There’s been some impressive activity in the local real estate market over the last few weeks. A home on N. Fish Creek Road just closed at full list price, over $3M, and it wasn’t on the market very long. Many other properties in the valley have seen bidding wars with multiple buyers (Henley Dr and Bronco Rd x2) looking for great deals. Interest rates for loans are at all time lows, many sellers are motivated to sell before winter and the selection of inventory is favorable. I just listed 45 gorgeous acres in Cora, WY with national forest access for $295,000. Also just listed, a 3-unit income producing property in the Town of Jackson for $675,000.
Our office generates the most current list of short sales, bank-owned properties and foreclosures in Jackson Hole. If you have interest in keeping your fingers on the pulse of the best deals in the valley, please email or call and I’ll forward the information to you on a weekly basis.
Market News: The River Springs parcels in Wilson, listed for $7.6M, just went under contract, and escrow is scheduled to close in the month of August.
This is from CNNMoney this morning: Freddie Mac’s weekly report said the 30-year fixed rate slipped to 4.44% for the week ended Thursday, the lowest since the government-backed lender began tracking the rate in 1971. Last week’s rates stood at 4.49%, and a year ago it was at 5.29%.
The mid-year Hole Report is out and available. I’ll be emailing it to my Newsletter list by tomorrow. Please sign up online or email me and I’ll add your email address to the confidential list of recipients.
Here are a few quick facts from the most recent Hole Report:
Single family homes sales are up 79% from 2009.
58% of the 2010 transactions have been cash (no financing)
Single family home inventory is down 4% compared to 2009
Wyoming Taxes
Teton County residents live in one of the most tax-friendly states in the U.S. Wyoming residents do not pay state income taxes, and the state Legislature has created a 1,000-year trust that helps residents protect assets. Wyoming residents enjoy low taxes because mineral and oil and gas companies extracting coal and natural gas throughout the state pay considerable severance. This makes Jackson Hole a tax haven for individuals.
Along with no state income tax, the state does not tax real estate transactions, gifts, tangible assets or out-of-state retirement income. The state repealed its estate tax in 2005, and Wyoming law allows the formation of dynasty trusts that let people shield their assets for up to 1,000 years.
I was just reading an article on Nantucket foreclosures and thinking just how similar that market is to Jackson Hole and Teton County, WY. JH is truly an island, surrounded by national forest, wilderness and a 25,000-acre National Elk Refuge. Nantucket’s Land Bank owns about 50% of the island, but Jackson Hole is about 97.5% protected. Not only does JH have all of the federally-owned lands, but much of the privately held properties are under some degree of conservation easement (JH Land Trust, JH Conversation Alliance) which further enhances the long-term appeal. Like an island, Jackson Hole provides memories, safety, family fun, adventure, and clean living.
~Comedic Moment~ The follow are real MLS entries from around our fine country - Enjoy!
“Big tard out back.”
“Hug garage”
“Souring ceilings”
“Zoned for 2 swellings”
“Newly stained bedroom”
“Seller admits to old & bad plumbing.”
“Seller got new wiring he thinks”
“House vacant, call for eazy abcess”
“Must be linder approved”
The numbers speak for themselves: Jackson Hole has 12%+ less listings on the active market than one year ago. According to the MLS data, about 5.5% of the active lists are distressed (short or bank-owned). Of the quantity of sales in Jackson Hole in 2010, YTD, only about 13% have been classified as distressed. There were no (zero) new foreclosures on the Teton County list this past week.
Teton County Assessed Values & Real Property Taxes - According to a recent article in the JH Daily, the assessed value of our real estate should decline about 11% from 2009. I know many whose estimated property taxes changed very little from ‘09 so please pay attention to your 2010 assessment notice that arrived recently on yellow paper. Any resident may dispute their ‘10 assessment; call the Assessor at 733.4960 or pay a personal visit to their office on Willow St. It would help the cause if you have real comparable sales (3+) to defend your position. The month of August will be when you receive your 2010 Tax Bill from the TC Treasurer, for partial payment in November, 2010, or full payment by the end of the calendar year.
This condo needs a happy owner sooner than later. Any ideas? See link below.
It’s coming down to low $200K’s soon…. It’s a short sale and needs bank approval.
Meadowbrook Village 2 bedroom, 1 bath, loft, cathedral ceilings, 2006 kitchen cabinets, stainless steel appliances, new tile counter tops, track lighting….
http://www.flexmls.com/link.html?rhrfrj3o12u,10,1
Uncategorized | Bomber | 
September 3, 2010 3:31 pm | 
