Real Estate Articles of Interest – Related to Jackson Hole? Sort of…

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As we know, Jackson Hole has a very large “second-home” market. Is it being effected by the economy slow down? We will have stats to discuss in an upcoming report but here is some interesting reading:

High-End Housing Market Ravaged by Stock Selloff

How about some positive news?

Pending Home Sales Post Increase of 6.3%

Current news about mortgage rates:

Mortgage Rates Hold Steady According to Freddie Mac’s Weekly Survey

Finally – how about a link to the Gillespie Real Estate Feb. Newsletter?

The Gillespie Real Estate Jackson Hole News Letter!

For more information about the Jackson Hole real estate market or just general real estate thoughts please call us at 877-739-8056 or email at garth.gillespie@sothebyshomes.com.

Buying Home Insurance? – Important Things To Know

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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

    • Find Out Which Home Improvements Will Give You The Highest Returns on Your Investment

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    American condos

    Every home needs maintenance repairs over time, but if you are putting your Jackson Hole house on the market you may want to know the top four places to put your money so that you will get the biggest return out of it. According to a survey done by HomeGain, in order to get the highest return on your investment, spend your repair dollars on the following in this order:

    1. Cleaning and de-cluttering
    2. Lightening and brightening
    3. Home staging
    4. Landscaping

    Obviously the monetary returns may vary slightly based on where you live in the country, due to the cost of a repair and the importance of each particular improvement to buyers in that area. HomeGain estimates that making the above repairs and spending between $5,000 and $8,000 on them, you may see a price increase in the West as high as $22,762, in the East as high as $23,532, in the South as high as $21,740 and in the Mid-West as high as $20,279.

    Other things never to overlook when putting your house on the market are dirty windows, electrical repairs, plumbing problems, old carpeting, old paint and damaged floors.

    To learn more about home improvements go to HomeGain.

    If you have interest in learning more about the Jackson Hole Real Estate market please feel free to call us at 307-739-8056 or visit our website JacksonHoleExperts. We also can recommend home staging at Home Again Furnishings at 307-739-2232. Lighting advise and excellent inventory at Jackson Moore Lighting – ask for Andy Romo! For a cleaning suggestion we recommend Antonio at ABF Professional Cleaning Services at 307-734-2748. For landscaping (you may have to wait a few more months but it is ever to early to schedule a landscaper) we recommend calling Ben Bartlett, Growin Green, at 307-690-5288.

    Jackson Hole Real Estate Hotsheet Highlights Jan. 1 – Jan. 11, 2009

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    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.

    New Listing North of Jackson – Moulton Loop

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    New Listing – 405 Moulton Loop – North of Jackson Hole – Just Minutes from Grand Teton National Park!

    Christy and I just listed a wonderful property in Moulton Loop – North of Jackson.  The best part….very affordable for Jackson Hole — $1,335,000 for 2.5 acres, an almost 3,000 square foot house and a large barn and workshop.  The views do not get much better from this property. 

         

    North of Jackson is known for big views, open space and a lot of wildlife.  As we were listing the property a beautiful fox ran across the backyard.  There is fantastic landscaping with large spruce and pine trees, a manmade refection pond (full of friendly frogs), and large "estate" quality lilacs and aspen trees.  The home is perfect for "easy living".  The main floor consists of the kitchen, living room, dining room, guest bedroom or office and the master bedroom.

               

    The workshop is perfect for storing all the Jackson Hole toys or converting into a guest home.  As you can see the views from the northern end of the workshop are fantastic.  The property is easy to show..Just Call!  For more information on this home or other homes in the Jackson Hole Region visit www.JacksonHoleExperts.com.

    New Listing in Jackson Hole!

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    Comfortable, Well Maintained Rafter J Home.

    Charming 3 bedroom, 2 bathroom home includes a gas fireplace, an open floor plan, a large well maintained fenced yard and a 2 car garage. Good mountain views in all directions and the opportunity for remodeling and or expansion provides the homeowner many possibilities. Rafter J offers good walking paths, views of the Tetons and a peaceful neighborhood location.

    The home is about 1,500 square feet and includes washer and dryer, refrigerator, stove/oven and a dishwasher.  Room spaces are perfect with a large open floor plan in the kitchen, living and dining room.  Summer outdoor life is fantastic with a large lawn in the back yard – perfect for horseshoes, soccer, free roaming dog etc

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    Please call Garth Gillespie at 307-739-8056 or email me if you have additional questions or would like to tour the home.

    Jackson Hole Market Update – Feb. 20, 2008 – Active Listings and Inventory

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    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.

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    CHRISTY GILLESPIE

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    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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