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Focus is on Teton Village real estate

By   /  December 14, 2009  /  No Comments

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The aerial tram at Jackson Hole Mountain Resort will remain in drydock for at least a few more days until snow levels near Rendezvous Peak increase.

The aerial tram at Jackson Hole Mountain Resort will remain in drydock for at least a few more days until snow levels near Rendezvous Peak increase.

Every December the center of the Jackson Hole universe moves about 15 miles northwest to Teton Village as the Jackson Hole Mountain Resort gains momentum for the winter season. By Christmas, this hamlet’s hotel rooms will boast their highest occupancies of the year and properties for sale will see significant attention and traffic.

And right on cue, here comes the snow!

On Friday, a multi-brokerage open house will allow Realtors (and clients) to tour many of the more than 88 active listings NOT in Teton Club. (This fractional ownership development near the base of the aerial tram has 48 properties for sale from $750 for one fall week to $350,000 for four prime weeks, including New Year’s.) Contact me if you would like a list of properties or to accompany me.

A search of the active, pending and recently sold Teton Village listings in the Teton County Multiple Listing Service reveals the following highlights:

  • The least-expensive full-ownership property is a 2-bed, 1-bath, 800-square-foot Gros Ventre condominium listed for $350,000 after 225 days on the market, down from $429,000.
  • Not including the seven fractional ownership units at Four Seasons in Jackson Hole, there are 22 condominiums listed below $1 million.
  • Of the 19 closings in the past year, six were bank-owned properties and six were in Teton Club. The remaining seven sales traded for prices significantly discounted from the highs of 2007.
  • Terra 2 still has 20 pending units with combined list prices of more than $35 million. Contact me for more details, but coincidentally there was a story on this high-quality project in today’s Jackson Hole News&Guide.

The dynamics of the Teton Village real estate market are complex and fluid. With a wide variety of inventory, from high-end single-family homes to slopeside condos to fractional products, there are in fact several niche markets. This market has struggled in the last 18 months, but opportunity is returning.

Of course the key to unlocking opportunity is knowledge! What is the deal with Shooting Star? How does the potential for short-term rental income affect buying and selling decisions? What projects are in the pipeline for Teton Village in the short and long term? Contact me for the answers to these questions and much, much more about Teton Village real estate.

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