Jackson Hole Real Estate and Community News » Driggs

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.

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.

March 7, 2008 Teton Valley Idaho Update

ggillespie — Sat, 08 Mar 2008 15:41:02 +0000

Market Update

March 7th, 2008

Today I am going to introduce you to the Teton Valley of Idaho. In the coming days I will give an overall view of the valley explaining the different areas but today I tought I would share some interesting facts, statisics and thoughts about the valley. First off, the Teton Valley of Idaho, includes the communities of Driggs, Victor and Tetonia.

The numbers presented here look at the overall market in 2007 and a quick look at the trends that we are witnessing. 2007 was a disappointing year on both the sales volume side and also in the number of transactions. Sales volume and the number of transactions deceased for the first time since 2003. Other news that dragged on the market was the continued release of additional inventory throughout the valley flooding the market with homes, vacant lots and investment type offerings. The news was not all bad as there were signs of a developing community and some much needed infrastructure improvements. Overall the real estate climate in the Teton Valley continues to show a lot of strength and development but the pressures of outside forces like the economy nation wide, a sagging stock market, changing political environment and competition from other resorts finally took a toll on the market as we saw a decrease in some important statistics.

When reviewing the Teton Board of Realtors statistics. sales volume for 2007 was $263,786,400 which is a decline of 15.4% from 2006. Sales volume peaked in 2006 ($311,665,600) which was an 356% increase from 2003. So after 4 years of solid growth, sales volume declined. The only category in which sales volume grew was in vacant building sites which increased by 7%. Sales transactions decreased across the board with residential property transactions decreasing by 22.5% or 72 less sales. Overall the market saw a decrease of 9.4% or 90 transactions. The one positive (if you choose to see it that way) is that the average sales price increased almost 20% for residential units and 8% for vacant land.

When looking at the trends the news does not get much better. Sotheby’s International Realty support personnel looked back until January 2006 and graphed sales volume and units sold. The graph is quite interesting to see but in this format I explain. From January 2006 to December 2006 there was tremendous activity and the graph moves in a noticeable and in some month’s aggressive manner upward. Then through February 2007 till June 2007 the market made another upward move with transactions (sold) in May nearing record activity. What happens next is quite telling. The line almost nose dives from 115 sales in May 2007 to a total of 28 sales in January 2008. January 2008 sales numbers are the lowest since the 4^th quarter of 2004. When comparing Q4-07 to Q4-06 the units sold declined 58%.

Looking at available inventory in Teton Valley we can see that it is increasing rapidly due to decreased activity and the addition of new inventory on the market. The number of available listings (includes residential and vacant land) in January 2008 are 46% higher than January 2007 and 153% higher than January 2006. The rising inventory coupled with falling unit sales is contributing to the jump in months of inventory.

On happier notes: There is a lot of information that shows that the Teton Valley is developing in a quality manner and that there is going to be some sustainable growth. The Teton Valley High School completed an addition earlier this year but with growth in the valley some additional space will be considered later in 2008. The high school has been busy creating a new recreational field and is expected to be ready for the 2008 football season. The facility includes a new track and facilities, a football field, lockers and bleachers. There are a few exciting new restaurants in town which are getting rave reviews from locals. The restaurant at Teton Reserve is doing excellent prix fix dinners on weekends. The Headwaters Club at Teton Springs has been open all winter and it is a great place for a quiet evening of good food. Teton Thai has been busy preparing for their grand opening in Victor in April. Commercial activity has also been very strong. There are developments all along Victor’s main street heading west toward Idaho Falls. There is a new bank, First Bank of the Tetons, which will be open this spring on Main Street. The building is very attractive and is a great addition to the Teton Valley.

Overall I feel as if the Teton Valley of Idaho has probably not quite hit the bottom but it is very close. There are numerous quality investments, residential and vacant land parcels that are available and a continued desire for individuals to move to the mountains. Considering the values of Jackson Hole the Teton Valley offers many of the same outdoor opportunities yet offers a lot of opportunity along with value priced properties.

If you would like additional information on any of these developments or on the Teton Valley in general please email or call Garth at 877-739-8056 (toll free).

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.