Andrew's Blog

Teton County Growth

Andrew Marshall (Real Estate of Jackson Hole) — Sun, 10 Feb 2008 16:47:12 -0600

There usually seems to be a lot of discussion here in Jackson surrounded by the affordable housing crisis and this week is no different. With traditionally low inventory levels and high prices buyers here in Jackson are limited to what and where they can invest in their future. Enter Teton Meadows Ranch located on the South Park Loop Road. Chicago based developer, James Reinert has proposed to up-zone this large parcel, about 336 acres to allow for roughly 500 housing units to be built on 288 acres of the lot. Some will be traditional affordable with a siginificant portion enrolling into a hybrid deed restricted offering known as 'gap' housing where the individuals qualify under a certain income and asset class, yet cannot afford the 'free-market' properties available for sale througout Teton County. Rough price estimates for gap housing will be between $400-750,000. What troubles me is the release of #100 single family FREE MARKET lots situated within this development that will significantly increase our inventory levels and balloon our absorbtion rate, two factors which help to keep our real estate market vibrant and active.

South Park neighbors in Melody Ranch, Single Tree, Rafter J, Fishing Club are opposing this up-zone for warranted fear of traffic increase, permanent damage to wildlife and scenic corridors and loss of nearby property values. Supporters are voicing their concerns over work force housing, smart growth and the ability to offer a steady flow of affordable units to our teachers, fire fighters, police officers and various service industry employees.
Here is the TMR link: http://www.tmr-jh.com/ And Teton County Comprehensive Plan: http://www.jacksontetonplan.com/

TMR will have their first Planning Commission public meeting on February 11 and I will check in next week with some reactions.

Rumors: Hostel X at the Village is in escrow- pricing is all over the board. First I heard high $20M's, then I heard more like $15M- who knows, but that is a lot of money for a bulldoze. Sounds like the Buyers are from Aspen.
Snow Report: Waist deep all last weekend if you knew where to ski, 397" of snow this season to date with reports of 16" new last night with some more on the way for Saturday.

Hotel Terra- Jackson Hole Mountain Resort

Andrew Marshall (Real Estate of Jackson Hole) — Mon, 04 Feb 2008 15:34:26 -0600

Hotell Terra I closed on all of their intial units last week. Sounds like $1000/square foot was the average, yet appraised values are more like $1275/foot- wow. This seems like the beginning of a surge of activity for Teton Village, at least for new condo-tel rooms. A few resales have already shown up on the MLS; 3 bedroom unit for $2.15M and a 2 bedroom for $1.35M. The construction crew was scurrying when I visited and the stress level was high to say the least. The only current occupants are with the Quiksilver crew here in JH for the snowboard competition organized by local ripper Travis Rice. These guys will for sure break in the new digs and help to work out the kinks.

The restaurant in the lobby will be open this week- so far the tasting reviews are incredible. Osteria will feauture Italian cuisine with a wine bar, gourmet pizzas and outdoor terrace with a fireplace. Opened by Rendezvous Bistro legend, Gavin Fine this place should be packed every night.

Link to Hotel Terra recent activity:

http://www.flexmls.com/cgi-bin/view.cgi?20080204213059352332000000&s=10&id=1

Western Contemporary- East Jackson

Andrew Marshall (Real Estate of Jackson Hole) — Mon, 28 Jan 2008 10:29:06 -0600

On the other side of the price spectrum here is a newly built western contemporary home located in East Jackson. There is just something unique about this section of town; quiet, offers big Teton views and walking distance to the National Elk Refuge and town square.

Details: 3310 square feet, 3BR/3B, huge living area on the second floor, attached 2 car oversized garage, .17 acre with an outstanding Teton view and nice view of Cache Creek/Snow King area. Just over $500 square foot, this is by far the best deal in town for single family homes if you have the cash. Brand new, move in condition.

link:

http://www.flexmls.com/cgi-bin/view.cgi?20080128162106475652000000&s=10&id=1

Andrew

Value, Value, Value

Andrew Marshall (Real Estate of Jackson Hole) — Thu, 24 Jan 2008 12:35:38 -0600

Located in the heart of West Jackson, the Jackson Village Apartments have been steadily flying under the radar and bringing in huge returns for owners. Many of these units have gone through complete remodels, rent very well and represent a feasible way to get into the Jackson real estate market.

This particular condo (list price $389k) has been fully gutted down to the studs, new carpet and paint, appliances, cabinets, slate entrance and lighting fixtures. 700 square feet, 2 BR/1B, living area, two parking spots, on-site laundry facility. South facing exposure, so plenty of sunshine in the winter- great purchase with two recent sales at $370k and $375k. I could not think of a safer investment in today's market with the affordable housing crisis we are still facing. Snapshot; these units were selling for $141,000 just 2 1/2 years ago.

Here is the link for photos:

http://www.flexmls.com/cgi-bin/view.cgi?20080124183247890575000000&s=10&id=1

2008- New Beginnings

Andrew Marshall (Real Estate of Jackson Hole) — Mon, 21 Jan 2008 17:57:11 -0600

As the year end stats start to roll in for 2007 we are reminded of why we choose to live in a place like Jackson. The past three weeks have been incredible skiing with over 70 inches of new snow in 7 days! Sunny days and cool temps made for empty slopes and the best turns of the year.

As for real estate happenings: Hotel Terra should be closing their units this week, setting the square footage mark around $1800. There seems to be a surplus of inventory at the Village right now for older condos, but as soon as the momentum starts back up again look for new heights in this special market segment.
Coming off two record breaking years the Teton County real estate market is poised for some new growth and adjustments amid the mortgage meltdown and national housing slowdown. What we are discovering as the sales numbers roll in is typical for our market; low inventory and rising prices. Dollar volume decreased slightly by 1% but with 30% less inventory our median prices rose 15% across all market segments. Most notably as usual were Teton Village and the Racquet Club recording price increases of 23% and 46% respectively.

What does this mean? At first glance there is a slight shift into a Buyer's market right now. We are certainly seeing disconnect between buyers and sellers with an increased days on market average. Later this week I will be featuring some of the strongest ‘buys' on the market in Jackson.

Jackson 2 bedroom condo

Andrew Marshall (Real Estate of Jackson Hole) — Thu, 03 Jan 2008 18:03:27 -0600

Just when we think activity has slowed here in Jackson someone lists a 700 square foot, 2 bedroom condo in town for $425,000. These units were selling for $200,000 not even two years ago (wish I had bought a few).

Remodeled in 2005, new appliances, carpet, paint and landscaping the Smith Lane complex does offer the best in the low end price range. Just steps from Maple Way park.

check it out:

http://www.flexmls.com/cgi-bin/view.cgi?20080103234927640195000000&s=10&id=1

Got Snow?

Andrew Marshall (Real Estate of Jackson Hole) — Mon, 31 Dec 2007 15:14:26 -0600

Well, Jackson is buried in snow and the skiing is fantastic. The week of Christmas brought a few feet and we received two more helpings of the white stuff in the last 48 hours. The skiing has been incredible and sales activity continues into the New Year.

Until we have our year end statistics to post, here is a unique listing located south on Fall Creek Road just minutes from the town of Wilson and Teton Village. Basics: 8,397 square feet, 4 bedrooms, guest cabin, situated on 7.5 acres perched above the Snake River basin, best views in the valley, private location, exquisite craftsmanship; list price $12,995,000.

link to photos and listing info:

http://www.flexmls.com/cgi-bin/view.cgi?20071231210244336660000000&s=10&id=1

Happy New Year!

Teton Village: Part Deux

Andrew Marshall (Real Estate of Jackson Hole) — Thu, 20 Dec 2007 10:36:21 -0600

Had a chance to tour the new Snake River Sporting Club facility located slope side in the base of the Teton Club building. This is a spectacular on site mountain amenity for the club as they try to increase their presence among the other premier memberships around the valley: Shooting Star, Amangani and the Four Seasons. Memberships for the 'Alpine Club' will be $60,000 for initiation, $2500/year for dues and the perks include valet parking, skier concierge, ski lockers and use of the dining room facility which offers tasty treats, comfortable sofas and a flat screen T.V. with the NFL package. Golf memberships are still $160,000 and $5000 for yearly dues, but not bad considering this course was just rated #2 in the country by Golf Digest and compared to the #1 rated club in North Carolina running $600,000 for initiation the SNRSC looks like a bargain. I have played the Sporting Club and it truly lives up to its new designation.

During the tour we heard some updates regarding the recent land sales and hotel happenings at the Village. With Terra I nearing completion and occupancy the blue prints for Terra II are now in play. Across from the Teton Mt. Lodge and the Terra buildings will be the new Little Nell Hotel. Here is a link to the hotel group's boutique project in Aspen: http://www.thelittlenell.com/

According the this website their current pricing for private residence units range from 3 bedroom dwellings at $1.7M to $3M for the four bedroom products. We have already crested the $4M range in the Four Seasons residences and with Terra closing products next month I believe Little Nell will yield $/square foot in the $3000 range in a few years.

The snow keeps coming down in Jackson! We are in the middle of a winter storm warning and the mountain is becoming filled in each day; 10 new inches last night with more on the way today and tonight. Check out some of these photos from last weekend. Bernie's was skiing great and we did a few laps off East Ridge chair in Rendezvous Bowl which was untracked and amazing for mid-December!

Kelly and Redmond town homes

Andrew Marshall (Real Estate of Jackson Hole) — Tue, 18 Dec 2007 17:56:42 -0600

The new MKGS condos in E. Jackson are moving along and look pretty good:

http://www.flexmls.com/cgi-bin/view.cgi?20071219000506803802000000&s=10&id=1

There is currently one unit under contract listed for $1.05M but no official word on when the remaining 4 offerings will become available; although sometime early next year sounds like the time frame. Great location in an area of town subscribing to the much needed transition idea.

Details: 2347 square feet, 3 bed/3.5baths, 2 car attached garage, bonus room, study, views of the mountains and maybe the Tetons, walking distance to Snow King, town square and Cache Creek recreational area.

I'm not sure what else you could possibly want around town for this kind of money in the condo segment. Fortunately, these products are freestanding and HOA fees should not be too daunting. The upstairs living idea makes sense to me and satisfies the popular demand, but you have to wonder how much higher these glorified condo prices can surge? We saw it with Love Ridge at Snow King with values pretty much doubling over the past 3-5 years and I think these units appeal to a broad audience around town; from locals looking to upgrade to second homeowners interested in turnkey living without the short term zoning hassle of spring breakers and high quarterly dues. At least these guys nailed the earthy exterior as opposed to the ugly duckling TVDC units next store.

Heavy snow on the way this week, which may account for my lack of posts over the next few days.

East Jackson Quality

Andrew Marshall (Real Estate of Jackson Hole) — Mon, 17 Dec 2007 16:06:06 -0600

Here are three newly built homes on McKean Drive just across Broadway from St. John's hospital in downtown Jackson.

link: http://www.flexmls.com/cgi-bin/view.cgi?20071217215945770561000000&s=10&id=1

Each home boasts about 2700 square feet of living space, 3 bedrooms, large finished basement (with bathroom) and an oversized two car garage. $/square foot is roughly $435 for the interior unit and $453 for the southern end unit (pictured above). The interiors are average quality with decent appliances, huge kitchen with a sizable eating area plus walk in pantry. The main complaint I have heard has to do with the small bedrooms upstairs. With the higher priced home staged it certainly helps to get a feel for the layout, but it would be tight living with two people in the master bed/bath.

Overall, very nice products for what is available around East Jackson in this price range. It's amazing how refreshing it is to see brand new construction at these prices compared to what else is currently on the market. Check in later this week for an update on some condo developments under construction around East Jackson. There are a lot of new buildings going up all over town and we are going to sneak a peak at most of them.

Current market trends: Prices +15% Inventory -4% Sellers Market

Teton Village Transformation: Part 1

Andrew Marshall (Real Estate of Jackson Hole) — Mon, 17 Dec 2007 15:52:40 -0600

So there are many obvious changes going on at Teton Village at the base of Jackson Hole Mt Resort. The Shooting Star development, Hotel Terra, the absence of the aerial tram (and construction of the new one), rumors of new hotels scooping up vacant slope side lots and of course the snowpack. These next few weeks we are going to foucs on all of these new projects, including Hotel Terra (1 of 5 LEED certified hotels in N. America) and the new lobby restaurant run by Bistro legend Gavin Fine, the progress on the aerial tram, the new Little Nell hotel in the works and some trail conditions once the snow is good enough to get up to the higher elevations.

Hotel Terra sounds like it will be amazing. Environmental responsibility is the concentration throughout the project, yet the western contemporary idea speaks to a wide audience in the Jackson market. From the recycled 'eco-shake' shingled roof to the super efficient, low UV ray windows the interior still manages a sophisticated ski lodge that would impress even the most high class ski bums on the planet. Roof top spa with pool and ultra hip rooms complete with flat screen t.v.'s (with Bose surround sound) and touch screen phones you would forget some of the most popular materials used are bamboo, recycled seatbelts and crushed glass.

After a long day on the slipes why don't you treat yourself to some of the best foods prepared in an Italian Trattoria style restaurant designed and managed by local restauranteer, Gavin Fine who's infamous Rendezvous Bistro near the center of town remains a favorite among long time locals and visitors alike.

As for offerings the Hotel Group released a limited supply of urban studio, Terra Guest room and 1-3 bedroom suites. Pricing has varied from base $1.8M to upwards of $3M for the larger 3 bedroom units. Closings will begin sometime around mid-January once they have gotten their C/O and guests begin to work out the kinks in these newly built rooms and the Hotel itself.

Once these products begin to close we are going to surpass $/square foot never before imagined at Teton Village. And it seems this is only the beginning according to the Teton Village master plan that will without a doubt catapult real estate prices into a world class level- hard to imagine people still think of Jackson as a sleepy old cattle town.

Mountain report: 138 inches of snow already this season; gondi opened last week, Thunder and Sublette over the weekend and East Ridge chair to the top should be spinning by Wednesday. Sounds like the conditions are good enough for this fair weather fan to get up there and find the goods- report coming soon.