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The Jackson Hole Community Truck – Christy and Garth Gillespie

IMG_6993Christy and Garth Gillespie recently moved to Jackson Hole Real Estate Associates – Christie’s International Real Estate – and we “moved” the Jackson Hole Community Truck with us!  We know the value our truck brings to the valley so we want to make sure you have the information available to reserve the truck.

If you are not sure what the Jackson Hole Community Truck is….well about 8 years ago Christy and Garth Gillespie thought about a way that we could make a positive impact in our community.  Jackson has so many non-profits and we tried to think of a way that we could support most of them.  We came up with the idea of a Community Truck and to allow all non-profits the use of it for what ever they need.  Moving supplies, setting up for a function, helping a needy family or changing office locations it is available for all.

During the past 8 years the truck has been used at least 100 days of each year to all sorts of individuals and non-profits.  Every year we also ask for supporters/sponsors of the truck and in 2014 we’d like to thank — First Interstate Bank, Jackson Hole Title and Escrow, All American Home Inspections and Albertson’s for their generous support.

To use the truck call the Community Truck Hotline at 307-732-7614, call Garth at 307-413-5243 or email us at gillespieteam@jhrea.com.

Jackson Hole #1 Overall Resort in North America by SKI Magazine

Jackson Hole was voted #1 Overall Resort in North America by SKI Magazine. We hope to see you here this winter!

 

1031 Exchanges and Tax Deferrals

With tax season upon us, we found the following excerpt from Wyoming Title and Escrow timely, informative and easy to follow. It can be difficult to stay on top of the latest practices, especially when it comes to real estate. Please contact us if you are interested in learning more about a 1031 Exchange.

“A 92 Year-Old Solution for Real Estate Investors Facing Higher Taxes in 2013:

1031 Exchanges Offer Full Deferral of the New 3.8% Medicare Surtax Tax and 20% Capital Gain Tax

The familiar adage, “It’s not how much you make, but how much you keep” rings truer than ever for real estate investors in 2013. Not only have capital gain taxes increased significantly for high earners, but many investors below the top tax bracket face an additional 3.8% surtax on passive investment income like capital gains. Fortunately, IRC Section 1031, a provision which has been in the tax code since 1921, provides critically needed tax relief.

Under the American Taxpayer Relief Act of 2012, the top capital gain tax rate has been permanently increased to 20% (up from 15%) for single filers with incomes above $400,000 and married couples filing jointly with incomes exceeding $450,000. In addition, the new IRC Section 1411 3.8% Medicare surtax on net investment income, which includes capital gains, results in an overall rate for higher-income taxpayers of 23.8% — a staggering 58% increase from 2012 tax rates!

Four Steps Involved in Determining Capital Gain Taxation

Absent the tax deferral benefits of a 1031 exchange, below is a summary of the four ways investors will be taxed on the sale of an investment property:

1) Depreciation Recapture: Taxpayers will be taxed at a rate of 25% on all depreciation recapture.

2) Federal Capital Gain Taxes: Investors owe Federal capital gain taxes on the remaining economic gain depending upon their taxable income. Since a new higher capital gain tax rate of 20% has been added to the tax code, investors exceeding the $400,000 taxable income threshold for single filers and married couples filing jointly with over $450,000 in taxable income will be subject to the new higher tax rate. The previous Federal capital gain tax rate of 15% remains for investors below these threshold income amounts.

3) New Medicare Surtax Pursuant to IRC Section 1411: The Health Care and Education Reconciliation Act of 2010 added a new 3.8% Medicare Surtax on “net investment income.” This 3.8% Medicare surtax applies to taxpayers with “net investment income” who exceed threshold income amounts of $200,000 for single filers and $250,000 for married couples filing jointly. Pursuant to IRC Section 1411, “net investment income” includes interest, dividends, capital gains, retirement income and income from partnerships (as well as other forms of “unearned income”).

4) State Taxes: Taxpayers must also take into account the applicable state tax, if any, to determine their total tax owed. Some states have no state taxes at all, while other states, like California, have a 13.3% top tax rate.”

Jackson Hole Mentioned As One of the Top Ski Towns In the World

 

 

 

 

 

 

 

 

National Geographic just listed their top ski towns in the world and guess who is there — Jackson Hole!  Here is the article:

http://adventure.nationalgeographic.com/adventure/trips/best-ski-towns-photos 

There are some great towns listed but we believe the Best Ski Town is Jackson, Wyoming!

For more information on our wonderful town or real estate market please contact us at 307-413-5243 or email Garth and Christy at garth.gillespie@jhsir.com.

New Flights to Jackson Hole!

Jackson Hole, Wyo.
United will add service to Jackson Hole from both its San Francisco and Houston hubs. The Houston service begins June 8 and will feature two weekly flights on Boeing 757 jets. The San Francisco service starts July 1 and will be operated daily by United Express partner SkyWest on Bombardier CRJ-700 regional jets. Both routes run through Aug. 27. In its release, United notes Jackson Hole’s proximity to both Yellowstone National Park and the Grand Tetons. United also flies to Jackson Hole from its hubs in Chicago, Denver and Los Angeles.

To learn more about flight schedules coming and going to Jackson Hole please feel free to contact the Jackson Hole Experts – Christy and Garth Gillespie – at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Average Home Prices Continue to Drop In Jackson Hole in 2011

Today we will continue to update the 2011 Jackson Hole Real Estate Market with Average Sales Prices.  The Chart below does a comparision on Average Sales Price vs. the Prior Year Average Sales Price.  As you can see, the average prices for property sales in Jackson Hole, Wyoming have been lower in 2011 in 10 (to be clear the “Red bars” are for 2011 and “Blue bars” are for 2010) of the last 11 months.  The exception was December 2011 when we saw a few very large transactions take place.  We have seen a lot of sales (to be outlined in a future blog post) in the “below $850,000 range” which have had an influence on Average Sales Price.

Average Prices Graph

Christy and Garth Gillespie – Jackson Hole Experts – A Little about Us….

The Jackson Hole Experts

Christy and Garth Gillespie work together and approach every transaction with the intention of meeting and exceeding their customers’ expectations. They make sure the only surprises someone receives are good surprises by searching for the unexpected and striving for perfection. Real estate is not their hobby; it is their life and profession. They enjoy working with people from all locations and backgrounds, and after 15 years in Jackson Hole they have helped many discover the joys of living in such a wonderful community. Christy and Garth offer detailed, accurate market analysis, knowledge of local trends and experience in the Jackson Hole real estate market. They share a sincere love and passion of real estate and the details that go along with it, including financing, title work, inspections and everything else that goes along with the journey. Christy and Garth have systems to check and double check every detail. They see each transaction as an opportunity and do not take opportunities for granted. Christy, originally from Naples, Florida, literally grew up in the real estate business. Her parents owned a successful real estate company where she got her start, and success in the business seemed to follow her. Her love for the mountain lifestyle became evident after many family trips to Lake Tahoe and Vail, Colorado. She was lucky enough to find Garth at the University of Denver, where they both graduated with degrees in Business, and they married in Grand Teton Park. Garth joined Christy in real estate 11 years ago and hasn’t looked back since. Garth, who originally hails from Milwaukee, Wisconsin, loves dealing with people as well as taking marketing to new levels. Christy and Garth share their life with their six-year-old daughter. As a family, they spend their time hiking the Tetons, fishing and camping, and enjoying the outdoors. The Gillespie’s love Jackson’s wonderful sense of community and are grateful to be able live and raise their daughter in such a vibrant community.

Where are Jackson Hole home prices going in 2012?

We are going to start a series of blog posts that hopefully create a pattern that we can look back on and see if we were right.  Christy and I believe that there could not be a better time to buy real estate in Jackson Hole.  There are excellent values in all price ranges and we believe the amount of inventory allows buyers some good choices.  With that said we do believe a lot of the great properties that have been offered at reduced prices are starting to get purchased and that inventory is going down.  I saw this video yesterday which is from Barbara Corcoran – a real estate “expert” – that outlines some of the reasoning behind buying now and or selling right now.  Take a look.

Stay tuned as we will be posting quite a bit of information that we feel will be important moving forward into the 2012 real estate sales year here in Jackson Hole.  For additional information on real estate or anything else Jackson Hole please feel free to call us at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Jackson Hole Economic Dashboard – Sept 2011

Every month the Jackson Hole Chamber of Commerce prepares a “Economic Dashboard” for the Jackson Hole, WY area. This useful report analyzes sales tax revenue, tourism and visitation numbers at Grand Teton National Park and Yellowstone National Park, Jackson Hole Airport enplanements, lodging occupancy at local hotels, real estate sales, construction permits and job and rental ads in the Newspaper. All of these numbers, along with their comparison to last years numbers, better helps us understand the economic climate in Jackson Hole.

In summary…….

Sales Tax Income for the Town of Jackson and Teton County for July 2011 was up 11% verses July 2010 and up 23% compared to 2009. (As reported by the Wyoming Department of Revenue).

Tourism & Visitation: Visitation at Yellowstone National Park was down by 6% for August 2011 (vs. Aug 2010) However, year to date visitation was down only 3% compared to 2010.  Visitation at Grand Teton National Park was down 5% for August 2011 (vs. Aug 2010). Year to date visitation was down 7% from year to date 2010.

Jackson Hole Airport Enplanements for August 2011 were only slightly down (0.4%) compared to Augst last year, but down 6% from August 2009.

On the positive side……

Visitor inquiries for August 2011 were up by 16% as compared to August 2010 and up 40% compared to August 2009.  It appears more people are looking into traveling to Jackson Hole.

Lodging rates were pretty similar compared to August 2010. Year to date lodging rates were up 2% from 2010 and 8% from 2009. Not reported in this economic dashboard report is the Fall Arts Festival, in Jackson Hole between September 8 and September 18, which currently has in Town hotels and lodges at full occupancy.

Real Estate Sales (our area of expertise) were up 24% (unit sales) and up 11% (sales volume) for the second quarter of 2011 when comparing to the same quarter in 2010 and up 163% (unit sales) and up 102% (sales volume) from the ‘bottom’ of the market in 2009.

Construction Permits for August 2011 were up by 57% compared to August 2010 and up 7% from January-August verses last year.

For additional information, contact The Gillespie Real Estate Team at 307-739-8056 or garth.gillespie@jhsir.com.

Fixed rate mortgages hit new low

According to a recent article by the Associated Press, Fixed-rate mortgage rates fell last week to the lowest levels in 60 years. The average interest rate for a 30 year fixed rate mortgage is now 4.12%, Freddie Mac said last week. It is the lowest rate on record since 1971, and the cheapest rates since 1951.  Furthermore, the average rate for 30-year fixed mortgages was below 5% for all but two weeks over the past five years. Similarily, the average interest rate on a 15 year fixed rate mortgage is 3.33%, also the lowest rate since the record keeping began in 1991.

HOWEVER…..These record low rates have done very little to re-energize the depressed housing market. Sales of new homes are on track to finish the year as the lowest on record in 50 years. The pace of re-sale homes aren’t doing much better – they are the worst in 14 years.

WHY…….Nation wide, an uncertain economy along with high unemployment have discouraged many Americans from taking advantage of these low rates. Additionally, many Americans have seen little wage increases and as a result of the economic climate, many are saddled by large personal debt. None the less, many can’t even qualify for loans at these low rates. Many banks are now insisting on higher credit scores and a 20% down payment for first-time homebuyers. According to a survey by the National Foundation for Credit Counseling,  just 1/2 of Americans say they will ever be able to saive enough money for any type of down payment, let alone a 20% down payment. Further, only 40% of US households have the necessary credit scores above 700 to receive a prime mortgage rate, according to an Associated Press analysis of Fair Isaac Corp. (FICO) data.   Many repeat buyers do not have enough equity built up in their homes to meet loan requirements. Most alarming, accroding to the real estate research firm CoreLogic, about 1/3 of American homeowners have nearly zero equity or are underwater in their mortgage.

Low interest rates usually encourage many to buy real estate, many middle and lower class Americans can’t take advantage of these record low rates. If you are able to qualify for these prime rates, there are many opportunties available. Here in Jackson Hole, there are several opportunities to purchase bank owned homes or lender approved short sale properties.

Contact us, The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty  at garth.gillespie@jhsir.com for a list of bank owned opportunties in Jackson Hole, Wyoming.