In April, the first sale was reported of a residential property located in one of the valley’s five golf course developments for more than $10 million. The 6-bed, 6,673-square-foot single-family home in Shooting Star and located on the banks of Fish Creek featured floor-to-ceiling windows with views of Jackson Hole Mountain Resort and all the best materials imaginable. That high-water mark may not last long if the owners of a 3 Creek Ranch home listed for $14.9 million are able to attract a buyer for their 5-bed, 6,638-square-foot home on 2.4 acres.
Not surprisingly the real estate options in these two private course neighborhoods – as well as land and residences in Snake River Sporting Club, Teton Pines and Jackson Hole Golf & Tennis – are pricier than average in Jackson Hole. For starters, currently there is not a single full ownership residential golf course property was listed for less than $1 million, with the least-expensive building site priced at $475,000.
Which golf neighborhood is the best match for your family’s needs? Here is an overview of each golf community’s real estate options, values and recent sales.
Teton Pines is a child of the 80s, which makes it one of Jackson Hole’s more mature golf communities. It’s also the most diverse in its real estate options, including townhouses, single-family “Cluster” homes with both a homogenous architecture and estate homes, short-term rental properties, fractional ownership and commercial condos.
ACTIVE LISTINGS: Two Teton Pines fractional units (with 1/6 ownership) offer the lowest barrier to entry for Jackson Hole golf properties, with each priced just below $250,000. The least-expensive full ownership property is a “Lodge” townhouse with 3 beds, 2,254 square feet and a 1-car garage priced at $1.25 million. Five “Cluster” units are available, priced between $1.695 million and $2.195 million. At the upper end is a 5-bed, nearly 5,000-square-foot single-family home on .8 acres built in 1994 priced at $4.5 million.
TOP SALES IN LAST YEAR: Sales were very brisk in Teton Pines in the year prior to April 1 with 20 closings, including 4 townhouses, 10 Cluster homes and 6 single-family homes. Total sales volume was $37 million for an average sales price of approximately $1.95 million. The top sale was for a 5-bed, 5,997-square-foot home on 1.69 acres built in 2000 after 488 days on market, list price $8.865 million.
Jackson Hole Golf & Tennis
Golf & Tennis is the senior citizen among Jackson Hole golf communities with home construction beginning in the 1960s. There is no dominant architectural style, beyond a requirement to build on a single level in order to preserve the huge Teton views abundant in this north-of-Jackson neighborhood, resulting in a wide variety of homes from western to contemporary and from new construction to homes more than four decades old.
The community is in a resort overlay so short-term rentals are allowed. The two property types most rentable include the Golf Creek units, which feature 2 and 3-bed townhouses built in the 70s and priced at approximately $700,000; and the 10-year-old freestanding “Cabins” located closer to the clubhouse and priced in the $1.3 million neighborhood. Otherwise, only single-family home ownership options exist.
ACTIVE LISTINGS: Currently there are three listings, the highest priced a 4-bed, nearly 4,000-square-foot single-family home on 1.14 acres built in 2005 listed for $2.25 million. Three building sites are offered, with approximately 1-acre sites priced between $475,000 and $750,000.
TOP SALES IN LAST YEAR: Four residential properties sold in Golf & Tennis for a total sales volume of $5.3 million. The top sale, an approximately 3,600-square-foot, 4-bed home on 1.5 acres, sold for around $630 per foot after just 29 days on market. Two building sites sold, both closing at just less than $500,000.
Snake River Sporting Club
This golf, fish, hike, equestrian and all-things-outdoors neighborhood is a new frontier for real estate after reopening in 2014 after its second bankruptcy and four years of inactivity. Three main real estate options exist here: a homogenous cabin design near the clubhouse, a handful of completed or under construction single-family options that line the golf course, and a deep inventory of single-family building sites.
ACTIVE LISTINGS: Currently there are nine residential properties listed, with prices between $1.85 million and $5.495 million, but three of them are still under construction. The highest-priced home is an anomaly, a sprawling 8,000+ square feet sitting atop the bluff overlooking the golf course on 35 acres that was built by the original developer in 1997. Four building sites are listed with approximately .75-acre sites listed for an average price of $850,000.
TOP SALES IN LAST YEAR: Four residential properties and 2 building sites changed hands, for a total sales volume of approximately $11.5 million. All four residential sales were for Martin Creek cabins, homogenous units with 4 beds, about 4,000 square feet, 2-car garage on about a half acre, listed for approximately $2.5 million.
3 Creek Ranch
While there is much debate about which Jackson Hole golf course is the best, most would agree 3 Creek Ranch offers the most accessible location – just five minutes south of Jackson – and some of the valley’s finest building sites, golf development or not. The menu is pretty short, however, with the only options for building an architecturally homogenous “cabin” or a custom single-family home on an estate lot as large as 35 acres.
ACTIVE LISTINGS: Four single-family homes are currently offered, including a 5-bed “cabin” listed for $3.395 million and the afore-mentioned masterpiece listed for $14.9 million. Distinguishing 3 Creek, however, is the largest inventory of golf course building sites with 10 priced between $895,000 for a half-acre lot to $3.55 million for a 2.75-acre lot.
TOP SALES IN LAST YEAR: Tracking with available inventory, building site sales easily outpaced home sales 7 to 3. The top sale was a 35-acre lot priced at $6.5 million, besting a 5-bed, nearly 5,000-square-foot home listed for $4.295 million.
Teton County’s newest golf neighborhood also is its most dynamic with a strong track record of developer sales and owner resales during its first five years and strong growth predictable for the foreseeable future.
ACTIVE LISTINGS: While at this time all local golf course developments enjoy greater demand than supply, Shooting Star exceeds them all in this category. Currently there are is just one residential listings in MLS and 3 building sites priced at an average of $2.75 million for approximately 1.25 acres.
TOP SALES IN LAST YEAR: Where to begin? According to the MLS, there were just two completed residential sales in Shooting Star, both resales. One was a “cabin” priced at $4.65 million and the other the home mentioned at the top of this story. However, below the surface the developer received commitments for more than 20 single-family homes and townhouses, most of them before the first shovel of dirt had been turned. Almost as hot was the building site market with 5 reported sales and 2 pending sales as of April.