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Fore! Golf real estate drives 10% of Jackson market

By   /  April 25, 2013  /  No Comments

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These Teton Pines townhouses were built in 1998.

These Teton Pines townhouses were built in 1998.

Though April in Jackson Hole saw more snowy days than not, and on Monday of this week daily low temperatures were in the single digits, recently I have been thinking a lot about golf.

When I’m not helping buy and sell real estate I’m often doing freelance writing and photography, most recently editing this summer’s edition of Jackson Hole Golfer. The weather outside has been frightful, but the verdant images of freshly shorn greens and tales of sun-drenched afternoons playing golf on my computer screen have been delightful.

One article, written by yours truly, takes a look at the real estate that surrounds the four established Jackson Hole golf course communities – Teton Pines near Wilson, Jackson Hole Golf & Tennis near Jackson Hole Airport, Shooting Star in Teton Village and 3 Creek Ranch located just south of Town of Jackson.

Highlights of the research, conducted on April 15, for the article include:

  • There are 26 residential properties and 52 building sites listed for sale in Teton County Multiple Listing Service, with a list price range of  $710,000 to $7.65 million.
  • 35 golf course property sales occurred in the last 12 months. The high sale was an 8,000-square-foot home in Teton Pines listed for $8.45 million. This diverse subdivision also reported the least-expensive sale, a Garden Home 2-bed townhouse listed for $850,000.

    Two Jackson Hole golf courses, including Golf & Tennis, open this weekend.

    Two Jackson Hole golf courses, including Golf & Tennis, open this weekend.

  • 3 Creek Ranch, developed beginning in 2005, has the most building sites for sale with nearly 40 percent of the inventory. Listed half-acre “Cabin” lots begin at $720,000, ranging up to $1.5 million for premium locations.
  • Snake River Sporting Club, formerly the embattled Canyon Club located south of Hoback Junction, has emerged from bankruptcy with a new owner. The Tom Weiskopf-designed course is one of the finest layouts in Teton County, but it is unclear when it will be ready to play after lying semi-dormant for the last three summers. Real estate options do exist here, but the future of the half-built homes and remaining building sites also is unclear at this time.
  • Shooting Star will be offering additional residential and building site options at lower price points, including their first townhouse project.
  • About 10 percent of Teton County’s residential listings are in a golf course subdivision. Similarly, the 35 sales reported during the last 12 months in this segment also represent approximately 10 percent of overall sales.

Teton Pines opens for the summer tomorrow, with Golf & Tennis close behind this weekend. The weather forecast is for clear skies and temperatures in the 60s.

As for this summer’s Jackson Hole golf course real estate outlook, that too appears favorable. Contact me for a personalized look at these communities or the broader market. And keep an eye out for this summer’s Jackson Hole Golfer, available in June throughout the valley.

 

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