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Vacant Land Options in Teton Valley, Idaho

Here is a view from Lot 50 at Spring Hollow Ranch – This lot is sold but it helps show the beauty Spring Hollow Ranch has to offer.  Jackson Hole Sotheby’s International Realty along with Garth Gillespie represent the developers of Spring Hollow Ranch and we are excited to offer extremely competitive pricing for the summer of 2010. 

All lots at Spring Hollw Ranch have access to 130 acres of open space.  This is not your normal open space but it is recreational space where we have hiking trails, a spring fed pond with gazebos, access to the Rails to Trails and excellent cross country skiing in the winter.

Summers in the Teton Valley are some of the best in the west.  The towns of Driggs and Victor have farmers markets, there is an outdoor music series every Thursday night, Grand Targhee resort offers downhill biking, hiking and 2 nationally known music festivals.  There are excellent resturants (just opened Teton Thai in Driggs).

Prices for 6 to 30 acre lots start at $150,000 and go to $350,000.  44 of the 50 lots have incredible views of the Grand Tetons.  Call for details – 307-413-5243.

The Teton Valley of Idaho – Market Update

Market Report
February 9, 2008
Teton Valley, Idaho

Including the communities of Driggs, Victor and Tetonia and the resort communities of Teton Springs, Grand Targhee, River Rim, The Ponds, Trail Creek Springs, Spring Hollow Ranch, Huntsman Springs, and many others.

Looking over at the Teton Valley of Idaho, I really had to search to find out where the sales have been coming from and what had sold in 2008.  The news over the past summer was that inventory had been growing and activity had dropped considerably. 

I agree that inventory had exploded and activity had slowed but I disagreed with many who were and are predicting a major collapse of the market.  Jackson Hole is not getting bigger but the desire to live there and the need for workers is going to help support the Teton Valley.  I also believe that there are communities being created right in front of our own eyes and with that a sense of community is being born. 

Last week, Grand Targhee Resort, won approval for a major expansion (see previous post) which is major news concerning the valley.  From an economic perspective it should be welcoming news yet for some, many in Alta, are upset with the changes that will be coming.  From my perspective, the Gillette family has been enhancing the Teton Valley ever since their ownership began and I hope and trust they will develop Targhee in a responsible way.

As for the year to date statistics through January 31, 2008

There have been 24 sales to date with a volume of $8,184,100.
Of the 24 sales 8 are lots, 2 are town homes, 5 are homes and 9 are condos.
7 of the transactions took place at Teton Springs.
5 of the transactions took place in Driggs, 2 in Tetonia and 17 in Victor.
There are currently 69 pending transactions.

Now the scary part – Looking back at 2007 Statistics for the same time period Jan. 1 through Jan. 31, 2007.  Last year to date there were already 113 transactions!  What has changed?  Last year of the 113 transactions a whooping 40 came from Mountain Meadows in Teton Springs.  There will be a future blog dedicated to Teton Springs but the statistics show that there were a lot of speculative buyers out there only 1 year ago.  Including Teton Springs of the 113 transactions last year 95 of the transactions were vacant land.  These are staggering numbers!  18 of the transactions were either single family homes, condos or townhomes.  Today’s (2008) residential numbers are just one shy of last year.

I will continue to watch over the Teton Valley of Idaho and if you would like more information or would like discussing investing in the valley please do not hesitate to email or call me toll free at 877-739-8056. 

Grand Targhee Awarded Expansion

The Teton County, Wyoming county commissioners approved a 350 unit expansion at Grand Targhee Resort on Monday, February 4, 2008.  After years of development and months of negotiations with the county commissioners, the George Gillette family has been granted permission to move forward with developing the aging resort. 

The Teton County Board of Commissioners approved the resort proposal with a vote of 4-1, allowing Grand Targhee Resort to expand to a total of 450 units and rezone 120 acres from rural to resort..  The lone dissenting vote came from Leland Christensen, an Alta, Wyoming resident, who pleaded with the other members to turn down the application on fears that the development will change Alta, Wyoming and the Teton Valley of Idaho forever.  The history of Grand Targhee runs deep and this approval will change the resort in the upcoming years.  For better or worse only time will tell.

With Monday’s approval, the Gillette family can have as many as 450 units, including employee housing, on site.  Over 75% of the development must be short-term lodging.  The expansion includes 150,000 square feet of commercial space and resort services, amenities and support uses.

For more information on the expansion and the future real estate offerings please feel free to contact us at garth.gillespie@sothebysrealty.com.