Cottonwood Flats are Jackson Hole’s brand new 2 and 3 bedroom townhomes. Offered by The Gillespie Real Estate Team, all townhomes include…

• covered front porch
• attached garage
• backyard
• hardwood floors
• large windows
• brand new appliances
• pet friendly
• limited common walls with other townhomes

 Cottonwood Flats are located in a great part of the town of the Jackson near the Middle School, next to the bus stop, and surrounded by the town bicycle and pathways.

The 2 bedroom townhomes are 1,068 square feet with 2 baths and a 1-car attached garage. The 3 bedroom townhomes are 1.600 square feet with 3 baths and a 2-car attached garage.

We host an open house every Sunday from 3:00 -5:00 pm or give us a call for a showing.

 Find pictures and more information @ http://www.jacksonholeexperts.com/cottonwood-flats-townhomes.asp

 

Construction Update:

Block I of Cottonwood Flats Townhomes is complete and includes eight 2-story townhomes. All units have been issued their Certificates of Occupancy and are ready for move-in.  Of the eight units, two of the townhomes (a 3 bedroom and a 2 bedroom) have been sold to the Housing Authority as Affordable Units**. Unit 2, a market rate unit with 2 bedrooms is now under contract. There are 4 two-bedroom units and 1 three-bedroom unit still available for purchase in Block I. Landscaping of Block I will be completed in early spring.

Construction continues on Block II of Cottonwood Flats Townhomes. Fifteen additional units (a mix of 2 and 3 bedroom units) will be completed this summer.  Many of these homes have direct views of the Grand Teton and views of the Jackson Hole Mountain Ski Resort. Homes are stick built off site by Stratford Homes in Idaho and then brought to the site and connected to the foundations and utilities.

 ** The town of Jackson requires 15% of every new development to be deed restricted affordable, which means they have limits on appreciation (usually tied to Denver CPI) as well as limits on the income of the families that purchase the units.

In changing times it’s important to have people we can call on for advice we can trust! At The Jackson Hole Experts, one of those people is T.R. Pierce. T.R. is a mortgage broker with The Bank of Jackson Hole. He has worked with many of our clients here in Jackson and regularly provides our team of REALTORS with the latest in mortgage news. We received information below from T.R. today and with his permission we are sharing it with you.  If you have a question about your current or future Jackson Hole mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.  Here is T.R.’s most current update.

Interest rates are unchanged today as Goldman Sachs reported fourth quarter profits that soared above Wall Street expectations.  The Wall Street powerhouse, which has endured scrutiny over signs it was on track to pay billions of dollars in bonuses this year, earned $4.9 billion last quarter.  Their annual revenues more than doubled last year to $45.2 billion and they earned a profit of $13.4 billion in 2009.  Their biggest boost to earnings was a severe reduction in employee compensation… spending $16.2 billion (38.5% of total revenue) on wages and salaries last year.

BANK OF JACKSON HOLE

Residential Mortgage Rates for January 21, 2010

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750

ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW. 

PROGRAM	CONFORMING  (Loans to $417,000)	JUMBO (Loans over $693,750)
30 Year Fixed	4.875%	6.500%
15 Year Fixed	4.375%	6.000%
10/1 ARM	4.250%	6.000%
7/1 ARM	3.875%	4.625%
5/1 ARM	3.500%	4.250%
3/1 ARM	3.500%	6.625%
30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.375%
	PRIME RATE: 3.250%
	ONE YEAR LIBOR RATE: 0.878%

Thanks for the info T.R.!  For additional information on Jackson Hole Real Estate please call the Jackson Hole Experts - Christy and Garth Gillespie – 877-739-8056.

In changing times it’s important to have people we can call on for advice we can trust! At The Jackson Hole Experts, one of those people is T.R. Pierce. T.R. is a mortgage broker with The Bank of Jackson Hole. He has worked with many of our clients here in Jackson and regularly provides our team of REALTORS with the latest in mortgage news. We received information below from T.R. today and with his permission we are sharing it with you. It looks like mortgage rates are on the rise. If you’re a Jackson Hole first-time home buyer this could impact your purchasing power. If you are a homeowner with a mortgage coming up for renewal, you’ll want to consider your options carefully. If you have a question about your current or future Jackson Hole mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.

Conforming ARM rates are lower this morning after the NAR announced that pending home sales continued their upward swing in May. Home sales rose (0.1%) for the fourth straight month… the first time this has happened since October 2004! The manufacturing sector’s activity rose to 44.8 in June as well. This was the six straight month this index has increased and the index reading indicates that manufacturing contraction has slowed, but not reversed itself. Manufacturing is a key indictor in gauging the strength of the economy.

BANK OF JACKSON HOLE
Residential Mortgage Rates for July 1, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)
30 Year Fixed
5.125%
7.875%

15 Year Fixed
4.750%
6.875%

10/1 ARM
5.125%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
4.500%

3/1 ARM
5.125%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.375%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.590%

For additional information on Jackson Hole Real Estate please call the Jackson Hole Experts – Christy and Garth Gillespie – 877-739-8056.

Last week Christy and I received an email from Kathy Korte, President and CEO, of Sotheby’s International Realty, updating us on ways the private sector are trying to jumpstart the sluggish housing market. A Business Roundtable was formed and here are the results of that meeting.

Business Roundtable, an association of chief executive officers of leading U.S. corporations and specifically, the Business Roundtable’s Housing Working Group – which is chaired by Realogy CEO Richard A. Smith – issued a set of recommendations for the White House and Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.

The Business Roundtable’s recommendations are as follows:
· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
· Make permanent the current temporary conforming loan limits; and
· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

“We believe targeted, demand-side solutions – such as the ones Business Roundtable is recommending today – will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole,” said Smith in the Business Roundtable’s press release.

To obtain a copy of the Business Roundtable press release and its Housing Working Group’s detailed recommendations, click here. To read an article that appeared in today’s online edition of The Wall Street Journal containing an interview with Richard Smith about the Business Roundtable’s recommendations and why they are crucial to jumpstarting the housing market, click here

NRT and The Jackson Hole Experts, Christy and Garth Gillespie, applauds the Business Roundtable for its proactive efforts to reinvigorate the U.S. housing market, and we are proud of the leadership role our parent company, Realogy, has taken in this regard.

For more information on the current housing market here in Jackson Hole please feel free to call at 877-739-8056 or visit us at our website.

Recent data is showing that homes being built today are smaller than they were in the beginning of 2008. In the third quarter of 2008 median home size was 2,090 square feet, down from 2,629 square feet in the second quarter of 2008. With housing prices dropping and the economy weakening, homeowners may be looking at homes with less unused space, more energy efficiency and a home that better fits their overall needs. There is more of an interest in economizing space and making one room of the home a more flexible space that can be used for a myriad of activities. Outdoor kitchens and entertaining areas are becoming more popular as square footage decreases.

Of course this is national data – what is going on in Jackson? For one thing the Town of Jackson is attempting to limit the size of homes on standard Town of Jackson buildable lots. The standard size lot in town is 50 X 150. The current proposal would limit house sizes to 3,000 square feet. As this is debated by the planners we will keep you up to date.

Do Christy and I see a pattern of smaller houses? Not yet but we believe this could be contributed to a lot less construction taking place in the valley. According to the Teton County Planning and Building Department and the Town of Jackson, February permits for new homes and remodels dropped considerably from January. January had 23 permits issued and February had just 13 issued for a total of 36 for the year compared to 54 in 2008. Another interesting fact is that the Town of Jackson has not received one application for new construction in 2009. We will keep you updated on any trends in new construction in the Jackson Hole real estate market.

Research shows that builders are paying very close attention to what buyers want. The National Association of Home Builders is reporting that 88% of homebuilders surveyed plan to build more smaller homes, and that 89% of homebuilders surveyed claim that they plan to build lower-priced homes.

For additional information on the current Jackson Hole real estate market and current events in the Town of Jackson and Teton County, Wyoming feel free to call the Jackson Hole Experts, Christy and Garth Gillespie, Jackson Hole real estate associates for Sotheby’s International Realty – Jackson Hole Brokerage toll free at 877-739-8056.

This morning President Obama took time to discuss the current economy and to bring up the fact that there are historic low mortgage rates for people to take advantage of. Refinancing seems to be the topic of most interest as there are opportunities for Jackson Hole homeowners to refinance and save money. Rates on 30-year mortages have averaged about 4.8% for the past few weeks and are a full point lower than this time last year. The President also encouraged people who want to learn more to go to a new government website – www.makinghomeaffordable.gov.

In local Jackson Hole mortgage news we like to ask the “mortgage expert” T.R. Pierce at the Bank of Jackson Hole. Below is the banks current rates and report:

Conforming rates are unchanged this morning as Wall Street responds very positively to Wells Fargo’s announcement that it expects to report a profit of $3 billion for the first quarter. In other positive news… initial jobless claims fell last week and the trade deficit was $25.97 billion in February compared to $36 billion the previous month. This represented a 28.3% decrease in imports and was the lowest trade gap since November 1999.
BANK OF JACKSON HOLE
Residential Mortgage Rates for April 9, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.
PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500

ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.
PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)
30 Year Fixed
4.500%
7.875%
15 Year Fixed
4.375%
6.875%
10/1 ARM
5.000%
7.875%
7/1 ARM
4.625%
5.000%
5/1 ARM
4.125%
4.750%
3/1 ARM
4.875%
6.625%
30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.951%

These are some great rates and it is an incredible time for Jackson Hole residents to consider making a purchase, refinancing or moving up in the housing market. The low end market – under $500,000 – still needs to readjust some pricing so if you are in this category please call us for a free listing presentation from the JacksonHoleExperts. In many ways there has never been a better time to list your property for current market value as most of the market has mispriced their properties. To learn more….call us toll free at 877-739-8056.

Christy and Garth Gillespie, Jackson Hole real estate associates for Sotheby’s International Realty would like to wish everyone a Happy Easter. We are hoping for some warmer weather here in Jackson Hole as we still have about 2 feet of snow on the ground. Thanks for visiting the Jackson Hole real estate blog – Jackson Hole Experts-

One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming interest rates are down this morning after consumer spending rose in February… rebounding for the second straight month! The Commerce Department reported that spending by individuals rose 0.2% last month after a revised increase of 1.0% in January. Some economists feel that “the majority of the declines in consumer consumption are behind us” and another indication that the economy may be improving is the 20% gain in stocks Wall Street has enjoyed in last three weeks!

Residential Mortgage Rates for March 27, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.500%
7.875%

15 Year Fixed
4.500%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
4.625%
5.000%

5/1 ARM
4.125%
4.750%

3/1 ARM
5.250%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.010%

Thanks T.R. for the report. We appreciate the updates. Christy and I are excited about those 4.5% rates on conforming 30 year fixed! This should motivate all of you first time home buyers or owners that want to move up or around in Jackson. Guess what? This weeks movement in the stock market motivated a few buyers. We saw a piece of vacant land go under contract! We also heard of a contemporary townhome that went under contract! Great news…

If you would like additional information on the Jackson Hole Real Estate market please contact us – the Jackson Hole Experts – Garth and Christy Gillespie. Feel free to call us toll free at 877-739-8056.

One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Interest rates are unchanged again this morning after the National Association of Realtors reported that existing home sales dropped 5.3% last month. January sales were the lowest since July 1997 as potential buyers were waiting for clarity and certainty of the housing stimulus package. The national median home price was $170,300 in January and the number of homes on the market decreased to 3.6 million. The drop in total inventory is encouraging because at the current sales rate, it would take an estimated 9.6 months to sell the existing homes inventory.

BANK OF JACKSON HOLE
Residential Mortgage Rates for February 25, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.
PROGRAM CONFORMING

(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.875%
7.875%

15 Year Fixed
4.625%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
5.250%
5.875%

5/1 ARM
4.500%
5.625%

3/1 ARM
5.250%
6.625%

PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 YEAR FIXED RATE FHA LOANS TO $625,500: 5.000%

PRIME RATE: 3.250%

ONE YEAR LIBOR RATE: 2.074%

For more information on the Jackson Hole real estate market please call Christy and Garth Gillespie, the Jackson Hole Real Estate Experts at 877-739-8056 or visit our website.

Information about first time home buyer tax credits as amended by the American Recovery and Reinvestment Act of 2009 (HR 1).

We highly suggest that you please consult your tax advisor / accountant to determine whether you are eligible for this tax credit before making any decisions or changes to your tax status. This website is for information only and should be verified by a tax professional.

The 3 changes to the first-time home buyers tax credit program include:

Tax credit has been increased to $8,000.
Homes have to be purchased between January 1, 2009 and December 31, 2009
No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.

The Tax Credit is for home buyers (either spouse if filing jointly) who have not owned a principle residence during the three-year period prior to the purchase.

The maximum credit is $8,000 or 10% of the home purchase, whichever is less – not an issue here in Jackson Hole or Teton Valley, Idaho.

The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.

To qualify for the full tax credit, married couples’ modified adjusted gross income should be under $150,000 and single filers’ modified adjusted gross income should be less than $75,000. Partial tax credits may be available for married couples with modified adjusted gross incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each on their tax returns.

Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.

There is no recapture or repayment clause IF the home is owned for at least 36 months.

The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.

The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.

The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.

The American Recovery and Reinvestment Act of 2009

Read the rest of this entry »

One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

“Conforming fixed rates are down again this morning after it was announced that Treasury Secretary Geithner will present a financial sector stabilization plan that will include government guarantees of losses on some assets and greater assistance for troubled homeowners. Plans like the Federal Reserve’s Term Asset Backed Lending Facility (TALF) hold great promise for restarting private credit flows again. Buyers of triple-A rated securities backed by credit cards, student loans and other assets can swap those bonds for Treasury securities that they can use for new financing.”
Residential Mortgage Rates for February 10, 2009
The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500

ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.750%
7.875%

15 Year Fixed
4.625%
6.875%

10/1 ARM
5.750%
7.875%

7/1 ARM
5.500%
5.875%

5/1 ARM
4.625%
5.625%

3/1 ARM
5.375%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $625,500: 5.375%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.987%

Thanks T.R. for the report!

For more information on the Jackson Hole real estate market please feel free to call us – the JacksonHoleExperts at 877-739-8056 or visit or website at ChristyandGarth.com