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Teton Village: Mid-season real estate report

February 18, 2013 By Leave a Comment
The annual Cutter Races, held this weekend, is pure Jackson Hole.

The annual Cutter Races, held this weekend in Melody Ranch, is pure Jackson Hole.

Jackson Hole Mountain Resort is in full swing this President’s Day weekend, awakening from its mid-season, post-holidays nap. With another season of strong snowfall among the deepest in the Rockies, bookings at Teton Village hotels are solid through mid-March.

Real estate activity also is strong, with five closings since December 1 and eight properties currently under contract. This easily surpasses last winter’s real estate activity, which saw just three full-ownership closings all season and none in 2012 until March 1. Overall, there were 37 closings in Teton Village in 2012, down from 43 in 2011.

Closings this ski season include:

  • Two Hotel Terra units, both on the market for more than 1,200 days.
  • A 5-bedroom condo built in 1978 in the older section of Teton Village listed for $1.099 million. Very few 5-bedrooms in Teton Village. On (and off) the market for 17 months.
  • Two single-family homes on the market an average of 750 days. Listed for $2.595 million and $2.45 million, both selling for less than 10 percent off final list price.

The takeaway on these sales is that buyers have taken advantage of values as much as 50 percent below the height of the market, regained confidence in the short-term rental market and are finding sellers willing and able to deal. However, putting the damper on a more robust resurgence in this hamlet about 15 miles from downtown Jackson is a lack of inventory.

Rendezvous Peak (the top of the Aerial Tram) as seen from Tucker Ranch.

Rendezvous Peak (the top of the Aerial Tram) as seen from Tucker Ranch.

Currently there are just 43 full ownership properties for sale in Teton Village, down from 48 in October.  (There are 29 fractional ownership properties for sale, but those are outside the scope of this analysis.) Options are significantly diminished from December 2011, when there were 73 properties on market.

Available homes at the base of Jackson Hole Mountain Resort include:

  • A 500-square-foot studio built in 1973 listed for $225,000 is the least-expensive property. A 2-bed condo built in 1972 is listed for $297,700.
  • There are 5 condos listed below $500,000 and 13 for less than $1 million.
  • There are 9 single-family homes, with the least expensive a 5-bed, 4-bath, 2,750-square-foot home built in 1980 and listed for $1.650 million.
  • Two Granite Ridge homes, both listed in the last week at $6.9 million and $5.2 million. This premier neighborhood is located along the slopes above Four Seasons Jackson Hole and features some of Teton Village’s finest homes.

Half of the eight pending properties are in Teton Mountain Lodge and Hotel Terra. Activity in these condo-tel developments has been intense of late. Contact me for a detailed look at these developments, including rental figures, floor layouts, comparable sales and more.

 

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

November: Unit sales rise 25%, volume up 11%

December 10, 2012 By Leave a Comment

Jackson Hole Mountain Resort upgraded its Casper Lift this season to a new high-speed quad.

Just one. And a small one at that.

November was another month of strong sales numbers for Jackson Hole real with 39 residential and building site sales for approximately $37.6 million, but for the first time in memory the number of unreported sales prices is just one.

Not sure what the overall significance of this number is, but I do know it allows for a much more accurate and thorough look at the numbers reported here. For my active clients, it means a clearer, real-time understanding of the values in a given market segment.

For example, considering the only sales price to not be reported was a short sale in Rafter J listed at $349,000, I can reliably report statistics such as:

  • Average sales price, which is approximately $984,000. First time in several months this number has dropped below $1 million.
  • Sale to list price ratio of 93 percent.
  • Median sales price, which is $795,000. This number has remained remarkably stable in 2012.

As Jackson Hole has emerged from the recession, as many as 15 percent of sellers in any given month have chosen not to report final sales prices to Teton County Multiple Listing Service, as is their right in the state of Wyoming. To determine statistics it becomes necessary to guesstimate the final sales price. Here at Teton Realty Today I always use 90 percent of final list price.

The snow was slow to arrive in Western Wyoming this year, but recent storms have blanketed the valley.

Because the large majority of these sales are at the upper end, estimated sales volume becomes even less reliable. For example, in October the reported sales volume was $34.32 million. Final list prices for unreported sales totaled $37.53 million. After reducing the unreported totals by 10 percent, the amount of reported and unreported sales were nearly equal.

Additional highlights from November sales include:

  • November unit sales increased 25 percent compared to 2011; sales volume rose 9 percent.
  • The top residential sale of the month is a Four Seasons Jackson Hole penthouse condo, listed at $5.95 million that sold for more than 15 percent off.
  • Teton Village also recorded the second and third largest residential sales in November, both single-family homes listed above $3.895 million. Overall there were four sales at the base of Jackson Hole Mountain Resort.
  • Despite a shrinking inventory the low end showed renewed strength with 15 sales, or 37 percent, below $500,000.
  • Easily the best per square foot deal of the month was for a 3-bed, 1,200-square-foot townhouse in Town of Jackson that closed for $214,000, or $178/foot. Interestingly, the least-expensive home sale in November was $210,000 for a 1-bed, 448-square-foot condo, a per square foot price of $468.
  • Nine building site sales extends a very strong year for this market segment, which will easily double totals for 2011 in unit sales and volume. Look for a comprehensive look at vacant land sales in 2012 in the coming weeks, which will include several large December sales.

Please contact me for a personalized look at Teton County, Wyoming, properties.

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

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.

 

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

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.

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

Winter: Jackson Hole’s most passionate season

February 20, 2012 By Leave a Comment

Sidecountry skiing outside Jackson Hole Mountain Resort is a major draw for visitors and residents.

In October, I wrote that fall is Jackson Hole’s finest season. Come July, as the valley swells with indigenous life forms and human visitors from every corner of the globe, I may (again) claim summer is Northwest Wyoming’s most vital time of year

Today, however, I am moved by the pure passion of the winter season. I write from my office at the bottom of the Jackson Hole Mountain Resort on the eve of a snowstorm that is predicted to last all week. The energy and anticipation is palpable, in both the swirling alpine air as well as the hushed excitement of the throngs here for the President’s Day holiday.

Stoke for the impending snowstorm is perhaps even higher for those who live here than the visitors. Many a “powder clause” will be invoked as the week goes on by those of us who love to ski so we can take advantage of premium conditions that may only come a handful of times a year. As I peruse Facebook this afternoon, links to NOAA Radar pages and mountain weather forecasts abound.

Cross country skiing at Teton Pines.

I especially love when someone shares a forecast in ALL CAPS!

SNOW WILL INCREASE ACROSS THE WESTERN MOUNTAINS THROUGH THE NIGHT AS THE WINDS START TO PICK UP. A WINTER STORM WATCH HAS BEEN ISSUED FOR TUESDAY THROUGH WEDNESDAY NIGHT. PERIODS OF MODERATE TO HEAVY SNOW ARE EXPECTED. SNOWFALL OF TWO TO THREE FEET IS EXPECTED IN THE TETONS.

When the flakes start flying, I’ll check out the Webcams at the top of Teton Pass and throughout Teton County.

One irony of Jackson Hole is that the number of summer visitors dwarfs the amount of people that come during winter, but the single most popular reason people visit the region is to ski or snowboard. People come to Jackson Hole in the summer to fish, hike, raft, bike, horseback ride, tour the national parks and more or to simply soak up the best weather on Earth. In the winter, most come despite some of the harshest weather in the country because it creates ideal conditions for the pastimes they care passionately about.

The Cutter Races, held annually during President's Day holiday, are just one of the many late-winter events.

And within the winter season, the period between Valentine’s Day and early April is clearly the nectar. At Snow King, the north-facing Town Hill can be a cold, dark, icy place between snowfalls in December and January, but by mid-February the sun finally finds the slopes and a lunch run is a wonderful way to get some color on your face and a little exercise. At JHMR and Targhee, the warming trend often means big dumps of high-moisture content snow that eventually turns to delicious corn conditions once the lifts stop turning.

The next several weeks also feature some of the winter’s best events with the Town Downhill, Pole Pedal Paddle, World Championship Hill Climb, Cutter Races, WinterFest and other sporting events as well as a slew of live entertainment acts aimed at serving the younger visitors and seasonal workers.

Yes, winter can be overbearing sometimes. Inevitably there will be a two-week stretch, or more, when the temperature fails to rise above zero and your nose hairs freeze, your joints creek and your car hates you for starting it. And shoveling snow is a pain in the back that gets old early in December. There’s no sugarcoating it.

But for those willing to brave the conditions, for those who share a passion for the outdoors when they are the least hospitable, I’ve found there is a reward just a little sweeter than those earned the rest of the year.

Filed Under: Jackson Hole scenic, Uncategorized 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.

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

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!

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

Teton Village real estate: Open house tour, 73 active listings

December 8, 2011 By Leave a Comment

The 2011-12 ski season is underway in Teton Village.

Shoes off. Shoes on. Get in the car, get out of the car. Repeat about a dozen times in two hours, and there you have the annual Teton Village open house real estate tour.

Homes, townhouses and condos available for preview on Wednesday at the base of the Jackson Hole Mountain Resort numbered more than 30. The tour is set for this time of year so Realtors can familiarize themselves with the current inventory ahead of the ski season, but well ahead of Christmas and the height of the winter when these properties are rented short-term almost nonstop and nearly impossible to show.

Fortunately I was already familiar with more than half, but that left more than a dozen listings to preview for current and future customers.

My focus was on seeing or becoming reacquainted with the inventory of single-family homes. Several were in the “old” village, or the area to the southwest of the village core on steep streets including McCollister, Morley, Holly and Curtis. Two of Shooting Star’s cabins, which were built since 2005, were also open.

The living room of this home listed for $12.75 million looks out over the slopes of Jackson Hole Mountain Resort.

Five homes on Granite Ridge, located to the north of the village core, with list prices between $8.65 million and $16.5 million, were the highlight of the tour. With ski-in/ski-out locations and the finest architecture, materials and amenities, these homes combine all the best of Teton Village.

Currently, there are 73 active, full-ownership listings in Teton Village. Highlights include:

  • There are 51 condos, 8 townhouses and 14 single-family homes.
  • Teton Mountain Lodge has the largest inventory of available condos with 13, followed by Hotel Terra with 9.
  • Four Seasons in Jackson Hole opened two of the three active listings available in this premier condo-tel.
  • Two condos are listed below $300,000, including a 1-bed condo in the Gros Ventre building built in 1973 and a studio condo in Teton Mountain Lodge listed at $297,000.
  • The highest list price in Teton Village is $29.5 million for a 23,250 square foot home on 10.63 acres. Suffice to say it is a fabulous home and is often mentioned as one of the finest ski homes in the nation. The home was not available for preview on Wednesday.

Amazing home on Granite Ridge listed for $16.5 million, terrible photo that does not do it justice.

But wait, there’s much, much more! You may be asking …

What are the best deals in Teton Village? Which properties garner the highest short-term rental income? How many listings are truly ski-in/ski-out? Are there any building sites remaining in Teton Village? Will you show me your secret powder stashes when I visit this winter (yes!)?

Contact me for a closer look at Teton Village or a more personalized Jackson Hole real estate discussion.

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

Teton Village, Four Seasons leading JH sales

November 4, 2011 By Leave a Comment

After a few slow years, is real estate at the base of Jackson Hole Mountain Resort about to blow up? Sales in Teton Village in the past week and during the last 12 months have contributed significantly to the slow but steady rebound of the Jackson Hole real estate market.

Teton Village is already where it’s at, even though it is still three weeks until they power up the lifts at Jackson Hole Mountain Resort and the season’s first big snowfall remains beyond the western horizon.

This week’s Teton County Multiple Listing Service Hotsheet reports four Teton Village properties under contract and one closing. Two of the pending contracts are in Four Seasons in Jackson Hole, leaving just three active listings in this premier condo-tel.

Hotel Terra also saw some welcome activity, closing a 1-bed, 728-square-foot unit and pending a similar sized unit that has been on the market for more than 1,000 days. A price reduction on a 3-bed, 1,005-square-foot, lock-off unit to $649,000 may represent the next best deal going in this core Teton Village development.

Bolstering the recent sales activity is an internal Jackson Hole Sotheby’s report that notes a 78 percent year over year increase in unit sales in Teton Village to 50 during the first three quarters of 2011. Sales volume, however, dropped 4.3 percent to $43.4 million, reflecting that most sales were for lower-end condos and distressed properties. To wit, the fourth pending Teton Village property reported in the last week was for a 2-bed, 700-square-foot condo built in 1972 and listed for $279,000.

Teton Village sales during the first three quarters of 2011 show a significant increase in unit sales year over year while sales volume was flat.

Taking a look at the current Teton Village inventory (excluding fractional properties), there are 69 active listings. Highlights include:

  • The least-expensive condo is a 757-square-foot, 2-bed unit listed at $274,500 after 129 days on market.
  • Also listed for less than $300,000 is a 441-square-foot studio in Teton Mountain Lodge, one of eight active listings in this 10-year-old development.
  • The high end of the market in Teton Village is a 23,250-square-foot, 7-bed home listed at $29.5 million. Also notable is a more than 13,000 square foot, ski-in/ski-out home listed for $16.5 million in Granite Ridge.
  • Two Shooting Star cabin resales are listed in the $5 million range. Developer units also are available, but are not in MLS. Contact me for details on this premier neighborhood and additional inventory information.

    What recession? Sales in Four Seasons in Jackson Hole remained strong in recent years. There are currently just three active listings in this development after two units went under contract in the last week.

  • A 5-bed Granite Ridge Lodge listed for $3.7 million that is as close to the slopes as any ski-in/ski-out property in Teton Village.
  • Two Granite Ridge Cabins not on the slopes but about a two-minute walk away listed at $1.695 million and $1.624 million. There is nothing like these 2-bed, freestanding units and once they hit the market often sell relatively quickly.

Which properties do I think represent the best value? Contact me to discuss the Teton Village market or for a more personalized look at Jackson Hole real estate.

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

Valentine’s Day closings boost Teton Village sales

February 16, 2011 By Leave a Comment

Sales at the base of Jackson Hole Mountain Resort in Teton Village have soared this winter compared to recent years. Since Dec. 1, 2010 there have been eight unit sales for approximately $18.4 million.

Valentine’s Day closings on two Teton Village condominiums helped sustain a recent surge of activity in this coveted corner of Jackson Hole.

The sales in Teton Mountain Lodge and Crystal Springs represented about $2.5 million of the approximately $18.4 million in sales volume in Teton Village since Dec. 1, 2010. Additionally, there are currently nine pending sales in Teton Village with a total list price of approximately $12.25 million.

A look at the active, pending and closed listings in Teton Village includes the following highlights:

  • The least-expensive sale occurred last week in Snake River Lodge & Spa, when a 554-square-foot, 1-bed condo sold after 360 days on market for 37 percent below original asking price.
  • Two sales of single-family homes accounted for more than $12 million. Average days on market were 540 days with both properties selling for more than 25 percent off original list price.
  • There are 87 active listings in Teton Village, not including fractional ownership properties. Thirty-four of these are listed below $1 million 29 are listed between $1 million and $2 million; 10 are listed between $1 million and $2 million.
  • The most expensive property available is a 23,250-square-foot home designed by Jonathan Foote located just north of the entrance to Jackson Hole Mountain Resort. List price: $29.5 million.
  • The least expensive is a one-bed, 760-square-foot condo built in 1972 for $220,000.
  • Four Seasons in Jackson Hole lists 9 active full-ownership properties and two pending properties.

Contact me for a private, personalized look at properties in Teton Village including a look at trends, recent price reductions, specific market segments and a list of Hot Picks. Even better, let’s discuss it while riding some ski lifts!

Filed Under: Uncategorized Tagged With: , , , , , ,
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