Sotheby’s International Realty Acquires Teton Village Realty in Jackson Hole, Wyo.

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Wow! Exciting News in Jackson Hole real estate. Here is the “hot” real estate news just released by Sotheby’s International Realty – Jackson Hole Brokerage. Christy and I will update the blog with our thoughts later but we wanted everyone to get the news. Very exciting, excellent news for sellers and amazing coverage of the Teton Village real estate market moving forward.

Market Leader Acquires Fastest Growing Local Firm to Expand Presence in Teton County

Jackson Hole, Wyo. (May 13, 2009) – Sotheby’s International Realty, Inc., a residential real estate brokerage firm representing fine properties in some of the world’s most sought-after markets, today announced it has acquired the assets of Teton Village Realty in Jackson Hole, Wyo. Teton Village Realty, specializing in properties at the Jackson Hole Mountain Resort and surrounding areas, will now operate as Sotheby’s International Realty, Inc. The Teton Village Realty offices, located in the Teton Mountain Lodge and Hotel Terra at the Jackson Hole Mountain Resort, will complement Sotheby’s International Realty’s existing offices in Jackson Hole and Driggs, Idaho.

Clayton Andrews, executive vice president and COO of the Mountain Region for Sotheby’s International Realty, Inc. who leads the company’s Jackson Hole operations, will also manage the new offices.

The acquisition expands Sotheby’s International Realty’s footprint in Jackson Hole and shows the firm’s commitment to serving clients throughout Teton County. Since first opening in Jackson Hole in 1999, Sotheby’s International Realty acquired Jackson Hole Realty in 2003. Since then, Sotheby’s International Realty has been the market leader in sales volume, according to the Teton Board of Realtors MLS.

After its founding in 2003, Teton Village Realty became the fastest growing brokerage in Teton County, achieving the third highest market share in the Teton MLS each year from 2005 to 2008. Teton Village Realty sales associates, including owner Rob DesLauriers, will now operate as agents of Sotheby’s International Realty, Inc.

According to Andrews, Teton Village Realty is an ideal fit with Sotheby’s International Realty, based on its historical performance as well as its office locations. “As a relatively young and fast growing firm, Teton Village Realty offers a fresh perspective on the local real estate market,” said Andrews. “Rob DesLauriers is well known and respected at the Jackson Hole Mountain Resort, and his firm’s experience in development sales at Teton Village is unmatched. We are pleased to be gaining such a dynamic and talented team at a pivotal time in our market.”

“It’s exciting to be part of the Sotheby’s International Realty organization,” said DesLauriers. “We appreciate the company’s successful history and expertise in the valley. We have a long and productive working relationship with the firm’s local team, and our agents and clients will benefit from the enhanced regional and global presence as well as the referral opportunities the company offers.” DesLauriers continued, “Sotheby’s International Realty provides a strong and far-reaching platform from which we can continue to grow and leverage the synergies of our firms.”

About Sotheby’s International Realty

Sotheby’s International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house and represents fine properties at a range of price points. Today, Sotheby’s International Realty, Inc. operates brokerage offices in key metropolitan and resort markets, including London; Manhattan; the Hamptons; Westchester County, Greenwich, Conn.; Litchfield County, Conn.; Cape Cod; Palm Beach, Fla.; Beverly Hills; Brentwood; Pasadena; Santa Barbara; San Francisco; Sonoma; Monterey Peninsula; Sun Valley, Idaho; Santa Fe, New Mexico and Jackson Hole, Wyo.

Sotheby’s International Realty, Inc. (www.sothebyshomes.com) is part of NRT LLC, the nation’s largest residential real estate brokerage company, and a member of the Sotheby’s International Realty® network that spans 39 countries. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices.

Why Are Real Estate Prices Dropping Substantially in Jackson Hole’s Real Estate Market?

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What a deal! Beautiful townhome on flat creek. $975,000

What a deal! Beautiful townhome on flat creek. $975,000


Christy and I are getting this question from a lot of our seller’s and customers lately. Jackson Hole has a very limited amount of property that can be developed and there has historically been enough demand to raise prices. In today’s market we have seen a total slow down of transactions and willing buyers at current prices. Since the beginning of the year the Jackson Hole real estate market has been seeing substanial price reductions in certain markets (Melody Ranch, Rafter J, The Aspen’s and the Town of Jackson). Most of the price reductions have come in the price ranges of $500,000 to $1,500,000.

In general terms – Prices are dropping due to the anomaly that occured during our recent market boom (2000-2007). Historically, homes have appreciated at a rate of about 5% per year on a national level. Information gathered from the recent REALTOR magazine states: Professor Karl Case of Wellesley College and contributing author of the Case-Schiller Home Prices Indices, a quarterly nominal housing price report, looked at appreciation of median home value over 5 year increments dating back to 1980. The research showed that home values appreciated 26.5% on average for the 20 year period from 1980 thru 2000. In the six years that followed (2000-2006), average appreciation was 89%!

Home prices nationally and in Jackson Hole are now adjusting to the incosistent and insustainable growth that occurred during the recent price run. So – the market is not in decline – it is just moving toward stabilization – which will mean a healthier market in the future.

Just a little tibit of information that we like to share. For more information about prices or if you would like a free listing presentation and value assessment on your property contact Christy and Garth Gillespie – The Jackson Hole Experts – at 877-739-8056 to set up an appointment! We are happy to help and to share our expertise in this market.

Mortgage Rates in Jackson Hole – It’s Been a While…Has Anything Changed?

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Mortgage rates in Jackson Hole had been staying steady for almost a month with a percentage change every once in a while so this should be interesting…. The following is a report from our friend T.R. Pierce who works as the “Mortgage Guru” at the Bank of Jackson Hole. If you read previous posts you will be able to compare where rates have been are then make your own prediction as to where they are going. Fact is – rates are low and if you have good credit you should take advantage of these rates while you can. Timing mortgage rates is like timing the stock market so if you see value in making a purchase or refinancing we suggest you call T.R. Pierce to learn more about the Jackson Hole Mortgage Rates! T.R.’s report follows:

Conforming thirty year fixed, 7/1 and 10/1 ARM rates are down this morning as the U. S. trade gap widened less than expected in March as exports fell 2.4% and imports dropped for the eighth consecutive month. Imports of industrial supplies, materials and capital goods were the lowest since April 2004. U. S. exports to China grew 19.1% in March to $5.6 billion, the highest in five months.

BANK OF JACKSON HOLE
Residential Mortgage Rates for May 12, 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
4.500%
7.875%

15 Year Fixed
4.375%
6.875%

10/1 ARM
4.750%
7.875%

7/1 ARM
4.250%
5.000%

5/1 ARM
3.750%
4.750%

3/1 ARM
5.000%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 4.750%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.748%

For more information contact the Jackson Hole Experts toll free at 877-739-8056 and ask for Garth!

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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.

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