peak in 2005 (746) which results in a 62% reduction when comparing to 2008.

If we are looking for a bottom we believe we have a way to go. The MLS system reported only 7 sales in Teton County, Wyoming in Januray 2009! The previous low was 9 in November of 2008. And the real eye opening fact is when looking aside from the past 3 months the “low water mark” was 23 in January of 2002! Sales volume for January 2009 was $9.2 million and the previous low was February, 2002 @ 16.9 million. Wow!

Looking for a brightside? There are 47 pending transactions (includes 23 presales in Teton Village). Of the remaining 24 pending transactions this number represents twice the amount of pendings reported in January!

Currently there are 675 active listings in the Teton Board of REALTORS MLS.

Local Jackson Hole Mortgage Rates and Information

One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

“Conforming fixed rates are down again this morning after it was announced that Treasury Secretary Geithner will present a financial sector stabilization plan that will include government guarantees of losses on some assets and greater assistance for troubled homeowners. Plans like the Federal Reserve’s Term Asset Backed Lending Facility (TALF) hold great promise for restarting private credit flows again. Buyers of triple-A rated securities backed by credit cards, student loans and other assets can swap those bonds for Treasury securities that they can use for new financing.”
Residential Mortgage Rates for February 10, 2009
The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500

ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.750%
7.875%

15 Year Fixed
4.625%
6.875%

10/1 ARM
5.750%
7.875%

7/1 ARM
5.500%
5.875%

5/1 ARM
4.625%
5.625%

3/1 ARM
5.375%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $625,500: 5.375%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.987%

Thanks T.R. for the report!

For more information on the Jackson Hole real estate market please feel free to call us – the JacksonHoleExperts at 877-739-8056 or visit or website at ChristyandGarth.com

Top Values in Jackson Hole Real Estate- Updated February 3, 2009

Check out the link to the JacksonHoleExperts Top Picks of the Week! Christy and I, along with the Gillepie Real Estate Team, takes time each few weeks to look at the current market and make a couple of Top Picks.

A question we hear from almost everyone is, “So, how is the market?” Those answers are found in a different blog post on this site but to go along with that question we also hear, “Are there any great deals out there?” Well there are and we will be posting them every 2 weeks for you to look at. So click the highlighted link and check them out for yourself.

Top Picks!

Thanks for visiting and please visit again. For more information on Jackson Hole and the real estate market please feel free to call us at 877-739-8056.

Jackson Hole Real Estate Market Update January 23, 2009

Hawk's View Town HomesNew listings: Two townhomes in the Hawk’s View subdivision came on the market this week, one at $495K (north end unit) and the other at $498K (interior unit). These units are approximately 1,100 sq. ft. with 2 beds and 2 baths right on Flat Creek with great views of the Elk Refuge, Sleeping Indian and town.

This is the first opportunity to buy in this 11-unit, 7-year-old development behind Dairy Queen on North Cache since March 2007, when an interior unit went for $495K. Previous sales in this development included one in June 2006 at $410K and April 2006 at $395K.

Two adjacent single-family homes on Rancher Street, an east Jackson cross street that has seen a good bit of activity in the last two years, also hit the market at the same time. Unlike the listings above, both properties are owned by the same family and listed with the same agent.

• The least expensive is listed at $850K and built in 1991 with 1,288 sq. ft., 3 beds and 2 baths.
• The larger home is listed at $1.1M and built in 1995 with 2,800 sq. ft., 4 beds and 3 baths.
• The other two active listings on Rancher are a 2,930 sq. ft. home with 4 beds and 3 baths for $1.22M now on the market for 228 days; and a .17-acre building site listed for $675K on the market for 100 days.
• There were 4 closed sales on Rancher Street in 2008 with sale prices between $740K and $1.1M, the latter being the most recent sale in October of a 3,022 sq. ft. home with 3 beds, 3 baths on .25 acres, the largest lot included in this search.

Closed and Pended listings: A home on Fallen Leaf Lane in Melody Ranch listed at $699,500, the least expensive home in the subdivision on the market by nearly $100K, went under contract in the last week after 196 days on the market and price reductions totaling nearly $200K. This becomes just the second home in Melody Ranch currently under contract, contrasted with 13 active listings.

One of the “Bristlecone” homes on Hansen Avenue also went under contract at a list price of $1.675M after 154 days on the market. This sales price stands out among other “solds” in the town of Jackson in the last 2 years as high for a home on a standard .17-acre lot. But with a relatively new main home that includes 3,200 sq. ft., 5 beds and 4 baths, large living areas, a 500 sq. ft. mother-in-law suite and a huge unfinished area in the basement, this is a lot of home in a good location. On the other hand, there are 15 current town of Jackson listings with at least 5 bedrooms, so there were choices.

Beyond the headlines: This week’s Jackson Hole News&Guide front-page article detailing 2008’s lackluster real estate sales echoed internal research provided a week before by the Sotheby’s International Realty Jackson office. In a nutshell, 2008 saw approximately half as many transactions (305) in Teton County, WY, as in 2007.

Some key additional information courtesy of Sotheby’s in Jackson (all information taken from Teton County MLS):
• While 2008 saw significantly fewer transactions, dollar volume did not drop as precipitously, falling 39 percent to finish at approximately $480M for the year. The last time this figure fell below $500M was in 2003; the peak of the market was $792M in 2007, the third consecutive year above $700M (2004 was close with $679M in sales).
• Last year’s fourth quarter was by far the slowest in the last 10 years, with just 45 transactions. In 2007, the second slowest year, there were 120 transactions in the fourth quarter. In 2003, the other low point in the last 10 years, there were more than 175 transactions in the fourth quarter.
• In 2008, Sotheby’s extended its market share to 52.7 percent of the dollar volume, compared to 41.7 percent in 2007. Comparing fourth quarters, Sotheby’s increased market share from 49.2 percent to 56 percent; Sotheby’s picked up market share in each of the year’s quarters versus 2007.
• There are now approximately 675 active listings in Teton County, WY, about 275 more than this time last year. Based on the current rate of sales, this translates to approximately 50 months of inventory, a number that in recent years has hovered closer to 12 months. Of course, take this number with a few grains of salt as it is easily skewed and is at best a snapshot of the overall market with little substantive value when considering particular properties.

As the Brian Siegfried blog evolves, I plan to relay information relating to a wide range of price points and neighborhoods within Teton County, WY. Feel free to suggest a particular area for analysis and discussion within this blog, or contact me directly at 307-739-8055 for a personal answer to your real estate questions. You also can check out the JacksonHoleExperts Real Estate website.

Disclaimer: Although the foregoing data has been compiled from sources deemed to be reliable, the author 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. It is also important to note that not all property sales are reported to the Teton County Multiple Listing Service.

Overall Market Update – Real Estate – Jackson Hole, Wyoming

Preliminary Market Update for Year End 2008
Sotheby’s International Realty – Jackson Hole and Christy and Garth Gillespie, the Jackson Hole Experts, have been busy looking back at 2008 putting together final real estate market numbers which are not quite finished. In the meantime we thought we would update the most current information we have gathered and give out the preliminary market update.

November and December were the 2 worst sales months in the past 10 years! With the election, economy downturn and the credit crisis in full swing the housing market nationally took a huge hit and Jackson Hole was not immune to the crises. There were 9 sales in November and 12 sales in December. November unit volume is 51% below that of 2007 and 55% below that of 2004. Sales volume fell 39% to $460 million compared to $750 million in 2007. All five regions (Teton Village, West of the Snake River, North of Town, Town of Jackson and South of Jackson) of the Jackson Hole real estate market saw major declines in activity through the first 11 months. The strongest segment was the Town of Jackson with 110 (-43%) transactions and $120 (-14%) million in sales volume. South of Jackson took the biggest hit with sales volume down 64% and unit sales down 61%! The large decrease in activity in the South of Jackson category is explained by a huge reduction in sales at 3 Creek Ranch and the now bankrupt Snake River Sporting Club.

If we look at sales by property type we see that vacant land sales had the largest decline with sales volume down 47% and unit sales down 67%! Overall the averages were Condos down 33%, Single Family homes down 42%, and Vacant land down 47%. The bright spot in the market has been Commercial listings with sales volume up 35% and unit sales only down 24%.

Active inventory has been trending upward with a slight decease in November 2008 due to sellers removing listings from the market. When we look back we see that active listings have been trending upward since May of 2007. This increase in listings is market wide with active listings under $3 million at 548 and greater than $3 million at 150.

Do we see any positive trends? Of course – we have to find some positives in this market. First and foremost we have great inventory to show potential buyers and the prices are starting to trend downward. There have been many times in the past ten years that Jackson Hole has offered a very limited number of options for buyers in the market. Well that has changed! We also are starting to see some very unrealistic sellers adjusting their pricing. We have a new page on our website at www.jacksonholeexperts.com that offers our “Top Values” – check it out! Another trend we are starting to see is an increase in interest in our market. The Christmas / Holiday season was very busy in Jackson Hole. Most of you may have heard but the Jackson Hole Mountain Resort received over 5 feet of snow between Christmas and New Years. Many visitors filled a day or two of their visit with a real estate agent. Showings increased two-fold and real estate inquiries doubled at Sotheby’s. To turn this market around we need interested parties so this was a good first step. Stay tuned for more information and thanks for reading — please send comments to garth.gillespie@sothebysrealty.com or give us a call at 307-739-8056.

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 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.