Are you ready for winter in Jackson Hole?

By Katie Colbert | Published: October 27, 2011

The beautiful oranges and yellows of fall are alive in Jackson Hole. The sun is shining, temperatures have cooled off and the tourists have left after a busy summer season. Don’t be fooled! Winter is just around the corner and weather experts are expecting another big winter, much to the delight of local skiers, tourists and the folks at Jackson Hole Mountain Resort. While it won’t be an easy task to top last year’s record breaking snow fall of over 700″ (locals are still talking about their epic ski runs from last winter), Jackson Hole Mountain Resort is ready another “La-Nina” snow year.

During these times of economic uncertainty, while many ski resorts are tightening their budgets, Jackson Hole Mountain Resort continues to show its commitment to improving and enhancing the skier experience. Construction is nearly complete on the new Marmot chairlift, which will provide access from the bottom of the Thunder chairlift up to the top of the Gondola and the Coulier Restaurant. JHMR will also increase their snow making capacity and will have an additional cat for more grooming.

Getting to Jackson Hole this winter will be even easy with direct flights from Atlanta, Salt Lake City, Denver, Chicago, L.A. and Dallas. A new flight from Newark takes off this season as well. From the airplane window, visitors can get their first glance of the 4,200 feet of vertical available for skiing, along with the famous Grand Teton mountain range. There are several winter lodging / skiing packages available. Click HERE for more information.

Jackson Hole Sotheby’s International Realty has several Teton Village property opportunities from condos to condohotels to single family homes. The Gillespie Real Estate Team can help you find the perfect ski vacation home. Contact us at 307-413-5243 or garth.gillespie@jhsir.com

Posted in General Jackson Hole Information, Jackson Hole Mountain Resort, Skiing | Tagged , , | Comments closed

Top 10 U.S. States with Rising Real Estate Prices

By Katie Colbert | Published: October 13, 2011

Several states are posting year-over-year gains in home values, according to a newly released index for August by CoreLogic, which tracks price changes in repeat sales of homes.

According to CoreLogic, here are the states with the largest year-over-year gains in single-family home prices:

1. West Virginia: 8.6%

2. WYOMING: 3.6%

3. North Dakota: 3.5%

4. New York: 3.2%

5. Alaska: 2.2%

6. South Dakota: 1.5%

7. Washington, D.C.: 1.3%

8. Nebraska 1.1%

9. Kansas: 1%

10. Indiana: 0.8%

Not bad, considering nationally, single family home prices were down 4.4% year-over-year in August, according to the index. Nevada posted the largest drop, falling 12.4% year-over-year.

To learn more about property ownership opportunities in Wyoming, as well as the great tax benefits of owning property here, feel free to call The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty at 307-739-8056 or email us at garth.gillespie@jhsir.com.

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Jackson Hole Economic Dashboard – Sept 2011

By Katie Colbert | Published: September 15, 2011

Every month the Jackson Hole Chamber of Commerce prepares a “Economic Dashboard” for the Jackson Hole, WY area. This useful report analyzes sales tax revenue, tourism and visitation numbers at Grand Teton National Park and Yellowstone National Park, Jackson Hole Airport enplanements, lodging occupancy at local hotels, real estate sales, construction permits and job and rental ads in the Newspaper. All of these numbers, along with their comparison to last years numbers, better helps us understand the economic climate in Jackson Hole.

In summary…….

Sales Tax Income for the Town of Jackson and Teton County for July 2011 was up 11% verses July 2010 and up 23% compared to 2009. (As reported by the Wyoming Department of Revenue).

Tourism & Visitation: Visitation at Yellowstone National Park was down by 6% for August 2011 (vs. Aug 2010) However, year to date visitation was down only 3% compared to 2010.  Visitation at Grand Teton National Park was down 5% for August 2011 (vs. Aug 2010). Year to date visitation was down 7% from year to date 2010.

Jackson Hole Airport Enplanements for August 2011 were only slightly down (0.4%) compared to Augst last year, but down 6% from August 2009.

On the positive side……

Visitor inquiries for August 2011 were up by 16% as compared to August 2010 and up 40% compared to August 2009.  It appears more people are looking into traveling to Jackson Hole.

Lodging rates were pretty similar compared to August 2010. Year to date lodging rates were up 2% from 2010 and 8% from 2009. Not reported in this economic dashboard report is the Fall Arts Festival, in Jackson Hole between September 8 and September 18, which currently has in Town hotels and lodges at full occupancy.

Real Estate Sales (our area of expertise) were up 24% (unit sales) and up 11% (sales volume) for the second quarter of 2011 when comparing to the same quarter in 2010 and up 163% (unit sales) and up 102% (sales volume) from the ‘bottom’ of the market in 2009.

Construction Permits for August 2011 were up by 57% compared to August 2010 and up 7% from January-August verses last year.

For additional information, contact The Gillespie Real Estate Team at 307-739-8056 or garth.gillespie@jhsir.com.

Posted in General Jackson Hole Information, Jackson Hole Chamber of Commerce, Jackson Hole Community Events, Jackson Hole Economy | Tagged , , , , | Comments closed

Fixed rate mortgages hit new low

By Katie Colbert | Published: September 12, 2011

According to a recent article by the Associated Press, Fixed-rate mortgage rates fell last week to the lowest levels in 60 years. The average interest rate for a 30 year fixed rate mortgage is now 4.12%, Freddie Mac said last week. It is the lowest rate on record since 1971, and the cheapest rates since 1951.  Furthermore, the average rate for 30-year fixed mortgages was below 5% for all but two weeks over the past five years. Similarily, the average interest rate on a 15 year fixed rate mortgage is 3.33%, also the lowest rate since the record keeping began in 1991.

HOWEVER…..These record low rates have done very little to re-energize the depressed housing market. Sales of new homes are on track to finish the year as the lowest on record in 50 years. The pace of re-sale homes aren’t doing much better – they are the worst in 14 years.

WHY…….Nation wide, an uncertain economy along with high unemployment have discouraged many Americans from taking advantage of these low rates. Additionally, many Americans have seen little wage increases and as a result of the economic climate, many are saddled by large personal debt. None the less, many can’t even qualify for loans at these low rates. Many banks are now insisting on higher credit scores and a 20% down payment for first-time homebuyers. According to a survey by the National Foundation for Credit Counseling,  just 1/2 of Americans say they will ever be able to saive enough money for any type of down payment, let alone a 20% down payment. Further, only 40% of US households have the necessary credit scores above 700 to receive a prime mortgage rate, according to an Associated Press analysis of Fair Isaac Corp. (FICO) data.   Many repeat buyers do not have enough equity built up in their homes to meet loan requirements. Most alarming, accroding to the real estate research firm CoreLogic, about 1/3 of American homeowners have nearly zero equity or are underwater in their mortgage.

Low interest rates usually encourage many to buy real estate, many middle and lower class Americans can’t take advantage of these record low rates. If you are able to qualify for these prime rates, there are many opportunties available. Here in Jackson Hole, there are several opportunities to purchase bank owned homes or lender approved short sale properties.

Contact us, The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty  at garth.gillespie@jhsir.com for a list of bank owned opportunties in Jackson Hole, Wyoming.

Posted in Financing, First-time Homebuyer, Foreclosure, Mortgage Updates, re-finance, Short Sale | Tagged , , , , , , | Comments closed

Cottonwood Flats – Brand New Townhomes in Jackson Hole

By Katie Colbert | Published: September 6, 2011

Don’t miss the opportunity to tour Cottonwood Flats – Jackson Hole’s newest townhome development. These brand new townhomes feature hardwood floors, stainless steel appliances, attached garages and plenty of windows. The covered front porches and sidewalks throughout the development contribute to an ‘old neighborhood’ feel. All units come with a 1 year builders warranty.

Cottonwood Flats is located off South Park Loop Road and Whitehouse Drive – across the street from Indian Trails, a single family home neighborhoood. Cottonwood Flats is within walking distance to the Middle School and a bike ride away from the High School. There are connections to the great bike paths throughout the development.

There are currently 24 units complete - with 8 more units under construction and should be completed by Fall 2011. There are two 2-bedroom units available for sale and two 3-bedroom units available. The 2 bedroom units are 1,105 square feet and have a 1 car garage. The 3 bedroom units are 1,602 square feet and have a 2 car garage. Living in Cottonwood Flats is maintenance free as the HOA installs and maintains the landscaping, plows the sidewalks and driveways and will maintain the neighborhood park (constructed in a future phase). Dogs and cats are allowed.

We have model units that are open and available to show – just make an appointment.  Contact Garth Gillespie, sales representative and partner of the The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty by email garth.gillespie@jhsir.com or call me at 307-413-5243 to set up an appointment.

Posted in First-time Homebuyer, General Real Estate Information, New Development, pet-friendly home, Townhomes | Tagged , , , , | Comments closed

Jackson Hole Real Estate Market Update: Statistics through June 2011

By Katie Colbert | Published: August 31, 2011

The first half of the year, the Jackson Hole real estate market experienced a slight improvement in sales dollar volume, but saw a significant increase in unit sales, suggesting that more transactions are happening in Teton County, but at lower sales prices.

Through June 2011, closed real estate transations in the Jackson Hole area were up 28% compared with the same period in 2010, while dollar volume sales rose improved only slightly. However, both unit sales and dollar volume were well above the lows of the real estate market in 2009 – unit sales up 96% and sales volume up 114%. Click here to view graph

June has proven to be the best month in 2011 for real estate sales dollar volume. In the month of June in Teton County, there were 29 transactions totaling $36.5 million. Compare this to the previous month of May (typically a slow month in real estate out here), where sales volumn totaled only $12 million.  Click here for a graph

Real Estate Sales by Area:

North of Town has seen the largest improvement in sales volume, with a 48% increase over the first half of 2010. North of the Town of Jackson includes neighborhoods such as Owl Creek, Solitude, Bar-B-Bar Meadows, Jackson Hole Golf & Tennis and Moulton Ranches. There were 23 sales totaling $46 million through June 2011.  South of Jackson Hole also experienced an increase in sales volume with sales totaling $21 million, a 28% increase over the first half of 2010. Teton Village experienced the largest increase in real estate transactions, with a whopping 81% increase over 2010. There were 38 sales in the first half of 2011, with many of the sales happening in the condo and condo-hotel market in Teton Village. Many investors took advantage of low prices on bank owned and foreclosed condos, in order to have a place located walking distance to Jackson Hole Mountain Resort.

For more information contact The Gillespie Real Estate Team at 307-739-8056 or garth.gillespie@jhsir.com.

Posted in Foreclosure, General Real Estate Information, Jackson Hole Mountain Resort, Market Updates, Real Estate Values, Teton Village | Tagged , , , | Comments closed

Huntsman Springs, awarded-winning Golf Course in Teton Valley, Idaho

By Katie Colbert | Published: August 3, 2011

Huntsman Springs is a brand new luxury golf course community located in the beautiful setting of Teton Valley, Idaho.

THE GOLF - Huntsman Springs is the most awarded new golf resort in the country. It’s many awards include: Top 30 Modern Courses of 2011 and Best Residential Courses – 2011 (2011 GolfWeek Magazine), #1 Development of the Year – North America 2011 (Golf Inc. magazine), #1 Private Course of the Year – 2010 (GOLF magazine and GolfWeek magazine). It’s not hard to understand why – designed by world-renowned golf architect David McLay Kidd, this course gives careful consideration to the natural land and native grassess while including numerous picturesque streams and ponds, over 150 bunkers, and dramatic elevation changes, providing opportunity and challenges on every hole.

THE HOMES - Designed by award-winning Jackson Hole architect Larry Berlin, the homes at Huntsman Springs are sited to maximize views of the golf course and surrounding mountains, creating a private yet inviting community.  There are two types of homes available for sale – Mountain View Lodges range in size from 3,481 square feet to 5,357 square feet and all come with a heated two car garage. These magnificent homes showcase the views from the large windows and expansive stone patios.  The Park Homes have a 2 story design and range in size from 2,549 to 2,734 square feet with 4 bedrooms and an open floor plan. These are located between Huntsman Springs and the City of Driggs and community happenings. Custom home sites are also available and range in size from .46 acres to .75 acres.

THE LIFESTYLE – Teton Valley is located less than 35 miles from Jackson Hole, WY and is near Yellowstone and Grand Teton National Parks which offers stunning views, abundent wildlife, world-renowned skiing and pristine fishing waters. Grand Targhee Resort averages 500 inches of powder snow each year and is located only 12 miles away from Huntsman Springs.  The Teton River meanders through the Valley and the nearby South Fork and the Henry’s Fork of the Snake River are some of the most famous fishing waters in the country. (On site at Huntsman Springs, local expertise is availabe to help perfect your cast on any one of the property’s stocked ponds.

Please contact Garth Gillespie, sales associate and partner with The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty for more information about Huntsman Springs and homeowner opportunities there. Email us at garth.gillespie@jhsir.com or call at 307-413-5243.

Posted in Golf Course Community, Idaho Real Estate, New Development, Teton Valley of Idaho Updates, Vacation Homes | Tagged , , , , | Comments closed

Is it time to buy a Vacation Home in Jackson Hole?

By Katie Colbert | Published: August 2, 2011

A recent Wall Street Journal article suggests the clouds may be lifting over the national vacation home market, especially in the luxury segment of the real estate market. Overall, the second-home market is down 11% from 2009 and roughly 25% from 2006, compared to a 22% drop in the overall housing market, according to the article. However, the higher end of the vacation home market ($5 million and up) has held up much better. Douglas Duncan, chief economist at Fannie Mae explains “At the top of the market, particularly luxury homes, prices have proven very elastic, and have sprung upward quickly”.

Markets such as Palm Beach Island, FL, the Hamptons, NY and Aspen, CO have been experiencing an uptick in inquiries and real estate sales. This is not to say the boom is back, however. Overall, properties that are in prime locations, such as waterfront or ski resort properties, are selling, but homes in less desirable locations are still a bit sluggish. In addition, areas that were able to avoid over building and therefore keep inventories at a manageable level have also seen an improvement in sales.

What’s interesting is that most vacation home buyers aren’t looking to make a big profit. According to the National Association of Realtors (NAR), more than 80% of second home buyers surveyed reported that they purchased for consumption reasons – to live in the house and enjoy it – not for investment. Additionally, many second home buyers are cash buyers (36% of vacation home purchases last year were all cash deals, according to NAR) and they can therefore sidestep many of the restrictions placed on second home purchases by lending institutions.

In Jackson Hole, inventory levels remain high, creating many opportunities for second homebuyers in Teton Village, The Aspens, Teton Pines, and Shooting Star Golf Community. If you are interested in a link of available second home properties in Jackson Hole, please email us at garth.gillespie@jhsir.com — The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty.

For a full copy of the Wall Street Journal article, click here.

Posted in General Real Estate Information, Market Updates, Second Homebuyers, Vacation Homes, Wall Street Journal | Tagged , , , , | Comments closed

Aspens, Jackson Hole Real Estate Condo Market Update

By Katie Colbert | Published: July 29, 2011

Over the past year, there have been 6 sales of one bedroom condos and 4 sales of two bedroom condos in the Aspens, located near Teton Pines on the Village Road. Of the one bedroom condo sales, the average sales price was $291,000, which equates to a price per square foot of $341.  These condos were on the market an average of 134 days before they were sold. The sales rate was one sale every 2 months. The most recent sale was a Foxtail condo on July 15th. It was an end unit and was remodeled.

With the exception of one low bank sale of a very small, older two bedroom condo in the Buckwheat building in the Aspens, the average sales price of two bedroom condos over the past year was $477,000. These condos were on the market an average of 418 days, (significantly more than one bedrooms) before they were sold. The sales rate was one sale every 3 months.

The Aspens allows short term renting, so many investors have been focusing on this area as it is within 5 minutes to Jackson Hole Mountain Resort, 10 minutes from Grand Teton National Park, and minutes away from golf, tennis and swimming  at Teton Pines Resort and Country Club.

Inventory is at an all time high, creating opportunities for real estate investors and homebuyers. There are currently 6 active real estate listings for one bedroom condominiums in the Aspens ranging in price from $269,000 – $325,000. The average list price is $310,000. These condos have been on the market for an average of 111 days. There are 7 active real estate listings for two bedroom condominiums in the Aspens starting at $415,000.

Call or email Katie Colbert, Buyer Specialist for The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty for a link to the available condos for sale in The Aspens. 307-739-8078 or Katie.Colbert@jhsir.com

Posted in Uncategorized | Comments closed

2011 Shows Improvement in the Middle Market, Unit Sales Increase

By Katie Colbert | Published: May 9, 2011

First quarter results for the Jackson Hole Real Estate Market show encouraging trends. Teton County has experienced a slight increase in sales volume, and over 57% increase in units sold for the first quarter of 2011 vs. Q1 in 2010. This is a positive indicator for potentially continued improvement in the market.

Teton County Multiple Listing Service (MLS) also shows a significant increase (over 85%) of units sold in the under $1 million segment.  In the above $1 million segment, MLS reports a 23% increase in units sold in Q1 2011 over Q1 in 2010. Regarding dollar volume of sales, overall in Teton County, Q1 2011 is 12% above 2010. As such, the overall average sales price is down to $1.176 million in Q1 2011 due to the increase in volume in the middle market (under $1m.

Buyers in Jackson Hole are taking advantage of opportunities in the middle market in addition to the high-end market, which has already shown signs of stabilization in 2011. Please contact The Gillespie Real Estate Team at 307-739-8078 to learn about these great opportunties in Jackson Hole real estate.

Posted in General Real Estate Information, Market Updates, Real Estate Values | Tagged , , , , | Comments closed

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