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Jackson Hole Housing on the Rebound?

Day 2 of our informative real estate slides that are painting a pretty picture of the real estate market.  In todays snapshot we see Morgan Chase CEO, Jamie Dimon talking to his readers and listeners that he sees nothing but upward momentum in today’s real estate market.

It is interesting to see him predicting downward pressure on prices (due to foreclosures and short sales) but also signaling and bullish outlook on buying or investing in real estate.

Investors have been interested in the current real estate market due to the lower pricing.  But what we are starting to see is rent increases.  This will only add fuel to the fire so Christy and I believe lower end rental condos and townhomes along with multiunit properties are going to be the “hottest” market this summer.  The only thing we see that would block this momentum would be if a inventory becomes are to find….guess what happens then?  We may see some price increases by year end!

For more information on the Jackson Hole Homes for Sale contact The Gillespie Real Estate Team – Christy and Garth Gillespie at 307-413-5243 or email us at garth.gillespie@jhsir.com.

Wyoming Tax Benefits – There Is Alot You Need To Know!

 There are several reasons why many people choose to live in Jackson Hole.  Many live here for the scenic beauty of Grand Teton National Park, several for the fly fishing in the Snake River in the summer, and many for great skiing at Jackson Hole Mountain Resort in the winter. However there is also a practical reason to live in Jackson Hole, Wyoming’s overall tax-climate benefits when compared to other states. 

Bloomberg Wealth Management magazine continues to rate Wyoming as the #1 Tax Friendly State in America. It’s easy to understand why….. 

  • No state income tax on personal or corporate income
  • No state inheritance tax or estate tax
  • No tax on the purchase or sale of real estate
  • No state capital gains tax
  • No state gift tax
  • No state excise tax
  • No tax on out-of-state retirement income
  • Dynasty Trusts are permitted and allow you to shield assets from federal real estate taxes

Owning property in Jackson Hole gives you unlimited access to our breathtaking mountains, our magnificent forests, pristine streams and world class sporting opportunities. Now you have another great reason to own real estate in Jackson Hole!

 Call or email The Gillespie Real Estate Team to learn more about real estate opportunities in Jackson Hole, Wyoming.

Brand New Townhomes for Sale in Jackson Hole, WY

Cottonwood Flats are Jackson Hole’s brand new 2 and 3 bedroom townhomes. Offered by The Gillespie Real Estate Team, all townhomes include…

  • covered front porch
  • attached garage
  • backyard
  • hardwood floors
  • large windows
  • brand new appliances
  • pet friendly
  • limited common walls with other townhomes

 Cottonwood Flats are located in a great part of the town of the Jackson near the Middle School, next to the bus stop, and surrounded by the town bicycle and pathways.

The 2 bedroom townhomes are 1,068 square feet with 2 baths and a 1-car attached garage. The 3 bedroom townhomes are 1.600 square feet with 3 baths and a 2-car attached garage.

We host an open house every Sunday from 3:00 -5:00 pm or give us a call for a showing.

 Find pictures and more information @ http://jhexperts.com/cottonwood-flats-townhomes.asp

 

Construction Update:

Block I of Cottonwood Flats Townhomes is complete and includes eight 2-story townhomes. All units have been issued their Certificates of Occupancy and are ready for move-in.  Of the eight units, two of the townhomes (a 3 bedroom and a 2 bedroom) have been sold to the Housing Authority as Affordable Units**. Unit 2, a market rate unit with 2 bedrooms is now under contract. There are 4 two-bedroom units and 1 three-bedroom unit still available for purchase in Block I. Landscaping of Block I will be completed in early spring.

Construction continues on Block II of Cottonwood Flats Townhomes. Fifteen additional units (a mix of 2 and 3 bedroom units) will be completed this summer.  Many of these homes have direct views of the Grand Teton and views of the Jackson Hole Mountain Ski Resort. Homes are stick built off site by Stratford Homes in Idaho and then brought to the site and connected to the foundations and utilities.

 ** The town of Jackson requires 15% of every new development to be deed restricted affordable, which means they have limits on appreciation (usually tied to Denver CPI) as well as limits on the income of the families that purchase the units.

2007 Jackson Hole Statistics Fine Tuned – March 2008

 

2nd Blog in a series of updates on 2007 statistics:

Sotheby’s International Realty of Jackson Hole has been busy compiling statistics from the past year (2007) and in next series of blog updates I will be taking some of that information and sharing it with you.  Leonard Klieman of the Jackson Hole Sotheby’s office has done an incredible job of analyzing Teton County Multiple Listing Service information along with comparing and contrasting data received from Teton County, Wyoming County Assessors Office.

Source:  Teton County Multiple Listing Service — Sales Volume for 2007 equaled $792 million.  A new record!  There were 83 less sales, but $65.9 million more in gross sales volume verse 2006.  Since 2005 unit sales have been declining yet volume has been increasing.  What does this mean??? Increase sales prices!

There was a noticeable decline in activity in the 4th quarter of 2007.  In 2007 unit volume peaked in July which is completely different from years past when September was the busiest month for sales.  There were only 26 sales reported in December and only 21 in January of 2008.  That is the first time in 3 years that there were 2 consecutive months of fewer than 30 sales.  Six months ended Jan. 08 units sales declined 29% from six months Jan. 07.

Look for more statistics in early March!

For more information or if you have any questions or comments please feel free to contact the Gillespie Real Estate Team.

 

Jackson Hole Market Update – Feb. 20, 2008 – Active Listings and Inventory

Sotheby’s International Realty of Jackson Hole has been busy compiling statistics from the past year (2007) and in next series of blog updates I will be taking some of that information and sharing it with you.  Leonard Klieman of the Jackson Hole Sotheby’s office has done an incredible job of analyzing Teton County Multiple Listing Service information along with comparing and contrasting data received from Teton County, Wyoming County Assessors Office.

As of January 2008 there were 404 current listings in the Teton County MLS.  Due to a extreme slow down in current pending activity this gives Jackson a 20 month supply of inventory.  (Months of Inventory = Active Listings / Unit Sales).  In January 2008 we saw the first increase in active listings for the first time in 3 years.  In 2006 there were 386 active listings and in 2007 there were 364 active listings at this time.  The biggest change in the data however is that pending transactions are trending down instead of up when comparing the past few years.  This trend started in November of ’07.

Properties listed for less that $3 million:  296.  Active listings are up 11.7% vs. last year and is up in January vs. December for the first time in 3 years.

Properties listed greater that $3 million:  116.  Active listings are up 9.4% vs. last year.

Teton Valley, Idaho – – Residential and Building Sites — 1,601!!!  January 2008 active listings are 46% higher than in Jan – 07 and 153% higher than in Jan – 06.  Rising inventory coupled with falling unit sales is contributing to the jump in months of inventory.  You ask what the months of inventory for Teton Valley, Idaho is….5 years!

Jackson Hole / Teton Valley Wyoming 2007 Summary:  The overall market experienced…

  • 9% rise in sales volume
  • 25% increase in average sales price
  • 30% rise in median price of a single family home
  • 34% jump in the median price of a condo
  • Decline of nearly 13% in total unit sales
  • Inventories remain tight but rose slightly in January

Teton Valley, Idaho 2007 Summary:  The overall market experienced…

  • 4 years of solid growth through 2006 ended with a 15% decline in 2007.
  • Unit sales declined 9%
  • Quarter 4 of 2007 – unit sales declined 58% vs. 2006
  • Inventory has more than doubled in 2 years.

Hope you enjoy the statistics and if you have any questions or comments please feel free to contact The Gillespie Real Estate Team.

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.