Looking for the Top Real Estate Deals in Jackson Hole?

Beatiful South Jackson Hole

Beautiful South Jackson Hole


The Jackson Hole Experts – Christy and Garth Gillespie – have just updated our Top Picks of the Week! Every other week the Jackson Hole Experts update our Top Picks with the Best New Jackson Hole Listing, the Most Notable Closed Jackson Hole Transaction and the Best Jackson Price Reduction on a Listing. At the bottom of that page we have a link that takes you to our Top Picks of the Week.

The Top Real Estate Picks of the Week in Jackson Hole is a selection of properties Christy and I feel are well priced for our market and can be considered a Top Pick of the Week. We currently list 3 properties.

In new exciting news the Jackson Hole Experts contracted with our wonderful website designer to create the “Jackson Hole Real Estate Power Rankings”. Here we will start to rank the Top Ten Real Estate deals in Jackson Hole. This is going to be an exciting challenge as we have the opportunity to move properties up and down the list as new listings come aboard, current listings have price reductions or the real estate market changes in certain locations. Stay tuned as we will be getting the Jackson Hole Real Estate Power Rankings online in the next few weeks.

The current market is showing some signs of activity. Yesterday at the Sotheby’s International Realty – Jackson Hole Brokerage – Wednesday morning meeting multiple properties were announced as “pending-under contract”. The list included a condo at the Aspen’s, a vacant lot in the Jackson Hole exclusive neighborhood of Indian Springs and a small, older home in the Town of Jackson. This is great to hear!

For more information on Jackson Hole Real Estate please contact the Jackson Hole Experts toll free at 877-739-8056 or visit our website.

Sotheby’s Doing Their Part To Support the Real Estate Industry

Last week Christy and I received an email from Kathy Korte, President and CEO, of Sotheby’s International Realty, updating us on ways the private sector are trying to jumpstart the sluggish housing market. A Business Roundtable was formed and here are the results of that meeting.

Business Roundtable, an association of chief executive officers of leading U.S. corporations and specifically, the Business Roundtable’s Housing Working Group – which is chaired by Realogy CEO Richard A. Smith – issued a set of recommendations for the White House and Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.

The Business Roundtable’s recommendations are as follows:
· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
· Make permanent the current temporary conforming loan limits; and
· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

“We believe targeted, demand-side solutions – such as the ones Business Roundtable is recommending today – will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole,” said Smith in the Business Roundtable’s press release.

To obtain a copy of the Business Roundtable press release and its Housing Working Group’s detailed recommendations, click here. To read an article that appeared in today’s online edition of The Wall Street Journal containing an interview with Richard Smith about the Business Roundtable’s recommendations and why they are crucial to jumpstarting the housing market, click here

NRT and The Jackson Hole Experts, Christy and Garth Gillespie, applauds the Business Roundtable for its proactive efforts to reinvigorate the U.S. housing market, and we are proud of the leadership role our parent company, Realogy, has taken in this regard.

For more information on the current housing market here in Jackson Hole please feel free to call at 877-739-8056 or visit us at our website.

Sotheby’s International Realty – May 31, 2009 Market Update – Jackson Hole

Last weeks sunset from Melody Ranch

Last weeks sunset from Melody Ranch

Christy and I just got out of our Sotheby’s International Realty morning meeting and have some new statistics to share with all of you. Today’s meeting was not as encouraging as last weeks when we saw 5 new pending transactions – this week we announced just 1 (vacant lot in Willowbrook under contract).

The Jackson Hole Experts have been working our tails off. Last week we listed 3 more properties. We are so grateful to the many sellers out there that have confidence in our marketing program. We believe that the combination of Christy and Garth Gillespie and Sotheby’s International Realty is hard beat and we wake up every day trying to do our best. We look for new, creative marketing ideas, we make sure we have updated photography, we network with the right people….it is on going and effective.

The May 31, 2009 update sums up the market quite well — 43 transaction since January 1st! Yep – 43… The previous low was 2008 with only 127 closings and before that it was 2003 with 186 closings already. This is a shocking number! Jackson Hole Real estste sales volume is half ($66.5 million) of what it was in 2003 ($122 million). The unit volume peaked in 2005 and 2009 unit sales are down 85% from that level. Sales volume peaked in 2007 and 2009 volume so far is down 79% vs. 2007. Days on market is just about irrelevant with so few deals. Prices are hard to fine tune into a pattern but 20% off the high selling prices seems to be a number we are seeing quite a bit. That is about all we can say about the current/past market.

Where do we go from here? An interesting marketing tool that Sotheby’s of Jackson Hole has started in the past 2 months seems to be working. Here at Sotheby’s we have a pricing committee which is comprised of 12 working real estate agents. The pricing committee talks about the market and the current listings at Sotheby’s. They discuss current trends and closings that have occured during the past few months. They also evaluate Sotheby’s current listings on the market. They then select the best values on the market. In turn Sotheby’s uses the top section of our advertising to highlight these exceptionally priced properties. During the past 2 months – 50% of the Sotheby’s listings that have sold have come from this list! Currently 50% of the under contract properties Sotheby’s has listed came from the “priced great” list. Christy and I are meeting with seller’s weekly and we are doing our best to assist them in understanding the market — we are advising our seller’s to make the list with our original listing price.

For details on what makes listing homes or land with Christy and Garth Gillespie and Sotheby’s International Realty different than any other “agency” or “associates” in Jackson Hole – call us toll free at 877-739-8056 or on our cell at 307-413-5243. We are very excited to be busy and we are working very hard to increase transactions in this difficult market.

Jackson Hole Real Estate Opportunities of a Lifetime?

Here is a very interesting read from Barron’s:

Barron’s Article

Notice the Jackson Hole listings? More to come on the next few blog posts about the current market — some highlights – some lowlights…..

For information on the Jackson Hole real estate market please contact the Gillespie Real Estate Team – Garth Gillespie, Christy Gillespie, Don Alsted – The Jackson Hole Experts!

Jackson Hole Real Estate Market Update June 3, 2009

It’s time for our JH monthly real estate update and we have encouraging news on the Jackson Hole real estate market – there’s a pulse! We are finally starting to see some meaningful movement on the seller’s side of things (list prices are coming down – averaging 15%) and the result is that some buyers are taking advantage of this movement.

Today (6/3/2009) at the Sotheby’s International Realty office meeting we had many agents report “under contract properties”. This included a walk in customer who wrote a contract on an in town property priced over $1 million, a home in Rafter J, a vacant lot south of town, a vacant lot north of town at the Jackson Hole Golf and Tennis and a condo in the town of Jackson. The one area that raised our eyebrows was that fact 2 more vacant lots went under contract. We have been discussing the market with a lot of people and we keep mentioning that we feel that the vacant lot segment of the market will help pull the market out of its slump and we are starting to see that prediction come true. Construction prices are low, material prices are low, design and layout services are lower and available – there’s just a lot of indicators that make us believe that vacant lots make some investment sense at the moment.

The issue in the market continues to be inventory – over 850 listings compared to 470 at this time last year and that equals 42 months of inventory at the current sales pace. There are many choices for buyers in all price ranges. If you do not like one house there is another to look at. If a buyer makes an offer and it is not well received, there is another seller to entertain. Sometimes deals are not occuring but we are starting to see a lot more of them coming together when compared to 3 months ago.

We are still waiting for the low end market to see these indicators and to adjust to the market. There is a general consensus and there is starting to be a statistical pattern that the market is responding to a 25% discount from the high market. There is confusion on where the high was but generally the highest sale in a like category minus 25% gives us a current value. Sure there are exceptions but currently the lower end market (under $500,000) has not adjusted any where close to this adjustment and it is showing in pending transactions – 3 pending deals….

Make sure you check out www.jacksonholeexperts.com (link is below). We have a lot of great new listings and have just updated our extremely popular Top Picks Page. Christy and I select great values on the market every few weeks and update them on the Top Pick page. Next month we will have the 2nd quarter review – stay tuned. Thanks for reading and if you would like additional information of the Jackson Hole market please call us toll free at 877-739-8056. We also love referrals so if you have anyone interested in Jackson Hole real estate or thinking about listing please let them know about us!

Gillespie Real Estate Team Member Earns Green Designation

Christy and Garth Gillespie are pleased to congratulate Don Alsted, Gillespie Team Member – Listing Specialist for his hard work and being awarded by the National Association of Realtors the “Green Designation.”

LOCAL REALTOR® ACHIEVES
NATIONAL ASSOCIATION OF REALTORS® GREEN DESIGNATION
June 2, 2009
Jackson, Wyoming– Don Alsted with Sotheby’s International Realty of Jackson Hole
has been awarded the National Association of REALTORS®’ (NAR’s) Green Designation, the only green real estate professional designation recognized by NAR.

Don achieved this prestigious designation after completing 18 hours of course work
designed specifically for REALTORS®. The courses were created in collaboration with a
multidisciplinary team of industry experts from across the country; ensuring designees gaincomprehensive knowledge of green homes and buildings and issues of sustainability inrelation to real estate.

More specifically, Don was trained in understanding what makes a property green,
helping clients evaluate the cost/benefits of green building features and practices,
distinguishing between industry rating and classification systems, listing and marketing
green homes and buildings, discussing the financial grants and incentives available to
homeowners, and helping consumers see a property’s green potential. “As energy costs rise along with concern for the environment, homeowners are looking for innovative ways to save money and live responsibly,” said Dick Gaylord, NAR’s immediate past president.

NAR’s Green Designation was developed in response to growing consumer awareness of the benefits of resource-efficient homes and buildings. The designation helps consumers who care about energy efficiency and sustainable building practices identify REALTORS® who can help them realize their green real estate and lifestyle goals.

As an NAR Green Designee, Don has gained the knowledge and the tools necessary
to become a trusted green resource for Jackson Hole. For more information about Don
Alsted please visit www.jhsir.com or email Don at Don.Alsted@SothebysRealty.com.
For more information about NAR’s newest designation, visit www.greenresourcecouncil.org Way to go Don!

For more information on Jackson Hole Real Estate please contact the JacksonHoleExperts.

Jackson Hole Mortgage Rates….On the Rise

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 interest rates rise as pending home sales increase for the third straight month… the NAR reported that pending home sales rose 6.7% in April after a 3.2% increase in March. Homes under contract increased 32.6% in the Northeast, 9.8% in the Midwest, 1.8% in the West and only 0.2% in the South. This morning Wall Street is showing some caution after yesterday’s rally which was spurred by upbeat reports on manufacturing, construction spending and consumer spending.

Residential Mortgage Rates for June 2, 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 $693,750
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

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

30 Year Fixed
5.250%
7.875%

15 Year Fixed
4.750%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
4.500%

3/1 ARM
5.375%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.250%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.607%

Rates are still great but we are starting to see an upward tick in the rates. Don’t be left behind – Now is the time to look at the inventory on the market. For more information call the Jackson Hole Experts at 307-413-5243. We have been tracking the market and have selected some great Jackson Hole deals. To hear more or to see what we have picked check out our TOP PICKS page.

Melody Ranch — Great New Listing – Value Priced

Large 4 Bedroom Home in Melody Ranch

Large 4 Bedroom Home in Melody Ranch

Christy and Garth Gillespie are pleased to have been selected to market a new listing in Melody Ranch. 4215 Balsam Lane is a wonderful family home located on open space and is 4 bedrooms, 2.5 bathrooms and is 2,600 square feet. The price reflects an excellent value at today’s market. Additional information can be found at the following link – 4210 Balsam Lane

Below is some interesting information about this wonderful community.

Melody Ranch, just four miles south of the Town of Jackson, is a place of wide-open spaces, remarkable views and a strong sense of community. While residents appreciate the development for its close proximity to town and its natural beauty, they also love the fact that it feels like a true neighborhood, a place where people have chosen tomake as their year-round home in Jackson Hole.

Melody Ranch has deep roots in Jackson Hole history. In 1888, the area was settled as Cheney, one of the first townships in the valley. In the 20th century, an out-of-towner named Paul von Gontard visited the area as a boy and was so bowled over by the soaring mountains and grassy meadows that he later returned to establish a cattle ranch on the land. The main lodge and outbuildings from those days still stand, and their historic character is complemented by the design of today’s Melody Ranch homes, which are in the Western mountain and ranch styles, in natural earth tones.

As a planned residential community, Melody Ranch retains all the openness and close-to-nature attributes of its ranching heritage. Development started in 1995 in accordance with amaster plan that emphasizes preserving open spaces. Today, in fact, open spacesmake up 70 percent of the community.As Melody Ranch Development states, “Our philosophical approach is thatmaintaining these views and landscapes will enhance and protect what we value so highly – the freedom to live in, and appreciate, the wide open spaces of the hard-won West.”

Flat Creek, the water source for the haymeadows of Melody Ranch, still meanders through the development, and thanks to careful planning, the Teton and Snake River mountain views that made such an impression on young von Gontard more than 50 years ago can still be enjoyed in full. Cottonwoods, spruce and aspen dot the landscape and add a sense of privacy. Melody Ranch “has incorporated time-honored concepts of historic ranch development into its master plan, to preserve the open character of horse and cattle pastures and haymeadows while allowing native and natural vegetation to protect and shade its buildings,” the developer says. The development features manmade improvements that give residents a backyard playground. There are bike trails, trout fishing ponds, playgrounds and playing fields that make the development ideal for families with children. Schools, grocery stores, shops, restaurants and all the other amenities of town are within easy reach, as are Grand Teton National Park and Jackson Hole Mountain Resort. But at Melody Ranch, staying home is just as an attractive option as getting out to other parts of the valley. Great views are just the beginning.

For additional information or to set up a showing call Garth and Christy Gillespie – the Jackson Hole Experts at 877-739-8056.

Spring Creek Ranch – New Listings Worth Taking a Look At…

The Jackson Hole Experts – Garth and Christy Gillespie and sales associate Don Alsted are excited about our real estate inventory at Spring Creek Ranch this summer. We have the pleasure of marketing 2 fabulous custom homes and one beautiful estate lot all with stunning views of Grand Teton.

Perched nearly 1,000 feet above the Town of Jackson on East Gros Ventre Butte, Spring Creek Ranch offers incomparable views of the Teton and Snake River ranges and Spring Gulch.

Once a part of the ranch operated by former Wyoming Governor and Senator Cliff Hansen, Spring Creek Ranch today is a popular resort community that provides a real sense of getting away from it all Western style. It’s a testament to the beauty of the location that Aman Resorts chose it for the company’s first property in North America, the Amangani.

Jackson, Teton Village and skiing at the Jackson Hole Mountain Resort are all within a quick drive from Spring Creek Ranch. But there are a variety of on-site resort activities to enjoy. The resort offers concierge services to homeowners, as well as tennis, swimming and a full-service spa. The activity that sets it apart from other resorts in the area is horseback riding, which is geared to people of all skill levels and ages. And with nearly 700 out of the property’s 1,000 acres preserved as open space, Spring Creek is a lovely place to hike and look for wildlife. The Granary restaurant is popular with locals as well as out-of-towners, as is the restaurant’s lounge, which offers jazz and piano music on some nights.

Spring Creek Ranch is one of the favorite view-oriented developments in the valley where short-term rentals are permitted, which makes it highly desirable for investment property.

The three listings we would like to feature are beloe with links. Please visit:

1996 Spirit Dance – Amazing setting at Spring Creek Ranch. Located on a large lot of 1.14 acres and bordering open space with obvious views of Tetons. The home is located on lot 11 of the Elk Dance Estates area of Spring Creek Ranch.

Overall description of the home: Sqaure footage is on two levels for a total of 3,956 square feet. The main floor (2,782 sq. ft.) includes 3 bedrooms – one of which is considered a junior suite, an office, dining room, living room, kitchen, entry, mudroom and storage. The 2nd floor includes the master bedroom and a media room. From the master you have one of the best views of the Tetons available in Jackson Hole. The master bedroom has a stacked stone natural gas fireplace. The master is complete with a comfortable master bathroom with jetted tub and rain shower, marble slab counter top and flooring and custom alder cabinets. The master closet – over 200 square feet – with washer and dryer setup.

The Alsted Home — Featured on the cover of Mountain Home Magazine, this luxurious 7,323 sq. ft. home located on Spring Creek Ranch exudes the warmth and richness of natural wood and stone. Its unique, long, angular design and placement of large windows allows spectacular views of the Grand Teton Mountain Range from all living spaces.

285 Calliope – Lot 47! This secluded 4.67 acre lot is one of Spring Creek’s best parcels. It features a large building envelope which has open, gentle sloping, undisturbed terrain. This parcel boasts views of the Grand Teton, a large aspen grove and the high rolling ridges of West Gros Ventre butte. This land has personality and is waiting for you to create your masterpiece.

Jackson Hole Housing Market Explodes!

Well let’s put that phrase in context – The Jackson Hole / Teton County active listing market is exploding! Yes – everyday there are more and more listings hitting the market and unfortunately not many of them are going under contract. There are currently about 845 active listings in Teton County, Wyoming. Previously the high was reached in October of 2008 so we have basically been drowning in listings for over 6 months.

When comparing today’s active listings to last year we see that in May of 2008 there were about 480 listings and if we look at May of 2007 there were only about 400 listings. The current inventory load will only continue the price pressure we are witnessing on the market. Transactions are taking place but in most cases we are seeing 20% to 30% discounts given from the high of the market!

Stay tuned as we are currently updating our Top Picks. For more information on the current market please call or email the JacksonHoleExperts – Christy and Garth Gillespie Sotheby’s International Realty – Jackson Hole Brokerage. We are here to help and work everyday to exceed your expections.