Tag Archive for: Jackson Hole

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….

Top Real Estate Deals in Jackson Hole — Top Picks Updated!

Update – Update – Update

Christy and I just updated our “Top Picks” of the week at www.JacksonHoleExperts.com. Please check them out.

The week in review for Jackson Hole real estate according to the Teton County Board of Realtors Multiple Listing Service is as follows:

There were 10 listings that experienced significant price reductions. Listings of notice include – 2 lots on the “West Bank of the Snake River” located on Wiley Lane which are both about 3 acres in size have been reduced to $675,000! These lots are priced at a very value.

There have been 8 new listings added to the inventory in the Jackson, Wyoming area. Included in the new listings are 3 Love Ridge units at the Snow King Resort. We saw a new listing in Cottonwood Park and also another in Rafter J – unfortunately the pricing does not seem to accurate.

As for action we saw 3 new pending transactions and 1 closing of interest. The closing was a Teton Pines Cluster home listed for $2,395,000. Congrats to the agents involved.

Have a great weekend and if you would like additional information on the Jackson Hole, Wyoming real estate market please contact the JacksonHoleExperts – Christy and Garth Gillespie at 877-739-8056.

Wyoming Ranks As One Of the Happiest States In The Country

If you know Christy and me you know we love it here in Jackson Hole, Wyoming. The fresh air, the majestic mountains, the incredible community, the recreation, the restaurants, the arts the list goes on and on. Jackson Hole is a special place. Well, the residents for the rest of our great state, must feel the same way because in a recent Gallop poll Wyoming was rated the third happiest state in the country only behind our neighbor, Utah and the beautiful islands of Hawaii. I have attached the link to the article.

In other news – Christy and I attend the PAWS furball this weekend at the Four Seasons Resort and we had a blast. Thank you to the Four Seasons Resort – Jackson Hole as they put on a great show with fabulous food, cocktails and atmosphere. As for PAWS – cheers to you. It was one of the finest run charity events we have attended. The marketing was top notch, the event was extremely well planned and all we saw were smiling faces though out. Not to mention an incredible auction where we witnessed the bidding for the coveted front cover of the PAWS calendar reach record amounts and finishing with the “Auctioneer” Leland Christenson saying, “and the winner with the final bid of $47,500.00 wins the front cover for the 2010 Paws Calendar” We witnessed a few “high-fives” after that in the room.

Thank you Jackson Hole! Christy and Garth Gillespie just won the “Best Husband and Wife Real Estate Team” in the Planet Jackson Hole Weekly first annual “Best Of 2009”. We are honored and humbled by your votes and will continue to provide the best real estate service in Jackson Hole. We appreciate your votes!

If you need any assistance with real estate questions or thoughts please feel free to call 739-8056 or email the JacksonHoleExperts – we are here to help.

Overall Market Update – Real Estate – Jackson Hole, Wyoming

Preliminary Market Update for Year End 2008
Sotheby’s International Realty – Jackson Hole and Christy and Garth Gillespie, the Jackson Hole Experts, have been busy looking back at 2008 putting together final real estate market numbers which are not quite finished. In the meantime we thought we would update the most current information we have gathered and give out the preliminary market update.

November and December were the 2 worst sales months in the past 10 years! With the election, economy downturn and the credit crisis in full swing the housing market nationally took a huge hit and Jackson Hole was not immune to the crises. There were 9 sales in November and 12 sales in December. November unit volume is 51% below that of 2007 and 55% below that of 2004. Sales volume fell 39% to $460 million compared to $750 million in 2007. All five regions (Teton Village, West of the Snake River, North of Town, Town of Jackson and South of Jackson) of the Jackson Hole real estate market saw major declines in activity through the first 11 months. The strongest segment was the Town of Jackson with 110 (-43%) transactions and $120 (-14%) million in sales volume. South of Jackson took the biggest hit with sales volume down 64% and unit sales down 61%! The large decrease in activity in the South of Jackson category is explained by a huge reduction in sales at 3 Creek Ranch and the now bankrupt Snake River Sporting Club.

If we look at sales by property type we see that vacant land sales had the largest decline with sales volume down 47% and unit sales down 67%! Overall the averages were Condos down 33%, Single Family homes down 42%, and Vacant land down 47%. The bright spot in the market has been Commercial listings with sales volume up 35% and unit sales only down 24%.

Active inventory has been trending upward with a slight decease in November 2008 due to sellers removing listings from the market. When we look back we see that active listings have been trending upward since May of 2007. This increase in listings is market wide with active listings under $3 million at 548 and greater than $3 million at 150.

Do we see any positive trends? Of course – we have to find some positives in this market. First and foremost we have great inventory to show potential buyers and the prices are starting to trend downward. There have been many times in the past ten years that Jackson Hole has offered a very limited number of options for buyers in the market. Well that has changed! We also are starting to see some very unrealistic sellers adjusting their pricing. We have a new page on our website at www.jacksonholeexperts.com that offers our “Top Values” – check it out! Another trend we are starting to see is an increase in interest in our market. The Christmas / Holiday season was very busy in Jackson Hole. Most of you may have heard but the Jackson Hole Mountain Resort received over 5 feet of snow between Christmas and New Years. Many visitors filled a day or two of their visit with a real estate agent. Showings increased two-fold and real estate inquiries doubled at Sotheby’s. To turn this market around we need interested parties so this was a good first step. Stay tuned for more information and thanks for reading — please send comments to garth.gillespie@sothebysrealty.com or give us a call at 307-739-8056.

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

Economic Stimulus Act – How does it effect Jackson Hole??

The Economic Stimulus Act of 2008 signed into law by President Bush in Feb. provides help for some homeowners facing a more challenging lending environment.  The act contains provisions to increase the availability and affordability this year for the kinds of loans that finance many Jackson Hole area homes. 

The act provides a good opportunity for homeowners who purchased homes in the Jackson or Teton Valley of Idaho area during the past 3-5 years and used an adjustable rate mortgage to fund the purchase.  Between March 1 through December 31 new jumbo-conforming loan limits apply.  The economic stimulus package temporarily increased the limit on mortgages that can be purchased by the government-sponsored Freddie Mac and Frannie Mae.  The Office of Housing and Urban Development, Freddie Mac and Frannie Mae have designated Teton County, Wyoming, and Teton County, Idaho, as among certain high-value areas of the country where  a higher loan limit will be necessary to be coupled with a lower conforming rate.  The traditional loan amount is still $417,000 but the jumbo conforming loan limit is now $693,750.

The new rules only apply to 30-year fixed rate and five year adjustable mortgages.

For more information on the new mortgage rates feel free to touch base with Taylor Mortgage, John Curry at 307-733-5800 or T.R. Pierce at the Bank of Jackson Hole 307-733-8064.  They’d be happy to assist you.  If you are interested in real estate information please feel free to call Garth Gillespie 307-413-5243 or email me.

New Real Estate Offering in Jackson Hole — New Listing

Location!  Rare! On Flat Creek!  In the Heart of Jackson Hole!

Christy and I just listed a Condo in the heart of the Town of Jackson.  Extremely unique as it is only one of 7 condos in the Town of Jackson that has a third story roof top deck that overlooks Flat Creek and the Bridger Teton National Forest.  It is almost impossible to explain unless you can see it for yourself but the main floor of the condo has floor to ceiling windows that basically overlook the river as it winds itself through a large meadow.  South facing exposure brightens the 3 bedroom, 3 bathroom, 2,200 square foot home making for an efficent living space.



Listing Price — $1,475,000

Easy to show and if you would like additional information please do not hesitate to call (307- 413-5243 or email.

Flying to Jackson Hole this Summer?

Just Announced — Summer Flight Schedule for Summer 2008 – Jackson Hole.

Time to book your summer vacation to the most beautiful place in the lower 48! 

Summer 2008 Airline Schedule
Inbound Non-Stop Jet Service
City Airline Plane Departs Arrives Frequency Start Date End Date
Atlanta Delta 757 10:15AM 12:37PM Thurs – Sun 6/5/2008 8/31/2008
Chicago United A319 12:00N 2:05PM Daily 6/5/2008 9/1/2008
Chicago United 752 3:00PM 5:02PM Daily 5/30/2008 6/4/2008
Chicago United A319 5:05PM 7:14PM Daily 6/5/2008 9/30/2008
Chicago American 757 9:30AM 11:45AM Sat – Sun 7/5/2008 8/31/2008
Dallas/Fort Worth American 757 5:10PM 7:06PM Sat 6/14/2008 8/30/2008
Dallas/Fort Worth American 757 9:50AM 11:30AM Daily 6/12/2008 9/30/2008
Denver United A319 1:20PM 2:44PM Sat – Sun 9/6/2008 9/28/2008
Denver United Express DH2 1:25PM 3:24PM Daily 9/2/2008 11/30/2008
Denver United A319 1:30PM 2:51PM SAT 5/10/2008 8/30/2008
Denver United Express DH2 1:50PM 3:49PM Daily 4/7/2008 5/19/2008
Denver United Express DH2 10:10AM 12:14PM Daily 4/7/2008 5/2/2008
Denver United Express DH2 10:25AM 12:34PM Daily 10/26/2008 11/30/2008
Denver United A319 11:15AM 12:39PM Daily 5/3/2008 6/4/2008
Denver United 752 11:15AM 12:34PM Daily 6/5/2008 10/25/2008
Denver Frontier   2:20PM 4:00PM Daily 5/15/2008 11/30/2008
Denver United A319 2:25PM 3:45PM Daily 5/20/2008 9/1/2008
Denver United A319 3:25PM 4:46PM Sun 6/15/2008 8/31/2008
Denver United Express DH2 4:07PM 6:00PM Daily 6/5/2008 9/1/2008
Denver Frontier   4:55PM 6:35PM Daily 5/15/2008 11/30/2008
Denver United A319 5:30PM 6:51 AM SAT 6/21/2008 8/30/008
Denver United 752 7:55PM 9:15PM Daily 5/20/2008 9/30/2008
Denver United A319 8:10AM 9:38AM Daily 6/5/2008 9/1/2008
Denver United Express DH2 8:25AM 10:21AM Daily 9/2/2008 11/30/2008
Denver Frontier   8:30AM 10:10AM Daily 5/15/2008 11/30/2008
Denver United Express DH2 8:40PM 10:50PM Daily 10/1/2008 11/30/2008
Denver United Express DH2 8:50PM 10:49PM Daily 4/6/2008 6/4/2008
Minneapolis Northwest A319 4:50PM 6:22pm Daily 6/6/2008 9/29/2008
Salt Lake City Delta Connection CR7 1:40PM 2:40PM Sun – Fri 4/9/2008 6/4/2008
Salt Lake City Delta Connection CR7 11:00AM 12:08PM Daily 4/8/2008 11/30/2008
Salt Lake City Delta Connection CR7 2:55PM 3:55PM Daily 6/5/2008 11/30/2008
Salt Lake City Delta Connection CR7 4:55PM 5:57PM Daily 4/8/2008 11/30/2008
Salt Lake City Delta Connection CR7 7:30PM 8:32PM Daily 6/5/2008 11/30/2008
Salt Lake City Delta Connection CR7 7:45PM 8:47PM Daily 4/1/2008 6/4/2008
Salt Lake City Delta Connection CR7 9:55AM 11:03AM Daily 6/5/2008 11/30/2008
Outbound Non-Stop Jet Service
City Airline Plane Departs Arrives Frequency Start Date End Date
Atlanta Delta 757 1:35PM 7:05PM Thurs – Sun 6/5/2008 8/31/2008
Chicago American 757 12:18PM 4:00PM Sat – Sun 7/5/2008 8/31/2008
Chicago United A319 7:45AM 11:28AM Daily 5/31/2008 9/30/2008
Dallas/Fort Worth American 757 12:25PM 3:50PM Daily 6/12/2008 9/30/2008
Dallas/Fort Worth American 757 8:03AM 11:40AM Sat 6/14/2008 8/30/2008
Denver United A319 1:20PM 2:42PM Daily 5/3/2008 6/4/2008
Denver United 752 1:20PM 2:44PM Daily 6/5/2008 10/25/2008
Denver United A319 10:18AM 11:44AM Daily 6/5/2008 9/1/2008
Denver Frontier DH4 10:40AM 12:22PM Daily 5/15/2008 11/30/2008
Denver United Express DH2 10:40AM 12:31PM Daily 9/2/2008 11/30/2008
Denver United Express DH2 12:35PM 2:30PM Daily 4/7/2008 5/2/2008
Denver United Express DH2 12:54PM 2:45PM Daily 10/26/2008 11/30/2008
Denver United A319 3:24PM 4:44PM Sat – Sun 9/6/2008 9/28/2008
Denver United A319 3:25PM 4:50PM Sat 5/10/2008 8/30/2008
Denver United Express DH2 3:44PM 5:40PM Daily 9/2/2008 11/30/2008
Denver United Express DH2 4:10PM 6:05PM Daily 4/7/2008 5/19/2008
Denver Frontier DH4 4:30PM 6:12PM Daily 5/15/2008 11/30/2008
Denver United A319 4:30PM 5:55PM Daily 5/20/2008 9/1/2008
Denver United A319 5:28PM 6:53PM Sun 6/15/2008 8/31/2008
Denver United Express DH2 6:20PM 8:18PM Daily 6/5/2008 9/1/2008
Denver United 752 7:00AM 8:18AM Daily 5/20/2008 9/30/2008
Denver United Express DH2 7:00AM 9:04AM Daily 10/1/2008 11/30/2008
Denver Frontier DH4 7:05PM 8:47PM Daily 5/15/2008 12/17/2008
Denver United Express DH2 7:25AM 9:20AM Daily 4/6/2008 6/4/2008
Denver United A319 7:50AM 9:08AM Sat 6/21/2008 8/30/2008
Minneapolis Northwest A319 9:00AM 12:10PM Daily 6/6/2008 9/29/2008
Salt Lake City Delta Connection CR7 1:15PM 2:10PM Daily 4/8/2008 11/30/2008
Salt Lake City Delta Connection CR7 11:55AM 12:50PM Daily 6/5/2008 11/30/2008
Salt Lake City Delta Connection CR7 3:15PM 4:11PM Sun – Fri 4/9/2008 6/4/2008
Salt Lake City Delta Connection CR7 5:05PM 6:01PM Daily 6/5/2008 11/30/2008
Salt Lake City Delta Connection CR7 7:00AM 8:04AM Daily 4/8/2008 11/30/2008
Salt Lake City Delta Connection CR7 8:10AM 9:14AM Daily 4/8/2008 11/30/2008
Inbound Commuter Service
Denver United Express Dash 8 1:20 PM 3:19 PM Daily Year Round    
Denver United Express Dash 8   Daily 10/28/2007 12/14/2007
Outbound Commuter Service
Denver United Express Dash 8 3:49 PM 5:50 PM Daily Year Round    
Denver United Express Dash 8   Daily Year Round  

This schedule was updated March 8, 2008; flight times are likely to change, and will vary throughout the summer.



For more information on Jackson Hole and Jackson Hole Real Estate please visit www.JacksonHoleExperts.com or give Garth Gillespie a call at 877-739-8056.


Sotheby’s International Realty — 61.8% Market Share!


2007 was a record year for the Jackson Hole real estate market, and even better one for Sotheby’s International Realty Jackson Hole Brokerage, which increased its local market share to 61.8% based on its sales volume contrasted against Teton County total sales as reported by the Teton County Assessor’s office.

Looking at the market as a whole, the total dollar volume of sales reported through the Teton Board of Realtors Multiple Listing Service (MLS) in 2007 rose 9.1% over 2006.  Even in the fourth quarter, a rocky period for the national real estate market, sale volume was up 5.6% over the same period in 2006.  Sotheby’s sales associates outpaced their competitors for the year, boosting the MLS sales volume in 2007 by 12.2%.  Based on the Teton County Assessor’s numbers, which include both MLS and non-MLS transactions, Sotheby’s associates handled 61.8% of the $1.055 billion real estate sales volume in the Jackson Hole region.  The company’s average market share for the past five years is now 58.2%.

As the result of agent’s efforts and enhanced support they receive, listings with Sotheby’s International Realty in 2007 resulted in an in-house sale nearly 60% of the time.  This was more than 50% better than the company’s nearest competitor – Real Estate of Jackson Hole.  Sotheby’s agents do 88% more transaction sides per agent and 83% more dollar volume than their closest competitor.

This story was written by Sotheby’s International Realty Jackson Hole Brokerage with contributions and editting by Garth Gillespie, sales associate. 

For more information on these statistics or if you have any questions about the Jackson Hole Market please feel free to visit JacksonHoleExperts or to call me at 307-413-5243.