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Market Update April 22, 2008

Market Update – Jackson, Wyoming
April 22, 2008

Temperature at the Jackson Hole Airport = 39 degrees! Brrrrrrrr…..
Yes as you read the headline it was 39 degrees on April 22, 2008. This would not be such news but those of us in Jackson Hole have had just about enough winter. We finally had some warmer weather during the weekend to melt some valley snow but overall this has been the spring that just has not started yet. Last year – a warm dry year – was on the other end of the spectrum as most of us were concerned about drought and wildfires. This year we are starting to be worried about when the tulips are going to bloom.

March came and went and there is not a lot to talk about. For the third straight month the number of transactions has not crested 25! In March, there were a total of 22 transactions with a closed sales volume of $38.5 million. To illustrate the slow transaction data we only have to look at the number of transactions during the previous 3 years: 2007 – 60, 2006 – 53 and 2005 – 68.

Of the 22 transactions in March of 2008 – 18 were single family homes and 3 were vacant lots. Highlights are 1. A home in Tucker Ranch sold for $8,000,000 2. There were 2 sales in Teton Village over $3 million and 3. There were 9 sales in the Town of Jackson (mostly condos and townhomes).

There are currently a total of 55 Pending transactions with a total Listing Volume of $133 million. The average list price being $2,425,944. There are 3 transactions that are priced over $10 million!

In real estate news – The Teton County Planning Commission voted 3-1 to advise the Teton County Commissioners to enact a freeze on subdivisions and zone changes for parcels of 20 acres or more.

If you would like information on:

Teton County, Idaho – please visit: www.tetonvalleyexperts.com
Jackson Hole, Wyoming – please visit: www.jacksonholeexperts.com

 

Moratorium Update and Other Notes

April 21, 2008 — 4:00 P.M. — Temperature at the Jackson Hole Airport = 28 degrees!  Brrrrrrrr…..

Yes if you read the headline it is 28 degrees.  This would not be such news but those of us in Jackson Hole have had just about enough winter.  We finally had some warmer weather during the weekend to melt some valley snow but overall this has been the spring that just has not started yet.  Last year – a warm dry year – was on the other end of the spectrum as most of us were concerned about drought and wildfires.  This year we are starting to be worried about when the tulips are going to bloom.  Last year I planted my garden on March 21st.  This year I planted it on Saturday – April 19th.  This was the earliest I could possibly put a shovel into the ground.  I planted Spinach, Beets, Carrots, Kohlrabi, Kale, and Chard for those who care.

Snow King Resort is still completely snow covered.  Yes I also skied on Saturday.  Top to Bottom.  Pretty good slush/corn skiing.  One of the few benefits of the cold spring.  There should be some excellent skiing to do in the National Park – all the way through May!  Fishing on the other hand could be a different story.  So far reports are fair unless we get some warm weather and then it seems to pick up.  Today would be down right freezing.

Real Estate wise Jackson Hole seems to take a break during Spring Break (2 weeks).  The offices of Sotheby’s International Realty were quiet during the break but we did see a resurgence of agents today in the office.  Activity could be described as surprising steady.  There are a total of 55 Pending transactions with a total Listing Volume of $133 million.  The average list price being $2,425,944.  There are 3 transactions that are priced over $10 million!  Overall Christy and I see a lot of inventory in almost all segments.  There are good buys in just about all segments with the exception of the Westbank inventory.  The major void in the Westbank area (South and North of Wilson) happens in the price range from $800,000 to $2,500,000.  Even this area has a few available offerings that could be considered rare.

On real estate news – The Teton County Planning Commission voted 3-1 to advise the Teton County Commissioners to enact a freeze on subdivisions and zone changes for parcels of 20 acres or more.  An exception to the suggestion is Teton Meadows which received an exception to the moratorium.  Teton Meadows is looking to change the complete dynamic of the South Park area with a gross up zone asking for 500 homes (most of which are under the "affordable" categorization).  Unfortunately the effects of this decision could change Jackson for ever so in my eyes the only solution for the Teton County Commissioners to to deny this development.  As seen in the recent news and probably the reasoning behind the moratorium is that there is still a lot of land available to develop so the scare technique that Teton Meadows is using is not the case.  There are a lot of developments that could offer affordable housing and most of these are in better locations than the rural character of South Park. 

There was a great letter to the Editor in the Jackson Hole News and Guide in the April 16th edition written by Dale Kaplan.  She suggests the Town of Jackson explore the idea of moving the Teton County Fair Grounds to make room for a dense, yet sensible residential development in the location of the Fairgrounds.  I have thought about this many times – Dale beat me to the punch.  If we are going to force dense development upon the valley the Fair Grounds make the most sense.  It could be the second heart of Jackson with multiple stories – commercial, retail and residential all with in walking distance of Snow King, the Town of Jackson, Cache Creek.  Minimal car traffic.  I believe it is time we start to explore these issues instead of jamming 500 homes in an area that should see 50.

I hope you enjoyed this entry from the Jackson Hole Real Estate and Community News Blog.  If you would like addtional information on Jackson Hole please feel free to email or call.  For Real Estate News check out www.JacksonHoleExperts.com.   

Recent Real Estate Developments in the Jackson Hole

Over the past month there have been several real estate developments moving through the approval process in the Town of Jackson and Teton County, Wyoming.  I will use this post to update many of them.  If you have any questions about these developments or others that you have heard of please do not hesitate to give me a call at 307-413-5243 or email me.

1.  28 unit development in East Jackson:  Yet to be officially named, this development takes place in East Jackson on 3.35 acres between Rancher Street and Nelson Street.  The planned unit development is proposed to be 145,700 square feet in size which includes 8 single family residences, eight duplexes, and four townhomes.  The development requires affordable housing for 9.79 people and the developer generously is providing affordable housing for 10.  This particular property is in a very attractive location and the developer has a great track record.  It should be a very attractive property with landscaping, sidewalks and a good neighborhood feel.

2.  The Snake River Brewery and Restaurant is expanding!  The "Brew Pub" will be expanding by 2,300 square feet and will include a second floor outdoor deck, new bathrooms (desperately needed!) and an upgraded kitchen.  Congrats and good luck!

3.  A Developer is planning on developing the property that is currently the Painted Buffalo.  The development will be 151,000 square feet in size and will be of a mixed use.  Most of the space will be a new 155-room luxury hotel, spa and fitness center, conference space, restaurant, bar and limited retail space.  The proposed plan calls for a 4 story building.

4.  A beautiful new property is going to be built on the corner of Pearl and Jackson.  The new building will be 31,000 sq feet is size and will be of mixed use.  Retail/Commercial space will be on the first floor with a mix of affordable, employee and free market "lofts" will be on the 2nd and 3rd floor.  The units on the 3rd floor are incredible and should be in big demand when they are released.  The parking will be underground.

5.  A major development was proposed in the county by 3 ranching families – Lucas, Von Gontard, and Robertson families.  The application consists of 692 acres with up to 315 homes.  The acreage is located in 3 different areas – South Park (across the street from 3 Creek Ranch), Hog Island (next to the WYDOT building) and Game Creek.  The property in Game Creek would transfer development rights to the other 2 properties.  Preliminary plans show the South Park property would contain a total of 181 homes – 107 market homes and 74 deed restricted units.  The Robertson property would consist of 128 total units with 33 free market, 11 affordable, 48 PUD affordable and 36 PUD affordable market homes.  This looks and sounds much better than the awful Teton Meadows plan.

6.  There is a lot of new development taking place at Teton Village.  Most recently the Little Nell hotel went before the planning commission for its first hearing.  Little Nell, a project of Terra Development Group, would be a 50 unit condominium-hotel.  The 121,000 square foot hotel includes a conference room, a spa, 3,500 square feet of retail and a 5,000 sq ft restaurant.  The property is 1.3 acres in size.

I hope you found this information informative and easy to read.  Please visit www.JacksonHoleExperts.com if you would like additional information.