Real Estate Values Archives - Page 3 of 4 - Christy & Garth Gillespie

Real Estate Sales in February 2011 – Most Activity in Teton Village and Wilson

February 28, 2011/in Jackson Hole Mountain Resort, Market Updates, Real Estate Values, Resort Updates, Teton Village

February 2011 was a very active month in real estate sales in Jackson Hole, Wyoming. Overall, this month we saw 16 real estate sales in the Jackson Hole area, with most sales concentrated in Teton Village and Wilson, WY. Total real estate sales volume for the month topped $27 million, with an average sale price of just over $2 million. On average properties were selling at 85% of thier latest listing price and, on average, were on the market for 245 days prior to selling.

It appears the record snowfall at Jackson Hole Mountain Resort, encouraged many buyers to purchase condos, condohotels and homes in Teton Village this winter. Of the 16 total real estate sales in the area, 1/2 of them were near the ski resort. These sales covered a wide range of properties and price points – a 2 week fractional sold at the Teton Club, a 1 bedroom condohotel at Snake River Lodge and Spa and a 3 bedroom condohotel at Teton Mountain Lodge sold this February. There were also 2 sales of condominiums in the Nez Perce condo and the Teewinot building. These condos are a short walk or shuttle ride from the Aerial Tram at Jackson Hole Mountain Resort. A 2 bedroom unit at the Four Seasonsand a 3 bedroom unit at Crystal Springs also sold, both with ski-in, ski-out access. A large home in Lake Creek Ranch and the end of Granite Creek Road across from Teton Village sold in early February.

Four Seasons Resort Jackson Hole > Exterior of hotel.

Wilson also saw several sales this past month including a home in Stilson Ranch, a home in Crescent H Ranch and large home with a horse stable in Wilson. There were twp sales in Town – a 2 bedroom Ponderosa condo that was listed at $99,900 and a Love Ridge Condo at the base of Snow King Resort. The largest sale of the month was a 10,000 square foot, 5 bedroom home in Spring Creek Ranch that was listed at $9,500,000.

The Gillespie Real Estate Team of Jackson Hole Sotheby’s International Realty is always tracking the real estate market in Jackson Hole. We’d be happy to share our market knowledge, insight and experience – just give us a call at 307-739-8078.

Jackson Hole Year End Market Report

February 7, 2011/in General Real Estate Information, Real Estate Buyer & Seller News, Real Estate Values, Short Sale

A few weeks ago, Andrew Cornish, owner and president of Rocky Mountain Appraisals in Jackson Hole, Wyoming released his Year End Report. The main conclusion: Despite an increased number of real estate sales in 2010, home values in Jackson Hole continued to decline, with entry level homes hit the hardest.

	2008	2009	2010	2009/2008	2010/2009
Total Residential (Single-Family, Condo,Homesite) Transactions	388	224	296	-42.27%	32.14%
Average Price of Transaction	$1,606,595	$1,404,296	$1,462,113	-12.59%	4.12%
Total Sales	$623,358,973	$314,562,360	$416,702,350	-49.54%	32.47%

Andy Cornish explains that while the number of sales in Teton County, WY was up over 32% from last year, certain segments of the market are still experiencing value losses up to 30-40% from peak values in 2007 and 2008. The single family home market saw the average transaction price increase by over 12% in 2010. However, Mr. Cornish explains, this is due to a prevalence of higher-end transactions, not an increasing value trend.

Available Inventory (homes for sale on the market) has remained relatively constant between 2009 and 2010, however currently inventory levels are double of that in 2007. The type of inventory is interesting to note as well. According to the Teton County MLS, the least amount of ‘distressed’ properties exist north of town, while the greatest concentration of distressed properties exist in the Town of Jackson and South of Town, where an estimated 12% of homes for sale are described as bank-owned or have short sale potential.

Conclusion – According to Mr. Cornish’s Year End Report, while the real estate market continued to lose value in 2010, an increase in the number of transactions can provide hope that a market stabilization is in sight. For the entire Year End Report, visit Rocky Mountain Appraisals or contact The Gillespie Real Estate Team at 307-739-8078 or by visiting www.jacksonholeexperts.com

Teton Village Real Estate: Off to a great start in 2011

January 25, 2011/in Jackson Hole Mountain Resort, Market Updates, Real Estate Buyer & Seller News, Real Estate Values, Teton Village

In 2011, we have seen an increase in real estate activity in Teton Village. In the past 20 days, there have been two closed sales in Teton Village. Both real estate sales were condos located at the base of Jackson Hole Mountain Resort. A 2 bedroom, 2 bath, bank owned, condo sold in mid January. The other sale happened this past weekend – a 3 bedroom, 2 bath penthouse condo in the Nez Perce Condominium Building.

Additionally, there are currently 15 properties under contract in Teton Village. Seven of those were put under contract in the new year! They include a wide range of property types. Four of the sales are condominiums within walking distance to the Jackson Hole ski resort. There is one unit under contract in the Snake River Lodge & Spa and a 2 bedroom unit in the Four Seasons – both ski-in, ski-out properties. There is also a 3 bedroom Timbers at Granite Ridge currently under contract.

While the above properties are spoken for, there are still many real estate opportunities in Teton Village. In fact, there are 85 properties for sale in a wide range of price ranges – a condo hotel for $299,000, a 2-bedroom condominium for $445,000, a 4 bedroom vacation home for $3 million and a Four Seasons Penthouse Residence for $6 million.

The Gillespie Real Estate Team can easily guide you through these real estate opportunities and help you to find the perfect winter getaway in Jackson Hole. Call us today at 307-739-8078 for a list of all available properties in Teton Village.

Teton County Wyoming December 2010 Real Estate Update

January 13, 2011/in General Real Estate Information, Market Updates, Real Estate Buyer & Seller News, Real Estate Values

Working at Jackson Hole Sotheby’s International Realty has so many benefits…To name a few – We have the strongest real estate professionals in the Jackson Hole Valley. Year after year we post an incredible market share usually averaging over 60% of the buyers in the market. That is staggering when you compare it to like markets. Technology is another – www.jhsir.com is one of the best Real Estate websites out in the cyber world. Sales office locations is another huge benefit – especially for sellers as JH Sotheby’s has working real estate professionals located in the Town of Jackson, Teton Village, the Aspens and all the major resort hotels at the Jackson Hole Mountain Resort – including the Four Seasons, Terra and Teton Mountain Lodge. Finally but not the last benefit is out “stats man” – Leonard Klieman. Every month Leonard looks over the data and provides all of us up to date market statistics. Today I’ll share the latest December 2010 information.

During the end of 2010 we have started to see an increase in activity with properties listed over $2 million. This continued in December 2010. In Dec. 2010 we had 6 sales over $1 million with an average sales price of $3.7 million compared to 10 sales over $1 million in 2009 but had an average sales price of $1.9 million. Overall we had 20 transactions during the month. Unfortunately that is not a great number and was the lowest number of transaction since July 2010. Unoffical numbers indicated that Teton County, Wyoming had 241 transactions in 2010 with a volume of $359 million. That is the second lowest sales volume and transaction datat recorded in the past 8 years – only beating 2009.

Comparing Year to Date December units and volume – 39% more transaction and 78% more volume when compared to 2009. Sales volume is 3% below that of 2003 and 52% below the peak of 2007. The increase in activity in the higher end is evident in the residential average sales price increasing 53% when compared to 2009.

Hopefully that was helpful. For additional real estate information please feel free to contact Christy and Garth Gillespie – the Jackson Hole Experts. We pride ourselves with working hard for buyers and sellers and having a secure grip on the market. Feel free to visit our website – www.jacksonholeexperts.com or feel free to give us a call at 307-413-5243.

Jackson Hole Mountain Resort Opens All Lifts!

December 1, 2010/in General Jackson Hole Information, Jackson Hole Community Events, Real Estate Values, Resort Updates

For the first time in resort history, Jackson Hole opened “wall to wall” this weekend. Christy, Katie and I all hit the slopes on Saturday and did our duty in cutting all the fresh, virgin powder. It was exciting to say the least to be skiing in November let alone skiing the Hobacks. The early snowfall has covered the mountain extremely well and we believe there is already more snow on the lower part of the mountain than we ever had last year.

We also spoke with the director of the Four Season Resort who mentioned that booking at the luxury hotel are extremely strong for the winter months. This should bode well for the real estate market. Buyers will be ready to swoop in and buy some of the excellent values on the market. It has been a few years since we saw a strong push of buyers but we are anticipating a great selling season this winter. If you would like information of the real estate market in Jackson please feel free to contact us. Jackson Hole Sotheby’s International Realty has just finished our biannual Catalogue of Fine Properties so if you would like an copy we’d be thrilled to send you a link.

For more information on the wonderful skiing here in Jackson or for in depth real estate information please contact Garth and Christy Gillespie, associates for Jackson Hole Sotheby’s International Realty at 307-413-5243 visit our website – Jackson Hole Experts.

Affordable Retirement Get-away? Still Want to See the Teton’s?

June 22, 2010/in General Real Estate Information, Idaho Real Estate Update, New Development, Real Estate Values

Quality Development in Teton Valley, Idaho

Entry sign to Spring Hollow Ranch

SPRING HOLLOW RANCH – TETONIA, IDAHO

Christy and I are proud to be able to offer an outstanding vacant land opportunity just over the hill from Jackson Hole, Wyoming in the lovely Teton Valley of Idaho. Spring Hollow Ranch is a 50 lot development in the north end of the Teton Valley of Idaho offering outstanding views of the Tetons, high quality ammenties, strong ownership and very affordable pricing.

Lot sizes vary from 6 acres to over 30 acres in size. All but 6 lots have full Teton views and all of the lots have access to the most beautiful recreational space available in the Teton Valley. A private trail sysytem links both phases of development and offers the opportunity for miles of hiking, bike riding, horseback riding and cross country skiing. 34 acres of the open space includes a spring fed pond that attracts wildlife to the property.

For more information on Spring Hollow Ranch please feel free to contact Garth Gillespie at Jackson Hole – Sotheby’s International Realty at 307-739-8056 or 307-413-5243.

Jackson Hole Real Estate Improving In 2010…

April 27, 2010/in General Real Estate Information, Market Updates, New Listings, Real Estate Buyer & Seller News, Real Estate Values

Jackson Hole Q1 Real Estate Results

Today at Sotheby’s International Realty – Jackson Hole Real Estate Brokerage we sent out this informative newletter to out client base. It is a very good article about recent active in the Jackson Hole housing market. I think you will find it very helpful in understanding what is currently happening….

With things a bit quieter here now that Jackson Hole Mountain Resort has successfully closed out the ski season, Sotheby’s International Realty is studying recent real estate activity and preparing for what by recent indications could be a hot summer selling season. Click for more

So far this year data from the Teton County Multiple List Service reports an upward trend in real estate sales in Jackson Hole. In March, for example, unit volume was up 170 percent suggesting increased buyer demand.

Looking at entire first quarter of 2010, dollar sales volume rose 88% percent over the same period in 2009 according to our analysis of the market and MLS data. Interestingly, twenty-five sales were for properties of more than $1 million, versus only 11 in the first quarter of last year. This could be read as a sign that though there are still excellent values to be found, some buyers see current prices as true bargains and are taking action and the lower end of the market is beginning to stabilize.

Certainly proper pricing has played a key role in getting the market back on track. Our market-watch committee meets each week to review pricing of the latest pending sales, closed sales, current inventory and new listings. The committee reports its findings at our weekly sales meetings.

While the lines on the graph are heading in the right direction, we continue to increase our sales and marketing efforts keeping us on top of the latest trends with increased e-marketing as well as creative print advertising.

Our overall expertise as well as in specific market areas around the valley such as the Town of Jackson, Shooting Star, Teton Pines, Jackson Hole Mountain Resort, Hotel Terra, north of town, in eastern Idaho, etc. – allows us to closely monitor the pulse of the daily market activity and helps us deliver exceptional service to our clients.

Initiatives like this appear to be working for Sotheby’s and its clients. In Q1 of 2010, Sotheby’s Jackson Hole Brokerage accounted for more than 70 percent of the total dollar volume in the Teton County.

Although the foregoing data has been compiled from sources deemed to be reliable, SIR does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, omission, error, revision and cancellation without notice, and should be independently verified with the source of such information.

Thanks for reading the Jackson Hole Experts Real Estate Blog — Please contact us at 307-739-8056 or visit us at www.jacksonholeexperts.com.

Gillespie Real Estate Team’s Top Values in Jackson Hole Real Estate

April 7, 2010/in General Jackson Hole Information, General Real Estate Information, New Listing in Jackson Hole, New Listings, Price Reductions, Real Estate Values, Top Values

The Gillespie Real Estate Team at Sotheby’s International Realty in Jackson Hole Wyoming has just updated the “Top Picks of the Week”. Please follow this link: Top Jackson Hole Real Estate Values to see the top values in the Jackson Hole real estate market. Every week or so the Gillespie Real Estate Team will update the Top Picks to showcase great deals in Jackson Hole including townhomes, condos, houses, golf course property, ranch land, ski-in ski-out properties and other great values we see in our real estate market. We also showcase a Listing of the Week, a Sold Property of the Week and a Price Reduction of the Week.

Don’t miss out on learning about the great values in the Jackson Hole Real Estate Market brought to you by The Gillespie Real Estate Team of Garth & Christy Gillespie, Katie Colbert and Don Alsted.

Jackson Hole Update – Real Estate in 2009

January 21, 2010/in General Real Estate Information, Market Updates, Real Estate Buyer & Seller News, Real Estate Values

The final, final statistics are not quite finished but Sotheby’s International Realty Jackson Hole Brokerage has compiled the final sales numbers from the Teton Board of Realtors Multiple Listing Service for 2009. The past year will go down as one of the most difficult real estate years in history. With financing difficult to find and more importantly a complete lack of buyer interest, sales across the entire spectrum slowed t a crawl.

The year did not start out well at all with only 20 transactions in the first quarter! The second quarter improved a little with 63 transactions. Finally during the last half of the year we started to see some activity market wide and had a total of 143 deals take place. The totals are incredible when compared to the previous few years. Unit volume declined 28% vs. 2008 and 65% vs. 2007. Sales volume was even worse being 52% lower than 2008 and 71% lower than in 2007!

From Garth and Christy’s perspective the Jackson Hole market has a ways to go before we see any type of recovery. There are chunks of the market that have not realized the decline in sales and prices and have refused to adjust with the current market. There are 53 active listings between $2 and $3 million with only 1 pending sale in this price range. The low range in the market $350,000 and below has barely adjusted which is resulting in a completely stalled market.

What does this mean? I will be updating the blog in the next few weeks and I’ll try to lay the frame work for recovery. We have seen some motivated sellers which have resulted in sales so we are hoping sellers and the real estate community is starting to grasp the severity of the declining market. The only way we recover is for the market to reflect the 30% to 40% decline and adjust the prices accordingly.

Jackson Hole is still a fantastic community. It offers good schools, a top notch hospital, incredible arts and social environment, fabulous resturants and that small town charm many people desire. Wyoming still offers incredible tax savings, abundant wildlife, great ski resorts and ample space for recreation. These aspects are still here so we see a lot of opportunity for Jackson and the real estate market to rebound.

Stay tuned for additional information and thank you for visiting the Jackson Hole Experts Blog provided by Garth and Christy Gillespie.

Looking for the Top Real Estate Deals in Jackson Hole?

June 25, 2009/in General Jackson Hole Information, General Real Estate Information, New Listing in Jackson Hole, Real Estate Buyer & Seller News, Real Estate Values, Top Values

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.