Research Is Suggesting That Large Homes May Become A Thing Of The Past – In Jackson Hole?

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Red housesRecent data is showing that homes being built today are smaller than they were in the beginning of 2008. In the third quarter of 2008 median home size was 2,090 square feet, down from 2,629 square feet in the second quarter of 2008. With housing prices dropping and the economy weakening, homeowners may be looking at homes with less unused space, more energy efficiency and a home that better fits their overall needs. There is more of an interest in economizing space and making one room of the home a more flexible space that can be used for a myriad of activities. Outdoor kitchens and entertaining areas are becoming more popular as square footage decreases.

Of course this is national data – what is going on in Jackson? For one thing the Town of Jackson is attempting to limit the size of homes on standard Town of Jackson buildable lots. The standard size lot in town is 50 X 150. The current proposal would limit house sizes to 3,000 square feet. As this is debated by the planners we will keep you up to date.

Do Christy and I see a pattern of smaller houses? Not yet but we believe this could be contributed to a lot less construction taking place in the valley. According to the Teton County Planning and Building Department and the Town of Jackson, February permits for new homes and remodels dropped considerably from January. January had 23 permits issued and February had just 13 issued for a total of 36 for the year compared to 54 in 2008. Another interesting fact is that the Town of Jackson has not received one application for new construction in 2009. We will keep you updated on any trends in new construction in the Jackson Hole real estate market.

Research shows that builders are paying very close attention to what buyers want. The National Association of Home Builders is reporting that 88% of homebuilders surveyed plan to build more smaller homes, and that 89% of homebuilders surveyed claim that they plan to build lower-priced homes.

For additional information on the current Jackson Hole real estate market and current events in the Town of Jackson and Teton County, Wyoming feel free to call the Jackson Hole Experts, Christy and Garth Gillespie, Jackson Hole real estate associates for Sotheby’s International Realty – Jackson Hole Brokerage toll free at 877-739-8056.

Teton County, Wyoming – Jackson Hole – 1st Quarter Preliminary Real Estate Results –April 6, 2009

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1st Quarter Real Estate Results for Jackson Hole, Wyoming

It will go down as a quarter to forget… Probably the weakest quarter of results that Teton County, Wyoming has seen in recent history. This on the heels of a rather bleak report in the 4th quarter of 2008 where we only had 48 units sold (wait till you read below the 1st quarter results) and volume of just over $100 million.

The preliminary results that we have gathered are taken strictly from the Teton County Multiple Listing Service data. There are always transactions that take place off to the sidelines but with all the reporting we do we always use the data supplied to us by the MLS and the agents that report the results to the board. During the 1st quarter of 2009, Christy and I wondered where the buyers had gone. There were very few transactions taking place and although we did show property, we DID NOT see many offers. That was the case throughout the real estate business in Jackson Hole.

During the months of January, February and March there were 17 reported closings in all of Teton County, Wyoming. The sales volume is an estimated $36 million as 4 closings did not report the closing price and one of the 4 unreported closings was listed for $10,500,000. Taking a closer look at the 17 closings – 1 was a lease, 2 were fractional ownerships, 3 were commercial properties, 2 were condos and 9 were single family homes. The most activity occurred in Melody Ranch with a total of 4 single family homes sold!

The pending transaction data leaves us questioning where we are heading. We recently reported that most of the pending transactions are from soon to be completed development projects (Terra/Sweetwater Lodge in Teton Village, Pine Glades in the town of Jackson and 270 W. Pearl) and that has not changed. There are currently 39 pending transactions with 29 of them being “pre-sale” purchases. In reality that leaves us with 10 pending “deals”. To make the numbers even better (wink, wink) of the 10 remaining – 4 are fractional sales. That leaves us with only a condo in the Aspens, a townhome in the town of Jackson, a home in South Park, a Four Seasons Resort penthouse and 2 commercial purchases as the only property pending. The biggest void in all of these numbers is transactions below $500,000. Currently, there are NO pending transactions in condos under $500,000 in the town of Jackson, south of town or on the “West Bank”. If we are to look for the root of our stalled real estate market Christy and I will put the blame on the complete failure of the “low-end” market. We often use the analogy of tipping over dominos in real estate – need one domino to fall to get another to fall. Well – no one is tipping over the first domino.

Active inventory has been staying fairly stable as we are witnessing a lot of potential sellers keeping their properties off the market and waiting to see what happens. Inventory has actually dropped (40 units) since February. There are currently 516 residential units and 143 vacant land parcels for sale in Teton County.

As more data is released and when Sotheby’s International Realty – Jackson Hole Brokerage computes their data we will update our report. Christy and Garth Gillespie – the Jackson Hole Experts – are happy to compile this information so if you would like to discuss the current data, are considering listing your home or interested in learning more about the Jackson Hole real estate market please do not hesitate to call us toll free at 877-739-8056. We also have a great feature we call the Top Picks — which are Christy and Garth’s top real estate values in Jackson Hole – feel free to check them out.

Top Real Estate Deals in Jackson Hole — Top Picks Updated!

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Update – Update – Update

Christy and I just updated our “Top Picks” of the week at www.JacksonHoleExperts.com. Please check them out.

The week in review for Jackson Hole real estate according to the Teton County Board of Realtors Multiple Listing Service is as follows:

There were 10 listings that experienced significant price reductions. Listings of notice include – 2 lots on the “West Bank of the Snake River” located on Wiley Lane which are both about 3 acres in size have been reduced to $675,000! These lots are priced at a very value.

There have been 8 new listings added to the inventory in the Jackson, Wyoming area. Included in the new listings are 3 Love Ridge units at the Snow King Resort. We saw a new listing in Cottonwood Park and also another in Rafter J – unfortunately the pricing does not seem to accurate.

As for “action“ we saw 3 new pending transactions and 1 closing of interest. The closing was a Teton Pines Cluster home listed for $2,395,000. Congrats to the agents involved.

Have a great weekend and if you would like additional information on the Jackson Hole, Wyoming real estate market please contact the JacksonHoleExperts – Christy and Garth Gillespie at 877-739-8056.

Jackson Hole Homeowners With Pets: How To Keep Your House Pet-Friendly…Not Pet-Dirty

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Dog

Any Jackson Hole homeowner who lives with a pet (there’s not many of us….right) knows that when you share your house with one of these beloved creatures, you give up the word “spotless” as a way to describe your home…forever. Here are some tips to keep your house as clean and fresh-smelling as possible despite your pet’s, let’s just say, “untidiness”.

  • Pet hair has an aroma. Usually, it’s not a good one. Vacuum regularly, even if the pet hair in question matches your furniture and you cannot see it. I promise you, your guests can smell it. Dyson makes a vacuum especially for picking up animal hair.
  • This is obvious, but a regularly bathed pet makes for a clean house. Think of how happy they are when it’s all over! Keeping pet’s nails trimmed also cuts down on scratched floors and fabrics.
  • Look into Crypton. It’s a stain-resistant fabric that includes suedes and twills. As always, leather and Ultrasuede are great choices for pet owners.
  • If you can, nix the wall-to-wall carpeting. It absorbs odors, traps pet hair and soaks up stains. 
  • Stick to rubber toys if you have a mad chewer. Pig’s ears and rawhide bones are not only terrible for your pet’s health, but if they make it inside your home, they will stain your floor and furniture.  

To learn about more interesting things for your home with pets go to www.everydaystudio.com  and www.animalhousestyle.com.

Housing and the Stimulus Package – Jackson Hole Status Report

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February 17, 2009

Christy and Garth Gillespie, the “Jackson Hole Experts” have reviewed the Stimulis Bill and Treasury announcements made last week and being signed today and here are our thoughts.

We were in support for a $15,000 tax credit but that was defeated. We are very excited to report much of what the National Association of REALTORS campaigned for was introduced and kept into the bill and are equally excited to see the already established tax breaks stay in effect.

So here’s what is part of the package: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000, 3) the bill has over $50 billion in it for foreclosure mitigation, 4) Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, the Government preserved what we have – mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion).

We also reviewed where the $727 billion dollar stimulus package was being spent – unfortunately NOT in Teton County, Wyoming or Idaho….

We will continue to update the benefits of the Stimulus Bill as more details are released. For more information on the Jackson Hole Real Estate market please feel free to contact us at 307-739-8056 or send us an email to gillespie@NUMBER1EXPERT.com.

Year End Real Estate Results For Jackson Hole — 2008

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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.

United States Senate Approves $8,000 Tax Credit For Home Buyers -Including Jackson Hole Home Buyers

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American flagwater ripple and water drop falling in the middleIf you decide to purchase a home, whether it is in Jackson Hole or not, within the next year, you will be entitled to a $8,000 tax credit, thanks to an amendment written by Georgia’s Senator Johnny Isakson. This amendment to the economic stimulus bill will be available to any home buyer within a year of it’s enactment. Homebuyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, which will not be difficult to do in the Teton County, Wyoming real estate market.  In Teton County our average sale is way over $1,000,000. To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within two years of purchase.

Isakson has a lot of experience in the Real Estate market, as he ran one of the most successful Real Estate Brokerage companies in the Southeast for twenty years. He is convinced that this credit will work because of a similar tax break Congress introduced in the mid-1970’s, when our country was in the midst of a housing crisis similar to the one we are faced with today. The results back then were positive, as home values did eventually stabilize and the market recovered.

It is our belief that adding this tax credit to the already established benefits to home owership will help to kick start the real estate market in Jackson Hole. We are starting to witness a renewed interest in the market as showings have increased tenfold from November. Offers are still scarce but time is of the essence and Buyers are starting to feel more comfortable with the current market in Jackson Hole. For more information on the real estate market in Jackson Hole please feel free to call Christy and Garth Gillespie, associates at Sotheby’s International Realty of Jackson Hole, at 877-739-8056.

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

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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.

Buying Home Insurance? – Important Things To Know

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DoorInsuring your Jackson Hole home, condo, townhome or vacation home with the proper coverage is so incredibly important since your home is almost always your biggest investment – and it is where you stay dry and warm. Following are some things every person who is looking to purchase a policy should know:

 

  • Always insure your home for 100% of the cost to rebuild. To figure out that number you can go to buildingcost.net to use their free calculator.
  • Flood and earthquake coverage is important to include in Teton County, Wyoming and are extra beyond what your basic policy will cover.
  • The contents of your house is usually covered at 50% of what the value of the structure is. You must make sure this is adequate coverage for all of your belongings by making an inventory. Use knowyourstuff.org’s free home inventory software to determine this number.
  • Take pictures of all of your valuables in case you do need to file a claim. Pictures make the process so much easier.
  • Make sure you buy enough liability coverage – you need enough to match your assets.
  • Always buy “riders” for any expensive artwork or jewelry that you own. If it is worth more than $2,000, you may consider buying a separate policy for it.
  • Shop around as prices vary dramatically. Start with your car insurance company, because they often give discounts to multiple policy owners. You may also go to insure.com to compare prices. 
  • Keep your deductible high. Starting with a $1,000 deductible is wise, as most people do not make claims for less than this amount as there are insurance companies that will drop you if you make more than two claims per year.
  • Always ask about discounts. Many insurers have them, but you must ask for them. Discounts for installing smoke detectors, an alarm system or a fire-retardant roof are common. Also, if you are 55 years of age or older, mention that as you are considered low-risk – and can get a price reduction.
  • Keep your policy up-to-date! Changes to your home, such as a re-model, need to be covered.

For more information on insurance in the Jackson Hole area the Jackson Hole Experts recommend you call these insurance providers:

  • Todd Seeton at FARM BUREAU INSURANCE SERVICES – 307-733-3813
  • Shirley at HUB- BHJ Insurance – 307-733-2464

    • Find Out Which Home Improvements Will Give You The Highest Returns on Your Investment

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    American condos

    Every home needs maintenance repairs over time, but if you are putting your Jackson Hole house on the market you may want to know the top four places to put your money so that you will get the biggest return out of it. According to a survey done by HomeGain, in order to get the highest return on your investment, spend your repair dollars on the following in this order:

    1. Cleaning and de-cluttering
    2. Lightening and brightening
    3. Home staging
    4. Landscaping

    Obviously the monetary returns may vary slightly based on where you live in the country, due to the cost of a repair and the importance of each particular improvement to buyers in that area. HomeGain estimates that making the above repairs and spending between $5,000 and $8,000 on them, you may see a price increase in the West as high as $22,762, in the East as high as $23,532, in the South as high as $21,740 and in the Mid-West as high as $20,279.

    Other things never to overlook when putting your house on the market are dirty windows, electrical repairs, plumbing problems, old carpeting, old paint and damaged floors.

    To learn more about home improvements go to HomeGain.

    If you have interest in learning more about the Jackson Hole Real Estate market please feel free to call us at 307-739-8056 or visit our website JacksonHoleExperts. We also can recommend home staging at Home Again Furnishings at 307-739-2232. Lighting advise and excellent inventory at Jackson Moore Lighting – ask for Andy Romo! For a cleaning suggestion we recommend Antonio at ABF Professional Cleaning Services at 307-734-2748. For landscaping (you may have to wait a few more months but it is ever to early to schedule a landscaper) we recommend calling Ben Bartlett, Growin Green, at 307-690-5288.

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    christy@jhexperts.com.com

    GARTH GILLESPIE

    Sales Associate
    Cell (307) 413-5243
    Office (307) 732-7611
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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.