When it comes to real estate in Jackson Hole, few neighborhoods vibrate with the intensity of Teton Village. And within the tiny hamlet at the base of Jackson Hole Mountain Resort the beating heart is clearly Four Seasons in Jackson Hole.
Since opening its doors in December 2003, Four Seasons has dominated both the Teton Village landscape and real estate market. The nine-story building is one of the largest in the entire state of Wyoming, with 156 rooms, an 11,000-square-foot spa, more than 2,000 pieces of art adorning its walls and all the services and amenities expected of this international brand.
Not surprisingly, this sprawling condo-tel has from day one recorded superior real estate sales that have been among the most recession-proof in Jackson Hole. Full ownership sales began in the fall of 2005. At that time a 2-bed, 1,720-square-foot unit sold for $1.375 million and since then only two units have sold for less, according to Teton County Multiple Listing Service. Currently, the least-expensive full ownership listing is a similar 2-bed unit priced at $1.75 million.
(Four Seasons in Jackson Hole also offers fractional ownership, but they are outside the scope of this article. Contact me with questions about these units.)
Reported sales since 2005 include 57 units with a total sales volume of approximately $149.5 million, with many millions more in transactions completed outside the MLS. These closings break down to an average sales price of $2.9 million per unit and an average per square foot value of $1,067.
Since 2008, the beginning of the recession that eventually saw a loss of values in Jackson Hole as high as 50 percent, Four Seasons fell less than a third and has easily outperformed its direct competitors in Teton Village, which include Hotel Terra, Teton Mountain Lodge and Snake River Lodge & Spa. For example:
- During the four years between 2008 and 2011, Four Seasons recorded approximately $47 million in sales compared to approximately $32 million for the other three combined.
- The average per square foot price in Four Seasons dipped to $1,016 in 2011 from $1,484 (31 Percent) in 2008. During the same period Hotel Terra dropped from $1,389 to $689 (50 Percent), TML dropped from $1,144 to $630 (44 Percent), and SRL&S dropped from $987 to $435. (55 Percent)
Additional market stats relating to Four Seasons in Jackson Hole include:
- The highest recorded sale in Four Seasons Jackson Hole was in October 2007 for a “slopeside” 3-bed, 5-bath unit that closed for less than 5 percent off the list price of $4.995 million. A similar unit listed for $5.1 million also sold in 2007 for an unreported price after 140 days on market.
- There are currently just three active listings in Four Seasons in Jackson Hole: a 2-bed listed at $1.75 million, a 3-bed listed at $2.295 million and a slopeside listed at $3.95 million.
- MLS shows 11 properties for sale in Teton Mountain Lodge, eight in Hotel Terra and seven in Snake River Lodge & Spa.
- Four Seasons sales have closed at an average of 96 percent of list price.
- The least-expensive sale per square foot in Four Seasons is $726 for a distressed 2-bed unit in 2010; its high sale hit $1,569 per foot.
Of course Jackson Hole is well represented beyond Teton Village by some of the West’s finest homes and several extremely successful real estate projects. And in no way should the success of Four Seasons be seen to diminish the value of Teton Village core properties in Teton Mountain Lodge, Hotel Terra and Snake River Lodge & Spa. For many buyers these excellent projects represent a great option for ownership with a lower barrier to entry.
It’s just that only one can be the best in this little corner of the West, and that would be Four Seasons in Jackson Hole.
Contact me for a more detailed look at Teton Village sales and information on all properties in this short-term rental overlay, including rental figures, comparable sales and management considerations.