Insurance for FHA loans increase April 1st, 2012

Back in October of 2010 HUD reduced the upfront Mortgage Insurance Premium (MIP) to 1.00% of the loan amount for FHA buyers. However, a recent announcement stated it will be raising the upfront MIP to 1.75% as April 1st, 2012.

HUD is also considering an increase of the annual MIP and reducing the seller contribution amount but has yet to be confirmed. If so, those changes are expected to take effect June 1st, 2012.

The proposal that would reduce the seller’s contribution amount would modify the current 6% to the greater of 3% or $6,000. This shouldn’t make much of an impact on buyers considering that on a $250,000 loan, the seller contribution is still $7,500.

FHA has become a popular option for condo buyers over the last several years considering the flexible qualification guidelines, however continued increases are likely to make FHA loans less desirable. Conventional loans may become a more preferred option since a well-qualified buyer can qualify for as little as 5% and in some cases, without mortgage insurance depending on the lender/available loan programs.

Wolves in Indian Trails spark debate and caution

Reports of gray wolves have sparked some debate after a resident of the Indian Trails neighborhood captured some footage in his backyard.

There doesn’t seem to have been anything threatening to have happened as of yet, but the US Fish and Wildlife Service has planned to capture and euthanize the wolves before anything threatening does happen.

Concerned homeowners have pledged money for the cost of relocating the wolves rather than killing them, but the services wolf recovery coordinator Mike Jimenez insists that relocation won’t benefit the wolves in the long run. Jimenez has publicly shared his office phone number so that concerned residents can call and learn more about his decision to terminate the predators.

Mike Jimenez 307-733-7096

In the meantime, locals are being urged to keep their pets indoors and to keep an eye on children. JH Underground has done a fantastic job posting updates if you would like to get involved with the debate or even just see some impressive photos.

New JHREA affiliates in US, Europe, Africa, Canada & Caribbean

Ten Brokerages, Specialists in Luxury Real Estate, Join Leading Network of Experts in the Sale and Marketing of Important Properties

Last week I attended a conference in NYC as one of JHREA’s representatives for Christie’s International Real Estate. The educational and networking meeting included an attendance of almost 400 brokers from 13 states and seven countries at Rockefeller Center.

The agenda covered topics such as public relations, social media and various other digital solutions that compliment Christie’s global reach. Most importantly, Christie’s announced it has added 10 new brokerages since the close of 2011, expanding the worldwide network of the luxury real estate brand.

“In this increasingly competitive environment, where reaching qualified buyers worldwide is paramount, leading independent brokerages appreciate the need to align with an international brand,” adds Jarvis Slade, Head of the Americas, Christie’s International Real Estate. “After joining, Affiliates gain access to our proprietary marketing programs and services, our award-winning magazine, and our global Web platform. They best serve their important clients by promoting their listings in excess of US$1 million with elegance and effectiveness.”

In a desirable resort area like Jackson Hole, choosing the right real estate broker can literally make a world of a difference when it comes time to sell.   This is exciting for clients listed with Jackson Hole Real Estate Associates because we have continued to expand listing exposure as a Christie’s International Real Estate affiliate, and JHREA was 2011’s Affiliate of the Year for the entire world market; an incredible honor.

Jackson Hole Real Estate Assoc Ad for 2/22

Take a look at some of our listings with Jackson Hole Real Estate Associates |Christie’s International Real Estate as seen in the Jackson Hole News & Guide.  To view any of these listings, contact Bomber Bryan for questions or a private showing.  Also use the real estate search page where you can search all properties for sale in Jackson Hole (View .pdf)

Crafted to Perfection $6,499,000

Crafted to perfection, this is one of the truly dazzling homes in Gros Ventre North. Thoughtfully sited on 15.7 private acres to capture Teton views at every turn. With 10,036 sq. ft., 7 BR including separate guest quarters, 6.5 baths, this home is perfect for family and entertaining.#10-857.


MLS #10-857

Crescent H Ranch $5,750,000

Abundant wildlife, forested hillsides, meadows and pond create a sense of harmony and privacy on this 35 acre parcel.  The cabin rests in an awe inspiring setting with serene views of The Grand Tetons, Sleeping Indian and the Jackson Hole Valley. Premier fly fishing on multiple rivers and creeks. #09-1237.

5925 W LAZY H RD

MLS #09-1237

Spectacular View Property $2,850,000

Perfectly situated atop West Gros Ventre Butte, this comfortable home offers sweeping views of the entire Teton Mountain Range. Designed by renowned mountain architect Arne Jorgensen, this home is a wonderful balance of craftsmanship & functionality. #12-154


MLS #12-154

Best in the Town of Jackson $2,195,000

Incredible finishes & construction quality throughout the home, a professional kitchen, hydronic heating, game room, media room, and amazing Grand Teton Views overlooking the Elk Refuge, make this property unmatched. A must see for the discriminating Buyer. #12-225


MLS #12-225

Flat Creek Horse Property $1,800,000

A rare opportunity to own 16 plus acres with Flat Creek meandering through the property. Awesome Teton views and horses allowed. Only five minutes to down town Jackson. #11-2467


MLS #11-2467

Pastoral Setting in South Park $1,100,000

Remodeled 3 bd/ 2.5 ba home with a 792 sq. ft., guest house is located in a quiet cul de sac. The 3.14 acres are horse-friendly & wonderful mountain views complete this property.  #11-2676


MLS #11-2676

Game Creek Home $890,000

Nicely designed 2560 sq. ft., home on 4.64 acres. Home features red oak ceilings, oak floors, trim and cabinets. Also includes a dark room.  Fantastic mountain and valley views from the deck of this horse friendly property. Close to the Town of Jackson. #10-962


MLS #10-962

Snowmobiler’s Dream $849,000

A beautiful 2 story hand peeled log home on top of Union Pass. This custom masterpiece has open floor plan, 2 master suites. The property includes horse pasture, an oversized 2 car garage and a 900 sf cabin. #11-1626


MLS #11-1626

On the Park in Cottonwood $580,000

Excellent home located on the Park in Cottonwood. This 3 bed, 2 bath + loft, 2255 sq ft passive solar home has an open floor plan, tasteful remodel, large master bedroom and cathedral ceilings. A great option for any home buyer looking for quality in today’s market. #11-2751


MLS #11-2751

Retail, Storage or Manufacturing $569,000

Ideal highway frontage North of Thayne, 4,220 sq. ft. of office/retail, 10,000 sq. ft. warehouse with a 2,280 sq.ft. mezzanine. The building is free-span for  machinery/equipment placement. #09-596

101352 HIGHWAY 89

MLS #09-596

Trees, Views, Seclusion $249,900

This Shooting Star lot has it all. The elevated, hillside location gives you a secluded, wooded homesite and fabulous valley views. Just a short walk to the Targhee Forest and the Fox Creek trail head. Located between Driggs and Victor, this lot is 7.44 acres of natural beauty. #11-526


MLS #11-526

Salt River Cove $89,000

This 1.67 has a pond, willows & a variety of birds & wildlife.  There are paved roads & Salt River access throughout the subdivision. Located approximately 4 miles south of Alpine. #11-799


MLS #11-799

US banks “agree” to $25 billion settlement

Every week I receive an economic update from Jeff Collins, a residential mortgage lender at First International Bank in Jackson, WY. His cautionary nature has provided more education of a new deal made by the Obama administration last Thursday.

As you may have already heard, five of US banks who practiced abusive mortgage practices have “agreed” to a settlement of $25 billion to help an estimated one million borrowers.

The deal only dedicates $1.5 billion of the 25 to compensate borrowers about $2,000 for those who lost homes due to foreclosure.  While some feel that the deal stinks, others feel that it’s a step in the right direction.

Probably the most disappointing part of this news is to know that banks couldn’t be happier with the deal as reported by the NY Times.  Many still have the opinion that thebanks have still gotten away with lending on a property, repossessing the property, then selling it again as a “bank-owned” property, aka an REO

Jackson Hole oil on canvas by Kay Wyne & your favorite artists

Jackson Hole Oil on Canvas SoldWhile checking my Google alerts for Jackson Hole related news, I stumbled across a painting by a contempory artist from Texas who recently sold an oil on canvas of a chapel among some Jackson Hole scenery. The artist, Kay Wyne, mentioned revisting the painting and possibly painting some more in the next week. The thought of posting a quick mention, image of her painting and link to her blog might inspire her to do so.

It appears that the artist has another painting similar to the portrait shaped one posted as sold still for sale. The landscape shapped image can be seen below and in larger scale on her personal website.

Jackson Hole Chapel Oil on Canvas

Jackson Hole has a decent sized community of those who appreciate and support artists.

If you know of an artist who’s been inspired by our local nature, I invite you to share your favorites in the comments below. I’d love to even add locals to my resources page under Arts for others who love Jackson Hole to enjoy!

Jackson Hole Real Estate Assoc Ad for 2/1

Take a look at 5 of our listings with Jackson Hole Real Estate Associates |Christie’s International Real Estate as seen in the Jackson Hole News & Guide.  To view any of these listings, contact Bomber Bryan for questions or a private showing.  Also use the real estate search page where you can search all properties for sale in Jackson Hole (View .pdf)

Snake River Acerage38 Acres on Snake River $5,000,000

Undeveloped Section of the Historic Malcolm Forbes Ranch – Located in the north end of the valley directly adjacent to Grand Teton National Park, this property lies directly on the Snake River with dramatic Teton views and protected privacy. MLS# 11-1859

Lake Creek Ranch $3,940,000

Lot 18 is a spectacular 4.27 acre property offering a perfect homesite in an unbeatable setting with sweeping Teton views; creeks; shared ownership of the 365 acre Lake Creek Ranch with Snake River frontage and trails to Grand Teton National Park; 4 minutes to ski slopes. MLS# 09-1494

3 Creek Ranch Cabin $2,995,000

This beautiful 2 story, 4500+ sqft. home offers a beautifully designed floor plan, timber frame construction, 4 spacious bedrooms, 4.5 bathrooms, high end kitchen appliances, home automation system, Teton Range views and sold fully furnished. MLS# 12-3

Teton Village Condo – 5 bedrooms! $950,000

Value-priced, 5 bedroom Timber Ridge condo. Sold fully furnished, walking distance to the Moose Creek chairlift and great rental history. Spacious decks, expansive views to the South, carport, upgraded kitchen with granite countertops and wood-burning fireplace. MLS# 11-2869

Picturesque, Prestigious, Panoramic $1,250,000

When investing in land for your dream home insist on a proven subdivision with the best views. This 3 acre lot located North of town has a flat building site, Grand Teton views and water. MLS# 11-2321

Grand View Estates $795,000

Spectacularly designed six lot subdivision north of Jackson with striking views of the Grand Tetons and surrounding mountain ranges. Magical setting- private ponds, individual bridges and much more! Three lots available. MLS# 09-2410

Rare Business Park Zoning $650,000

Unique Business Park (BP) Zoning with two 2-bedroom/1-bathroom residential apartments upstairs and commerical space on the main level. The commerical level is divided into 5 suites with a common bathroom, but it could be opened up for one large space. MLS# 11-1664

Discover Living in Melody Ranch $749,500

Settle into a lovely home on a quiet street in Melody Ranch. Well appointed and creative floor plan, 3 BR, 3.5 B, plus a large game room and 3 car garage. Log accents, sound system, built in vacuum and hot tub, beautifully landscaped complete a place you can call home. MLS# 11-1948

Golf Course HomeNew Home on the Golf Course $389,000

High quality new construction home that is Energy Star rated located on the fairway at Teton Reserve Golf Course. Quality construction with exceptional finishes in this 2851 square foot, 3 bed, 4 bath Estate home. Includes a 1 year builder’s home warranty. MLS# 11-1870

Sweeping Views from 5 Acres $105,000

A 5 acre lot with great views of the Bridger Mt. and Caribou Ranges in Idaho. Includes membership to Star Valley RV Park with free greens fees and pool. This subdivision is recognized for its high end homes and also allows horses. MLS# 09-413

A simple explanation of the new 3.8% tax

A new 3.8% percent tax will go into effect beginning January 1, 2013 on investment incomes in efforts to generate an approximate $210 billion for health care and Medicare plans. What’s important to note is that the tax does not apply to all real estate transactions–only those with the AGI listed below who have seen income from interest, dividends, rents and capital gains.

The new tax applies to:

  • Individuals with adjusted gross income (AGI) above $200,000
  • Couples filing a joint return with more than $250,000 AG

The National Association of Realtors has put together an informative brochure with the following scenarios as examples.

Capital Gain: Sale of a Principal Residence

John and Mary sold their principal residence and realized a gain of $525,000. They have $325,000 Adjusted Gross Income (before adding taxable gain).

Capital Gain: Sale of a Non-Real Estate Asset

Barry and Michelle inherited stocks and bonds that they have decided to liquidate. The sale of these assets generates a capital gain of $120,000. Their AGI before the gain is $140,000.

Capital Gains, Interest and Dividends: Securities

Harry and Sally have substantial income from their securities investments. Their AGI before including that income is $190,000.

Rental Income: Income Sources Including Real Estate Investment Income

Hank has a “day job” from which he earns $85,000 a year. He owns several small apartment units and receives gross rents of $130,000. He also has expenses related to that income.

Rental Income: Rental Income as Sole Source of Earnings –
Real Estate Trade or Business

Henrietta’s sole livelihood is derived from owning and operating commercial buildings. Thus, these assets are treated as business property and not as investment property.

Sale of a Second Home with No Rental Use (or no more than 14 days rental)

The Bridgers own a vacation home that they purchased for $275,000. They have never rented it to others. They sell it for $335,000. In the year of sale they also have earned income from other sources of $225,000.

Sale of an Inherited Investment Property (Residential or Commercial)

In 2010, Ethan inherited a four-plex investment property from his great aunt. She had used it for many years as an investment rental property in San Francisco. At the time of her death, the adjusted basis of the property was $10,000. During her period of ownership, she had taken $240,000 of depreciation deductions on it. Its fair market value was $900,000 when she died. Because there was no estate tax for 2010 and because carryover basis was in eff ect, Ethan’s basis in the inherited property is also $10,000. The prior depreciation allowances carry over to him, as well. He continues to use the property as an investment rental property. Ethan later sells the property for $1.2 million. He is single and reports Schedule C self-employment income of $180,000.

Purchase and Sale of Investment Property (Residential or Commercial)

Ethan has purchased an investment property for $900,000. During his period of ownership, he takes $230,000 in depreciation deductions. He has also made some improvements to the property. At the time of sale, his adjusted basis in the property is $760,000. He subsequently sells the property for $1.2 million. In the year of sale, he is single and reports self-employment income of $315,000.

For more details on any of these scenarios, download the free brochure to review the income and tax data along with additional notes further explaing each.

Jackson Hole Real Estate Assoc Ad for 1/25

Take a look at 5 of our listings with Jackson Hole Real Estate Associates |Christie’s International Real Estate as seen in the Jackson Hole News & Guide.  To view any of these listings, contact Bomber Bryan for questions or a private showing.  Also use the real estate search page where you can search all properties for sale in Jackson Hole (View .pdf)

Mesmerizing Teton View $4,995,000

Private upscale custom home with convenient one level living. Enjoy Sleeping Indian views and Teton sunsets overlooking a large trout- stocked pond. Entertain family and friends in generous indoor and outdoor living areas or relax in front of one of three wood burning fireplaces. The property also includes a caretakers home, guest quarters and borders the 2nd hole of Jackson Hole Golf & Tennis. MLS #11-1367

4.5-acres in the Mountains $999,000

Enjoy spectacular views of the Snake River mountain range from this 4-bed, 3-bath home located in a quiet subdivision south of Jackson. Includes a 1-bed, 1-bath guest home over a 2-car garage, with tack room & stall for horses. Partially wooded lot, sauna, covered porch. MLS# 08-1734

Perfect Building Opportunity $575,000

Perfect building opportunity in Jackson Hole Golf & Tennis. This .85 acre lot provides spectacular sweeping views of the Grand Teton, Glory Bowl and Sleeping Indian. Mature landscaping punctuates the lot and surrounding parcels and creates the perfect setting. MLS # 11-2595

Loomis Park Ranch $2,960,000

240 acres located just one hour from Jackson Hole. Almost completely surrounded by Bridger Teton National Forest, this unique property offers unlimited recreational choices. An alpine setting frames the views of the granite faces of the Wind River Mountain Range. North Beaver Creek traverses the property. The 2,400 Sq/ft, three bedroom, two bath log lodge has been renovated. MLS# 09-1674

National Forest Boundary $915,000

Where mountain living & a perfect location connect! On 3.1 acres in Shooting Star Ranch, this hillside retreat with awesome valley views & a wooded, private setting features a 3-story, 3 BR, 3.5 bath, 4900 SF hand-crafted log home. This is an exceptional value and is priced to sell. MLS# 08-4748

Creekside Meadows $129,000

Well appointed townhome in Creekside Meadows with upgrades including two tone paint, black and silver appliances, oak hardwood floors, tile countertops and upgraded cabinetry. Two bedrooms, a bonus loft for extra sitting area, 2.5 bathrooms and an attached 1 car garage. MLS# 11-1642

Privacy in Fairways Estates $2,595,000

Privacy, Teton views, direct access to the adjacent golf course–amenities you will enjoy from this 3 bd, 3.5 ba home on 3.59 acres. Open floor plan offers singlelevel living including office, a second living area, and a 4-car garage with unfinished space above. MLS# 11-1401

Crowheart Water Front Property $850,000

Breathtaking 6404sf log home overlooking Dinwoody Lake. Includes solar options for services and unique appliances. Tiered decks access the lake. Spectacular views of Wyoming’s Wind River Range. MLS# 08-5096

Teton Club New Years Week!!! $85,000

The Teton Club is currently the best deal at the Village with ski passes or Teton Pines memberships while in residence. This New Years week in a 2 bedroom is a definite score. MLS# 11-2904

Charming Westbank Home $2,300,000

This charming 3,848 sq. ft., 4 bedroom, 4 bath log and cedar home with a separate 985 sq. ft. guest cabin is located on a .71 acre lot. The property is situated in a convenient westbank location with mountain views in a private, end of the road setting surrounded by mature trees. MLS# 10-3231

Rafter J Convenience & Privacy $545,000

Step into into lovely home in great condition, 3 BR, 2 BA, an open living/dining area/kitchen great for family gatherings, 2 car garage, situated close to a quiet cul-de-sac, and a back yard that borders open space. Settling into a new home couldn’t be easier. MLS #12-69

Star Valley’s Best Lots $39,000

Price Reduced on lot#’s 29, 31, 40, & 41 of Etna Village Estates. Paved roads & sidewalks, both
culinary & free irrigation watering systems, electric, Phone, fiber optics, & walk to commuter bus stop & new elementary school. MLS#10-1531

Jackson Hole Real Estate Assoc Ad for 1/18

Take a look at 5 of our listings with Jackson Hole Real Estate Associates |Christie’s International Real Estate as seen in the Jackson Hole News & Guide.  To view any of these listings, contact Bomber Bryan for questions or a private showing.  Also use the real estate search page where you can search all properties for sale in Jackson Hole (View .pdf)

Phillips Ridge

Absolutely incredible 18 acre Estate Parcel in the Phillips Ridge subdivision just North of Wilson. The building envelope resides among a mature and grand setting of cottonwoods on the banks of Fish Creek with views of the Teton Range, The Sleeping Indian, and of course Fish Creek. MLS #11-2569

List Price $4,950,000

Contemporary and Tradition

Beautiful 4,574 sq. ft., 4 BR home on a .71 acre landscaped lot on 17th fairway in Golf & Tennis Club Estates with stunning open Teton views. Thoughtfully designed inside and out, a rich blend of contemporary and tradition. High ceilings, Teton views, cherry floors, great kitchen. MLS #11-1916

List Price $3,395,000

Exquisite Polo Ranches Home

This exceptional home is well appointed with all the fine details a homeowner desires. These features include custom designs by Fish Creek Iron Works, mosaic tile by Walker Zengler, custom cabinetry and Vermont soap stone countertops. 3 acres complete with huge garage and soccer field.

Fabulous Opportunity in Wilson

This 1.52-acre site, in a supreme Wilson location, overlooks downtown and provides stunning views across the valley and down to Fish Creek. The 940 sq. ft., 2-Bed, 2-Bath improvement qualifies for a “guest house” so you may construct a main residence. MLS #09-1749

List Price $785,000

Log home with views on 24 acres

This 3,600’, 3 Br, 3 Ba home has Hardwood floors, Granite counter tops, a Hugh Master Suite with private deck and a secluded deck off of the dining room. This home has lots of windows strategically located to show off its magnificent views. MLS #11-321

 List Price $695,000

On the Park in Cottonwood

Excellent home located on the Park in Cottonwood. This 3 bed, 2 bath + loft, 2255 sq ft passive solar home has an open floor plan, tasteful remodel, large master bedroom and cathedral ceilings. A great option for any home buyer looking for quality in today’s market. MLS #11-2751

List Price $580,000

Half Moon Lake

There is an extremely rare opportunity to own 20.48 acres at Half Moon Lake, located only 10 miles from Pinedale WY. This 921 acre high mountain lake with its beach lined shores is surrounded by willows and pine trees. MLS #10-2756

List Price $2,300,000

Outstanding Barn & 4BR Home

This is an outstanding 4Br/4Ba property in the sunny Sing’l Tree Ranches. 2008 extensive remodel, additional 1200 sqft garage/toy barn, extensive landscaping, new paint, new windows, new bathrooms, and new hot tub house, make this a competitively valued property. MLS #11-1677

List Price $1,399,000

Custom Log Home

Contractors own custom log home: The home sits on a knoll providing wide-open views with several conifer stands for privacy from neighbors. Enjoy great sunrises and sunsets from the 1,057 sq. ft. wrap-around deck. 3,475 square feet, 4bd, 3.5ba on 4 acres. MLS #11-2069

List Price $1,195,000

Kelly Lot

50 X 150 lot in the quaint little community of Kelly on E. Little School Road. MLS #10-719

List Price $299,000

Wide Open Spaces in Cora

35 acres in Cora w/ a pond and sweeping views of the Wind River Range; perfect for a dream home “away from it all”. Located just 40 min from Jackson. Buck in rail fences surround the open sage meadows surrounded by mountains. MLS #10-2864

List Price $200,000

Custom Craftsmanship & Teton Views

Impressive handcrafted log construction meets an impressive Teton view. Rock fireplaces, oak floors, expansive windows to soak in the view and stunning attention to detail create this magnificent property. MLS #12-49

List Price $1,250,000