Jackson Hole: Aspens Condo Real Estate Market Update
As ski season quickly approaches (Jackson Hole Mountain Resort opens for the season on Saturday Nov 26), I wanted to provide an update on real estate activity in The Aspens, particularly in the condo market. The Aspens neighborhood is located along the Moose-Wilson Road (also called the Village Road). Due to it’s proximity to Teton Village (5 minutes) the Aspens is a desirable location for locals, long term visitors and tourists alike. The zoning in the Aspens allows short term rentals year round, meaning owners can rent their units out nightly to visitors. There are several management companies that can provide property management services for rental units.
Over the past year there have been 11 condo sales under $500,000. These 1 and 2 bedroom units were located throughout the Aspens, with the majority of the units selling this past summer. The average condo that sold was 940 square feet and fetched an average sales price of $344,591, equating to $363 per square foot. On average, the condos were selling at 92% of the asking price. The average days on market was 294 days. One of the most notable sales was a bank owned 2 bedroom plus a loft, which sold for $281 per square foot – a great deal!
CONDOS FOR SALE
Currently, there are 11 condos on the market for sale. Half are 1 bedrooms and half are 2 bedroom units. The average condo for sale is 868 square feet and the average listing price is $357,264 ($414/square foot), well above the what condos are selling for -$363 per square foot. Theses condos have been on the market an average of 169 days and I anticipate them remaining on the market until prices are lowered. There best value currently on the market is a Chokecherry 2 bedroom plus a loft for $449,000 ($382 per square foot) – it is a short sale, meaning that that price is less than what is owed to the bank. Short sales and bank sales can be tricky, but can also result in good deals for buyers and investors. For example, a bank owned 1 bedroom condo listed at $239,900 just went under contract. While it needs some updating, it is an end unit and will probably close for around $310 per square foot – a great value for that buyer.
If you are interested in learning about opportunities in the Aspens condo market, or any other condo market, please email The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty at firstname.lastname@example.org.