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Melody Ranch: A neighborhood in full

By   /  July 2, 2013  /  No Comments

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Melody Ranch includes 351 homes, of which 151 are "affordable."

Melody Ranch includes 351 homes, of which 151 are “affordable.”

Regular readers know Melody Ranch is one of my favorite Jackson Hole neighborhoods, with a mention in just about every post. Why? Not only do I live there and have years of experience helping buyers and sellers in this area, I love the architecture, location and the way the residents are creating a community.

Not to mention the fact it is a rare week that one of the 351 residential properties or building sites is not mentioned on the Teton County Multiple Listing Service daily Hotsheet. (See below for an up-to-date look at listing activity in Melody Ranch.)

Another reason Melody Ranch is dear to my heart is the affordable housing component. Forty-three percent, or 151 units, are permanently deed-restricted and available only to Teton County residents that qualify under income, asset and/or employment requirements.

The first Melody Ranch platting was in 1997, when 24 townhomes were built for working families on Wind River Lane. The next year the neighborhood added 32 units in the form of vacant lots, on which nine deed-restricted homes were built.

This Melody Ranch 3-bed home, listed at $635,000, sold earlier this year.

This Melody Ranch 3-bed home, listed at $635,000, sold earlier this year.

In 1999, Teton County Housing Authority developed Sage Meadows, the 23 townhomes visible from Highway 189 near South Park Loop. Three of these homes were built by Habitat for Humanity, which has constructed a total of 16 homes in Melody Ranch to date. Since then, all additional free market and deed-restricted homes were built by individual owners, which allowed the neighborhood to grow slowly and reflect a wide variety of quality and personal expression. On some streets, affordable homes worth about $350,000 are just a few doors down from properties that have sold for more than $1.5 million.

As a 22-year resident of Jackson Hole, owner of a deed-restricted home and a recent addition to the TCHA Board, I have seen firsthand the importance of this housing inventory in a community in which ownership of adequate free market housing is well beyond the reach of those earning the median income. A list of homes available through TCHA is available on their Web site. Contact me to discuss the additional steps necessary to purchase a deed-restricted home.

Now, 16 years after the establishment of this diverse community approximately three miles south of Jackson, the vast majority of the construction is done and the fabric has become a quilt. Deep friendships have been formed. The developers passed along control of the Board years ago. HOA fees are low, compared to similar neighborhoods such as Rafter J and Cottonwood Park. The ratio of owner-occupancy is high. The infrastructure is solid. The landscaping is full and mature. An ice rink was constructed for the first time last winter and the long-anticipated Munger View Park will be completed this summer.

This Melody home features unobstructed Teton Range views.

This Melody home features unobstructed Teton Range views.

Last month the first Melodies in Melody Ranch music and barbecue was held at Chickadee Circle Park. This was not the first neighborhood-wide party, but this event was particularly vibrant. Families packed the space with dozens of kids exploring the grassy knolls and Poot McFarlin’s bank laying down some fantastic bluegrass. The next one is July 11. Hope to see you there, whether as a neighbor or as my guest!

Recent Melody Ranch listing activity

There are currently 8 active free-market listings in Melody Ranch, ranging between $815,000 and $1.395 million, according to Teton County Multiple Listing Service. There have been 15 sales in the last 12 months, which means there is about 7 months of inventory available in this very active subdivision.

Three properties are under contract, with an average days on market of less than 60. Without a doubt this neighborhood is in high demand by buyers, and has been since its inception.

Highlights include:

  • Two of the 15 sales in the last year were for deed-restricted homes, with one catch. One of them sold after foreclosure, which stripped the deed restriction. This means the home can now be sold without Housing Authority restrictions.
  • The average list price for a free market home in Melody is $1.087 million.
  • The average sales price for a Melody home in the last 12 months was approximately $771,000.
  • The highest sales price in the last 12 months was $1.35 million for a 3-bed, 4-bath, 5,027-square-foot home on a half-acre. Closed just 51 days after hitting the market.

Contact me for a more detailed look at Melody Ranch, or a preferred Jackson Hole neighborhood.

 

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