Christy and I received a very interesting report from the Rocky Mountain Resort Alliance the other day and we felt like the information would be helpful to many of you.

First off…What is the Rocky Mountain Resort Alliance (RMRA)?  The Rocky Mountain Resort Alliance is composed of boards of REALTORS of destination ski resorts in the Rocky Mountain West. The alliance was formed in January of 1996 at a meeting in Vail, CO with the presidents of the various boards or REALTORS attending. At this meeting, the various presidents discussed and came to the realization that geographic boundaries were no longer as important as the common bond that we share as resort REALTORS. We understood that the marketing and selling of resort real estate is very different from the traditional models of residential real estate sales. Our buyers and sellers have different expectations and goals and are looking for a REALTOR with knowledge of the resort markets. Frequently, buyers for a vacation home in one resort are comparing similar properties in neighboring resorts. From this realization came the idea of sharing sales information from the various resorts as well as pressing issues the resorts are facing. We know that because of the mountains, we have very limited space for development and housing the work force are issues facing each resort. As the demand for resort real estate grows, and prices increase, there is more pressure on finding suitable housing for the very important work force.

RMRA End of Year 2007

Those are some outstanding statistics.  When we look deeper into the numbers a few statistics catch our eye.

• Teton County, Wyoming average sales price is the second highest behind Aspen. 
• Teton County, Wyoming has the least amount of inventory available and has all the other communities beat by 200 units.

Christy and I have all the statistics broken down into types of sales so if you would like to learn more please email us at garth.gillespie@sothebysrealty.com or visit us at www.jacksonholeexperts.com.   

• A 3 bedroom/3bath townhome came on the market in the Wilson area for $875,000 on Wednesday and by Thursday evening there had been a least 2 offers of over asking price! 
• An older home on 2 lots in the Gill Addition priced at $1,640,000 went under contract in less than 1 week.
• A townhome in the Town of Jackson on Rancher Street which has been on the market for a lengthy period went under contract.
• A Four Seasons Resort Penthouse listed for $4,800,000 and a Crystal Springs Condo listed for $1,575,000 both went under contract.
• 3365 Tucker Ranch – An 8,400 square foot log home went under contract with a list price of $8,995,000.
• 2 Hotel Terra Units in Teton Village sold “publicly” with an average sales price per square foot of $1,400.00.
• Teton Pines “Cluster Home” closed for $2,250,000.
• A 16 acre lot in Wilson closed for $2,900,000.

Just Released….Well sort of.  Sotheby’s International Realty is proud to announce the release of the first few phases of Pine Glades on February 14, 2008.

Pines Glades will be located at the base of Snow King Resort on a total of 17 acres.  The location is just west of the Exhibition ski lift and is filled with thousands of mature Douglas Fir trees.  When Pine Glades is completed in the summer of 2009, it will consist of 27 free market town homes and 12 deed-restricted condominiums priced to be affordable for Jackson Hole’s working families.  As many have already heard, access to the development will be through a well lit spacious Alps-style tunnel from South Cache Street.

The town homes in Pine Glades will range in size from nearly 2,700 to 2,800 square feet, with three bedrooms, and three and a half bathrooms, and underground two-car garages.  The custom design features vaulted ceilings, large windows, an open floor plan and gas fireplaces with a stone chimney.  The developer, Dave Taylor, is locally known to build incredibly detailed and high-end homes through out the valley and Pine Glades is slated to have the same attention to detail as David’s custom homes.

The eco-friendly aspects of Pine Glades may not be as noticeable as the aesthetic qualities, but they’re just as important a part of Dave Taylor’s plans.  Pine Glades is on tract to be the first residential project in Wyoming to earn the U.S. Green Building Council’s LEED (Leadership in Energy Efficiency and Design) certification.

Pricing in the first phase ranges from $1,750,000 to $2,200,000.  The Gillespie Real Estate Team has full project packets available along with floor plans and standard and upgrade options.  Please call us if you would like to be one of the "lucky" ones to purchase in the first phases of Pine Glades.

The Teton County, Wyoming county commissioners approved a 350 unit expansion at Grand Targhee Resort on Monday, February 4, 2008.  After years of development and months of negotiations with the county commissioners, the George Gillette family has been granted permission to move forward with developing the aging resort. 

The Teton County Board of Commissioners approved the resort proposal with a vote of 4-1, allowing Grand Targhee Resort to expand to a total of 450 units and rezone 120 acres from rural to resort..  The lone dissenting vote came from Leland Christensen, an Alta, Wyoming resident, who pleaded with the other members to turn down the application on fears that the development will change Alta, Wyoming and the Teton Valley of Idaho forever.  The history of Grand Targhee runs deep and this approval will change the resort in the upcoming years.  For better or worse only time will tell.

With Monday’s approval, the Gillette family can have as many as 450 units, including employee housing, on site.  Over 75% of the development must be short-term lodging.  The expansion includes 150,000 square feet of commercial space and resort services, amenities and support uses.

For more information on the expansion and the future real estate offerings please feel free to contact us at garth.gillespie@sothebysrealty.com.