Update – Update – Update

Christy and I just updated our “Top Picks” of the week at www.JacksonHoleExperts.com. Please check them out.

The week in review for Jackson Hole real estate according to the Teton County Board of Realtors Multiple Listing Service is as follows:

There were 10 listings that experienced significant price reductions. Listings of notice include – 2 lots on the “West Bank of the Snake River” located on Wiley Lane which are both about 3 acres in size have been reduced to $675,000! These lots are priced at a very value.

There have been 8 new listings added to the inventory in the Jackson, Wyoming area. Included in the new listings are 3 Love Ridge units at the Snow King Resort. We saw a new listing in Cottonwood Park and also another in Rafter J – unfortunately the pricing does not seem to accurate.

As for “action“ we saw 3 new pending transactions and 1 closing of interest. The closing was a Teton Pines Cluster home listed for $2,395,000. Congrats to the agents involved.

Have a great weekend and if you would like additional information on the Jackson Hole, Wyoming real estate market please contact the JacksonHoleExperts – Christy and Garth Gillespie at 877-739-8056.

Holiday lull; more REJH fallout; looking ahead to 2009

The Web is crawling with ways to search for real estate listings. In this region, the best way to get started is at Jackson Hole Experts.com. But for when you want to know what Realtors know … you need the Hotsheet!

New listings: Activity has been light during the holiday period, with many “new listings” representing extensions of listing contracts that often expire at the end of the year. For example, Garth and Christy Gillespie extended their listing for a beautiful home in 3 Creek Ranch listed at $3M. There are now 8 homes available in this private development just south of Jackson listed between $2.695M and $5.295M.

Real Estate of Jackson Hole: Also notable in the last week under new listings are all the properties formerly listed with Real Estate of Jackson Hole, which completed a nearly yearlong demise earlier this month when they announced on Dec. 22 they would be closing their doors. As the approximately 70 agents resurface at other valley brokerages, their listings are steadily reappearing. An article written in the Jackson Hole News and Guide is published here – http://www.jacksonholenews.com/article.php?art_id=4045

One other note on REJH: Sotheby’s agents were provided a good bit of information in this week’s sales meeting that was not available in the extensive newspaper coverage of REJH’s demise. I would be glad to help anyone better understand this complex story, to the best of my ability, or refer them to someone even closer to the facts.

Outlook for 2009: What will next year bring in the Jackson Hole real estate world? From my perspective — opportunity. As a buyer’s agent, I am working with several people very interested in entering the Jackson market in 2009. With sales prices generally regressing to years past, market watchers are well aware this will be one of the best times to buy into Jackson in the last 20-25 years. And with current interest rates near historic lows, the question becomes: Even if prices have not reached bottom, will an increase in the cost of credit in the coming months offset any future price reductions?

My advice is to identify a specific area or neighborhood and a price range and make an offer on available properties based on what you are willing to pay, regardless of the listing price. Many sellers today do not have the luxury of being “insulted” by offers much lower than asking price – in fact, my inbox is filled daily with e-mails from agents saying their sellers are willing to look at any and all offers. In other words, ask today for next summer’s price reduction, and you might get it. And if the market rebounds before that, your deal will look even better.

For details about any property mentioned in this blog post or a FREE PERSONALIZED Jackson Hole real estate market analysis, please call Brian Siegfried [my name should be a link to my bio page] at 690-9346 or e-mail him at Brian.Siegfried@sothebysrealty.com.

Market Update – Jackson, Wyoming
April 22, 2008

Temperature at the Jackson Hole Airport = 39 degrees! Brrrrrrrr…..
Yes as you read the headline it was 39 degrees on April 22, 2008. This would not be such news but those of us in Jackson Hole have had just about enough winter. We finally had some warmer weather during the weekend to melt some valley snow but overall this has been the spring that just has not started yet. Last year – a warm dry year – was on the other end of the spectrum as most of us were concerned about drought and wildfires. This year we are starting to be worried about when the tulips are going to bloom.

March came and went and there is not a lot to talk about. For the third straight month the number of transactions has not crested 25! In March, there were a total of 22 transactions with a closed sales volume of $38.5 million. To illustrate the slow transaction data we only have to look at the number of transactions during the previous 3 years: 2007 – 60, 2006 – 53 and 2005 – 68.

Of the 22 transactions in March of 2008 – 18 were single family homes and 3 were vacant lots. Highlights are 1. A home in Tucker Ranch sold for $8,000,000 2. There were 2 sales in Teton Village over $3 million and 3. There were 9 sales in the Town of Jackson (mostly condos and townhomes).

There are currently a total of 55 Pending transactions with a total Listing Volume of $133 million. The average list price being $2,425,944. There are 3 transactions that are priced over $10 million!

In real estate news – The Teton County Planning Commission voted 3-1 to advise the Teton County Commissioners to enact a freeze on subdivisions and zone changes for parcels of 20 acres or more.

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

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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.

Just Announced — Summer Flight Schedule for Summer 2008 – Jackson Hole.

Time to book your summer vacation to the most beautiful place in the lower 48! 

For more information on Jackson Hole and Jackson Hole Real Estate please visit www.JacksonHoleExperts.com or give Garth Gillespie a call at 877-739-8056.

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.