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!

Wyoming ranks FIRST in 2009 Business Tax Climate!

There has been a lot of talk about the Tax Credit for First Time Homeowners on this blog so I thought I would switch it up and let you read about all the terrific tax situations in the great state of Wyoming.

An excellent source of tax information whether it is Wyoming’s excellent tax climate or the tax climate of your state.

State By State Map

Wyoming

And maybe most importantly – Beer Tax NOTICE who is #1 in least amount of Beer Tax!

TEN TAX BENEFITS OF OWNING REAL ESTATE IN JACKSON HOLE

1. No state income tax

2. Dynasty trusts: In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust.

3. No inheritance tax

4. No state gift tax

5. No tax on out-of-state retirement income

6. Low property taxes (well, we think so) actually ranked 38th.

7. No excise taxes

8. No tax on mineral ownership

9. No intangible taxes

10. No tax on the sale of real estate.

To learn more about the benefits of owning real estate in Jackson Hole and Wyoming please visit us. Feel free to call us at 307-739-8056 or email us at garth.gillespie@sothebyshomes.com.

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.

Housing and the Stimulus Package – Jackson Hole Status Report

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.

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
  • 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.

    Jackson Hole Real Estate Hotsheet Highlights

    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 But for when you want to know what Realtors know … you need the Hotsheet!

    New listing highlights: New Jackson Hole listings have been few in the past month or so, predictable for this time of year, but Teton Village and in-town condos have been hitting the hotsheet in greater numbers in the past few days.

    The second new Four Seasons in Jackson Hole listing of the week (there are now 13 FS properties available) hit Dec. 17. This 3-bath, 5-bed unit on the sixth floor is priced at $5,250,000, making it the second most expensive Four Seasons unit after the 5,016 sq. ft., 5-bed, 6-bath, unit on the ninth floor listed at $6,950,000. I toured the latter last Thursday and was, well, impressed of course. The layout, cathedral ceilings and abundance of glass belied the fact it was a condo, providing more of a single-family home feel, perhaps mainly because this is one of the few units with both west (Mountain Resort) and east (Sleeping Indian and valley) views.

    Price change highlights: There were 25 price changes during the Dec. 16-18 3-day period, with the most interesting being a $43,000 Brookside Condominium price reduction from $358K to $315K. According to an e-mail sent to all realtors from this agent, the list price is $78,000 less than the sale of a similar unit in March 2008. He points out that if it sells at that price with 20% down, and financing comes in at 4.625%, the monthly payment is about $1,295 per month. It rents for $1,200 per month.

    Also notable were 2 price reductions in the High Teton Condominiums on Hansen Street, with both 2-bed, 1-bath units dropping $16K and $25K respectively with prices now just below $500K. A very nice 1-bed unit in this building dropped to $318K earlier this week.

    Closed and pended listings: A 3-bed, 3-bath, 2,210 sq ft home in Indian Trails listed at $805,000 sold this week after 61 days on the market and a price reduction of $90K. That leaves 6 homes on the market in this west Jackson neighborhood, with list prices between $1.1M and $2.195M.

    For details about any property mentioned in this blog post or a FREE PERSONALIZED Jackson Hole real estate market analysis, please call Brian Siegfried at 307-690-9346 or e-mail him at Brian.Siegfried@sothebysrealty.com.

    An Exciting Winter for Teton Village – Jackson Hole, Wyoming

    It isn’t every day that workers at Jackson Hole Mountain Resort get applause for their work. But then, a new Aerial Tram at isn’t exactly an everyday occurrence.

    In late October, spectators gathered at the resort and clapped as crews placed the first of two bright-red Tram cars from Switzerland onto their track cables. Seeing the cars put into place was like watching the curtain lift at the theater, although in this case the performance is to start December 20, when the Aerial Tram will begin carrying skiers and snowboarders up Rendezvous Mountain. For the legions of people who are passionate about this particular ski hill, it will be as though Christmas arrived five days early.

    Anyone who has skied at Jackson Hole Mountain Resort any time from the 1960s to more recent years will find the sight of the little red boxes moving along their cable to be a familiar sight. The Tram cars are red, like their iconic predecessor, which shuttled skiers up the mountain for 40 years before being retired. But the new tram will be bigger and faster, whisking 100 passengers at a time to their starting point for their adventures in about nine minutes.

    Change is afoot at Teton Village as a whole. The Village has kept hold of its classic attractions, like the Mangy Moose Saloon, while adding new ones like Hotel Terra, a boutique property that’s sleek, upscale and eco-friendly. Some changes at the Village are subtle, like the acoustical upgrades at Walk Festival Hall, home to the Grand Teton Music Festival. Other changes are more dramatic, a case in point being the new Shooting Star™ golf course.

    Teton Village has become famous for its resort offerings. But it has become viewed more and more in recent years a great place to live, whether year round or on a part-time basis. The new hotels, for example, offer condo ownership opportunities in addition to options for out-of-towners to stay in style and comfort when they come to Jackson Hole. With the opening of the Four Seasons Resort, Teton Village acquired a “grande dame” hotel as well as a new group of slopeside luxury residences. In addition to Hotel Terra, there’s also Teton Mountain Lodge and others are coming, including the second phase of Hotel Terra.

    Another new arrival in Teton Village is the newly completed Timbers, a group of three- and four-bedroom homes in Granite Ridge. Designed by John Carney, they average 3,300 square feet, with vaulted ceilings, gourmet kitchens, stone fireplaces and private Jacuzzi decks. Elsewhere in the village, the condos along McCollister Drive and Rachel Way, though not exactly new, are newly interesting to the real estate market. With upgrades and improvements the units, which like the Timbers, are zoned for short-term rentals, creating an attractive opportunity for investors who would like to generate some revenue from their properties.

    As for Shooting Star™, it’s easy at this time of year for Nordic skiers to look out at the snow covered rolling terrain of the Tom Fazio-designed golf course and fantasize about streaking along a freshly groomed track. The golf course will, in fact, be a Nordic ski center, but its big unveiling will be next summer, when the golfers who have been watching the new facility take shape can finally walk out onto those greens and play a few rounds.

    Construction is well underway on the Shooting Star™ club house, which will feature spa and fitness facilities, as well as a restaurant. The residential portion of Shooting Star™ includes cabins by architect Paul Bertelli of JLF Associates, featuring reclaimed materials and old world craftsmanship, plus spectacular views of the Tetons and the golf course.

    Not everything planned for Teton Village is on such a grand scale, but little things make a difference. The pond behind Crystal Springs Lodge will eventually be replaced by a group of smaller water features and landscaping better suited for functions or for just relaxing. An 812-space, paved parking lot was just approved by the Teton County Board of Commissioners to be built between Granite Loop Road and Highway 390. It’s possible that someday there will be an automated “lift” that will whisk skiers and snowboarders from the lot to the clock tower so they can begin their day on the slopes. There’s no doubt that the opening of the new Arial Tram at Jackson Hole Mountain Resort is the biggest story for winter 2008-09 at Teton Village. But as is always the case with news, some of the other stories are pretty interesting, too. For first timers and veterans, Teton Village is worth exploring this winter.

    For more information on Teton Village or Jackson Hole please feel free to email or call the Jackson Hole Experts – Christy and Garth Gillespie.