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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.

 

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

February sales fab as volume jumps 131%

March 7, 2013 By Leave a Comment
The welcome mat is out for March visitors to Jackson Hole.

The welcome mat is out for March visitors to Jackson Hole.

There were 27 real estate sales in Jackson Hole in February, six more than in 2012, but only two closed below $250,000 and five for less than $500,000. Not surprisingly, this led to a whopping 131 percent increase in sales volume with monthly sales hitting approximately $40 million.

Why the slow down on the low end? Partly because of a lack of inventory, partly the result of the pendulum swinging the other way after low-end sales led the way in January. In all of Teton County, there are currently 43 residential units are priced below $500,000 and just 3 priced below $250,000.

Let that sink in: just three full-ownership homes for sale below $250,000 in an area larger than 4,000 square miles; just nine priced less than $300,000. After five years of plummeting prices and increasing options for working families, the market has come almost full circle with fewer and fewer free market affordable housing choices in one of the nation’s wealthiest communities.

As a newly minted board member of the Teton County Housing Authority and a longtime advocate of deed-restricted housing that enhances ownership opportunities for the hardest working residents of Jackson Hole, this is a community challenge I am intimately aware of. The good new is that the inventory of affordable housing units has risen in the last five years and the goal of housing more than 65 percent of the county’s workers in Jackson Hole currently is being attained. I will dedicate a future blog post to the state of affordable housing in Teton County.

skiing, Tetons Jackson Hole

The best part of the ski season is upon us and spring skiing on Teton Pass is the go-to slope.

Meanwhile, highlights from February’s residential sales, as reported by Teton County Multiple Listing Service include:

  • Teton Village has been very active with four sales, including the high-ticket closing of the month on a 7,300+ square-foot home on Granite Ridge, listed at $7.95 million.
  • The second-highest priced listing to sell in February was a 7-bed, 10-bath, 8,100+ square-foot home in Bar B Bar on 19 acres listed at $6.75 million and on the market for 745 days.
  • Three Teton Pines homes and 2 Aspens/Racquet Club homes sold, a solid month for this vibrant West Bank neighborhood. Keeping with this month’s theme, the two Aspens properties were quality 2-bed properties listed just below $500,000 and selling for close to asking price, and well above the 2-bed average sale of approximately $350,000 in this short-term rental overlay.
  • Town of Jackson sales continued to soar with 8 closings, including the top vacant land sale for a 6.76-acre commercial piece located near the “Y” intersection of Highways 22 and 189, on market for 1,884 days.

Building sites also continued their steady resurgence with 6 sales, topped by the aforementioned. Additional sales included a 7.92-acre home site north of Wilson listed for $1.395 million; an Amangani building site listed for $895,000, less than an acre; a premium Melody Ranch lot with top-notch South Park views of the Tetons, listed at $399,000.

Always keep in mind these posts are just the tip of the iceberg when it comes to Jackson Hole real estate research. Contact me for a personalized, up-to-the-minute look at the market. 307-690-9346.

 

Filed Under: Hotsheet Highlights, Jackson Hole scenic, Market statistics Tagged With: , , , , , ,

‘Summer’ selling season still going strong

October 16, 2012 By Leave a Comment

October remains “summer” busy for Jackson Hole real estate while the weather also has remained very mild.

It’s another one of those times of the year here at Teton Realty Today – too busy lately doing ground level research to regularly provide the market overviews that characterize this site.

This is a good thing! Helping people reach their real estate goals is the culmination of a discussion that often began many months earlier, if not years, and is the reason I love this career. I’m always excited to meet someone at the beginning of this journey, but crossing the finish line is what it’s all about.

This dialogue can be like approaching a destination by plane: at 30,000 feet, observations are limited to the surrounding region, weather and general dynamics; at 10,000 feet the neighborhoods, businesses and community fabric comes into view; once on the ground, however, sensory information overwhelms and the services of an experienced guide become invaluable.

Please contact me to initiate a discussion aimed at providing you the diligent, vertical research you will need to reach your Jackson Hole real estate goals. I’m on the ground in Jackson Hole, and can show you that there is much more here than meets the eye.

Until then, please continue to consider this blog, as well as my daily updates on Facebook and Twitter, as the view from about 1,000 feet. Most of these stories were written using research I prepare on a daily basis for active clients and can provide a real understanding of general values, trends and neighborhood activity.

For an even broader look at Jackson Hole, perhaps from about 30,000 feet, check out these posts on jhpropertyguide, my “other” blog.

Jackson Hole Golf & Tennis will close for the season this week.

Jackson Hole Golf & Tennis will close for the season this week.

Earlier this month I wrote about Jackson Hole golf properties. At the time there were 39 residential properties available in golf course communities including Teton Pines, Shooting Star in Teton Village, 3 Creek Ranch and Jackson Hole Golf & Tennis.

In September I wrote about high-end properties in Jackson Hole and how sales of homes above $1.5 million remain the backbone of the Teton County market, in particular when it comes to sales volume. You also read right here on Teton Realty Today that average sales price soared to about $1.8 million in September.

Also in September I wrote an overview of building site sales so far in 2012, which have already surpassed every year since 2008.

Filed Under: Jackson Hole scenic, Market statistics Tagged With: , , ,

May flowers for Jackson Hole real estate

June 6, 2012 By Leave a Comment

Thinking about diving into Jackson Hole real estate? Strong May sales indicate there may be no time like the present.

Jackson Hole real estate unit sales jumped 52 percent in May to 32 and sales volume climbed a whopping 172 percent to approximately $32.2 million compared to May 2011. The month’s significant increases were driven by several high-end building site sales and a comparison to one of the weakest months in 2011 when just 21 properties sold for $12.2 million.

May saw six building site sales in Teton County, bringing the yearly total to 23, or 67 percent of the 34 that closed in all of 2011. Leading the way were two sales in Bar BC Ranch that were listed for a combined total of $15.4 million and two sales in Bar B Bar listed for a total of $11.45 million. All properties were between 35 acres and 53 acres and final sales prices were not reported to Teton County Multiple Listing Service. Sales figures above include 90 percent of list price for unreported sales.

Reported buildings site sales included a 0.89-acre site on the slopes of Jackson Hole Mountain Resort listed for $2.75 million and a commercial property in downtown Jackson bought by the town government for $2 million that will be used for much-needed parking.

The market below $500,000 also enjoyed continued consistency with 16, or 50 percent, of monthly sales. Highlights from sales in this market segment include:

  • Six short-term rental properties sold, including three in Teton Village, two in the Aspens/Racquet Club and one near Snow King in Jackson.
  • Several low-end, long-term rentals also changed hands. One of the best per square foot deal was for a 3-bed, 3-bath, 1,598-square-foot townhouse in Jackson listed for $285,000 that sold after just 136 days.
  • Similarly, a 2,436-square-foot, 4-bed, Freddie Mac-owned townhouse in East Jackson sold for approximately $150 per square foot.
  • Town of Jackson single-family home sales were strong with seven sales in May ranging from $399,000 for a 4,000-square-foot home built in 1972 to a 4,016-square-foot “Bristlecone” in East Jackson that sold for 56 percent more.

    Teton Pines enjoyed the only Jackson Hole golf property sale in May.

     

June and July also promise strong sales figures with 62 properties in Jackson Hole currently under contract. Nearly 25 percent (14) are listed below $300,000. Total list volume of pending properties is $44 million with an average list price of approximately $725,000.

Please contact me for a personalized Jackson Hole real estate market report.

Filed Under: Jackson Hole News, Market statistics Tagged With: , , , , , ,

Quality lots driving uptick in Jackson Hole land sales

October 27, 2011 By Leave a Comment

Three of the 38 building site sales in Teton County during the last 12 months were in Bar BC Ranch, located at the confluence of the Snake River and Gros Ventre River.

In my most recent post on jhpropertyguide.com, I discuss the slowly improving market for building sites in Teton County. And by slowly I do mean S-L-O-W, with just 38 sales* in the last 12 months compared to an average of 125 in the five years between October 2003 and October 2008.

The uptick is measurable, however, as the sales since October 2010 are an increase of 61 percent over the previous 12 months (23) and a jump of 85 percent compared to the 12 months between October 2008 and October 2009 (20).

Driving the building site market in Jackson Hole are premium lots in higher-end subdivisions such as 3 Creek Ranch (6) and Bar BC Ranch (3). This is evidenced by a median sales price of $875,000, which is more than $200,000 higher than the median sales price for residential sales in Teton County during the last 12 months.

Top Jackson Hole neighborhoods such as Crescent H, Gros Ventre North, Bar B Bar Meadows, River Meadows, Elk Ridge, Fairway Estates and Jackson Hole Golf & Tennis also recorded sales.

Interesting, but not surprising, is that five (13 percent) of last year’s sales prices were not reported. The list prices of these five properties totaled more than $33 million.

One of the three Town of Jackson building site sales during the last year included a half-acre site on the banks of Flat Creek.

The highest reported sales price for a building site was the resale of a 41-acre site at Bar BC Ranch listed at $9.5 million. Additional highlights among the 38 sales in the previous year include:

  • Total sales volume is approximately $66 million, with 90 percent of list price used to estimate the five unreported sales.
  • The largest lot sale included 130 acres south of Wilson listed for $13.9 million. Sales price not reported.
  • Just three of the sales were in Town of Jackson.
  • Just three of the sales included less than a half-acre of land.
  • The smallest lot sale included 0.43 acres on Flat Creek in North Jackson listed at $895,000. The second-smallest lot sale included 0.47 steep acres on the east side of Nelson Drive listed at $225,000 that closed after 51 days on market.
  • Ten of the 38 sales were for less than $600,000, totaling $4.265 million.
  • Twenty-four of the sales were for below $1 million.

Contact me for more information on building sites in Jackson Hole or for a more personalized look at the real estate market.

* Since that post was written a fourth building site sale in October was reported to Teton County Multiple Listing Service. The 0.56-acre parcel (2 lots) in East Jackson were listed at $225,000.

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

Jackson Hole building site sales far behind residential

July 1, 2010 By Leave a Comment

New project construction has slowed in Jackson Hole. Cottonwood Flats in West Jackson, pictured here, is one of the few new free-market housing developments in recent years.

Earlier this week I wrote a short blog post for jhpropertyguide.com discussing the available building sites in Jackson Hole. Two aspects I did not touch on, however, were recent sales and under contract listings in this market segment.

It certainly wouldn’t have taken long to add them: according to Teton County Multiple Listing Service there have been just 10 building site sales in Jackson Hole since July 1, 2009. And there are just three such sales pending.

Of the 10 sales in the past year, four were in the Town of Jackson and three of those were in the new Daisy Bush addition in (Far) East Jackson. Additional highlights of this search include:

  • The high sale was for 6.21 acres in Moose that sold for $2 million in September after 51 days at full price. The next best sale was for 0.69 acres in Teton Village that went for $1.5 million in March.
  • A 6.15-acre lot in Flat Creek Fishing Club sold in June for $1.2 million after 330 days on market and a reduction from $1.395 million.
  • The largest parcel, by far, to sell was a 21.2-acre piece off Henry’s Road near Hoback Junction for $800,000. This was a bank-owned property that was on the market as a short sale for approximately four months, originally listed at $895,000.
  • The three pending sales are all in very different neighborhoods and of very different sizes – 3 Creek Ranch (0.53 acres), Little Horsethief Canyon (4.62 acres) and Jackson Hole Golf & Tennis (1.01 acres) – but all have list prices between $665,000 and $759,000.
  • The Daisy Bush sales were all for $350,000 for approximately 0.17 acres.

For comparison, during the year between July 1, 2008 and July 1, 2009, there were 25 sales of building sites in Jackson Hole; during the year prior to that there were 41 sales for a total of 76 sales between July 1, 2007 and today.

Clearly, sales of building sites are lagging residential sales significantly, and this has correlated to a marked slowdown in several sectors including construction, architecture, and related businesses. Coupled with relatively high inventories of existing residential inventory and building sites, it is not clear when sales of raw land will increase.

One encouraging indicator, however, is that price reductions for raw land have been seemingly on the increase, which is often a precursor to increased activity.

Contact me for a more thorough analysis of available building sites or a personalized search of Jackson Hole properties.

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

Neighborhood Focus: Melody Ranch lot listing turns clock back to 2005

March 25, 2010 By Leave a Comment
This park is located on Melody Ranch Drive in the "old" section of Melody Ranch. Just three miles south of the town of Jackson, Melody is one of Teton County's larger subdivisions with nearly 500 homesites.

This park is located on Melody Ranch Drive in the "old" section of Melody Ranch. Just three miles south of the town of Jackson, Melody is one of Teton County's larger subdivisions with nearly 400 homesites.

After nearly two years since the last sale of a building site in Melody Ranch, a new listing today for a .33-acre lot in Melody Ranch for $399,000 turns back the clock to August 2005. It was during that month that eight building sites in this neighborhood sold for between $370,000 and $395,000.

By September 2005, the price for one of these lots – nearly all between .3 acres and .7 acres – had risen to $406,000. By the end of 2006, reported sales prices for choice lots on the north end of the “new” section of Melody Ranch reached $635,000. (Unfortunately, the developer chose not to report at least nine sales between November 2006 and September 2007, but list prices ranged between $465,000 and $650,000.)

While this post is focused on building sites, there is a clear correlation between the run-up on prices for raw land, the ensuing bubble in prices for existing homes in Melody Ranch and the current rash of short sales and foreclosures in this 11-year-old neighborhood. Please contact me or comment below to pursue this discussion.

A search of active, pending and sold building sites in Melody Ranch since March 2004 reveals the following highlights:

  • There are four active listings including a .3-acre site for $495,000, a .52-acre site for $499,500, and a .5-acre site for $575,000.
  • The highest sale price for a lot in Melody Ranch is $665,000 for a .5-acre site in May 2008. This is also the last recorded sale.
  • Since March 2004, there have been 44 recorded sales of building sites with four in 2008, nine in 2007, nine in 2006, 16 in 2005 and six in 2004. There were no sales in 2009 and none so far in 2010.
  • The lowest sales price during this time was $220,000 for a .32-acre site.
  • Today’s new listing at $399,000, which is a short sale that will require bank approval, last sold for $570,000 in January 2008.

Contact me for more analysis of this data or to request a Neighborhood Focus on a different Teton County neighborhood.

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