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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.

 

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

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: , , , , , ,

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: , , , ,

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: , , , , , , ,

Jackson Hole real estate losing streak ends at one month

August 31, 2010 By Leave a Comment

With another full day left before the end of August, it appears real estate sales in Jackson Hole for the month will exceed those for the same month in 2009. This is significant because July marked the first month this year when sales failed to exceed those in the previous year.

According to Teton County Multiple Listing Service, there have been 17 sales of residential units and building sites in Jackson Hole thus far in August for a total sales volume of approximately $20.1 million. August 2009 included 17 sales for $15.874 million. I expect another closing or two in August that will be reported in the next few days, which will push the monthly numbers past last year’s in both units sold and sales volume.

Average sales price for the month, however, was down from July’s mark of $1.552 million to $1.188 million. This is encouraging in that there was more activity at the lower end of the market, a segment that has been stagnant of late.

Highlights of August sales include:

  • A 428-square-foot studio in the town of Jackson that sold for $139,000, the least-expensive home sale in Jackson Hole since February 2000.
  • A 2-bed, 1-bath condo sale in the town of Jackson for $210,000.
  • Additional town of Jackson sales at $343,000, $525,000 and $650,000, which translate to per square foot totals, respectively, of $237, $230 and $345.
  • The month’s top reported sale was a building site in Shooting Star for nearly $4 million. The highest residential sale was $2.75 million for a Wilson home on Fish Creek.

A full report of all August sales will be available in approximately two weeks. To receive a copy of the Sotheby’s internally produced report please contact me at TetonRealtyToday@gmail.com and I will add you to my mailing list.

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

End-of-summer sale for Jackson Hole real estate

August 20, 2010 By Leave a Comment

A $1 million price reduction on one of the premier building sites in Bar BC Ranch is just one of several discounts on Jackson Hole real estate announced in recent days.

Everything must go! Shop now for best selection on deeply discounted inventory!

With just a few weeks until September, the busiest month for sales in Jackson Hole, price reductions have dominated the Teton County Multiple Listing Service Daily Hotsheet this week. Since Monday, there have been 23 price reductions on residential properties priced as low as $230,000 to as high as $10.5 million.

And just pick a neighborhood, virtually any neighborhood for big, big savings! Take $200,000 off for a building site in Shooting Star, now just $3.795 million for 1.3 prime acres. Or save $3.2 million dollars off original list price on an 8,365-square-foot home in Indian Springs. Like Teton Pines? Two Cluster units reduced this week with one now at $1.495 million.

As discussed in a post on jhpropertyguide.com earlier this month, the high end of the market has been where most of the action has been this year. This is due to a variety of factors but certainly one of them is this market segment has seen the largest price reductions in both dollar amounts and percentage off market highs.

Of the 23 price reductions this week, 11 of them are on properties north of $1 million and 7 priced higher than $1.795 million. Savvy buyers who have the means to purchase in this price range are taking advantage, resulting in an average sales price thus far in 2010 of approximately $1.55 million.

Properties on the low end of the market, which has been stagnant, have been heating up this week as well with a bellwether sale of an Elk Run townhouse and numerous price reductions. Additional price reductions on the lower end of the market include:

  • A 2-bed, 1-bath Ponderosa Village condo is now $230,000; however this is more than $90,000 above the least-expensive unit in this neighborhood.
  • A 3-bed, 3-bath, 1,400-square-foot Creekside townhouse is now $355,000. Originally listed at $625,000 and on the market for 676 days.
  • A 3-bed, 3-bath, 1,671-square-foot single-family home in Rafter J was reduced $40,000 to $539,000 after just 23 days on the market. However, this home was originally listed by same seller in June 2008 for $865,000.

Contact me for a full Comparable Market Analysis on any of these properties or neighborhoods, or to discuss the dynamics that are driving the Jackson Hole real estate market. 307-690-9346.

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

March-ing right along: 17 closings, 14 under contract so far

March 22, 2010 By Leave a Comment

Last I looked, Jackson Hole real estate sales for March were off to a strong start after a big finish to February. With a week still to go in the month, I revisited the monthly sales totals and pending listings to see how March was shaping up.

I knew the month had been busy – after all it is the height of the winter selling season – but just how busy surprised me. So far this month there have been 17 recorded sales in the Teton County Multiple Listing Service and another 14 pending sales. Sales volume to date for March totals $24.690 million with list prices for pending sales totaling another $25.207 million. Coupled with figures for January and February, it is clear the first quarter of 2010 is trending upward and is far outpacing 2009.

These totals do not include sales outside of the MLS, which also are strong according to anecdotal and internal information. Highlights among the recorded sales include:

  • A 3-bed, 4-bath, 4,078-square-foot “cabin” at Shooting Star in Teton Village closed over the weekend for $5.275 million.
  • A 3-bed, 2-bath, 3,075-square-foot home off Fish Creek in Wilson closed today for $2.85 million. Built in 1980, this property was on the market for 307 days and originally priced at $3.95 million.
  • Nine of this month’s 17 closings were for less than $1 million with five of these in the Town of Jackson.
  • Two building sites sold this month, including a .18-acre lot in East Jackson for $350,000 and a 9.79-acre site in Game Creek for $450,000.
  • A 4-bed, 5-bath, 3,531-square-foot custom home in Melody Ranch originally listed at $1.549 million (and above $1.7 million in 2007) sold for $975,000 after 563 days on market.

Even more fascinating are the ramifications of some of the pending listings recorded in the past few weeks. Please contact me for a discussion of what these mean to the overall market and values in specific neighborhoods. These are interesting times indeed!

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