Tag Archive for: Teton County

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

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.

Buying Home Insurance? – Important Things To Know

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
  • December 2008 Market Update

    Where does the Jackson Hole Real Estate Market stand during these turbulent economic times? As you can imagine, Jackson Hole is not immune to any crisis and from where Christy and I sit the Jackson Hole Real Estate Market is feeling the pain. Activity, not in the sense of actual statistical activity, but activity in the sense of phones ringing, buyer’s inquiring, copy machines printing and fax machines dialing is probably at an all time low in the real estate careers of Garth and Christy. Being at work 9-5 every weekday we can get a feeling of where the real estate market is going and yes November and December are usually the slowest months in Jackson Hole real estate but so far November was extremely slow and December has started slow out of the gate. The Gillespie Real Estate Team continues to work extremely hard during these slower times. We are busy communicating with customers, business planning and strategizing, creating advertising programs and completing other real estate activities but on a whole we have seen a noticeable lull in showing activity.

    As for the statistics…they tell the same story. When comparing 2007 numbers to the current 2008 numbers we are experiencing a much slower market. In October we saw 25 closings in Teton County, Wyoming (according to the Teton County Multiple Listing Service) where in 2007 we saw 47 closings. Surprisingly, listing price volume was almost identical. This is due to less lower priced properties selling and a few very large transactions taking place. Days on market increased by almost 3 months. In November the news gets worse – 10 closings in 2008 verses 43 closings in 2007. Days on market for the closed transactions was not as dramatic as October but shows an increase of 40 days. Currently there are 21 pending transaction in the entire valley – 6 of which are in the Pine Glades development which is under construction.

    Highlights in the market include some very strong upper tier sales. In October there were closings of listed properties of $19.5 million, $6.3 million, $5.8 million and $5.3 million. In November the upper tier market continues this trend with 2 closings where the listed properties were priced at $19.9 million and 8.5 million!

    Active listing inventory numbers are staggering! We have seen an almost 75% increase in actively listed properties on the market over 2007 numbers. Getting a completely accurate number is difficult with the changing market but there are about 700 active listings on the market in Teton County, Wyoming.

    So what does all this mean? Lowering prices, excellent choices, extremely good buying opportunities but also less liquidity, more competition and increased market time. If buyer’s purchased their property before 2006 they have seen a robust growth and appreciation but if someone just recently purchased property they are probably going to see a depreciating asset for the next few quarters. Jackson Hole is still the wonderful place it was before these difficult economic times offering unbelievable beauty, National Parks, the Jackson Hole Mountain Resort and a very favorable tax climate. The real estate market and for that fact the community will survive and the market will rebound. We rarely have seen buyer’s markets in Jackson Hole so it is also a time of opportunity. To get more in depth analysis or if you have any questions please fee free to call Garth Gillespie at 307-739-8056 or Christy Gillespie at 307-739-8146.

    Teton Village Update

     

    Teton Village Update – April 22, 2008

      Actually the Tram Tower is no longer there….but a new one is being built!

     

    The update at Teton Village: What has happened since the March report? The ski season at the Jackson Hole Mountain Resort will go down as one of the very best. Highlighted by over 600 inches and a base of over 100 inches skiers were delighted by quality skiing all season. Next year will be the debut of the new Aerial Tram so we will be excited about the 2008-2009 season too. With that said – we have had it with winter! Bring on Spring!

    Real Estate News – There have been 3 closings since March 1st. A Four Seasons Resort Penthouse for $4,500,000, a new "Timber’s" Free Standing Townhome for close to $3,400,000 and an older condo that sold for close to $1,600,000. The last month of skiing proved to be fairly active on the sales side as there are 9 Pending transactions with an average list price of $2,260,000. This includes 2 Granite Ridge Lodges and 1 Four Seasons Penthouse.

    The 9 Pending Transactions sound great but the real news is in the available active inventory — 54 Active Listings. The median active listing price is $1,995,000 so there is a lot of inventory priced in the "millions" category. Average Days of Market is climbing and is at an average of 157 days (that’s an entire ski season!).

    Overall the Teton Village Market is a strong Buyer’s market. There are a lot of condos and townhomes to choose from and there are probably many Seller’s willing to negotiate. The biggest issue with the available inventory is that the prices were set when the market was much more active. Now we do not have Buyers and the pricing is at pre decline pricing.

    If you would like information on:
    Teton County, Idaho – please visit: www.tetonvalleyexperts.com

    Jackson Hole, Wyoming – please visit: www.jacksonholeexperts.com

    Economic Stimulus Act – How does it effect Jackson Hole??

    The Economic Stimulus Act of 2008 signed into law by President Bush in Feb. provides help for some homeowners facing a more challenging lending environment.  The act contains provisions to increase the availability and affordability this year for the kinds of loans that finance many Jackson Hole area homes. 

    The act provides a good opportunity for homeowners who purchased homes in the Jackson or Teton Valley of Idaho area during the past 3-5 years and used an adjustable rate mortgage to fund the purchase.  Between March 1 through December 31 new jumbo-conforming loan limits apply.  The economic stimulus package temporarily increased the limit on mortgages that can be purchased by the government-sponsored Freddie Mac and Frannie Mae.  The Office of Housing and Urban Development, Freddie Mac and Frannie Mae have designated Teton County, Wyoming, and Teton County, Idaho, as among certain high-value areas of the country where  a higher loan limit will be necessary to be coupled with a lower conforming rate.  The traditional loan amount is still $417,000 but the jumbo conforming loan limit is now $693,750.

    The new rules only apply to 30-year fixed rate and five year adjustable mortgages.

    For more information on the new mortgage rates feel free to touch base with Taylor Mortgage, John Curry at 307-733-5800 or T.R. Pierce at the Bank of Jackson Hole 307-733-8064.  They’d be happy to assist you.  If you are interested in real estate information please feel free to call Garth Gillespie 307-413-5243 or email me.

    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.

     

    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.

    Grand Targhee Awarded Expansion

    The Teton County, Wyoming county commissioners approved a 350 unit expansion at Grand Targhee Resort on Monday, February 4, 2008.  After years of development and months of negotiations with the county commissioners, the George Gillette family has been granted permission to move forward with developing the aging resort. 

    The Teton County Board of Commissioners approved the resort proposal with a vote of 4-1, allowing Grand Targhee Resort to expand to a total of 450 units and rezone 120 acres from rural to resort..  The lone dissenting vote came from Leland Christensen, an Alta, Wyoming resident, who pleaded with the other members to turn down the application on fears that the development will change Alta, Wyoming and the Teton Valley of Idaho forever.  The history of Grand Targhee runs deep and this approval will change the resort in the upcoming years.  For better or worse only time will tell.

    With Monday’s approval, the Gillette family can have as many as 450 units, including employee housing, on site.  Over 75% of the development must be short-term lodging.  The expansion includes 150,000 square feet of commercial space and resort services, amenities and support uses.

    For more information on the expansion and the future real estate offerings please feel free to contact us at garth.gillespie@sothebysrealty.com.   

    Welcome to the Jackson Hole Experts Blog

    Welcome to the Jackson Hole Experts Real Estate Blog
    • What is a blog? The name comes from “web-log” and is sometimes referred to as “The Web 2.0.” It is basically a website that allows interaction.
    • What is the Jackson Hole Experts Real Estate Blog intended to be? We’ll blog with the goal of being an up-to-date resource for our community, emphasizing Jackson Hole and Teton County, Wyoming real estate, but also just about living in our great community – Jackson.
    Christy and I are both excited about this new opportunity to communicate with our customers but to also reach out to new residents or individuals who are eager to learn more about Jackson Hole and our real estate market. The Gillespie Real Estate Team is here to personalize your real estate experience – to work with you how and when YOU want, whether you’re planning to buy or sell. We bring depth of experience locally and a diversity of backgrounds – we think of ourselves as your guides with your interests at the top of mind. Information is readily available, but good interpretation is not as easy to find.
     
    Real estate is partly about lifestyle as well, so we’ll share our views of the lifestyle and the surroundings. We may get off topic, much as we would if we were spending hours in a car with you, going from neighborhood to neighborhood. The Jackson Hole Experts Real Estate Blog will be concentrating on market updates, new developments, community news, restaurant reviews and other areas of interest. Please feel free to sign up for updates and email us with any topics you would like us to discuss. Jackson Hole is such a complex place with so many interesting people and stories our goal is to bring some of them to light and to add our insight on many of the topics.  
     
    Of course, we’ll also hope that our readers will think of us when they hear of anyone who wants to buy or sell Jackson Hole residential real estate, because that’s how we make our living. You can see more about who we are at www.JacksonHoleExperts.com. Your comments are not only welcomed, but encouraged. Ask us questions, ask for advice, use us as your sounding board. We believe in long relationships, which are grounded in trust, caring and mutual respect. We not only want to make your real estate transactions memorable, we want you to refer us to your family, your friends, your colleagues, your acquaintances – and people you just meet. We thrive and grow because of you and your referrals.

     Stay tuned for our next post as we will be highlighting a new development in the Town of Jackson, Pine Glades.  Pine Glades was just approved by the Town of Jackson and consists of 27 luxury townhomes overlooking Snow King and the Town of Jackson.