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Jackson Hole MLS: 12 bank-owned, 15 short sales

July 23, 2012 By Leave a Comment
This Creekside townhouse was one of the many short sales in Jackson Hole in 2011.

This Creekside townhouse was one of the many short sales in Jackson Hole in 2011.

There is an old joke about the single men here in Jackson, which goes “The odds are good, but the goods are odd.”

Point being, there were once plenty of guys for the women to choose from, but some of them didn’t exactly have all the qualities one may desire.

The phrase comes to mind when researching available properties lately. There are homes to look at, but many of them may as well not be listed. Too many properties are priced well above market because the sellers are unwilling to accept a market that has lost upwards of 30 percent. Perhaps more likely is that the seller is unable to sell at market value because they owe more on the property that can be realistically garnered. This is called a “short sale.”

Short sales continue to be the bane of Realtors, even as the process has become streamlined and more banks become willing to deal. Currently, there are 15 properties in Teton County Multiple Listing Service listed as potential short sales. Highlights include:

  • Just as in bank-owned properties, discussed below, the range of short sales is commensurate with the rest of the market with the lowest listing price at $229,000 for a 2-bed townhouse in Cottonwood and the highest just over $2 million for a 7,800+ square foot home on nearly five acres in Hoback Junction. In other words, distressed properties are hardly synonymous with lower income housing.

    This bank-owned home in downtown Wilson, listed at $485,000, hit the market last week and has seen significant interest.

  • Three potential short sales are short-term rental properties in Teton Village (2) or the Aspens/Racquet Club subdivisions.
  • Rafter J subdivision also has three potential short sales, all of which are single-family homes listed between $430,000 and $485,000.

On the other hand, when sellers finally become realistic or have been able to work with a bank to facilitate a short sale, often there are multiple buyers. Even more in demand recently have been bank-owned properties that in a few cases have sold above list price.

Currently, there are 11 bank-owned properties in Jackson Hole. Highlights include:

  • A single-family home in Melody Ranch that was once deed restricted, meaning buyers had to qualify under income and asset requirements per Teton County, became free market after the foreclosure process. Listed at $409,000 it was shown a dozen times before hitting the market and is under contract after one day.

    View from a bank-owned home on Porcupine Plateau, about 15 minutes south of Jackson.

  • The least-expensive bank-owned property is a 3-bed, 1,200-square-foot townhouse near Jackson Town Square.
  • The highest-priced property is 4-bed, 5,237-square-foot home in Spring Creek Ranch listed at $1.95 million.
  • A duplex in East Jackson was listed today at $560,000. Includes two 2-bed townhouses and a detached garage. Sold for $975,000 in 2007, subsequently listed for as high as $1.295 million.

What this means today’s buyers need to be prepared to move when a good deal comes along. That means having financing secured and a pre-qualification letter in hand, an up-to-date understanding of the real estate market and a strong relationship with a full-time Realtor that has thoroughly explained the entire process and associated documents ahead of time.

I can’t help you get a loan, but I can help you make sure you know a good deal when you see one. Contact me today for a personalized look at the local market and an ongoing dialogue aimed at reaching your real estate goals.

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

Jackson Hole market recovery Marching right along

March 22, 2011 By Leave a Comment

While the Jackson Hole real estate market still has a way to go to reach the heights of 2007, the recovery has been steady in recent quarters.

With more than a week remaining in March, the 13 residential and three building site sales reported in Teton County, WY, have already exceeded the total of 11 recorded in March 2010, assuring yet another strong month in the Jackson Hole real estate market compared to the depths of 2009.

Ironically, it is also encouraging that the average sales price has been trending slightly downward in recent months. Deeply discounted high end sales above $2 million have been leading the market recovery since fourth quarter 2009, but sales below $500,000 have been more prevalent in recent months due to an increasing inventory of bank-owned properties and more successful short sales.

Thus far in March the sales volume is approximately $18.42 million for an average sales price of $1.15 million, which follows an average sales price in February of  $1.33 million and $1.38 million in January. The average sales price in 2010 was $1.485 million (261 sales for a total volume of $387.8 million).

For a closer look at February 2011 sales statistics and a roundup of 2010, check out my post at jhpropertyguide.com. Much of this article is based on a 52-page PowerPoint presentation compiled by Jackson Hole Sotheby’s. If you would like a copy of this report please e-mail me directly at TetonRealtyToday@gmail.com.

Key March 2011 sales include:

  • A 2-bed, 760-square-foot, bank-owned Teton Village condo sold for just north of $208,000 after 227 days on market and an approximately 16 percent price reduction.
  • A 1-bed, 866-square-foot Aspens/Racquet Club condo sold for $244,000 after 99 days on market.
  • Town of Jackson townhouse short sale with 2,345 square feet and four bedrooms closed for $495,000.
  • Three sales of building sites including lots in River Meadows, Bar B Bar and Stilson Ranch.
  • The top sale reported to Teton County Multiple Listing Service thus far in March is for a 9,250-square-foot home in Gros Ventre North for $5 million. Sold after 665 days on market, down from $8.9 million.

Contact me for a more comprehensive, personalized look at the Jackson Hole real estate market.

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Aspens/Racquet Club 1-bed condos peaked in late 2007; today’s prices mirror 2005

February 23, 2010 By 1 Comment

After last weekend’s close of a 1-bed, 1-bath, 766-square-foot unit in the Aspens/Racquet Club at $220,000, I took a closer look at this market segment. A quick look reveals this is the lowest price since October 2005 for what is perhaps the most common unit in this neighborhood dominated by short-term rental properties.

Going back to this date in 2004, there have been 66 sales of these units that were built mainly between 1976 and 1980. Highlights of these sales include:

  • There were six in the last year, 8 in the year ending on this date in 2009, 10 in the previous year, 16 in the year before that, 10 in the year ending on this date in 2006, and 16 in the year ending in 2005.
  • The highest price paid during this period was $565,000 for a 1-bed, 1-bath, 736-square-foot condo in the Strawberry building in September 2007. There were three sales above $500,000, all within three months of the above sale. Another closed sale during this stretch was not reported, but sold after just 15 days at a list price of $510,000.
  • Interestingly, even though the last sale as low as last week’s at $220,000 was October 2005, there were five sales in 2004 above $200,000 and threes sales in 2005 below $200,000. Clearly a fluctuating market during this two-year period.
  • There are six active 1-bed, 1-bath listings in the Aspens/Racquet Club. The lowest priced unit is $249,000 with the highest-priced unit at $395,000.
  • There is one pending unit that is a short sale listed at $275,000 after 190 days on the market, originally listed at $350,000. This unit last sold in August 2006 for $469,000, hence the short sale.

With prices for these units dropping from a high of approximately $737 per square foot to a five-year low of approximately $287 per square foot, analysis is hardly necessary. However, to discuss opportunities and challenges in this market today, contact me.

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

Town Square foreclosure cancelled; national delinquency rates on rise

January 19, 2010 By Leave a Comment
According to Fannie Mae, serious delinquency rates for mortgages on single-family homes will continue to rise in 2010.

According to Fannie Mae, serious delinquency rates for mortgages on single-family homes will continue to rise in 2010.

Thanks to our friends at Jackson Hole Title & Escrow, who have been providing convenient and consistent updates on Teton County foreclosures, word came last night that the foreclosure set for today on an iconic Town Square property has been canceled due to bankruptcy.

For the back story on the Davies-Reid building (formerly Jackson Drug), see this recent Teton Realty Today post and the included links.

While short sales and foreclosures are not the most pleasant of real estate topics, the reality is a significant portion of the transactions in Teton County in recent months have seen sales prices that were not high enough to extinguish the debt on the property. How many? Hard to say as it would be very difficult at best to track which sellers negotiated lower payoffs with their lenders or brought additional money to closings. But I am seeing it on a daily basis in my business and those of my fellow Realtors. And, despite a stabilizing economy and an end to the freefall of home prices over the past 18 months, there is little reason to believe short sales and foreclosures will become a thing of the past in Teton County anytime soon.

An economist friend sent along the graph at the top of this post, a link to an excellent overview of the housing crisis, and the following data this morning:

The problem:
• 2007 foreclosures, 1.3M
• 2008 foreclosures, 2.3M
• 2009 foreclosures, 2.8M
• Dec/Dec, +15%  (D = 4.2M annualized rate)
• One-third of existing home sales are foreclosures

His conclusion: The overhang of foreclosures is going to get considerably worse.

My conclusion? Contact me for a candid conversation focused on the Jackson Hole real estate market.

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

Town Square foreclosure indicative of overall market

December 17, 2009 By Leave a Comment

The lead story in this Wednesday’s Jackson Hole News&Guide outlines the details surrounding one of Teton County’s highest profile potential foreclosures – the Davies-Reid building on the northwest corner of Town Square.

Today’s Jackson Hole Daily follows up with news that the foreclosure, set for Dec. 29 with an opening bid of $2.76 million, has been postponed until no later than Jan. 31, 2010, in response to an injunction filed by the owners.

Read the stories for the details of the challenges facing the sellers of this particular property, and for why this property is of such significance. Beyond this story, however, this is an excellent example of what is happening throughout the Jackson Hole real estate market.

Not surprisingly, these owners bought the property in 2005, near the height of the housing bubble.  Today, with values returning to levels last seen in 2005, people who purchased property since then are likely to have difficulty selling at a price high enough to wipe out the debt on the property. This is resulting in a very high number of the sales in the past few months being short sales (often coming as a surprise to both lender and seller). Not to mention the growing number of property sales by banks that have already foreclosed.

In short, this is an aspect of real estate sales that was virtually unheard of in Teton County just two years ago, but is clearly here to stay for the foreseeable future. Personally, I worked on four deals in 2009 that were short sales and took a continuing education course on the subject. From experience I can tell you that, conceptually, it is all pretty easy to understand, but on the ground it is extremely difficult to communicate effectively and in a timely manner with all involved. And to be blunt, most if not all of the blame can be placed on the banks.

Check out the Teton County Sheriff’s Office Web site for an explanation of the foreclosure process in Wyoming and for a list of upcoming auctions. Let me know if I can answer any questions about the process or any of the properties on the list.

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