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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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First Hotsheet Highlights of 2010

January 4, 2010 By Leave a Comment

Though today is the first business day of 2010, the Jackson Hole real estate market has already recorded several NEW listings, two PENDING listings and a significant PRICE REDUCTION, according to the Teton County Multiple Listing Service.

New listings include:

  • The first of the year in Teton County, a 3-bed, 3-bath, 2,380-square-foot home in Cottonwood, was on the market in 2009 but did not sell at $670,000 before being foreclosed on. After completion of the redemption period it is now priced at $604,900.
  • A 3-bed, 3-bath, 1,5000-square-foot condo in Teton Village listed at $810,000.
  • A 4-bed, 4-bath, 3,700-square-foot home in Melody Ranch listed at $1.3 million. This home also was on the market in 2009, beginning at $1.35 million and dropping to $1.25 million in October before being cancelled.
  • A Moose Creek townhome in Teton village listed at $2.2 million. These are 3-bed, 3-bath, 2,275-square-foot townhomes at the end of Michael Drive near the Moose Creek lift.

The two properties to go under contract, or pending, include:

  • A 3-bed, 2-bath, 1,652-square-foot home in East Jackson built in 1966 listed at $750,000.
  • The Davies-Reid building on Town Square, listed at $5.4 million.

The price reduction is in Melody Ranch, one of the most vibrant and depressed neighborhoods in Teton County. On the market now for 237 days, this 4-bed, 3-bath, 2,605-square-foot home is now a short sale with the price reduced to $775,000 from an original list of $920,000. This is now the least-expensive non-deed restricted home in Melody Ranch.

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NEW East Jackson listing expands 4-bed options

December 21, 2009 By Leave a Comment

Today’s Teton County Multiple listing Service includes a new listing for a 5-bed, 4-bath, 2,763-square-foot home in East Jackson for $895,000.

This listing joins a somewhat limited and variable inventory of single-family homes with at least four bedrooms. For example:

  • There are now 20 single-family homes in Town of Jackson with at least four bedrooms. The least expensive is a 4-bed, 2-bath, 1,968-square-foot home in East Jackson built in 1978 for $565,000; the most expensive is a 4-bed, 3-bath, 3,376-square-foot home in East Jackson for $1,999,000 also built in 1978. Why so much for a home not much bigger? It’s on three town lots (0.52 acres) in the Gill Addition, one of town’s highest value neighborhoods.
  • There are 15 homes with at least four bedrooms in Melody Ranch. I won’t go into Melody too much here  as I cover this very active neighborhood regularly and will continue to focus on this neighborhood.
  • There are eight 4-bed, single-family homes available in 3 Creek Ranch listed from $2 million to $5.295 million. Prices in this private neighborhood have been in freefall like few others in the last year.
  • There are nine 4-bed townhomes available in the town of Jackson with the least expensive located in the Clusters in West Jackson. This 4-bed, 2-bath, 1,344-square-foot unit is listed for $455,000 after 84 days on the market.
  • Rafter J, one of the valley’s largest concentrations of single-family homes, has 11 active listings (eight of them single-family homes) but not one has more than three bedrooms.
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White Buffalo Club units hit market ahead of auction

December 15, 2009 By Leave a Comment

Last Wednesday it was announced in the Sotheby’s weekly sales meeting that the brokerage had been chosen to list, and eventually help auction, properties at White Buffalo Club, a high-end hotel condo project on Gill Avenue near Miller Park.

Today, three of the offerings hit the Teton County Multiple Listing Service – a pair of 3-bed, 4-bath, 1,760-square-foot units and a 2-bed, 3-bath, 1,390-square-foot unit. List prices are set at $1.795 million for the 3-bed units and $1.395 million for the 2-bed units, but opening bids for the Jan. 23, 2010, auction will begin at $740,000 and $565,000, respectively.

These units are somewhat unique in the town of Jackson, but compare in many ways to Teton Village properties such as Teton Mountain Lodge and Hotel Terra. A key enticement for these properties is that financing is pre-arranged for qualified buyers, a hurdle that has contributed mightily to the decline of the condo-hotel market.

A formal announcement will be forthcoming and I’ll share more details in this space at that time.

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CLOSED in Rafter J, subdivision update

December 11, 2009 By Leave a Comment

Today’s Teton County Multiple listing Service daily hotsheet reports a closed sale in Rafter J. Originally listed for $549,000, the 3-bed, 3-bath, 1,676-square-foot Cedarwoods townhome sold for $446,000 after 141 days on the market,

So what’s going on today in this subdivision located about a mile south of Jackson in South Park? Here is a list of the active, pending, and sold (since this day 2005) listings for Rafter J.

Highlights include:

  • There are 10 active listings in Rafter J, but no pending sales. List prices range from a 2-bed, 2-bath, 1,676-square-foot townhome at $375,000 and a 3-bed, 3-bath, 1,807-square-foot home at $739,000.
  • There have been 65 sales in Rafter J since this date in 2005, but just three in the past 12 months. That breaks down to approximately 14 sales in 2008, 22 in 2007, and 26 in 2006.
  • The highest sale price in Rafter J is $985,000 for a 3-bed, 4-bath, 3.232-square-foot home on .26 acres in May 2008.
  • The high sale for a Cedarwoods, by the way, is $650,000 in May 2008.

What else is going on in Rafter J? What is that large building being constructed on Big Trail Drive? Are there any building sites available in this 25-year-old development? What is the ratio of single-family homes to townhomes?

Contact me to continue the discussion.

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

How low can Jackson’s low end go?

December 10, 2009 By 1 Comment
Prices at the low end of the Jackson Hole real estate market have begun falling to levels commensurate with losses already seen at the mid and upper levels.

Prices at the low end of the Jackson Hole real estate market have begun falling to levels commensurate with losses already seen at the mid and upper levels.

Just one year ago there were but a handful of full ownership properties listed for sale in the Teton County Multiple Listing Service for less than $300,000. A quick search today finds there are now 26 such properties.

Some of the highlights of these listings include:

  • The least expensive is a 2-bed, 1-bath, 800-square-foot unit located on Deer Drive about 2 miles south of Jackson. Newly listed today at $219,000, this is one of 5 active listings in the Hillside Business Condominium development listed below $305,000. One of these units closed for $380,000 in 2005.
  • The least expensive in the Town of Jackson is a 1-bed, 1-bath, 463-square-foot unit in the Kelly Street Condos listed for $242,000, followed closely by two units in Brookside (1-bed, 1-bath, 450 square feet) both listed at $257,000. A Brookside sold for $400,000 less than two years ago.
  • There are now four of the somewhat standard 1-bed, 1-bath, 776-square-foot units available in the Aspens/Racquet Club for less than $300,000. Several are either short sales or bank-owned properties. These units sold for at least $510,000 in 2007.
  • There are now seven units for sale in the Meadowbrook subdivision listed between $289,000 and $329,000. These 1 and 2-bed units that are between 640 and 1,048 square feet (most are approximately 760) sold for as much as $445,000.

Obviously the low end of the Jackson Hole market has seen a significant erosion of list and sales prices since the beginning of the current downturn, just like the rest of the county. However, this segment has been one of the last to correct, with sellers of these low-end properties waiting longer to reduce prices (or accept offers significantly less than the list price) than those with more expensive properties.

So, has the low end seen the bottom yet? Contact me to see where I think this market will be in six months and which indicators to keep an eye on between now and then. Links to all properties mentioned, as well as comparable market analyses for each neighborhood, are also available.

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NEW in Indian Trails, 2 CLOSED in Melody, clothing biz raises price

December 7, 2009 By Leave a Comment

The action continues to be steady in the single-family home segment of the Jackson Hole real estate market.

Today’s Teton County Multiple Listing Service Hotsheet reports:

  • Two CLOSED transactions in Melody Ranch. A 4-bed, 3-bath, 2,788-square-foot home built in 2008 sold for $870,000 after 92 days, originally listed at $1,075,000 (19 percent off). A 4-bed, 3-bath, 2,137-square-foot home built in 2000 sold for $800,000 after 466 days, also originally listed at $1,075,000 (25 percent off).
  • One CLOSED listing in Indian Trails, a newer subdivision in West Jackson. Sold for $699,000, or 254 per square foot, was a 3-bed, 4-bath, 2,742-square-foot home on the market for 263 days. Originally listed at $895,000.
  • A NEW listing in Indian Trails for a 4-bed, 4-bath, 2,883-square-foot home listed for $850,000, or 294 per square foot.

Other Hotsheet items worth noting include:

  • There were seven price reduction in Teton County over the weekend, from a 1-bed, 1-bath Brookside unit now listed at $257,500 to a home in Shootin’ Iron Ranches on 5.42 acres now $2,325,000.
  • Price increases are rare in the current market, but a clothing store (Evolution, located on Scott Lane) specializing in women and children raised its price from $69,000 to $75,000. Price includes $40,000 in inventory and $24,000 in retail improvements including POS system but no real estate.

Contact me for a more complete market analysis of these listings or for a discussion of overall market trends.

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NEW Melody, SOLD near airport, Jedediah’s for lease

November 30, 2009 By Leave a Comment
Jedediah's House of Sourdough has been a fixture on East Broadway for decades but the space is now available for lease. The building was erected in 1910 and is in the National Register of Historic Places.

Jedediah's House of Sourdough has been a fixture on East Broadway for decades but the space is now available for lease. The building was erected in 1910 and is in the National Register of Historic Places.

With Thanksgiving behind us and December over the next horizon, Jackson’s sleepy season is over.

The Jackson Hole Mountain Resort is open, winter residents are filling the streets, shops and restaurants and activity on the near-dormant Teton County Multiple listing Service daily Hotsheets is on the rise again.

Hotsheet Highlights:

  • A 4-bed, 3-bath, 2,592-square-foot new listing in Melody Ranch for $925,000 brings the total number of active listings in this South Park neighborhood to 18, including two deed-restricted units. Interestingly, all but two of them are 4-bed homes.
  • A very strong CLOSED sale of a home on Ponderosa Drive near the Jackson Hole Airport. Final price was $1.25 million for a 3-bed, 4-bath, 3,340-square-foot home on 2.3 acres after 383 days on the market. List price was $1.35 million, down from $1.549 million, a discount of 19 percent.
  • A significant PRICE REDUCTION on a Love Ridge/Grandview unit near Snow King now listed at $799,000. These approximately 2,200-square-foot, 3-bed, 4-bath units traded for as high as $1.5 million in 2007, and this one was originally listed in March at $1.399 million. These are strong short-term rental units with excellent finishes and location, which explains why the prices for the 12 active listings in this development range widely, from this listing at the bottom to a similar unit listed at $1.395 million, or from extremely distressed seller to sellers with little urgency. The next lowest priced unit in Love Ridge is $975,000.

Also, an intra-MLS e-mail this morning announced the Old Jedediah’s restaurant on East Broadway is available for lease. The space, just one block off Town Square, is zoned for restaurant or retail.

Not sure how long Jedediah’s the restaurant has been there, but it was well before I moved here in 1992. The structure was built in 1910, named for the legendary explorer and is in the National Register of Historic Places. It will be interesting to see what business takes its place in the short term and what form this under-developed block takes in the next few years.

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The best season for Four Seasons

November 24, 2009 By Leave a Comment

Four Seasons stock

Did you know guests at Four Seasons Jackson Hole with babies are provided complementary Western onesies? Check out the fifth graph of this story on traveling in style with young children.

Speaking of Four Seasons, you might ask, with less than a week until the lifts at Jackson Hole mountain Resort reopen for the winter, what’s for sale in Four Seasons in Teton Village?

Since you (may have) asked, the Multiple Listing Service reports 18 properties for sale in this five-year-old facility, including:

  • Seven 2-bed, 3-bath, 1,720-squre-foot units listed between $1,850,000 and $2,595,000.
  • Two 3-bed, 3-bath, 2,240-square-foot units listed at $2,500,000 and $2,750,000.
  • Two Upsized 3-bed units listed at just below $4,000,000 and $5,000,000.
  • Two  1/14th interest units at $234,500 and $272,900, both 3-bed units.
  • Five 1/7th interest units between $354,000 and $474,000.

Four Seasons is arguably Teton Village’s finest condo/hotel, with consistently strong returns on short-term rentals and all the services this international brand has come to known for.

Contact me for a detailed look at properties in Four Seasons or a more comprehensive look at Teton Village real estate.

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