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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.

Pine Glades – Jackson Hole – A Mountain Retreat in the Heart of Jackson

Just Released….Well sort of.  Sotheby’s International Realty is proud to announce the release of the first few phases of Pine Glades on February 14, 2008.

Pines Glades will be located at the base of Snow King Resort on a total of 17 acres.  The location is just west of the Exhibition ski lift and is filled with thousands of mature Douglas Fir trees.  When Pine Glades is completed in the summer of 2009, it will consist of 27 free market town homes and 12 deed-restricted condominiums priced to be affordable for Jackson Hole’s working families.  As many have already heard, access to the development will be through a well lit spacious Alps-style tunnel from South Cache Street.

The town homes in Pine Glades will range in size from nearly 2,700 to 2,800 square feet, with three bedrooms, and three and a half bathrooms, and underground two-car garages.  The custom design features vaulted ceilings, large windows, an open floor plan and gas fireplaces with a stone chimney.  The developer, Dave Taylor, is locally known to build incredibly detailed and high-end homes through out the valley and Pine Glades is slated to have the same attention to detail as David’s custom homes.

The eco-friendly aspects of Pine Glades may not be as noticeable as the aesthetic qualities, but they’re just as important a part of Dave Taylor’s plans.  Pine Glades is on tract to be the first residential project in Wyoming to earn the U.S. Green Building Council’s LEED (Leadership in Energy Efficiency and Design) certification.

Pricing in the first phase ranges from $1,750,000 to $2,200,000.  The Gillespie Real Estate Team has full project packets available along with floor plans and standard and upgrade options.  Please call us if you would like to be one of the "lucky" ones to purchase in the first phases of Pine Glades.

Welcome to the Jackson Hole Experts Blog

Welcome to the Jackson Hole Experts Real Estate Blog
  • What is a blog? The name comes from “web-log” and is sometimes referred to as “The Web 2.0.” It is basically a website that allows interaction.
  • What is the Jackson Hole Experts Real Estate Blog intended to be? We’ll blog with the goal of being an up-to-date resource for our community, emphasizing Jackson Hole and Teton County, Wyoming real estate, but also just about living in our great community – Jackson.
Christy and I are both excited about this new opportunity to communicate with our customers but to also reach out to new residents or individuals who are eager to learn more about Jackson Hole and our real estate market. The Gillespie Real Estate Team is here to personalize your real estate experience – to work with you how and when YOU want, whether you’re planning to buy or sell. We bring depth of experience locally and a diversity of backgrounds – we think of ourselves as your guides with your interests at the top of mind. Information is readily available, but good interpretation is not as easy to find.
 
Real estate is partly about lifestyle as well, so we’ll share our views of the lifestyle and the surroundings. We may get off topic, much as we would if we were spending hours in a car with you, going from neighborhood to neighborhood. The Jackson Hole Experts Real Estate Blog will be concentrating on market updates, new developments, community news, restaurant reviews and other areas of interest. Please feel free to sign up for updates and email us with any topics you would like us to discuss. Jackson Hole is such a complex place with so many interesting people and stories our goal is to bring some of them to light and to add our insight on many of the topics.  
 
Of course, we’ll also hope that our readers will think of us when they hear of anyone who wants to buy or sell Jackson Hole residential real estate, because that’s how we make our living. You can see more about who we are at www.JacksonHoleExperts.com. Your comments are not only welcomed, but encouraged. Ask us questions, ask for advice, use us as your sounding board. We believe in long relationships, which are grounded in trust, caring and mutual respect. We not only want to make your real estate transactions memorable, we want you to refer us to your family, your friends, your colleagues, your acquaintances – and people you just meet. We thrive and grow because of you and your referrals.

 Stay tuned for our next post as we will be highlighting a new development in the Town of Jackson, Pine Glades.  Pine Glades was just approved by the Town of Jackson and consists of 27 luxury townhomes overlooking Snow King and the Town of Jackson.