Here’s the link to JHREA’s new Catalogue of Fine Properties.
The month of May has brought more new listings to Jackson Hole. There’s been an uptick in showings/activity with a few more pending sales to come. Overall, the sellers who have been waiting to sell are being successful with recent price reductions. The theme for most buyers today is to look for the right seller and the right ‘deal.’
There have been a number of Teton County, WY Foreclosures that have gone to auction; however, eleven have resulted in no sale. Select properties will continue to come down in value as we move forward in 2009.
Today, there are 188 vacant sites for sale in Jackson Hole and 300 single family homes.
Jackson Hole Real Estate Associates captures 52% (per internal audit of agent transactions) of the market in first 100 days of 2009. Overall volume in 2009 is still significantly down from the same time in 2008. The new locally owned and operated firm is poised for a successful year with a new brochure coming early summer, the most comprehensive database in the industry and the best group of professional agents under one brokerage.
The MLS data shows a consistently slow real estate market in Jackson Hole, but there are many other deals happening outside of the reported database. Buyers with cash are finding great deals and realistic Sellers are able to sell successfully. Please contact me if you’d like an opportunity to learn what’s occurring in this underground market as I am aware of many properties for sale outside of the MLS.
In February, the MLS reported 65 new residential listings in Jackson Hole, 25* that posted as Pending and only 2 whole ownership properties that Closed. *Please note that of the 25 Pending sales; only 2 were new; a single family home in Melody Ranch and a single family home in Lake Creek Ranch. The other 23 were previously pending Terra II condos that were just entered into the system. Apparently, Terra II in Teton Village is scheduled to be delivered on time in July, 2009.
There are many of them occurring around the country and even in Jackson Hole lately.
Short Sales are when an owner/seller owes more to their creditor(s) than the property is worth on the open market. Another way to phrase it; it’s when the net proceeds from a sale do not cover the amount of funds the owner/seller owes to the bank(s) and subordinate lien holders.
There’s one in JH scheduled to close today and it has five liens recorded against the property. All of the liens have been negotiated and will be released at closing, so that the Buyer can hold title the property, free and clear of any monetary encumbrances.
Liens are one of a few different obstacles you may come across when looking to buy distressed property. This is just one of those circumstance where having an experience agent on your side could cause you a lot of time and possibly disappointment. Contact me if you would like to discuss your needs and what other possible challenges could arise when considering a short-sale purchase.
Did you know 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 of mineral, oil and gas companies extracting coal and natural gas throughout the state which pays 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 trust¹ that let people shield their assets for up to 1,000 years.¹ Dynasty Trust – A technique designed to allow its creator to pass wealth from generation to generation without the burden of transfer taxes, including estate and gift tax and the generation skipping transfer tax (GSTT).
I was just reading an article on Nantucket foreclosures and thinking just how similar that market is to Jackson Hole and Teton County. Jackson Hole is truly an island, surrounded by national forest, wilderness and a 25,000-acre National Elk Refuge. Nantucket’s Land Bank (pdf) owns about 50% of the island, but Jackson Hole is about 97.5% protected. Not only does Jackson Hole have all of the federally-owned lands, but much of the privately held properties are under some degree of conservation easement (Jackson Hole Land Trust, Jackson Hole Conversation Alliance, etc.) 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 market than it did this time last year. According to MLS data, approximately 5.5% of the active listings are distressed (short or bank-owned). Of the quantity in sales for Jackson Hole in 2010 (YTD), only an approximate 13% have been classified as distressed. There were no new foreclosures on the Teton County foreclosure list this past week.