Bomber Bryan
Associate Broker, GRI, SRS, ABR, RENE
307.690.2295
270 W. Pearl Ave
Jackson, WY 83001
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© COPYRIGHT – BOMBER BRYAN | JACKSON, WYOMING REAL ESTATE
Associate Broker, GRI, SRS, ABR, RENE
307.690.2295
270 W. Pearl Ave
Jackson, WY 83001
© COPYRIGHT – BOMBER BRYAN | JACKSON, WYOMING REAL ESTATE
Jackson Hole Community Price Ranges & List of Tax Benefits
Wyoming’s wealth-friendly status as well as Jackson Hole’s lifestyle benefits have created incredible demand and diversity in housing options in Jackson. Recognized as a “World Heritage Site” by the U.N. and the Department of Interior; Jackson Hole represents some of the most renowned natural beauty and ecological significance on the planet. The economic benefits of our state are certainly rivaled only by the health and lifestyle benefits enjoyed by our residents.
OVER 97% OF TETON COUNTY’S 2.7 MILLION ACRES WHICH INCLUDE JACKSON HOLE IS PERMANENTLY PRESERVED in National Parks, National Forests, and other varieties of public land. This means that just 3% of the Jackson Hole valley is privately held and of that, over two-thirds is already developed or preserved through conservation easements. Jackson Hole’s commitment to retaining the character, lifestyle and natural resources of this area has resulted in the creation of a highly desirable community that continues to attract full and part time residents from around the world.
North OF THE TOWN OF JACKSON The Jackson Hole Golf & Tennis Club blends the rugged West with the country club lifestyle and boasts a Robert Trent-Jones II -designed golf course. As you continue north towards the airport, the area features subdivisions, such as Solitude and Upper and Lower Cascade which offers full views of the Teton Mountains. Many of these subdivisions are tucked off main roads and have Snake River access.
Price range is $500,000 – $20,000,000
Town OF JACKSON The Town of Jackson was named in 1894 after Davey Jackson, who spent a winter in the late 1800s on Jackson Lake. Today, residents enjoy a vibrant cultural scene, anchored by the $35 million Jackson Hole Center for the Arts. In addition to the cultural benefits and convenience, St. Johns Hospital is located to the east of the Town of Jackson and features top-of the line medical services and
Price range is $350,000 – $3,000,000
South OF THE TOWN OF JACKSON The area known as South Park is the open expanse of land that spreads south from Jackson Hole High School and High School Road. South Park offers property that can feel separated from town, but is actually quite convenient to the bike path and services of town. It features relatively affordable neighborhoods such as Rafter J and Melody Ranch; as well as more high-end, 3-Creek Ranch, the valley’s first completely private golf course, not to mention some of the last privately held ranch lands in Jackson Hole.
Price range is $500,000 – $12,000,000
Wyoming is one of the most tax-friendly states. There are plenty of reasons to be thankful for owning a home in Jackson Hole, Wyoming: the mountains, the rivers, two national parks and three ski resorts, art galleries and restaurants, a charming Western-style downtown, and a close knit, philanthropic-minded and fun loving community. As enviable as our lifestyle is here, reality does intrude occasionally, as it will in mid-April when we pay our taxes. But even in that area, we as Wyoming residents are better off than most. After all, Wyoming has been cited by Bloomberg Wealth Management magazine as the most tax friendly state in the country. We can stretch our hard-earned dollars farther, whether to buy real estate, leave property to our heirs or buy a new mountain bike.
Below is a list of top 10 tax benefits offered by Clay Geittmann, Senior Vice President and Manager of Trust Services at Bank of Jackson Hole, on why it’s good to own a home in Wyoming.
NO STATE INCOME TAX
With no state tax on personal or corporate income, “you have more disposable income,” Geittmann says.
DYNASTY TRUSTS
In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. “You can establish a trust in Wyoming for the benefit of your family or other beneficiaries,” Geittmann says. “You can transfer your real estate into a limited liability company or family partnership and then put that into the dynasty trust, which can continue for a thousand years.” As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.
NO INHERITANCE TAX
Wyoming does not assess any state inheritance tax.
NO STATE GIFT TAX
“Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax,” Geittmann says.
NO TAX ON OUT-OF-STATE RETIREMENT INCOME
“A lot of people in Jackson Hole use Wyoming as a second home,” Geittmann says. “They have retirement income that comes from other states where they may be a resident. Wyoming does not tax that retirement income that’s earned outside of Wyoming, and if the participant is a resident of Wyoming when they take that income then the original state cannot tax that income either, which is certainly beneficial.”
LOW PROPERTY TAXES
“Wyoming has very low property taxes compared to other states,” Geittmann says. “The taxes that you do pay here are based on the assessed value of the property.”
NO EXCISE TAXES
When you fill up your car with gas or buy a bag of groceries in Wyoming, you will not pay any state tax on your gas or food.
NO TAX ON MINERAL OWNERSHIP
“A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” Geittmann says. “If you own minerals, you will not pay a tax on it like you would your home.”
NO INTANGIBLE TAXES
Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.
NO TAX ON THE SALE OF REAL ESTATE
Jackson Hole Quarter 3 Market Overview
Overall Market: The Jackson Hole real estate market finished the 3rd quarter of the year with rousing statistics. At 2014 mid-year, the market had yet to see much growth from the previous year. However, the end of the summer brought impressive gains from the previous quarter with total dollar volume remaining level compared to the same period last year with an approximate 12% drop in the number of sales. This is a shift from previous quarters in 2014 where the total dollar volume struggled to keep pace with the robust activity in 2013. The market has been able to maintain a level dollar volume of sales despite a double digit drop in the total number of transactions, it is a clear indicator that market values are increasing. When looking at the market as a whole – the average and median sale prices increased about 15% and nearly 14%, respectively. In fact, the average and median sale prices increased in every segment of the market. Market share continues to be taken away from the under $500,000 segment (down 5%) while the over $2M segment increased nearly 5%, respectively. Overall inventory continues to decrease each quarter. When compared to the third quarter of 2013, inventory is down 13%. See more detail below on each segment of the Jackson Hole real estate market.
Single Family Segment: The single family segment made incredible gains in price appreciation compared to the 3rd quarter of 2013. The median sale price of a single family home in Jackson Hole reached $1,100,000, a $300,000 increase from this time last year. The major difference being the shift from sales in the under $500,000 category (down 73%) to the sale of homes over $1M (up 15%). Finding a single family home under $500,000 can be challenging – there have been 9 this year compared to 33 this time last year. This growth is undeterred by the considerable drop in the number of transactions, which is down 22% over last year. As is typical of the single family segment, the majority of the transactions took place in the Town of Jackson and South of Jackson, albeit in much smaller quantities this year. The greatest increase in sales took place south of Wilson with a 138% increase in transactions. The single family home inventory remains low; particularly, homes under $1M with inventory down 23%.
Condo/Townhome Segment: Condominiums and townhomes in Jackson Hole have been on the upswing. With a more affordable price tag than single family homes, condominiums and townhomes have been very popular and transactions have remained level when compared to last year. This stability contributed to a total dollar volume increase of 5%, making this the only major segment of the market with an increase in total dollar volume. Condominiums and townhomes were among the first properties to experience appreciation and sale price gains during the market recovery. This trend has continued this year with both average and median sale prices increasing approximately 7% – 8%. The median sale price of a condominium/townhome in Jackson Hole has risen to approximately $452,000. About half of the condominium/townhome sales this year were under $500,000. At this time last year, nearly 60% of the sales were under $500,000. The lack of inventory was especially prominent in this segment of the market with active listings at the end of the 3rd quarter, down 27% from last year.
Vacant Land Segment: The vacant land segment of the market has made continued improvement. While the number of sales were down about 20% from 3rd quarter of 2013, the average sale price was up 20%. This was spurred by a 55% increase in the number of sales between $2M and $5M, and a 34% decrease in the number of sales under $500,000. Possibly a more accurate measure of the vacant land market is the median sale price which increased 2% over last year. Historically, the Town of Jackson and the area South of Jackson compete for the most land sales of any other area. However, the Town of Jackson had a huge drop (down 78%) in land sales compared to this time last year, and the area South of Jackson proved to be a hotspot with 24 total land sales. This accounted for about 31% of all land sales this year, far more than any other area. The vacant land segment as a whole has continually improved each quarter since market recovery. Land sales have been marred by the huge amount of inventory in the past, however, this trend continues to improve, with an approximate 10% drop in the number of parcels currently listed for sale. Vacant land will become more popular with buyers as existing home inventory diminishes, as well as affordability.
Luxury Spotlight: Jackson Hole, Wyoming is synonymous with luxury and is an international marketplace for luxury real estate. The demand for high quality, exclusive properties has outperformed this time period last year by approximately 18% when looking at the number of transactions. The total dollar volume of those transactions accounted for over $160M in sales, an approximate 11% increase over last year. Record Sale (through Q3): $24,500,000 (list price). Average Sale Price Above $3M: $5,706,708. Number of Sales Above $3M: 26
Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market report and database. The Jackson Hole Real Estate Associates’ Market Report, unlike others in the valley, is derived from the JHREA proprietary, forty year old database (not just mls data) as well as decades of history and success making this the most trusted and accurate real estate report in the region. No other real estate company or agent has the resources available to offer this depth of expertise or insight regarding current or previous market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach. For additional information or a market update in your area, please do not hesitate to contact one of our real estate professionals.
*The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
*This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
Jackson Hole Quarter 2 Market Overview
Overall Market
In the first half of 2014 both the number of sales and the total dollar volume decreased about 15% compared to the first half of 2013. The past two years the real estate market has shown a steady recovery which rebounded relatively quickly. This robust growth is not something which can be maintained in the long run. While this may seem like bad news, really it is a good sign. This slowdown means the market has recovered from the slump of the recession and is returning to more of an equilibrium. Prices have reached a point where there are few to no recession era “deals” left. The type of buyers in the market today has shifted from investors to more end-users and second home buyers. While the average sale price just slightly decreased (-3%), the median sale price actually increased approximately 8%. Similar to the 1st quarter, this can be attributed to the dominance of the $500,000 – $1M price segment, which accounted for roughly 36% of the sales, more than any other single price segment. The springtime push for the summer selling season has lessened the inventory drought, which had, in the past year, contributed to rising prices. The market path for the remainder of 2014 will vary greatly depending on property type and price range. As explained in more detail below, each segment of the market is experiencing its own successes and challenges as the market continues to search for its new normal.
Active vs. Sold by Market Segments
Market Overview by Segment
Single Family Segment
The single family segment of the market has decelerated from the vigorous growth seen in 2013. The number of transactions decreased nearly 40%. With such a large decrease in the number of sales, it is no surprise that the total dollar volume is also down, with a decrease of approximately 33% compared to the first half of 2013. Despite this decrease in the number of transactions, prices are clearly on the upswing with the median sales price of a single family home up nearly 25%. Finding a single family home for under $500,000 will soon be a thing of the past. The first half of this year produced only 5 sales in this price segment, while the first half of 2013 produced 20 sales. Over 70% of the single family homes sold so far this year have been between $500,000 and $2 million. By far the most active segment of the single family market is the $500,000 to $1 million price range, accounting for about 40% of the total sales.
The majority of the single family home sales took place in the Town of Jackson and south of Jackson areas. Inventory in the single family home segment is still considered low with just over 200 properties for sale, however, the springtime push for the summer season has lessened this concern. The price level of transactions that do take place will most likely continue to rise, albeit slowly. As the market reaches equilibrium and sales velocity slows compared to last year, don’t expect any remarkable appreciation. A slower and healthy growth is anticipated.
Condominium & Townhome Segment
Vacant Land Segment
The vacant land segment of the market continues on a slow path to recovery. The number of transactions decreased slightly (-5%) and the median sales price decreased about 12%. The vast majority of the land sales so far this year have taken place south of Jackson, which is made up of smaller and less expensive tracts of land. Specifically, the new King Eider development in the Rafter J subdivision which has, after years of inactivity, finally taken off. The lower price range of these properties is a contributing factor to the decrease in the median sales price. Also, a factor is the lack of sales within the Town of Jackson.
There were 17 sales in town during the first half of last year while this year only 4 sales have occurred in town. The large amount of inventory available in the land segment continues to hold this segment back from any significant growth. Nonetheless, speculative builders as well as end-users have begun a plethora of building projects in the valley which has the construction industry incredibly busy. Building permits have already outpaced last year’s totals with 61 permits issued so far this year, according to a Jackson Hole News & Guide article published July 9, 2014. The vacant land segment of the market will continue to improve so long as the other segments do the same.
Luxury Market Spotlight
Record Sale (through midyear): $12,500,000
Average Sale Price Above $3M: $4,235,083
Number of Sales Above $3M: 19
Summary
This report, prepared by Jackson Hole Real Estate Associates, presents an overview of trends in the Jackson Hole region real estate market. As the real estate market across the country improves, the Jackson Hole market continues to hold steady. Inventory continues to diminish and scarcity is driving demand and pricing appreciation.
With our access to national parks, sparkling rivers, magnificent mountains and miles of hiking and biking trails, Jackson Hole is an outdoor enthusiasts’ dream. The desirability of our area is as strong as ever.
Any exploration of the region will show examples of an undeniably high quality of life and an unrivaled community spirit with a flourishing economy and stable real estate market.
Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market database. Our report is derived from our proprietary data base (not just MLS data) as well as decades of history and success in the region. No other real estate company or agent can offer this depth of expertise or insight regarding current or previous market conditions. The local knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the Teton region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach. The Christie’s International Real Estate network exceeds $100 billion in annual volume, nearly three times greater than our nearest competitor.
For additional information or a market update in your area, please do not hesitate to contact me.
T. Bomber Bryan | Associate Broker & Owner, GRI | 307.690.2295
FREE Jackson Hole Ski Day!
Jackson Hole Mountain Resort has been voted number one ski resort by SKI Magazine, and in celebration President Jerry Blann is saying “thanks” with a free ski day.
…as if we didn’t already know.
Enjoy these Five Secret’s to Skiing Jackson Hole
11 Villas, Vistas & Estates from Christie’s Exceptional 77
Christie’s Bespoke Marketing Program offers a custom-tailored package of solutions for marketing your fine property. In the recent affiliate newsletter, Christie’s features 77 exceptional properties from around the world. Here is a hand-selected 11 including one of Jackson’s very own!
The Crescent H Ranch
Jackson, WY
Price Available Upon Request
An Idyllic Setting – Located at the edge of the Bridger-Teton National Forest, Crescent H provides a unique sanctuary from the outside world, yet is within proximity to the upscale community of Jackson Hole as well as Yellowstone and Grand Teton National Parks. Hiking, mountain biking, cross-country skiing, hunting, fishing, boating, and golfing are just some of the activities nearby. Horse trails begin at Crescent H and interconnect with hundreds of miles of National Forest trails. With seven miles of private fly-fishing on Fish Creek, numerous spring creeks, and the Snake River, it is almost impossible not to enjoy yourself at this incredible property. [details…]
Chiltern
Hillsborough, CA
$43,888,000 USD
Truly reflecting the scale, proportion, and spirit of English Tudor and Elizabethan country estates, Chiltern is privately sited on more than six acres in the sought-after community of Hillsborough, California. Close to both the multicultural metropolis of San Francisco and the business and technology center of Silicon Valley, this borough is an ideal place to raise a family in a peaceful and secure environment. [VIDEO]
Palatial Elegance on Place des Victoires
Paris France
Price Available Upon Request
Originally built as a hôtel particulier, a palatial mansion once owned by French nobility, this estate has been perfectly restored and transformed into a superlative array of luxurious private domains. Encompassing 1,000 total square meters, or more than 10,700 square feet, the building features a wealth of grandly proportioned entertaining rooms, sumptuous living areas, and a total of 10 bedrooms and bathrooms. [details…]
ATTENTION SKI LOVERS!
The Pennington Estate
Tahoe City, CA
$19,950,000 USD
The Pennington Estate is situated in the neighborhood of Sunnyside on more than three manicured, level acres dotted with majestic native Jeffrey pines and light firs–just a few minutes away from the quaint village of Tahoe City and its fine shops and restaurants. The property embraces 175 feet of Lake Tahoe shoreline, and is home to a newly Trexed deep-water pier, three boat slips, a 12,000-pound boat lift, and a lovely pebble-and-sand beach. The estate is also a short distance away from Tahoe-Truckee airport and the world-class ski areas of Alpine Meadows, Homewood, and Squaw Valley. [details…]
The Woolworth Mansion Off Fifth Avenue
New York, NY
$90,000,000 USD
By the late 1890s the retail chain of Frank Woolworth was expanding so rapidly that he was able to engage Charles Pierpont Henry Gilbert, the famed architect of mansions in the French Gothic style who had just completed a prime example at Fifth Avenue and East 79th Street known today as the Ukrainian Institute, to design one for him at 80th and Fifth Avenue. [VIDEO]
Cuadra San Cristobal
Mexico City, Mexico
$12,083,132 USD
Boasting the modernist architectural touch of famous Pritzker Prize winner, Luis Barragán, Cuadra San Cristobal is a triumph of geometry, and displays the power of earthen tones, and the genius of simplicity. [details…]
Top of the Ridge
Rancho Mirage, CA
$18,500,000 USD
Top of the Ridge is spectacularly situated in Rancho Mirage, adjacent to Palm Springs—an area renowned for its mid-century modern architecture and credited with being the home of “Desert Modernism.” Majestically poised atop a mountain in Mirada Estates, a gated community with 24-hour security, this stunning home enjoys grand views of both the surrounding mountains and the sprawling desert floor. Mirada Estates residences are all custom-built by owners and developers, each maintaining a high level of uniqueness and integrity. Top of the Ridge sits on nearly three acres of land and includes all of the amenities that define an elegant lifestyle. [details…]
Rua Riachuelo
Ilhabela, Sao Paulo, Brazil
$4,500,000 USD
Located in gorgeous Ilhabela, Portuguese for “beautiful island,” this exquisite and tranquil residence was designed by renowned architect Marcio Kogan. Hidden in the clearing of a tropical forest, the garden of this stunning locale has space devoted to contemplation. Inspired by a desire to relax and meditate in nature, the owners worked with a famous Brazilian architecture studio to create this masterpiece to allow a closeness with the environment. [details…]
Evans Ridge
Denver, CO
$19,500,000 USD
Regally poised on its own gently sloped hillside, Evans Ridge spans an incredible 42,000 square feet and sits on 70 acres of peaceful natural surroundings. Framed by towering curved bay windows and glorious rotundas, the 11-bedroom manor abounds with high-end finishes as well as a palate of neutral shades and endless textures. [details…]
The Bulgari Hotel, London
London, England
Price Available Upon Request
This is an opportunity to purchase an exquisite 7th floor lateral penthouse apartment of 9,260 square feet (860 square meters). The property benefits from the exclusive services, leisure facilities and security of a brand-new luxury hotel. [details…]
Chateau El Masr
Cologny, Switzerland
Price Available Upon Request
When this property was bought at the end of the 19th Century by Scotsman Charles Floods, who had just returned from Egypt where he made his fortune, he kept this tower and had the architects Bourrit and Simmler build a half Gothic, half Oriental style chateau in 1883-1884, which he named El Masr, meaning the Egyptian. [VIDEO]
As a Christie’s International Real Estate affiliate in Jackson, WY, consider me as your professional representative for all local homes, land and ranches for sale or any of Christie’s featured luxury homes across the globe. Contact me for all your real estate needs.
Melody Ranch Home: $829,900 4Br/3Ba, 2581 SqFt
One of the few actively listed properties in the Melody Ranch subdivision, this South Valley four bedroom single-family house features outstanding views of Glory Bowl. The improvement has been very well maintained inside and out, has an open floor plan, great sunlight, and the master is on the first floor –much of which you can see yourself in this short video.
In addition to this short 40 second clip, you can also view an image gallery showing this home’s open kitchen, appliances, bedrooms and well-maintained landscaped lot below.
Jackson, WY 83001
MLS# 11-1209
Status: Closed
4 beds | 3 baths | 2581 sqft
Property Description
This is a beautiful, well-kept home on the western edge of Melody Ranch. The finishes are high-end and the mountain views are lovely. Other attractions: security system, new deck, sprinklers, mature landscaping. Master suite is on the main floor.
Listing Office: Compass Real Estate
Listing Agent: Tom 'Bomber' Bryan
Last Updated: August - 27 - 2024
DISCLAIMER: Information provided through the Teton IDX Program is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties and individual consumers interested in purchasing. Properties displayed through the Teton IDX Program may be selected by and displayed by an IDX participant, who may not necessarily be the listing agent. Any information contained herein is deemed reliable, but not guaranteed and the Teton MLS is not responsible or liable for the information.
Jackson Hole Homes for Sale Now in Hong Kong
Christie’s Appoints Landscope Realty Limited as the First Real Estate Affiliate in Southeast Asia
In February, I was proud to announce that those selling luxury Jackson Hole homes with Jackson Hole Real Estate Associates will be able to benefit from an expanded reach to the US, Europe, Africa, Canada, the Caribbean due to 10 new Christie’s International Real Estate affiliates. On April 12th, Christie’s announced another new affiliate with Landscope Realty Limited making the Hong Kong brokerage the first real estate affiliate in Southeast Asia! This gives JHREA sellers even more of a global presence online.
Landscope is the 13th brokerage to become an affiliate with Christie’s International Real Estate in the last six months. In addition to being the leader in luxury real estate sales in Hong Kong, Landscope also closed the highest residential sale of HK 728.88 million.
Naturally I’m excited to offer more exposure for our clients, but to now also facilitate and assist those who appreciate fine art and real estate in Hong Kong is a great honor.
Teton Village: 2011 Sales Breakdown
Big dollar sales in Teton Village tilted the value of Jackson area real estate favorably in 2011 with condos being the dominate property type. However, single-family and vacant land gave an average of over $1 million with a combined total of $18,350,000 between seven sales.
Single-Family: 4
Single-family homes accounted for $14 million in Teton Village among four sales. Valley-wide, list prices for 223 homes on the open market averaged $3.1 million when these numbers were compiled at the beginning of the year. Considering that list price is commonly higher than the actual sold price in this market, a “sold” average of $3.5 million for 2011 in Teton Village is good news for existing homeowners.
Condo/Townhome: 46
Despite the 33% decline of the average sale price settling at $998,543 by year’s end, 2011 sales are up 70% compared to 2010 with a total of 46 sales–one of which being the most expensive condo sale of $3.1 million for a 3 bedroom/3.5 bath at the Four Seasons.
Lots/Vacant Land: 3
If there’s one thing man cannot make more of, it’s land. Land in Teton Village supports how valuable dirt can be with only three sales accumulating $4,350,000. Two of the lots were additions in Jackson Hole Ski Corp. while the third wheel was in Granite Ridge. Average for vacant land was an impressive $1,450,000.
Condo sales proved Teton Village to be a hot spot with the total sales being up by 70%. However, unlike the 61 condo sales in The Town of Jackson for 2011, Teton Village might not be as much of a “hot spot” for investors with an average sale price of $998,543 among the 46 total transactions. On the contrary, compare those 46 condo sales with only four single-family homes and three lots (one in the Granite Ridge subdivision and two in Jackson Hole Ski Corp.) totally over $18 million.
Christie’s Sponsors 2012 Tavistock Cup – PGA Tour
Televised on the Golf Channel in the U.S., Canada and Japan, the PGA Tour will be held March 19th and 20th in Orlando, FL. Other affiliated stations also air the coverage via live broadcast to the U.K., Latin America, Asia and South Africa reaching nearly 100 million households in more than 200 countries.
As an affiliate of Christie’s International Real Estate, Jackson Hole Real Estate Associates is excited to have the opportunity to benefit from such a prestigious worldwide advertising platform.
The commercial will be posted on the Christie’s website the day it premieres, March 19. Look for the Tavistock Cup under the homepage photo carousel for updates leading up to the tournament.
Westbank: 2011 Sales Breakdown
Real estate sales in the Westbank area remained fairly steady in 2011 with 68 of 408 single-family, condo, townhome or vacant lot total sales in Jackson Hole.
Single-Family: 44
North of Wilson had $53.923 million in sales (excluding resort areas zoned for nightly vacation rentals) from a total of 20 homes sold, and South of Wilson had 14 totalling $33.7 million. Remaining sales include one in The Aspens at Jackson Hole Racquet Club for $1.15 million and nine in Teton Pines totalling $18.863 million. Together, the Westbank accounted for $107,636,000 million in single-family homes sold alone.
Condo/Townhome: 17
The Westbank recorded 17 condo/townhome sales in 2011 with 10 condos at the Jackson Hole Racquet Club averaging $383,450 and seven townhomes at Teton Pines averaging $820,714.
Lots/Vacant Land: 7
Excluding resort areas, Westbank had seven lots sold, three North of Wilson and four south of Wilson with a total dollar volume of $2,630,000 and $6,950,000 respectively.
Among the 87 distressed sales, only 14 were in the Westbank of which three were at the Jackson Hole Racquet Club.
Across the valley, 55% of single-family home sales were under $1 million, yet (the Westbank) North of Wilson had an average sale price of $2.696 million with a median of $1.395 million and South of Wilson had an average sale price of $2.408 million with a median of $1.405 million.
Despite a 33% decline in number of condo sales at Jackson Hole Racquet Club, the average sale price of $383,450 is up 18%. With condo inventory throughout Jackson being 21% lower than 2010, the 18% increase in price at JH Racquet Club could prove to be a promising example in an equity building scenario. In addition, for the first time in almost two decades, someone who can afford 10% down and has a good credit score can pay less in a mortgage than in rent based upon the purchase of many listed condos under $400k.