Has The Jackson Hole Real Estate Market turned the Corner?

My friend Mike Gibbons sent this clip to me.  It's too funny (PG13)

If you're going to be skiing throughout the Rocky Mountain West this winter, this is a pretty good deal offered by Jackson Hole, Alta, Aspen and Squaw Valley.

Last month it was announced that  direct flights from New York City, Minneapolis, and San Francisco will coming into Jackson this coming winter.  Combined with existing flights from Dallas, Los Angeles, Chicago, Atlanta, Denver and Salt Lake gives Jackson excellent coverage from just about all parts of the country.  Book now, these flights will fill up.

The traffic in July and August can make Yellowstone a mess but when September rolls around, it becomes one of the most magical places on the planet, as the photo above will attest.   Between, the wildlife getting ready for winter, the leaves changing and the amazing fishing, it's really the best time of year to be there.

This flyer showed up in Jackson last month.  Yet another example of why this is such a great place to live.

And an oldie but a goodie from the New Yorker magazine

Real Estate:
Here is a detailed report of the this past weeks real estate activity as well as some year to date information.  Have a look, it's pretty interesting and more evidence that the Jackson Hole Real Estate market has turned the corner.


Things seem awfully quiet out there in Red Sox Nation....

Summer Has Arrived (and the Yankees are on top)

Summer has arrived in Jackson.  We've had a unusually warm Spring, and despite a little snow over Memorial Day weekend, the rivers are starting to clear up and many of the trails are dry.  It's really a great time to be in Teton County!

This picture was just too good.

 This picture, of Bear 610 and her cubs, was taken in Grand Teton National Park yesterday.

I'm not sure what DeShawn Stevenson is doing that requires an ATM machine IN HIS HOUSE, but whatever it is, I seriously doubt if it's legal.

Here's a nice article about a British reporter's trip to Jackson

I'm not really big on the whole child abandonment thing, but I do think it's pretty cool that one of the most powerful men in the world can go out to a bar, have a drink with his family and then do something that any married couple with a child might do.  Call me crazy, but I just don't see the Obama's:
a.) Going to a bar.
b.) Going to a bar without 50 secret service, handlers and press choreographing every move, and
c.) driving back themselves and picking up the child without all of DC going into some sort of  catatonic Code Red hysteria.

An article from CNN indicates again that the time is now to buy a home.

And another about the historically low mortgage rates.

Looks like Uncle Mitt will passing the hat at Dick Cheney's house in Wilson in July.

Here is an article from the LA Times about lack of inventory of quality homes for sale.  To an extent, we are seeing this problem in Teton County.

This is a good article from the NY Times on what to look for when choosing a real estate broker to represent you. I especially like the part about so called duel agency.  In my opinion, the same conflict arises with an "Intermediary" relationship.

Real Estate:
Some interesting numbers from 1/1/2012 -6/12/2012 compared to the same period last year; (data does not include private sales)
Condo's and Townhouses in the Town of Jackson:
                                          2011                2012
Total sales                         26                    23
Ave. days on market         486                  296 (-18%)
Total $$ volume               $9,876,500      $7,372,655 (-25%)
Ave sale price                   $316,462         $254,296 (-19%)

Compare with the Wilson area: (all single family homes)
                                          2011                2012
Total Sales                         11                    11
Ave. days on market          531                  433 (-22%)
Total $$ Volume               $26,700,000     $31,585,000 (+18%)
Ave. sale price                  $2,871,364       $2,427,272 (+18%)


Compare with all condo in Teton Village (not including Shooting Star)
                                          2011                  2012
Total sales                          21                      11
Ave day on the market       587                    574
Total $$ Volume               $18,317,500       $9,983,000 (-45%)
Ave. sale price                  $872,262            $907,546 (+4%)

It should be noted that there were 26% fewer listings in Teton Village compared to last year. 
Clearly the Wilson area is gaining momentum, while the condo/townhome market in the Town of Jackson is lagging behind.  In general, there seems to be more Buyers from last year but the lack of quality inventory seems to be holding many people back despite historically low interest rates - IF you can qualify.
A few notable recent sales:

5br/4ba House in East Jackson (E. Hansen) built in 2000, 4100 sq. ft., .17 acres, good shape, Listed $995,000 CLOSED $910,000

 3br/3ba Bungalow in Wilson, 2300 sq. ft, built in 2005, .17 acres, good shape, Listed for $925,000 CLOSED for $885,000

4br/4ba Cluster Home in Teton Pines, 3500 sq. ft., good shape, upstairs living, lots of deck space, Listed for $1,495,000 (orig. $1,900,000) CLOSED $1,225,000.

3br/2ba house in Cottonwood, 2255 sq. ft., .17 acres, Listed for $580,000  CLOSED $500,000

3br/2ba condo in Teton Village, close to Moose Creek lift, 1225 sq. ft. Listed for $525,000  CLOSED $485,000

3br/3ba condo in Teton Village, close to the base of JHMR, 2300 sq. ft., average condition, Listed for $910,000   CLOSED $850,000

4br/5ba Townhouse in Teton Village, ski in/ski out, 4100 sq. ft., excellent condition, Listed for $3,495,000   CLOSED $3,100,000

As always, please give a call if you'd like more information on these listing or any other real estate in Teton County.

BTW, the Red Sox are leaking oil, big time.

Turning the corner

In case you needed a quick tutorial on the enormous power and scope of avalanches, this incredible video of control work on Kootenay Pass should do the trick.

Here is an article from Money/cnn.com on the continuing rebound of the housing market.

Another article on the benefits of buying versus renting.  It doesn't really pertain to the Jackson market, but it's interesting nonetheless

And another from Fortune Magazine which says despite prices staying stagnate, the housing market has in fact turned the corner.

I had the very good fortune to spend 7 days in Verbier, Switzerland earlier this month.  Having never skied in Europe before, to say I was blown away is a huge understatement. The terrain is unbelievable and it seems to go on forever.  Jackson Hole is a very big mountain, but the Alps are a whole different program.   Here are a few pictures.  (The first one was taken at 5 PM, the last run of the day and we had 2000' of steep, untracked, boot top powder!)

I would also be remiss if I didn't mention Jack Shaw and Susanna Magruder of Epic Europe who organized our trip and did an outstanding job with lodging (perfect), guides (the very best), restaurants(awesome) and just about everything else.  If you're thinking of going to Verbier or anywhere else in Europe, you need to contact them- epiceurope.com or find them on Facebook.  Having someone on the ground before we got there was invaluable!

Real Estate:
22 Properties have gone Under Contract since March 1. Among them:

3br/3ba at the Four Seasons, 2250 sq. ft., Listed for $2,295,000

5br/5ba in Wilson, older home, 6.5 acres, 6000 sq. ft, Listed for $2,295,000 (Orig. $3,995,000)

4br/4ba Granite Ridge Townhouse, right on the slope, 4000 sq. ft, Listed for $3,495,000

3br/2ba 2250 sq. ft house in Cottonwood, .17 acres, built in 1993 Listed for $580,000.

1br/1ba at the Aspens, 750 sq. ft. end unit in the Berry Patch, listed for $280,000

There have been 21 Closings so far in March.  Here is a sampling:

2br/1ba 950 sq. ft in Cottonwood, .25 acres, 1 car garage, listed for $399,000, CLOSED $345,000

3br/3ba 2800 sq. ft house in East Jackson, great views, good shape, quiet street, 2 car garage, .17 acres, Originally listed for $1,475,000 in May 2009, reduced to $859,000, CLOSED $725,000

4br/4ba House in Teton Village (old section) 3000 sq. ft, .9 acres, pretty good shape, Listed for $2,495,000  CLOSED $2,110,000

5br/6ba 8000 sq. ft house off of the Village Rd, 7 acres on the pond, spectacular views, access to the Snake River, very nice house.  Originally Listed for $9,800,000, reduced to $7,800,000, CLOSED for $7,500,000



There are still 16 days left at the JHMR and we've got plenty of snow (18" Monday and Tuesday!)  Get out and enjoy it!  Mandatory Air is playing outside on Saturday as well!  Always a good time.

Looking good for March!

Eighty two inches (82"!) of snow since Valentines Day!  Needless to say the skiing has been off the charts and I'm pretty sure that no one in the West has better snow right now.  Things are shaping up for a great month of March. I took this video of my friend Doug out in Four Pines on Sunday.


This picture was taken by an employee of the JHMR a couple weeks ago.  If you ever get an opportunity to get on an early Tram before the mountain opens, DO IT, it can be magical.

Wolves have found there way to the outskirts of Town and now Wyoming Fish and Game is faced with some very tough decisions.  Personally, I think we should let the wolves be, but I understand both sides of the debate.

Real Estate:

From Jan 1, 2012  - March 1 2012 there were 29 closings of residential type properties (6 over $2M) There were also 9 building lots sold, 4 over $1M
The same period in 2011 produced 41 closings of residential type properties (8 over $2M) yet there was only 1 building lot sold.  This bodes well for all those involved in the construction industry.
It should also be noted that there are 50 properties that are currently "under contract", set to close sometime in the future.
The general feeling of those of us in the real estate business is that things have finally turned and we expect to see inventory continue to shrink and the total number of sales continue to rise.  I'm not so sure that prices are going to rise in the immediate future as Buyers are still being very disciplined but I also don't think they are going to go down.  Jackson seems to lag about 6-8 months behind the national trends and real estate in some of the bigger markets around the Country is starting to really move again.  We are so tied to the stock market here, that if those markets continue to rise, or even stay where they are,  I expect by Summer we will see the effects here.  Look for the high end properties to lead the way, followed by single family homes and condominiums being the last to come around.
A few notable closings in the past 10 days:

4br/3ba in Cottonwood, 3000+ sq. ft., .3 acres, Listed for $550,000   CLOSED $470,000

6br/6bq in Teton Pines, 7600 sq. ft., 1.15 acres, Listed for $2,400,000 CLOSED $2,100,000

4br/4ba in Melody Ranch, 3200 sq. ft., .7 acres, Listed for $850,000 CLOSED $755,000

As always, if you have any questions about these properties or any other properties in the Jackson Hole area, please give me a call at (307) 413-7118.

-Jack

It's Dumping in Jackson Hole again!

There are many of reasons that make Jackson Hole the best ski resort in America, and one of them is that, comparatively speaking, no one skis here.  Take a look at the photos below: They were taken on Wednesday February 15, 2012 at 1:40 pm.  6" new the night before (14" in 4 days) bright blue skies and temps in mid 20's.  Ideal conditions yet no one is in the lift lines.  The truth is there are many times on any given day where there are so few people around you, it feels like you're all alone.

I saw this quote by Warren Buffet recently.  I could not agree more...if you can get a loan.

This is a promising forecast...and judging by the snow piling up, very accurate!

Real Estate:

Not counting the 30 or so fractional ownership products for sale, there are 8 listings in Teton Village for under $500,000.
The least expensive in TV is $220,000 for a 560 sq. ft Studio condominium.
Another of note is a 782 sq. ft. 1br condo in Hotel Terra listed for $384,700.   That's $491 per sq. ft., which is a pretty good deal.  Keep in mind these units peaked at around $1,000 per sq. ft. back in 2007. It is worth noting that the annual HOA dues for the Hotel are about $14,000.  With that you get full use of all the hotel, which is very nice.

There are 7 residential listings in Teton Village being offered for over $5,000,000.
The most expensive is a 7br/7ba  23,250 sq. ft. house on 10 acres, stocked ponds, 4000 bottle wine cellar, 1200 sq. ft gym, guest house etc.. listed for $29,500,000.  That's $1260 or so per sq.ft, which is about what the condominiums at the Four Seasons are selling for.  Granted the economies of scale are not quite the same.

There are 9 condominiums in the Aspens for under $500,000.
The least expensive is a 1br/1ba 735 sq.ft for $265,000
The least expensive 2br/2ba 1174 sq. ft unit in the Wheatgrass building for $379,000 (I think this is a pretty good buy).

A couple notable recent sales:

1br/1ba Condo at the JHRC, listed $289,000,   Closed $240,000
3br/2ba 1200 sq. ft condo in East Jackson, 1 car garage, Listed for $314,600, Closed for 314,600 (clearly there was a big demand at this price).
4br/4ba 3700 sq. ft single family home in Melody Ranch, .5 acres, built in 2004, Listed for $850,000 (originally listed for $1,100,000) Closed for $825,000.

Pitchers and Catchers are in camp, opening day is 6 weeks away!

As always, call me at 307-413-7118 if you have any questions at all

Almost 7' of snow

80" in eight days. That is what fell at the JHMR from January 19-January 25.  All of a sudden everyone was smiling (except those trying to fly in or out) and the skiing exploded.  Here is a video from the JHMR that does a good job of explaining what sort of conditions we experienced last week.

Speaking of Flights, this is great news, at long last a direct flight to and from San Francisco (and one from Houston).

This is a nice piece on the Jackson Hole Four Seasons from the Boston Globe.  Plain and simple, it's a really great Hotel.

I'm not sure who at the JHMR gets credit for this ad campaign, but it's really good. Apparently this picture was taken in Colorado.

Canis Lupis, Moose Junction.  Forrest McCarthy took this picture before the recent storms.  As Alfred Hitchcock so astutely noted "there is no terror in the bang, only in the anticipation of it."

Unless of course you're caught in a very large avalanche, which this snowboarder was a week ago in Colorado, in which case the terror is very immediate.   It's a pretty good advertisement for BCA's  Float 30 Avalanche Pack .

Real Estate:

There were 12 real estate closings in January 2012.
28 more went under contract during that same period.
Of that 28, 4 were listed for over $1,000,000 and 3 were listed for more than $2,000,000.
11 were listed for under $500,000.
The least expensive was a 2br/1ba 750 sq. ft. condo in the Town of Jackson losted for $109,000
The most expensive was a 4br/4ba 3000sq. ft. house in Teton Village listed for $2,495,000.  Not quite ski in/ski out but pretty close.  Great rental property.

A few notable Closings in January 2012

2br/3ba 1720 sq. ft condo at the Four Seasons Listed for $1,845,000 Closed for $1,615,000 ($938 per sq. ft)
5br/5ba 4000 sq. ft house in Wilson, 3 acres, Bank Owned, Listed for $3,500,000  Closed for $3,400,000.  (It was originally listed for $4,995,000 in 2009).

3br/3ba condo in East jackson, 1900 sq. ft., Bank owned, listed for $380,000  Closed for $373,000.

Pitchers and Catchers report in 3 weeks.  Bring it on!

2011 Real Estate Totals

Well, it didn't take long.  The first sunny day after a 30+" storm cycle, despite several ardent warnings of very high avalanche danger, a couple of guys headed out to Pucker Face, just South of the JHMR and this is what happened.  A very lucky snowboarder..

This is a nice piece from the USA about Teton Thai restaurant in Teton Village

This was an exciting day for those who showed up for story time at the JH Library.

Some pretty good press for Jackson Hole.  Granted, those of us who live here have know this for quite a while.

I found this photo, and after thinking about it for several days, I'm still at a loss.

Real Estate in the past month or so:

From 12/1/2011 - 1/3/2012 there were 39 Closings.  15 of those were for under $500,000 and 8 were for over $3,000,000
For the same period last year there were 20 Closings.  7 of those were under $500,000 and 4 were for over $3,000,000.
So were seeing the same Buying trends, just twice as many Buyers.  

Totals for 2011 vs. 2010 (this includes all fractional ownership sales and this information does not include private sales such as FSBO's etc.. )

In 2010 there were 227 Closings for residential real estate and 29 closings for vacant land.
In 2011 there were 306 Closings for residential real estate and 34 closings for vacant land.
In 2010 67 of the closings (29%) for residential real estate were for under $500,000.
In 2011 127 of the closings (41%) for residential real estate were for under $500,000.
In 2010 28 of the closings (12%) for  residential real estate were for over $3,000,000.
In 2011 28 of the closings (9%) for residential real estate were for over $3,000,000.

So, according to the MLS the total number of sales in 2011was up about 25% over 2010 and a whopping 45% over 2009 (there were 170 sales of residential real estate and 23 sales of vacant land in 2009).  Clearly we are headed in a positive direction.  Are we approaching 2006-2007 numbers?  Absolutely not, and we may never again.  But judging by the number of foreclosures in Teton County within ALL economic classes, that may not be such a bad thing.
Lastly, I think the high percentage of sales for under $500,000  in 2011 is indicative of a lot of Sellers who are either in foreclosure or under a lot of financial stress combined with historically low interest rates for Buyers who can qualify.  There are first time Buyer's in Teton County getting into homes in 2011 that were completely unreachable in 2007.  I think we will see this trend continue and I don't see values rising in that segment of the market in the first 1/2 of 2012.  In fact, they may go down a little more. I think the high end market $3,000,000+ is going to continue to be OK, with total sales and values slowly heading up.

If you've spent any time at a Whole Foods, you'll appreciate this