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Fore! Golf real estate drives 10% of Jackson market

April 25, 2013 By Leave a Comment
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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New homes bolstering Jackson Hole inventory

March 24, 2013 By Leave a Comment
Teton views often are at the top of the list for vacant lot buyers in Jackson Hole.

Teton views often are at the top of the list for vacant lot buyers in Jackson Hole.

During the recession, new home construction came to a virtual standstill in Jackson Hole with just 23 building site sales in 2009 and 29 in 2010. Since then, however, vacant land sales have been rising steadily, hitting 77 in 2012, 80 in the last 12 months and 14 thus far in 2013.

Statistics released this month and compiled by Jackson Hole News&Guide show building permits issued by Teton County tallied 216 for the 12-month period ending in January. That figure rose slightly from 209 in the previous 12-month period. Leading the way were single-family home site sales.

This market segment still has a ways to go before equaling the 127 building site sales reported in 2007, but the resurgence has contributed significantly to the local economy in terms of additional construction jobs and other real estate-related services. One driver of building site sales has been the reduction of values to a point that encourages the construction of a new home instead of purchasing an existing home.

Premium Melody Ranch lots are selling for nearly $400,000.

Premium Melody Ranch lots are selling for nearly $400,000.

Highlights of this year’s building site sales include:

  • the sale of 6.76 acres near the junction of highways 89 and 22, a critical commercial piece at the corner of one of the state’s busiest intersections. On market for 1,884 days, dropping by more than half from the original list price of $7.5 million.
  • the sale of a 1.18-acre building site in Shooting Star in Teton Village. Fish Creek frontage, great Jackson Hole Mountain Resort views, on the market for 610 days with a final list price of $2.45 million.
  • Four sales below $260,000, with three in town of Jackson and one in Melody Ranch.

Currently there are 10 building sites under contract, according to Teton County Multiple Listing Service. Pending vacant land sales in Jackson Hole include:

  • The last Daisy Bush developer site in this very popular East Jackson neighborhood, listed at $350,000 for more than 1,200 days.
  • Half are listed below $$375,000, including two Rafter J lots in the newly released neighborhood on King Eider Road.
  • A 16-acre site in Big Trails subdivision, located about two miles south of Jackson between Rafter J and Melody Ranch, with Flat Creek running through it, listed at $1.495 million and on market for 555 days.

Active building sites in Jackson Hole number 207 with a median price of $1.1 million. A 0.59-acre lot in 3 Creek Ranch and a 0.57-acre vacant lot in Teton Village represent the median.  Please contact me for a personalized look at available properties, a closer analysis of the sales discussed in this post or a broader discussion of the Jackson Hole real estate market.

 

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Gulp! Buyers gobble up only Jackson Hole home below $225,000

January 25, 2013 By Leave a Comment
This 2-bed home in Melody Ranch is one of 14 single-family homes available for less than $500,000 in Jackson Hole.

This 2-bed home in Melody Ranch is one of 14 single-family homes available for less than $500,000 in Jackson Hole.

The recent listing of a 2-bed condo in Town of Jackson for $124,900 provides insight into the current entry-level real estate market in Jackson Hole.

Located in Ponderosa Village, a mid-1970s development with more than 60 units, the 644-square-foot property immediately received a half dozen offers. A contract was in place in about a week, presumably for an amount above asking price.

Why the feeding frenzy for such a modest, upper level unit in one of the valley’s densest neighborhoods? Simply, low supply, high demand for affordable home ownership from Jackson’s working class and a consensus that the bottom of the market has clearly come and gone.

The next least-expensive, full-ownership residential unit in all of Jackson Hole, a 500-square-foot studio in Teton Village, is listed for $100,000 more at $225,000. Currently there are only 11 homes listed for below $300,000, a number that spiked to 39 units in December 2011. By April 2012, that number was 28 and it has been falling steadily ever since.

For additional context, the number of units listed below $300,000* in 2008 in Town of Jackson was zero. None. Not a single one. By December 2009, as the Great Recession deepened, there were 26 with the least expensive a 1-bed, 1-bath, 434-square-foot condo on Kelly Avenue listed for $242,000.

The Aspens, a very active market of late, offers 8 units listed for less than $500,000.

The Aspens, a very active market of late, offers 8 units listed for less than $500,000.

By April 2010, the bar lowered to $206,900 for a Ponderosa Village listing, and then kept falling. And falling. The market finally reached bottom in August 2011, when a “Pondo Condo” sold for $98,000, the first Teton County residential sale for less than $100,000 recorded in more than 11 years. (Another bank-owned Pondo Condo sold for $78,500 in March 2012, but is not a strong comparable sale as the unit had significant damage.)

* For a running history of this market, enter “$300,000” in the search function of this site to read several articles going back to 2009, the year this site was launched.

Now, the pendulum has swung back with very few options for working families. Those looking for entry-level housing in Jackson Hole must be ready to move immediately upon news of an appropriate property becoming available. This means establishing a relationship with a lender, if a loan will be needed, to understand exactly how much home a buyer can afford. A lender can also provide a pre-qualification letter, which significantly strengthens an offer and is often required. It also is critical to have a strong understanding of current values and market trends so an appropriate negotiating strategy can be agreed upon quickly.

Snake River Lodge and Spa in Teton Village currently offers two listings for less than $500,000.

Snake River Lodge and Spa in Teton Village currently offers two listings for less than $500,000.

With values expected to rise slowly, low inventory is likely to continue for several quarters to come. Working with an experienced Realtor with an ear to the ground and a hands-on understanding of this market can be an invaluable resource. I can provide a list of trusted local lenders, in-depth market analysis that is up to the minute and the experience necessary to smoothly negotiate any transaction. I track properties coming to market via the foreclosure process and often become aware of other properties coming to market in the near future.

Additional highlights in the current Jackson Hole real estate market below $500,000 include:

  • There are 53 residential listings for less than $500,000, 35 for less than $400,000.
  • Eight Teton Village listings, including 3 Teton Mountain Lodge condos and 2 Snake River Lodge and Spa 1-bed units listed at $330,000.
  • Only two units listed below $300,000 have garages. One is a Clusters unit in West Jackson, the other a townhouse in Rafter J.
  • Two single-family homes are listed below $325,000, both near Hoback Junction. Both are 3-beds, no garage.
  • There are 14 single-family homes listed below $500,000, or 30 percent, with 6 in Town of Jackson.
  • There are 8 Aspens condos listed below $500,000. This neighborhood near Teton Pines has been very active and deserves its own blog post.

Contact me with your Jackson Hole real estate questions or to receive regular updates on the market in your email.

 

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What’s selling in Jackson Hole these days?

November 27, 2012 By Leave a Comment

Still waiting for snow atop Snow King and across the Teton Range.

Since April, the answer is a little bit of everything: at the high-end it has been building sites in Bar BC Ranch and Bar B Bar, Four Seasons condos, luxury homes and development options that have laid dormant since 2008; at the low end nearly the entire inventory of distressed condos, townhouses and homes listed below $400,000.

Today’s market is marked by stagnant prices, tight inventory, strong interest, increasing activity in nearly every segment and a loosening but still restrictive loaning environment. Sellers still have to bite the bullet in most cases but well-priced properties are often attracting with multiple buyers. Jackson Hole real estate has not yet returned to the heights of 2006 and 2007 but has soared compared to 2009 and 2010.

There are currently 56 Jackson Hole properties listed as pending in Teton County Multiple Listing Service with a total list volume of $73.64 million, or an average list price of $1.3 million.  Median price for properties under contract, however, is less than half at $599,000.

Interest in Bondurant farm and ranch land also is on the rise in 2012.

Often a single Jackson Hole property listed for more than $10 million will create the disparity between ASP and median price, but currently there are eight under contract listed above $2.995 million that have inflated this number. The pending property with the highest list price is a 10,465-square-foot, 5-bed home in Crescent H listed for $5.995 million.

Similarly, as of today there have been 23 residential closings thus far in November, for an approximate sales volume of $26 million and an average sales price of about $1.27 million. The median price for sold Jackson Hole homes this month is $710,000. The median is represented by a 3,000-square-foot home in Melody Ranch on 0.34 acres on the market for about 18 months

Properties of interest among the 56 currently under contract include:

  • The least-expensive listing under contract is a 2-bed, 888-square-foot townhouse in Town of Jackson listed for $175,000 after 228 days on market, originally listed at $235,000.
  • Seven properties are listed below $305,000, five of them in Jackson and the other two in the Aspens subdivision.
  •  The pending property on market the longest, 1,273 days, is a 3-bed, 2,860-square-foot equestrian property in South Park on 2.5 acres. Listed at $1.599 million, the property was originally listed at $1.877 million.

Properties of interest among the 23 residential sales thus far in November include:

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

  • The top sale is a 5-bed, 5,016-square-foot penthouse condo at Four Seasons in Jackson Hole with a final list price of $5.95 million. On the market for 151 days, but it has been offered quietly for a few years.
  • Five sales topped $2.295 million, though the sixth highest sale was for $1 million. In other words, there have not been any sales between $1 million and $2.295 million so far in November.
  • Seventeen, or 73 percent, of this month’s sales are single-family homes. Four are condos and the remaining two are townhouses.

Please contact me details on the properties mentioned above or a more personalized look at the Jackson Hole real estate market including active listings, neighborhood profiles and sales histories.

 

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Rolling into Q4: 47 Teton County sales in October

November 7, 2012 By Leave a Comment

Time for buffalo to stock up for winter! Indian summer won’t last much longer …

Another month, another big set of numbers for Jackson Hole real estate sales.

October unit sales jumped 17 percent from 2011, with 40 residential closings and 7 building site sales. Sales volume rose even more dramatically, increasing 78 percent to approximately $68.1 million, according to Teton County Multiple Listing Service.

Driving October’s surge was the sale of a 12,340-square-foot home in Crescent H listed at $18.95 million, the largest residential sale in 2012. Final sales price was not reported, as were seven other listings that closed last month. (The total list price of unreported sales was $37.5 million; sales volume figures above represent 90 percent of final list price for these properties and actual sales prices for other units sold.)

Time is also running out for a quick dip in a Jackson Hole trout stream …

At the lower end of the market, 18 sales were reported below $500,000, an encouraging sign after several months of waning sales in this segment. Interestingly, six of these sales were older homes in Town of Jackson that seem ideal for investors looking for income properties (long-term rentals) or potential redevelopment projects.

Teton Village reported four sales ranging from a 2-bed, 792-square-foot condo that sold for MORE THAN the list price of $260,000 to a 3-bed, 3,172-square-foot condo in Four Seasons Jackson Hole listed for $3.95 million. A 2-bed Four Seasons condo listed for $1.72 million also sold for just under $1,000 per foot, as did a 3-bed, 1,388-square-foot condo that closed for $485,000.

The Aspens, located on the Teton Village Road about three miles from Jackson Hole Mountain Resort, also reported steady activity, reporting three sales including a 2-bed, 1,206-square-foot townhouse for $457,500.

Even the moose are making the most of the few warm days before winter!

The least-expensive property to change hands in October is a 2-bed, 744-square-foot condo in Meadowbrook (downtown Jackson along Flat Creek) listed for $169,000.

Want to see the MLS sheets for these listings? How about a current list of active listings personalized for your market segment? Please contact me today to receive a market analysis and sign up for regular market updates.

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Teton Village sales back on track

October 23, 2012 By Leave a Comment

Just one month until Jackson Hole Mountain Resort kicks off the 2012-13 ski season.

A penthouse in Four Seasons Jackson Hole listed at $5.95 million went under contract this week, extending a recent hot streak for this bellwether Teton County real estate market segment.

As of October 21, there have been 28 Teton Village residential sales in 2012 for an approximate sales volume of $46.5 million. There are currently five pending properties at the base of Jackson Hole Mountain Resort, including the aforementioned penthouse as well as a 2-bed Four Seasons condo listed at $1.795 million, a 6,400-square-foot home listed at $4.6 million and two condos listed for below $600,000.

However, it will be difficult for real estate sales in Teton Village to exceed 2011, when there were 42 closings. This is due mainly to a slow start in 2012 that saw no closings until March 1. Teton Village caught fire in the second quarter with 13 sales before slowing to eight in Q2. This year has already surpassed the 10-year low of 20 posted in 2009 but is far below the 98 reported in 2005.

Inventory is down compared to last year, however, when there were 73 active, full-ownership listings in Teton Village (fractional units are not included in this analysis) as of December 8. Today’s inventory includes just 48 active listings, a drop of approximately 34 percent. Expect some new listings in the coming weeks to cut into this deficit.

A look at Jackson Hole Mountain Resort exactly one year ago. Today, the view is obscured with more than a foot of snow reported near the summit.

The least-expensive property in Teton Village is a 1-bed, 1-bath, 760-square-foot condo built in 1972 listed for $260,000. A 2-bed unit also built in 1972 is listed for $297,700.

At the upper end of the market there are 10 homes listed for more than $3.75 million, with four of these in the Shooting Star subdivision. Platted in 2008, this premium subdivision features a Tom Fazio golf course and an Alpine Barn that services skiers and snowboarders.

Interested in a look at available condos in Hotel Terra, Teton Mountain Lodge, Crystal Springs or Four Seasons? Perhaps a ski-in/ski-out home on the slopes? Please email me a description of your perfect property and I’ll send along an updated market analysis.

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36 options for Jackson Hole golf properties

May 21, 2012 By Leave a Comment
Tee it high and let it fly! The first hole at Shooting Star in Teton Village.

Tee it high and let it fly! The first hole at Shooting Star in Teton Village.

When Shooting Star in Teton Village opened last week, all Teton County golf courses were officially open for the season. The golf season may be short in Jackson Hole, lasting until about mid-October, but it can definitely be sweet with four high quality courses to choose from.

For those looking for golf properties in Jackson Hole, each course is imbedded within a subdivision of the same name. In addition to Shooting Star, a Tom Fazio design built in 2009 and the most recent addition, golf communities include Teton Pines, Jackson Hole Golf & Tennis and 3 Creek Ranch.

Teton Pines offer the most residential options with 21 of the 36 active listings as of this writing. (Link is active for only a limited time. If it has expired contact me for an updated search.) Golf & Tennis, located north of Jackson near Jackson Hole Airport in Grand Teton National Park, has seven listings; 3 Creek and Shooting Star each have four listings.

The 16th hole at Teton Pines is a great place for reflection.

The 16th hole at Teton Pines is a great place for reflection on why golf is such a great game.

Jackson Hole golf property highlights include:

  • The least-expensive full-ownership options are townhouses in Teton Pines, with three listed just below $1 million. A 2-bed, 1,974-square-foot Garden Home built in 1995 is priced at $949,500 after 102 days on market.
  • The median price for golf properties in Jackson Hole is $2.45 million, represented by a 4-bed, 3,688-square-foot single-family Teton Pines home on 1.33 acres. On the market 880 days with no price reductions.
  • Shooting Star homes are priced between $4.2 million and $5.5 million for Jonathan Foote designed cabins between 3,321 and 4,105 square feet less than four years old.
  • Teton Pines also includes the two homes with the highest list price. For $7.65 million you can be neighbors with Dick Cheney, for $7.95 million you can live a few fairways over in a 5-bed, 8,219-square-foot log and stone beauty.

    The golf course at 3 Creek Ranch opened in 2005.

  • Jackson Hole Golf & Tennis is the oldest Teton County golf course, originally built in the 1960s. Accordingly, many of the homes are older and generally represent a lower per square foot price. Four of the seven homes are listed between $1 million and $3 million. However, three newer homes are priced between $2.15 million and $3.395 million.

What have these Jackson Hole golf properties sold for in recent years? Contact me for a comparable market analysis.

These Jackson Hole golf communities are surrounded by additional subdivisions that also offer proximity and often access to the facilities. Contact me for a personalized search of these properties.

 

Filed Under: Jackson Hole News, Jackson Hole scenic, Market statistics, Neighborhood analysis Tagged With: , , , ,

Four Seasons a perennial Teton Village leader

January 24, 2012 By Leave a Comment
This "slopeside" unit at Four Seasons in Jackson Hole is one of only three active listings in this premier Teton Village development.

This "slopeside" unit at Four Seasons in Jackson Hole is one of only three active listings in this premier Teton Village development.This "slopeside" unit at Four Seasons in Jackson Hole is one of only three active listings in this premier Teton Village development.

When it comes to real estate in Jackson Hole, few neighborhoods vibrate with the intensity of Teton Village. And within the tiny hamlet at the base of Jackson Hole Mountain Resort the beating heart is clearly Four Seasons in Jackson Hole.

Since opening its doors in December 2003, Four Seasons has dominated both the Teton Village landscape and real estate market. The nine-story building is one of the largest in the entire state of Wyoming, with 156 rooms, an 11,000-square-foot spa, more than 2,000 pieces of art adorning its walls and all the services and amenities expected of this international brand.

Not surprisingly, this sprawling condo-tel has from day one recorded superior real estate sales that have been among the most recession-proof in Jackson Hole. Full ownership sales began in the fall of 2005. At that time a 2-bed, 1,720-square-foot unit sold for $1.375 million and since then only two units have sold for less, according to Teton County Multiple Listing Service. Currently, the least-expensive full ownership listing is a similar 2-bed unit priced at $1.75 million.

Four Seasons in Jackson Hole is one of Wyoming's largest buildings with 156 rooms, an 11,000-square-foot-spa, and all the services expected of this internationally renown brand.

Four Seasons in Jackson Hole is one of Wyoming's largest buildings with 156 rooms, an 11,000-square-foot-spa, and all the services expected of this internationally renown brand.

(Four Seasons in Jackson Hole also offers fractional ownership, but they are outside the scope of this article. Contact me with questions about these units.)

Reported sales since 2005 include 57 units with a total sales volume of approximately $149.5 million, with many millions more in transactions completed outside the MLS. These closings break down to an average sales price of $2.9 million per unit and an average per square foot value of $1,067.

Since 2008, the beginning of the recession that eventually saw a loss of values in Jackson Hole as high as 50 percent, Four Seasons fell less than a third and has easily outperformed its direct competitors in Teton Village, which include Hotel Terra, Teton Mountain Lodge and Snake River Lodge & Spa. For example:

  • During the four years between 2008 and 2011, Four Seasons recorded approximately $47 million in sales compared to approximately $32 million for the other three combined.
  • The average per square foot price in Four Seasons dipped to $1,016 in 2011 from $1,484 (31 Percent) in 2008. During the same period Hotel Terra dropped from $1,389 to $689 (50 Percent), TML dropped from $1,144 to $630 (44 Percent), and SRL&S dropped from $987 to $435. (55 Percent)

Additional market stats relating to Four Seasons in Jackson Hole include:

Your chariot awaits! The Aerial Tram at Jackson Hole Mountain Resort is only steps away from the four Teton Village core properties featured in this post.

Your chariot awaits! The Aerial Tram at Jackson Hole Mountain Resort is only steps away from the four Teton Village core properties featured in this post.

  • The highest recorded sale in Four Seasons Jackson Hole was in October 2007 for a “slopeside” 3-bed, 5-bath unit that closed for less than 5 percent off the list price of $4.995 million. A similar unit listed for $5.1 million also sold in 2007 for an unreported price after 140 days on market.
  • There are currently just three active listings in Four Seasons in Jackson Hole: a 2-bed listed at $1.75 million, a 3-bed listed at $2.295 million and a slopeside listed at $3.95 million.
  • MLS shows 11 properties for sale in Teton Mountain Lodge, eight in Hotel Terra and seven in Snake River Lodge & Spa.
  • Four Seasons sales have closed at an average of 96 percent of list price.
  • The least-expensive sale per square foot in Four Seasons is $726 for a distressed 2-bed unit in 2010; its high sale hit $1,569 per foot.

Of course Jackson Hole is well represented beyond Teton Village by some of the West’s finest homes and several extremely successful real estate projects. And in no way should the success of Four Seasons be seen to diminish the value of Teton Village core properties in Teton Mountain Lodge, Hotel Terra and Snake River Lodge & Spa. For many buyers these excellent projects represent a great option for ownership with a lower barrier to entry.

It’s just that only one can be the best in this little corner of the West, and that would be Four Seasons in Jackson Hole.

Contact me for a more detailed look at Teton Village sales and information on all properties in this short-term rental overlay, including rental figures, comparable sales and management considerations.

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Not quite ski-in, ski-out Jackson Hole condos driving resurgence

December 18, 2011 By Leave a Comment

Berry Patch condos in the Aspens are now listed below $300,000 after selling for more than $500,000 in 2007. These 1-bed units built in the 1970s offer a lower-priced opportunity to own ski property.

Currently there are 37 condos listed below $1 million in the Aspens/Racquet Club and Teton Village, with 20 listed below $500,000. While there are another 26 Jackson Hole condos listed above $1 million to nearly $4 million, the lower half of the market has driven the resurgence of ski properties in the last several quarters.

Through the first three quarters of 2011, Teton Village unit sales increased 78 percent to 50 while decreasing in sales volume 4.3 percent to $43.4 million. Since October there have been 12 sales in the Aspens and Teton Village, with all but one below $1 million.

Of course the closer to the lifts the better if skiing or snowboarding is a person’s main reason for owning property near Jackson Hole Mountain Resort. However, a condo doesn’t have to be ski-in/ski-out to earn solid rental income or be more than just a few minutes from lift service. Contact me for actual and/or estimated rental figures for these properties.

After a price reduction this week on a 1-bed, 1-bath, 736-square-foot condo in the Aspens to $289,000, there are now six such units listed for sale below $300,000. Located approximately three miles south of Jackson Hole Mountain Resort, these properties have for decades represented a popular entry-level ski property ownership opportunity. In 2007 these same units sold for more than $500,000.

Rather schuss right to your door in Teton Village? The only option below $300,000 is a 441-square-foot Teton Mountain Lodge studio. The next full ownership opportunity in the Teton Village core is a 1-bed, 580-square-foot condo in Snake River Lodge and Spa at $372,750. There are seven ski-in/ski-out condos listed for less than $500,000.

The only condo sale in Teton Village since October above $1 million was in Four Seasons in Jackson Hole.

The only condo sale in Teton Village since October above $1 million was in Four Seasons in Jackson Hole.

A closer look at the 63 active listings for condos on the West Bank of the Snake River includes these additional highlights:

  • The least-expensive Teton Village condo remains a 1-bed, 1-bath, 757-square-foot unit in the Gros Ventre building after 173 days on market. This is about a 5-minute walk (or quick shuttle ride) to the lifts.
  • The least-expensive Hotel Terra unit is a 1-bed, 782-square-foot unit listed at $399,000.
  • The least-expensive 2-bed condo is a 1,174-square-foot Aspens unit listed at $399,000. The least-expensive 2-bed condo in Teton Village is a 1,000+-square-foot unit in the Sleeping Indian building in South Teton Village on Michael Drive.
  • The highest sold price for a 1-bed, 1-bath Aspens condo was $620,000 in October 2008. Nine sold for more than $500,000 between 2006 and 2008.

Planning a visit to Jackson Hole this winter? Let me know when and I’ll make sure you are up to speed on area properties before you hit town. We can even have a showing itinerary arranged ahead of your visit. Initial meetings held on ski lifts will be given scheduling preference!

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Cottonwood Park: Jackson Hole’s working class hero

November 29, 2011 By Leave a Comment

The east end of Cottonwood Park was originally platted in 1984, with subsequent filings until 1992. Today, this neighborhood houses a considerable percentage of Teton County's middle class.

It may be hard to imagine today, but in 1984 when the first Cottonwood Park homes were under construction, the southwestern corner of Jackson looked almost as rural as the ranch lands that define the landscape south of High School Road today.

There were no sprawling school campuses with synthetic sports fields. No apartment complexes. No big box supermarket or department store. The “X” at the junction of Highway 22 and Highway 89 was still considered a “Y.”

More than a generation later, Cottonwood Park is Jackson Hole’s working class hero, with scores of single-family homes and townhouses priced above entry-level condos but below the newer homes outside town limits and the more highly valued areas of East Jackson.

Two new Cottonwood properties in the last week bring the total number of active listings to 11. The least-expensive is a 2-bed, 1,126-square-foot townhouse priced at $349,500 built in 1986; the highest-priced property, which hit the market this week, is a 3-bed, 2,783-square-foot home on a 0.21-acre lot built in 1996 listed at $599,000.

Continuing to use these two ends of the Cottonwood market as a barometer for this bellwether Jackson Hole neighborhood, a similar 2-bed townhouse sold for approximately $105,000 in 1998, the most recent year for digital records. Similar units were priced as high as $520,000 during the height of the housing bubble. The new 3-bed listing last sold in 2006 for 23 percent more than the current list price.

Looking at sold units in this neighborhood, there were 10 closings during the last 12 months. Highlights include:

  • The lowest-priced sale was a similar unit to the least-expensive active listing (but with 3 beds) for about 7 percent less than list price.
  • The highest-priced sale was also on a similar-sized unit to the highest-priced active listing (but five years older) for about 3 percent less than asking price.
  • Average sales price on the 10 sales was $453,650 for about 92 percent of list price at the time of the sale.
  • Average days on market was 280.

    Cottonwood Flats is a new 32-unit development adjacent to Cottonwood Park and is not included in this analysis.

     

As noted in a 2009 Teton Realty Today post that also took a look at Cottonwood Park, the highest recorded sale in this neighborhood was $779,500 in April 2008 for a 5-bed, 2,478-square-foot home.

Please contact me to discuss this neighborhood or for a more personalized look at the Jackson Hole/Teton County real estate market.

(Note: This analysis does not include Cottonwood Flats, a two-year-old subdivision with 32 townhouse units located adjacent to Cottonwood Park to the northeast. Information on this development also available upon request.)

Filed Under: Hotsheet Highlights, Market statistics, Neighborhood analysis Tagged With: , , ,
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