You are here: Home / Archives for Meadowbrook

Entry-level listings on rise but few 2010 closings

July 15, 2010 By Leave a Comment

While the overall Jackson Hole real estate market has seen resurgence in 2010 (at least compared to the anemic 2009), the lower end of the market has not participated.

Earlier this week I wrote on jhpropertyguide.com about the ballooning inventory of Teton County homes listed below $300,000, which is at its highest point in several years with 34 available properties. On April 27 of this year that number was 24; on January 28, 2010 the total was 20.

Highlights of this property search included:

  • Six Meadowbrook units (mostly 2-bed units with approximately 750 square feet) with list prices between $219,000 and $285,000; four of these are listed higher than $280,000, which demonstrates a close stratification of the market that has been lacking in many neighborhoods for the last 18 months.
  • In April the lowest-priced free-market housing in Teton County was a Ponderosa Village condo for $219,000; in January it was a Teton Village studio condo for approximately $164,000.
  • The largest unit is a 2-bed, 2-bath, 1,090 condo in the Streamside subdivision.
  • Three of these properties are located on the West Bank of the Snake River, including two approximately 760-square-foot condos in the Aspens and a 1-bed, 1-bath, 760-square-foot condo in Teton Village.

Today I took a close look at sales of residential property in Jackson Hole for less than $400,000, as reported through Teton County Multiple Listing Service.

There have been just three. That’s it since New Year’s Day.

In May there were two sales; a 1-bed, 441-square-foot condo in Teton  Mountain Lodge for $260,000 and a 2-bed, 990-square-foot condo Streamside condo for $310,000. On Monday of this week a 2-bed, 1,024-square-foot Trumpeter Swan townhome sold for $320,000.

For comparison, there were 12 sales below $400,000 in Jackson Hole between January 1, 2009, and this date last year.

Contact me to discuss factors that may be contributing to this dynamic or for a list of all closed sales in this market segment for the past 18 months.

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

Hotsheet Highlights: 2 big price drops in Jackson, Teton Village

May 24, 2010 By Leave a Comment

This fairway bunker on the 10th hole at Teton Pines is the closest thing to a beachfront property in Jackson Hole! All valley courses are now open, but cold and wet weather have kept tee times to a minimun so far this "spring."

Two significant price reductions over the weekend highlight today’s Teton County Multiple Listing Service Hotsheet.

A 2-bed, 1-bath, 865-square-foot Meadowbrook condo is now a short sale listed at $219,500, down from $359,500 after 410 days on the market. That is $253 per square foot. At this price, the monthly payment on a 30-year mortgage is comparable to what these units rent for.

In Teton Village, a forested 0.73-acre building site in “old” Teton Village is now $1.225 million, down from $2.395 million after 888 days on the market.

Contact me for a detailed analysis of Town of Jackson condo sales over the last five years or a closer look at active and recently sold Jackson Hole building sites.

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

What does $300,000 buy in Jackson Hole?

January 28, 2010 By Leave a Comment
there are now two 1-bed, 1-bath units available in the High Teton Condominiums on Hansen Street in East Jackson. In January 2009, a similar unit sold for $303,000.

There are now two 1-bed, 1-bath units available for less than $300,000 in the High Teton Condominiums on Hansen Street in East Jackson. In January 2009, a similar unit sold for $303,000.

Two years ago, the answer was “not much.” Today, the inventory of residential properties below $300,000 includes several properties in all corners of Jackson Hole. Click here for the 20 condominiums (and here for the five lowest price single-family homes, which begin at $375,000) currently in Teton County Multiple Listing Service with list prices below $300,000.

While in 2008 the only Teton County condos listed at prices less than $300,000 were located on Deer Drive, the industrial neighborhood in South Park, today’s inventory can be found in Teton Village, Aspens/Racquet Club, West Jackson, East Jackson and on Deer Drive.

Other interesting information about this segment of the Jackson Hole real estate market includes:

  • The least expensive full ownership property in Teton County is a Teton Village studio with one bath and 464 square feet. This is a bank-owned property.
  • Half (11) of the properties on this list include two bedrooms. The least-expensive of these is a 741-square-foot unit on Scott Lane.  This is a short sale.
  • The largest property listed under $300,000 is a 2-bed, 1-bath Meadowbrook condo with 865 square feet priced at $299,000.
  • A 1-bed, 1-bath, 590-square-foot unit in the High Teton Condominiums (East Jackson on Hansen Street) was listed 8 days ago for $259,000. In January 2009, an identical unit was listed for $318,000 and sold for $303,000. There is a second similar unit listed at $299,500.
  • Three of these units are listed as short sales and two are bank-owned.
Filed Under: Hotsheet Highlights 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.

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