Jackson Hole Real Estate and Community News » Idaho Real Estate Update

Vacant Land Options in Teton Valley, Idaho

ggillespie — Fri, 02 Jul 2010 18:35:58 +0000

Here is a view from Lot 50 at Spring Hollow Ranch – This lot is sold but it helps show the beauty Spring Hollow Ranch has to offer. Jackson Hole Sotheby’s International Realty along with Garth Gillespie represent the developers of Spring Hollow Ranch and we are excited to offer extremely competitive pricing for the summer of 2010.

All lots at Spring Hollw Ranch have access to 130 acres of open space. This is not your normal open space but it is recreational space where we have hiking trails, a spring fed pond with gazebos, access to the Rails to Trails and excellent cross country skiing in the winter.

Summers in the Teton Valley are some of the best in the west. The towns of Driggs and Victor have farmers markets, there is an outdoor music series every Thursday night, Grand Targhee resort offers downhill biking, hiking and 2 nationally known music festivals. There are excellent resturants (just opened Teton Thai in Driggs).

Prices for 6 to 30 acre lots start at $150,000 and go to $350,000. 44 of the 50 lots have incredible views of the Grand Tetons. Call for details – 307-413-5243.

Affordable Retirement Get-away? Still Want to See the Teton’s?

ggillespie — Tue, 22 Jun 2010 21:06:31 +0000

Entry sign to Spring Hollow Ranch

SPRING HOLLOW RANCH – TETONIA, IDAHO

Christy and I are proud to be able to offer an outstanding vacant land opportunity just over the hill from Jackson Hole, Wyoming in the lovely Teton Valley of Idaho. Spring Hollow Ranch is a 50 lot development in the north end of the Teton Valley of Idaho offering outstanding views of the Tetons, high quality ammenties, strong ownership and very affordable pricing.

Lot sizes vary from 6 acres to over 30 acres in size. All but 6 lots have full Teton views and all of the lots have access to the most beautiful recreational space available in the Teton Valley. A private trail sysytem links both phases of development and offers the opportunity for miles of hiking, bike riding, horseback riding and cross country skiing. 34 acres of the open space includes a spring fed pond that attracts wildlife to the property.

For more information on Spring Hollow Ranch please feel free to contact Garth Gillespie at Jackson Hole – Sotheby’s International Realty at 307-739-8056 or 307-413-5243.

It’s How You Live…Spring Hollow Ranch

ggillespie — Tue, 18 Mar 2008 18:48:11 +0000

Today I am going to update everyone on a wonderful development in Teton Valley Idaho — Spring Hollow Ranch. I work with the developers (a great group/family) that have developed an incredible parcel of land into what I believe is the finest development in the Teton Valley. There are no golf courses, ski runs, spas, monstrous "spec" homes just beautiful landscape and a sense of privacy rarely seen. The property itself is one of the most stunning properties I have had the chance to visit, let alone represent. There is an emotion and a sense of belonging that Spring Hollow Ranch offers that is almost impossible to explain with out actually experiencing and "touching" the property. Below I do my best but if you have any additional questions please do not hesitate to call or email me. For more information on Spring Hollow Ranch click the link.

I. Teton Views and Room to Roam

Mountain views and wide-open spaces: It’s what western living is all about, and you can find both in Spring Hollow Ranch. Once a barley farm, Spring Hollow Ranch features rolling hills, superb views of the Teton Range and one of the more unique wetland areas in the valley – Spring Hollow Pond. The development consists of 50 residential vacant lots varying in size but averaging 15 acres with a grand total of 880 acres. Protected, recreational space equals 119 acres which allows for residents to enjoy the entire property. Hiking trails interconnect throughout the property and the Spring Hollow Pond has been dedicated for the recreational use of all the homeowners.

II. A Well Planned, Quality Development

Spring Hollow Ranch is a well planned, high quality development that features paved roads, buried utilities, landscaped entries, beautiful water features, an interconnecting trail system and incredible open spaces. Unlike a lot of developments that dedicate open space but then do not provide access to it, Spring Hollow Ranch has created a wonderful trail system that allows homeowners to hike, bike, horseback ride, cross country ski and walk through the development. From all the available lots, owners can have access to the trail system and have miles of recreational choices to choose from. Spring Hollow Ranch also provides access to the “Rails to Trails” which is in the development stage but eventually will provide for miles of snowmobile and bike trails.

III. Location

Spring Hollow Ranch is located in Tetonia, Idaho which is in the northern tier of the Teton Valley. The property it self is located on a grouping of large hills that provide most of the home sites commanding views of not just the Teton Range but of the Big Hole Range, Yellowstone and the Sun Valley Mountain Range. Spring Hollow is just 10 minutes from Driggs and 30 minutes from the Grand Targhee Mountain Resort. Jackson Hole is about 1 hour from the development so a day in town is just a quick trip over Teton Pass. If fishing is high on your list, Spring Hollow is centrally located to take advantage of some of the finest fly fishing in the west. The “canyon” of the Teton River is just a 10 minute drive, the South Fork of the Snake, Henry’s Fork are within an hours drive. Restaurants are opening their doors almost monthly in the Teton Valley providing residents numerous, quality choices. Hiking in the National Forest is within a 5 minute drive. Golf – multiple choices in the Teton Valley.

IV. Availability

Currently there are lots available in both Phase 1 and Phase 2. To date there have been 7 sales. There are some incredible values in all price ranges. There are lots available for as low as $295,000 and as high as $470,000. Acreages vary as explained above but most lots are in the 8 acres to 20 acres size. Homeowners have the ability to create their own legacy property. The building restrictions are very flexible with endless possibilities. For actively listed properties visit www.TetonValleyExperts.com and for information on the Jackson Hole Market please visit www.JacksonHoleExperts.com.

Teton Springs in Trouble?

ggillespie — Wed, 12 Mar 2008 04:25:47 +0000

News in the Teton Valley of Idaho. Teton Springs sued in U.S District Court.

Teton Springs, a planned all seasons resort, located in Victor, Idaho could be credited to jump starting the massive growth that the valley has seen in the past 5 years. The development encompasses a total of 780 acres and includes numerous real estate opportunities, 27 holes of golf (private), fly fishing lakes and streams, a hotel, golf club, fitness facility, swimming pool and endless other amenities. During the past 10 years the developers of Teton Springs have transformed a rolling barley field into the cornerstone of the valley. Since then developments have sprung up all over the valley which include River Rim Ranch, Huntsman Springs and Teton Reserve. Most of these other developments followed the Teton Springs blueprint that if you build it they will come.

As we some of us know, times have changed and real estate has slowed in the Teton Valley (see previous post). During the 2007 calendar year, Teton Valley showed continued strength but in the end the growth slowed and did not meet the numbers as 2006. What is very interesting to look at is that Teton Springs recorded numerous land closings that were in the Mountain Meadows area of the development. This was a very interesting development as I was wondering who was purchasing all these properties. In the meantime construction crews swarmed the area and construction took off like we have never seen before. If any of you have ever been to Teton Springs you will understand what I an explaining but if you have not had the chance to see the development this is what it looks like. The lot sizes are no larger than .10 acres and the homes average 2,500 square feet. There are close to 150 of these homes. I remember talking with my wife and saying, “Who is buying all these homes and who is building all these homes?”

Maybe a clue to who these buyers are came out in the news last week. The headline in the Teton Valley News reads…”Teton Springs sued in U.S. District Court.” Over the past few months I have received numerous phone calls from worried buyers that were being told that they were going to have to close on their homes in the next few weeks or months. The buyers, all but one from Idaho, were sold a house/lot combination and were told that by closing they would see an increase in equity of somewhere between $200,000 to $400,000. This has not happened, a matter of fact their investment is worth less than $200,000 to $400,000 than the ibuyers are under contract for or have closed for and most of the plaintiffs are not in a financial situation to close. Even if they could close the case is questioning the developer (Nu Way Partners), the real estate brokerage (All Seasons Realty), the appraisal services (Rivers Edge Appraisal) and the lender (Eagle River Mortgage) on the way the transaction took place. You can read more about this situation at the Teton Valley News website: article written by Lisa Nyren.

With all of this said, Teton Springs is an excellent development. The golf course is known around the Jackson area as one of the best. The amenities are fantastic with beautiful ponds, streams, walking trails, cross country skiing and a state of the art fitness and pool facility. My hope is that all the negative press from the above mentioned article and court case work themselves out and that the development prospers in the near future. The Mountain Meadows area of the development has some adjustments to work out in inventory and price. There are some fantastic values in both the Mountain Meadows area and the estate lot homes so if you have interest in the development please do not hesitate to call me to discuss further.

For more information on the Teton Valley of Idaho visit our Idaho Real Estate website – www.TetonValleyExperts.com or our Jackson Hole website www.JacksonHoleExperts.com.

Jackson Hole Market Update – Feb. 20, 2008 – Active Listings and Inventory

ggillespie — Mon, 25 Feb 2008 13:56:39 +0000

Sotheby’s International Realty of Jackson Hole has been busy compiling statistics from the past year (2007) and in next series of blog updates I will be taking some of that information and sharing it with you. Leonard Klieman of the Jackson Hole Sotheby’s office has done an incredible job of analyzing Teton County Multiple Listing Service information along with comparing and contrasting data received from Teton County, Wyoming County Assessors Office.

As of January 2008 there were 404 current listings in the Teton County MLS. Due to a extreme slow down in current pending activity this gives Jackson a 20 month supply of inventory. (Months of Inventory = Active Listings / Unit Sales). In January 2008 we saw the first increase in active listings for the first time in 3 years. In 2006 there were 386 active listings and in 2007 there were 364 active listings at this time. The biggest change in the data however is that pending transactions are trending down instead of up when comparing the past few years. This trend started in November of ’07.

Properties listed for less that $3 million: 296. Active listings are up 11.7% vs. last year and is up in January vs. December for the first time in 3 years.

Properties listed greater that $3 million: 116. Active listings are up 9.4% vs. last year.

Teton Valley, Idaho – - Residential and Building Sites — 1,601!!! January 2008 active listings are 46% higher than in Jan – 07 and 153% higher than in Jan – 06. Rising inventory coupled with falling unit sales is contributing to the jump in months of inventory. You ask what the months of inventory for Teton Valley, Idaho is….5 years!

Jackson Hole / Teton Valley Wyoming 2007 Summary: The overall market experienced…

9% rise in sales volume
25% increase in average sales price
30% rise in median price of a single family home
34% jump in the median price of a condo
Decline of nearly 13% in total unit sales
Inventories remain tight but rose slightly in January

Teton Valley, Idaho 2007 Summary: The overall market experienced…

4 years of solid growth through 2006 ended with a 15% decline in 2007.
Unit sales declined 9%
Quarter 4 of 2007 – unit sales declined 58% vs. 2006
Inventory has more than doubled in 2 years.

Hope you enjoy the statistics and if you have any questions or comments please feel free to contact The Gillespie Real Estate Team.

The Teton Valley of Idaho – Market Update

ggillespie — Wed, 13 Feb 2008 18:00:26 +0000

Market Report
February 9, 2008
Teton Valley, Idaho

Including the communities of Driggs, Victor and Tetonia and the resort communities of Teton Springs, Grand Targhee, River Rim, The Ponds, Trail Creek Springs, Spring Hollow Ranch, Huntsman Springs, and many others.

Looking over at the Teton Valley of Idaho, I really had to search to find out where the sales have been coming from and what had sold in 2008. The news over the past summer was that inventory had been growing and activity had dropped considerably.

I agree that inventory had exploded and activity had slowed but I disagreed with many who were and are predicting a major collapse of the market. Jackson Hole is not getting bigger but the desire to live there and the need for workers is going to help support the Teton Valley. I also believe that there are communities being created right in front of our own eyes and with that a sense of community is being born.

Last week, Grand Targhee Resort, won approval for a major expansion (see previous post) which is major news concerning the valley. From an economic perspective it should be welcoming news yet for some, many in Alta, are upset with the changes that will be coming. From my perspective, the Gillette family has been enhancing the Teton Valley ever since their ownership began and I hope and trust they will develop Targhee in a responsible way.

As for the year to date statistics through January 31, 2008

There have been 24 sales to date with a volume of $8,184,100.
Of the 24 sales 8 are lots, 2 are town homes, 5 are homes and 9 are condos.
7 of the transactions took place at Teton Springs.
5 of the transactions took place in Driggs, 2 in Tetonia and 17 in Victor.
There are currently 69 pending transactions.

Now the scary part – Looking back at 2007 Statistics for the same time period Jan. 1 through Jan. 31, 2007. Last year to date there were already 113 transactions! What has changed? Last year of the 113 transactions a whooping 40 came from Mountain Meadows in Teton Springs. There will be a future blog dedicated to Teton Springs but the statistics show that there were a lot of speculative buyers out there only 1 year ago. Including Teton Springs of the 113 transactions last year 95 of the transactions were vacant land. These are staggering numbers! 18 of the transactions were either single family homes, condos or townhomes. Today’s (2008) residential numbers are just one shy of last year.

I will continue to watch over the Teton Valley of Idaho and if you would like more information or would like discussing investing in the valley please do not hesitate to email or call me toll free at 877-739-8056.