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Teton Village real estate enjoying sweet spot

By   /  November 30, 2015  /  No Comments

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Jackson Hole Mountain Resort opened for the season last weekend, though the Aerial Tram has yet to open.

Jackson Hole Mountain Resort opened for the season on Thanksgiving, officially kicking off both the ski season and the winter real estate season. After an extremely successful season for real estate and snowfall last year, will Teton Village have as dynamic in 2015-16?

The sales desk at Teton Mountain Lodge is quiet this first week of December, with occupancy at Teton Village core hotels far below capacity. The slopes of Jackson Hole Mountain Resort are wide open and the smiling, freshly trained ski technicians, bartenders, bellhops and shopkeepers just might outnumber the guests.

The calm, however, will be replaced with bustling crowds in just a few weeks. By Christmas, rooms will be almost impossible to find at Hotel Terra, Crystal Springs, Snake River Lodge & Spa, Four Seasons Jackson Hole and here at TML. The private residences in Granite Ridge, Shooting Star and Old Teton Village will be full of larger groups and the Aerial Tram line will bulge with some of the biggest crowds of the winter.

The relative peace of early season also belies the storm of real estate activity in Teton Village during the previous 12 months, perhaps the strongest year in terms of sales volume in the history of the resort. Total residential* sales in Teton Village rose from approximately $57 million to $88 million, a jump of 57 percent. Unit sales rose 25 percent, from 33 in the year ending December 1, 2014 to 41 in the last year. **

The Jackson Hole real estate market has been partying like it's 2007 over the last 12 months, with Q3 sales volume tracking that record year very closely.

The Jackson Hole real estate market has been partying like it’s 2007 over the last 12 months, with Q3 sales volume tracking that record year very closely.

(Teton Village activity echoes that of the broader Jackson Hole real estate market – only louder – which shows sales volume to be tracking closely the record year of 2007. Through Q3 2015, Teton County Multiple Listing Service reported $561 million in sales volume, compared to $612 million in 2007. Contact me for a comprehensive 39-page market analysis of the first three quarters of 2015.)

Prices remain below heights

While Teton Village did see one of the strongest years ever in terms of sales volume in 2015, values and the number of transactions remained below pre-recession high water marks. For context, the year ending December 1, 2007, included 60 sales for a total approximate sales volume of $116 million.

The average price per square foot in that record year was $916, compared to $800 per square foot over the last 12 months (which rose from $718 per foot year over year).

Four Seasons in Jackson Hole properties are among the most coveted in the Teton Village core.

Four Seasons in Jackson Hole properties are among the most coveted in the Teton Village core.

(For a breakdown of per-square-foot values for Hotel Terra, Teton Mountain Lodge, Crystal Springs and Four Seasons Jackson Hole for each year since 2005, contact me directly.)

A more specific example of the shift in values from 2008 to 2015 is a Hotel Terra 2-bed, 962-square-foot condo that sold for $1.35 million, or $1,418 per foot, in January 2008. The exact same floor plan in a similar location is now listed for $849,000, or $752 per square foot.

Key Teton Village sales in 2015

Two residential sales were completed in 2015 for properties listed for approximately $11 million, with both single-family homes located in Shooting Star. Each home boasted 6 bedrooms, 7 baths and approximately 6,750 square feet of living on about an acre of land.

At the other end of the price spectrum, the least-expensive Teton Village sale last year was a Snake River Lodge & Spa 1-bed, 550-square-foot condo listed for $250,000. In fact, the three most affordable sales were in this 2002 development that once was the epitome of luxury, but since surpassed by several developments, at the base of Jackson Hole Mountain Resort.

Shooting Star has completed these townhouses at the base of Jackson Hole Mountain Resort that began construction in 2014.

Shooting Star has completed these townhouses at the base of Jackson Hole Mountain Resort that began construction in 2014.

Additional Teton Village real estate sales in the last year included:

  • Four Hotel Terra sales at an average per square foot price of approximately $875.
  • A Teton Mountain Lodge 3-bed, 2,394-square-foot penthouse condo, perhaps the most desirable unit in the development with views of Aerial Tram and the ski area, listed for $2.295 million and closed after 398 days on market. Overall, Teton Mountain Lodge reported 3 sales.
  • Four reported sales in the Timbers section of Granite Ridge, with the 4-bed, approximately 3,200-square foot townhouses selling for between $2.7 million and $3.15 million.
  • Five Four Seasons of Jackson Hole full ownership properties, from a 2-bed, 1,720-square-foot valley facing condo listed for $2.295 million that closed after 87 days to a 3-bed, 3,343-square-foot, 2-level slopeside condo listed for $4.195 million after 495 days on market.
  • The least-expensive single-family home to trade in 2015 was a 4-bed, 3,620-square-foot chalet built in 1978 listed for $2.5 million that closed after just 61 days on market.

Active Teton Village listings

Currently there are 35 active listings in MLS for Teton Village residential properties. It is important to note, however, that there are numerous purchasing options beyond what is publicly listed and potential buyers should work with an experienced Realtor to become aware of all options. (Also, see ** below.)

Hotel Terra towers above the Teton Village core. The condo-tel development currently has 11 active listings.

Hotel Terra towers above the Teton Village core. The condo-tel development currently has 11 active listings.

Active listing highlights, as of December 1, 2015, include:

  • A Granite Ridge ski-in/ski-out legacy estate with 6 beds, and 7,500+ square feet on just under an acre, listed for $12.75 million.
  • Shooting Star resale of a 4-bed, 4,000-square-foot cabin on .2 acres, listed for $5.5 million.
  • The lowest-priced option is a 464-square-foot studio built in 1978 listed for $395,000.
  • Tram Tower Townhouse with 4 beds, 3,600 square feet listed for $2.5 million.

Click here for a link to active listings in Teton Village as of December 1, 2015. If the link has expired, please contact me for an updated list of properties and a personalized market analysis. Also available are automated weekly updates of market activity upon request.

Hopefully all the snow that is falling, and is anticipated, will add up t

Will this season’s real estate market in Teton Village continue to blow up? Picture taken during the winter of 1997-98 when too much snow near the summit would not allow the tram to reach to top dock.

* Residential sales do not include fractional units in Teton Village. Please contact me for an analysis of this market segment.

** While the statistics above, taken from Teton County Multiple Listing Service, may be eye-opening on their own, they may not equal the significant amount of residential real estate sales taking place privately. Shooting Star, a golf and ski community located at the entrance to Teton Village, is in the multi-year process of building and selling more than two dozen townhouses and single-family homes with an average price of about $4 million. High-end properties from Granite Ridge Lodges to luxury condos steps from the Aerial Tram also regularly sell outside of MLS, accounting for additional millions in unreported sales.

Brian Siegfried is a member of the Hotel Terra and Teton Mountain Lodge sales teams and is available most days during the winter for tours of these developments as well as the broader Jackson Hole real estate market.

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