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

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.

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

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.

Jackson Hole Mountain Resort tops 300″ of snow

While it may feel like winter has just begun, Jackson Hole Mountain Resort has already received over 24 feet of snow this season. Teton Village has received more snowfall than any other ski resort in North America.

With a record amount of early season snow fall, Jackson Hole Mountain Resort was able to open 100% of the mountain, including the Aerial Tram, on opening day in late November. Since opening day, we have continued to receive consistent snow which has contributed to a strong and stable snow pack.

Word has gotten out, as Teton Village has seen high occupancy levels at all the base area hotels – including the Four Seasons, Teton Mountain Lodge, Hotel Terra and the Teton Club. Jackson Hole Real Estate activity has also increased at the base of the mountain. There are currently 19 properties under contract in Teton Village. These pending sales include ski-in, ski-out condominiums, condo hotel investments, fractional time shares and large single family homes located underneath the Aerial Tram at Jackson Hole. We are well on track to out pace last winter’s 32 closed sales in Teton Village.

If you would like to learn more about current real estate opportunities in Teton Village contact the Gillespie Real Estate Team – the Jackson Hole Experts by visiting www.jhexperts.com or calling 307-413-5243.

Teton County Wyoming December 2010 Real Estate Update

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.

Teton Village, Wyoming Real Estate Market Update December 2010

The winter season is upon us and we wanted to give you an update on the Teton Village real estate market. We are hearing the questions…Is the market getting stronger? What are you seeing with the market? Is it going to be a strong winter season for sales? Christy and I have been in the real estate business for 15 years so we know how hard it is to predict the future but we will tell you that we have a sense that the market is strengthening. When we say strengthening we mean that there is an indication that interest has increased and some sales have taken place but we don not necessarily mean that prices have bottomed out let alone start to increase.

There are currently 100 active listings in the Teton Board of Realtors Multiple Listing Service. This does not include fractional ownership opportunities like the Teton Club or The Four Seasons. The active listings range from a 1 bedroom, 1 bathroom condo priced at $259,000 all the way up to a fabulous ski home retreat priced at $29,500,000. A third of the inventory is priced under $1 million, a third between $1 and $2 million and a third $2 million and over.

In the past year – data since January 1, 2010 – there have been 31 disclosed sales with an average sales price of $1.675 million. The closed data almost mirrors the active market in the sense of percentages. Some interesting sales – A Tram Tower Townhome located below the Tram was listed at $1.9 in 2007 and just closed for $915,000! A Granite Ridge Timbers unit listed for $2.7 in 2009 just sold for $1.9 and another Timbers unit listed for $3,750,000 in 2008 just closed for $1.9 million. On the lower end a condo in the Gros Ventre complex just sold (as a bank sale) for $239,000. This condo was 2 bedrooms, 1 bathroom and 800 square feet in size. A like unit sold in 2006 for $435,000. Not all the transactions are this extreme but this illustrates how value was created for a buyer in a difficult market.

As we reported in the last entry – Jackson Hole Mountain Resort is in the best shape it has almost ever been in this early in the season. The lower part of the mountain – including the Hobacks – are skiing as well as they do in February. Bookings at the Four Seasons resort are looking strong for the season so 2001 is looking to start off on the right foot.

If you would like additional information about the real estate market in Jackson Hole — pick up the phone and give us a call – 877-739-8056. We are excited to answer any questions you may have. You are also welcome to visit us at www.jacksonholeexperts.com.

Jackson Hole Mountain Resort Opens All Lifts!

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.

Real Estate Activity for January 2010 – Jackson Hole

The headlines could be misleading if taken out of context when reviewing the recent sold activity in the Jackson Hole real estate market.  “Sales transactions and volume more than double from previous year!” or “2010 starts off with a bang!”  You never know what some agents will report if you do not know their agenda.  Here at the Jackson Hole Experts Blog we try to give the facts but also try to give you our opinion as to where the markets are trending.  Our agenda is to give you a feeling of what we are seeing in the field and follow that up with the statistics that the MLS reports.

January felt very slow and quite possibly worse than this time last year.  The economy and job outlook in Jackson feels like it is slower and weaker than in years past.  With that said we did see activity more activity than we witnessed last year and sales did double and sales volume more than doubled so our “gut impressions” did not hold up when reviewing the past’s months activity.

 When looking very macro – Teton County MLS recorded 10 closings with a sales volume around $19 million.  This compared to 2009 when we had 4 transactions and just over $7 million in sales volume.  2009 was just plain awful so to compare any month to January 2009 we are bound to report better results.  One issue when looking at the 2010 numbers is that there were 2 very large transactions ($8.2 and $3.8 million) which account for $12 million in volume!  Remove those 2 transactions and we have volume numbers that are almost identical to lasts years awful results.  As we continue to go micro with the stats we can see how those 2 “big transactions” play with the data.  When including all 10 transactions the average sold price is $2 million.  When we peel away the Indian Springs transaction ($8.2) the average sold price slides to $1.2 million and if we also peel away the Four Seasons penthouse sale the average sales price slides to $900,000. 

 To wrap up the report I’ll pass on a few more statistics:  Of the 10 reported sales there are a total of 20 transaction sides.  Sotheby’s International Realty – Jackson Hole Brokerage represented half (10) sides.  The rest of the sides are spread out but coming in second was our friends Jackson Hole Real Estate and Appraisal with (3).  There was 1 sale in Crescent H Ranch, 5 sales in the town of Jackson, a sale in Teton Pines, 2 sales in Teton Village (includes the above mentioned sale) and the Indian Springs sale.  The average days’ on the market was 262.

In the next update we will detail the pending transactions currently reported in the (MLS).  There is a little upside as we see a good set of inventory under contract.  Stay tuned!

For more information about the Jackson Hole real estate market please feel free to call us – Christy and Garth Gillespie at 307-739-8056.  We are full time Realtors who enjoy their jobs….

Teton County, Wyoming – Jackson Hole – 1st Quarter Preliminary Real Estate Results –April 6, 2009

1st Quarter Real Estate Results for Jackson Hole, Wyoming

It will go down as a quarter to forget… Probably the weakest quarter of results that Teton County, Wyoming has seen in recent history. This on the heels of a rather bleak report in the 4th quarter of 2008 where we only had 48 units sold (wait till you read below the 1st quarter results) and volume of just over $100 million.

The preliminary results that we have gathered are taken strictly from the Teton County Multiple Listing Service data. There are always transactions that take place off to the sidelines but with all the reporting we do we always use the data supplied to us by the MLS and the agents that report the results to the board. During the 1st quarter of 2009, Christy and I wondered where the buyers had gone. There were very few transactions taking place and although we did show property, we DID NOT see many offers. That was the case throughout the real estate business in Jackson Hole.

During the months of January, February and March there were 17 reported closings in all of Teton County, Wyoming. The sales volume is an estimated $36 million as 4 closings did not report the closing price and one of the 4 unreported closings was listed for $10,500,000. Taking a closer look at the 17 closings – 1 was a lease, 2 were fractional ownerships, 3 were commercial properties, 2 were condos and 9 were single family homes. The most activity occurred in Melody Ranch with a total of 4 single family homes sold!

The pending transaction data leaves us questioning where we are heading. We recently reported that most of the pending transactions are from soon to be completed development projects (Terra/Sweetwater Lodge in Teton Village, Pine Glades in the town of Jackson and 270 W. Pearl) and that has not changed. There are currently 39 pending transactions with 29 of them being “pre-sale” purchases. In reality that leaves us with 10 pending “deals”. To make the numbers even better (wink, wink) of the 10 remaining – 4 are fractional sales. That leaves us with only a condo in the Aspens, a townhome in the town of Jackson, a home in South Park, a Four Seasons Resort penthouse and 2 commercial purchases as the only property pending. The biggest void in all of these numbers is transactions below $500,000. Currently, there are NO pending transactions in condos under $500,000 in the town of Jackson, south of town or on the “West Bank”. If we are to look for the root of our stalled real estate market Christy and I will put the blame on the complete failure of the “low-end” market. We often use the analogy of tipping over dominos in real estate – need one domino to fall to get another to fall. Well – no one is tipping over the first domino.

Active inventory has been staying fairly stable as we are witnessing a lot of potential sellers keeping their properties off the market and waiting to see what happens. Inventory has actually dropped (40 units) since February. There are currently 516 residential units and 143 vacant land parcels for sale in Teton County.

As more data is released and when Sotheby’s International Realty – Jackson Hole Brokerage computes their data we will update our report. Christy and Garth Gillespie – the Jackson Hole Experts – are happy to compile this information so if you would like to discuss the current data, are considering listing your home or interested in learning more about the Jackson Hole real estate market please do not hesitate to call us toll free at 877-739-8056. We also have a great feature we call the Top Picks — which are Christy and Garth’s top real estate values in Jackson Hole – feel free to check them out.

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.

Teton Village Update

 

Teton Village Update – April 22, 2008

  Actually the Tram Tower is no longer there….but a new one is being built!

 

The update at Teton Village: What has happened since the March report? The ski season at the Jackson Hole Mountain Resort will go down as one of the very best. Highlighted by over 600 inches and a base of over 100 inches skiers were delighted by quality skiing all season. Next year will be the debut of the new Aerial Tram so we will be excited about the 2008-2009 season too. With that said – we have had it with winter! Bring on Spring!

Real Estate News – There have been 3 closings since March 1st. A Four Seasons Resort Penthouse for $4,500,000, a new "Timber’s" Free Standing Townhome for close to $3,400,000 and an older condo that sold for close to $1,600,000. The last month of skiing proved to be fairly active on the sales side as there are 9 Pending transactions with an average list price of $2,260,000. This includes 2 Granite Ridge Lodges and 1 Four Seasons Penthouse.

The 9 Pending Transactions sound great but the real news is in the available active inventory — 54 Active Listings. The median active listing price is $1,995,000 so there is a lot of inventory priced in the "millions" category. Average Days of Market is climbing and is at an average of 157 days (that’s an entire ski season!).

Overall the Teton Village Market is a strong Buyer’s market. There are a lot of condos and townhomes to choose from and there are probably many Seller’s willing to negotiate. The biggest issue with the available inventory is that the prices were set when the market was much more active. Now we do not have Buyers and the pricing is at pre decline pricing.

If you would like information on:
Teton County, Idaho – please visit: www.tetonvalleyexperts.com

Jackson Hole, Wyoming – please visit: www.jacksonholeexperts.com