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Teton Village: Mid-season real estate report

By   /  February 18, 2013  /  No Comments

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The annual Cutter Races, held this weekend, is pure Jackson Hole.

The annual Cutter Races, held this weekend in Melody Ranch, is pure Jackson Hole.

Jackson Hole Mountain Resort is in full swing this President’s Day weekend, awakening from its mid-season, post-holidays nap. With another season of strong snowfall among the deepest in the Rockies, bookings at Teton Village hotels are solid through mid-March.

Real estate activity also is strong, with five closings since December 1 and eight properties currently under contract. This easily surpasses last winter’s real estate activity, which saw just three full-ownership closings all season and none in 2012 until March 1. Overall, there were 37 closings in Teton Village in 2012, down from 43 in 2011.

Closings this ski season include:

  • Two Hotel Terra units, both on the market for more than 1,200 days.
  • A 5-bedroom condo built in 1978 in the older section of Teton Village listed for $1.099 million. Very few 5-bedrooms in Teton Village. On (and off) the market for 17 months.
  • Two single-family homes on the market an average of 750 days. Listed for $2.595 million and $2.45 million, both selling for less than 10 percent off final list price.

The takeaway on these sales is that buyers have taken advantage of values as much as 50 percent below the height of the market, regained confidence in the short-term rental market and are finding sellers willing and able to deal. However, putting the damper on a more robust resurgence in this hamlet about 15 miles from downtown Jackson is a lack of inventory.

Rendezvous Peak (the top of the Aerial Tram) as seen from Tucker Ranch.

Rendezvous Peak (the top of the Aerial Tram) as seen from Tucker Ranch.

Currently there are just 43 full ownership properties for sale in Teton Village, down from 48 in October.  (There are 29 fractional ownership properties for sale, but those are outside the scope of this analysis.) Options are significantly diminished from December 2011, when there were 73 properties on market.

Available homes at the base of Jackson Hole Mountain Resort include:

  • A 500-square-foot studio built in 1973 listed for $225,000 is the least-expensive property. A 2-bed condo built in 1972 is listed for $297,700.
  • There are 5 condos listed below $500,000 and 13 for less than $1 million.
  • There are 9 single-family homes, with the least expensive a 5-bed, 4-bath, 2,750-square-foot home built in 1980 and listed for $1.650 million.
  • Two Granite Ridge homes, both listed in the last week at $6.9 million and $5.2 million. This premier neighborhood is located along the slopes above Four Seasons Jackson Hole and features some of Teton Village’s finest homes.

Half of the eight pending properties are in Teton Mountain Lodge and Hotel Terra. Activity in these condo-tel developments has been intense of late. Contact me for a detailed look at these developments, including rental figures, floor layouts, comparable sales and more.

 

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