Teton Village Update - April 22, 2008

  Actually the Tram Tower is no longer there….but a new one is being built!

The update at Teton Village: What has happened since the March report? The ski season at the Jackson Hole Mountain Resort will go down as one of the very best. Highlighted by over 600 inches and a base of over 100 inches skiers were delighted by quality skiing all season. Next year will be the debut of the new Aerial Tram so we will be excited about the 2008-2009 season too. With that said - we have had it with winter! Bring on Spring!

Real Estate News - There have been 3 closings since March 1st. A Four Seasons Resort Penthouse for $4,500,000, a new "Timber’s" Free Standing Townhome for close to $3,400,000 and an older condo that sold for close to $1,600,000. The last month of skiing proved to be fairly active on the sales side as there are 9 Pending transactions with an average list price of $2,260,000. This includes 2 Granite Ridge Lodges and 1 Four Seasons Penthouse.

The 9 Pending Transactions sound great but the real news is in the available active inventory — 54 Active Listings. The median active listing price is $1,995,000 so there is a lot of inventory priced in the "millions" category. Average Days of Market is climbing and is at an average of 157 days (that’s an entire ski season!).

Overall the Teton Village Market is a strong Buyer’s market. There are a lot of condos and townhomes to choose from and there are probably many Seller’s willing to negotiate. The biggest issue with the available inventory is that the prices were set when the market was much more active. Now we do not have Buyers and the pricing is at pre decline pricing.

If you would like information on:
Teton County, Idaho - please visit: www.tetonvalleyexperts.com

Jackson Hole, Wyoming - please visit: www.jacksonholeexperts.com

The Economic Stimulus Act of 2008 signed into law by President Bush in Feb. provides help for some homeowners facing a more challenging lending environment.  The act contains provisions to increase the availability and affordability this year for the kinds of loans that finance many Jackson Hole area homes. 

The act provides a good opportunity for homeowners who purchased homes in the Jackson or Teton Valley of Idaho area during the past 3-5 years and used an adjustable rate mortgage to fund the purchase.  Between March 1 through December 31 new jumbo-conforming loan limits apply.  The economic stimulus package temporarily increased the limit on mortgages that can be purchased by the government-sponsored Freddie Mac and Frannie Mae.  The Office of Housing and Urban Development, Freddie Mac and Frannie Mae have designated Teton County, Wyoming, and Teton County, Idaho, as among certain high-value areas of the country where  a higher loan limit will be necessary to be coupled with a lower conforming rate.  The traditional loan amount is still $417,000 but the jumbo conforming loan limit is now $693,750.

The new rules only apply to 30-year fixed rate and five year adjustable mortgages.

For more information on the new mortgage rates feel free to touch base with Taylor Mortgage, John Curry at 307-733-5800 or T.R. Pierce at the Bank of Jackson Hole 307-733-8064.  They’d be happy to assist you.  If you are interested in real estate information please feel free to call Garth Gillespie 307-413-5243 or email me.

Comfortable, Well Maintained Rafter J Home.

Charming 3 bedroom, 2 bathroom home includes a gas fireplace, an open floor plan, a large well maintained fenced yard and a 2 car garage. Good mountain views in all directions and the opportunity for remodeling and or expansion provides the homeowner many possibilities. Rafter J offers good walking paths, views of the Tetons and a peaceful neighborhood location.

The home is about 1,500 square feet and includes washer and dryer, refrigerator, stove/oven and a dishwasher.  Room spaces are perfect with a large open floor plan in the kitchen, living and dining room.  Summer outdoor life is fantastic with a large lawn in the back yard - perfect for horseshoes, soccer, free roaming dog etc

.     

Please call Garth Gillespie at 307-739-8056 or email me if you have additional questions or would like to tour the home.

Location!  Rare! On Flat Creek!  In the Heart of Jackson Hole!

Christy and I just listed a Condo in the heart of the Town of Jackson.  Extremely unique as it is only one of 7 condos in the Town of Jackson that has a third story roof top deck that overlooks Flat Creek and the Bridger Teton National Forest.  It is almost impossible to explain unless you can see it for yourself but the main floor of the condo has floor to ceiling windows that basically overlook the river as it winds itself through a large meadow.  South facing exposure brightens the 3 bedroom, 3 bathroom, 2,200 square foot home making for an efficent living space.

Listing Price — $1,475,000

Easy to show and if you would like additional information please do not hesitate to call (307- 413-5243 or email.

Over the past month there have been several real estate developments moving through the approval process in the Town of Jackson and Teton County, Wyoming.  I will use this post to update many of them.  If you have any questions about these developments or others that you have heard of please do not hesitate to give me a call at 307-413-5243 or email me.

1.  28 unit development in East Jackson:  Yet to be officially named, this development takes place in East Jackson on 3.35 acres between Rancher Street and Nelson Street.  The planned unit development is proposed to be 145,700 square feet in size which includes 8 single family residences, eight duplexes, and four townhomes.  The development requires affordable housing for 9.79 people and the developer generously is providing affordable housing for 10.  This particular property is in a very attractive location and the developer has a great track record.  It should be a very attractive property with landscaping, sidewalks and a good neighborhood feel.

2.  The Snake River Brewery and Restaurant is expanding!  The "Brew Pub" will be expanding by 2,300 square feet and will include a second floor outdoor deck, new bathrooms (desperately needed!) and an upgraded kitchen.  Congrats and good luck!

3.  A Developer is planning on developing the property that is currently the Painted Buffalo.  The development will be 151,000 square feet in size and will be of a mixed use.  Most of the space will be a new 155-room luxury hotel, spa and fitness center, conference space, restaurant, bar and limited retail space.  The proposed plan calls for a 4 story building.

4.  A beautiful new property is going to be built on the corner of Pearl and Jackson.  The new building will be 31,000 sq feet is size and will be of mixed use.  Retail/Commercial space will be on the first floor with a mix of affordable, employee and free market "lofts" will be on the 2nd and 3rd floor.  The units on the 3rd floor are incredible and should be in big demand when they are released.  The parking will be underground.

5.  A major development was proposed in the county by 3 ranching families - Lucas, Von Gontard, and Robertson families.  The application consists of 692 acres with up to 315 homes.  The acreage is located in 3 different areas - South Park (across the street from 3 Creek Ranch), Hog Island (next to the WYDOT building) and Game Creek.  The property in Game Creek would transfer development rights to the other 2 properties.  Preliminary plans show the South Park property would contain a total of 181 homes - 107 market homes and 74 deed restricted units.  The Robertson property would consist of 128 total units with 33 free market, 11 affordable, 48 PUD affordable and 36 PUD affordable market homes.  This looks and sounds much better than the awful Teton Meadows plan.

6.  There is a lot of new development taking place at Teton Village.  Most recently the Little Nell hotel went before the planning commission for its first hearing.  Little Nell, a project of Terra Development Group, would be a 50 unit condominium-hotel.  The 121,000 square foot hotel includes a conference room, a spa, 3,500 square feet of retail and a 5,000 sq ft restaurant.  The property is 1.3 acres in size.

I hope you found this information informative and easy to read.  Please visit www.JacksonHoleExperts.com if you would like additional information.

2007 was a record year for the Jackson Hole real estate market, and even better one for Sotheby’s International Realty Jackson Hole Brokerage, which increased its local market share to 61.8% based on its sales volume contrasted against Teton County total sales as reported by the Teton County Assessor’s office.

Looking at the market as a whole, the total dollar volume of sales reported through the Teton Board of Realtors Multiple Listing Service (MLS) in 2007 rose 9.1% over 2006.  Even in the fourth quarter, a rocky period for the national real estate market, sale volume was up 5.6% over the same period in 2006.  Sotheby’s sales associates outpaced their competitors for the year, boosting the MLS sales volume in 2007 by 12.2%.  Based on the Teton County Assessor’s numbers, which include both MLS and non-MLS transactions, Sotheby’s associates handled 61.8% of the $1.055 billion real estate sales volume in the Jackson Hole region.  The company’s average market share for the past five years is now 58.2%.

As the result of agent’s efforts and enhanced support they receive, listings with Sotheby’s International Realty in 2007 resulted in an in-house sale nearly 60% of the time.  This was more than 50% better than the company’s nearest competitor - Real Estate of Jackson Hole.  Sotheby’s agents do 88% more transaction sides per agent and 83% more dollar volume than their closest competitor.

This story was written by Sotheby’s International Realty Jackson Hole Brokerage with contributions and editting by Garth Gillespie, sales associate. 

For more information on these statistics or if you have any questions about the Jackson Hole Market please feel free to visit JacksonHoleExperts or to call me at 307-413-5243.

Spring is in the air and here in Jackson we are starting to feel a slight change in the weather. During the last week of January Jackson broke out of the 30’s for the first time since November. It is amazing how nice it can feel after the long winter. That is not to say that skin season is over yet. Jackson Hole is blessed with some of the best skiing in the west. The base snow depth is above 100 inches and total snowfall at Rendezvous Bowl is already over 400 inches. We are anticipating a very busy spring ski season with flights mostly booked.