(This story originally ran in the 2017 Jackson Hole Golfer, published in July.)
Golf course property sales slowed significantly during the previous 12 months compared to the year between July 2015 and July 2016, falling from an overall sales volume of approximately $106.2 million to $45.7 million, a drop of 56 percent. Unit sales in the last year also slowed, falling to 19 from 31 during the same period.
Perhaps most dramatically, the average sales price fell slightly more than $1 million, from $3.42 million to $2.4 million.
However, compared to the broader Teton County market, golf properties bucked the trend as overall Jackson Hole residential sales tracked almost identically with the sales volume of the previous year while unit sales jumped from 367 to 405 during the 12 months ending June 10, 2017.
All statistics are derived from reported sales to Teton County Multiple Listing Service, with unreported final sale prices calculated at 95 percent of list price.
Why the slow down in the golf property market, at least statistically? One factor is that that this segment was on fire in late 2015, with two sales north of $10 million and eight sales north of $2.6 million. The subsequent year did not see a golf property sale over $4.5 million and 12 sales for less than $2.4 million. With a relatively small amount of sales it is possible for a large sale to significantly skew the numbers.
Also, reported sales to the local MLS only tell a portion of the story, with at least 25 percent of all Jackson Hole sales unreported. In the golf property segment this is certainly a good bit higher, with the fastest-growing course in Jackson Hole, Shooting Star, not reporting 90 percent of its land and developer-built inventory sales.
Statistics aside, each course is its own micro-market with sales and activity in large part determined by its age, degree of build out and surrounding neighborhoods. Each golf community is in the context of a very different corner of the county, and each is a snapshot in time captured in the architecture and land planning of the era.
Due to its relatively young age and location in the heart of Teton Village, Shooting Star has by far been the most dynamic golf community in recent years when it comes to golf real estate. However, at this point only a handful of the 100 home sites have not been sold and all 82 cabins and lodges have sold or have commitments.
ACTIVE LISTING: Soon-to-be-completed 6-bed home on 1.52 acres with 7,000+ plus square feet, listed for $12.75 million
SOLD: One of the original developer 3-bed cabins built in 2010 with 3,321 square feet, 2-car garage, listed for $4.25 million.
Developed in the 1980s, Teton Pines has had time to fill in with few vacant lots remaining. Built inventory is diverse, ranging from fractional ownership units near the clubhouse to townhouses that can be rented short term to single-family homes that include a homogenous “Cluster” to a wide variety of custom homes. The resale market for this West Bank golf community is robust, with more than a third of all golf community sales in the last year and 10 of the 26 current active listings.
ACTIVE LISTING: Newly built 4-bed, 6,021-square-foot home on .77 acres construction on the 18th fairway, listed for $5.995 million.
SOLD: 4-bed home built in 1994 with 5,000+ square feet on 1.19 acres on a perimeter lot adjacent to ranchland built in 1994, listed for $3.95 million.
Jackson Hole Golf & Tennis
Jackson Hole’s oldest golf community is a box of chocolates when it comes to homes with some as many as 50 years old next to brand new homes, and everything in between. One thing they all have in common is a single level thanks to CCRs designed to preserve views in this corner of the county that has the best look at the Teton Range.
ACTIVE LISTING: Built in 2006 is a recently listed 4-bed, 3,669-square-foot single-level home designed by Berlin Architects on an acre off the 8th fairway, listed for $2.695 million.
SOLD: a 3-bed, 5,137-square-foot timber frame home on an acre built in 2010 after 380 days on market, listed for $4.45 million.
3 Creek Ranch
The hammers are almost as busy in 3 Creek Ranch as Shooting Star these days, with tremendous building activity in this 13-year-old golf community. There are two main home options in this neighborhood, which is located closer to town of Jackson than any other Jackson Hole course. They include either John a Carney-designed 4-bed cabin with about 4,300 square feet on about a half acre or a custom-built home on 2+ acre lots (there also are five 35-acre estate lots) that are as large as 14,000 square feet.
ACTIVE LISTING: The golf community property with the highest price tag currently in MLS is in 3 Creek Ranch. This stone and timber 5-bed, 14,123-square-foot home on 3.21 acres comes complete with a built-in golf simulator and is newly completed in 2017. Listed for $19.7 million.
SOLD: a 4-bed, 4,357-square-foot home on .59 acres built in 2006 after 424 days on market, listed for $3.35 million.
Snake River Sporting Club
It’s game on again for Snake River Sporting Club real estate after rebounding from bankruptcy in 2014. Since then several stalled home starts have been completed and resales have picked up. The big news is the roll out of 31 to-be-built residences within its new resort zoning that will be available for short-term rental.
ACTIVE LISTING: The Fairway Lodge is the mid-sized new offering in the short-term rental zone, with 4 beds, 2,626 square feet of mountain modern design, listed for $1.695 million.
SOLD: 4-bed, 2,939-square-foot Tall Timber Cottage built in 2016 on a half acre, listed for $2.45 million.
Brian Siegfried is an associate broker with Jackson Hole Sotheby’s International Realty.