Rick Armstrong - Jackson Hole Real Estate 's Blog

Indy Mac deal Hits a snag

Sat, 03 Jan 2009 18:14:03 -0800

The indymac deal hits a snag over the one billion dollars Fannie Mae says Indymac owes to them for bad loans.

Jackson Hole Real Estate News - Indymac gets offer for 13.9 billion.

Sat, 03 Jan 2009 18:00:02 -0800

Indymac sells for 13.9 billion to a partnership of titans that include George Soros, Michael Dell, and the Flowers group that is a conglomerate of hedge funds. So this is a continuation and result of the mortgage meltdown. Seems like a smart play to me. If the mortgage market recovers they should see positive returns. If the business fails they should qualify for some of the bailout funds. A win - win for them

Jackson Hole Ski Report for January 3rd 2008

Sat, 03 Jan 2009 17:30:32 -0800

Jackson Hole ski report is as follows. The skiing is incredible right now. We have colder temps that have dried out the surface snow that fell very warm and wet over the last three days. Another storm is poised to hit the region on Monday or Tuesday. Avlanche hazard remains high in the back country and is not recommended.

Please feel free to check out my blog at www.realestatejackson.com for more detailed info.

Jackson Hole Real Estate Market Short Summary December 2008

Sat, 03 Jan 2009 17:22:06 -0800

Jackson Hole real estate has seen continuous increases year over year for basically 15 years now. There had been a couple of lulls but no major declines. What we are seeing now is what I refer to as reality. The appreciation of the past was pushed by easy loans, low interest rates and speculation. I have recently talked with people that I feel are more than average when it comes to the experience and knowledge they hold. Some of these people think the old addage "Jackson Hole never goes down" is still somewhat true. Others feel like we are just seeing the start of this. One thing is absolute and that is we are seeing a correction right now. Sales have slowed prices have dropped and still not many closings. I do have personal predictions and opinions that I will gladly share. I base my opinions on statistics and facts, though they could be wrong. The overall economy will be the greatest driver as to where our market goes.

Jackson Hole Real Estate - What's happening? Here is my opinion.

Mon, 15 Dec 2008 17:27:23 -0800

Jackson Hole Mountain opens with good snow.

Mon, 15 Dec 2008 17:14:34 -0800

Quick snow report. We recieved 6-8 inches of snow Friday night with the Gondola up and running. we are expecting snow through the week. The tram is scheduled to open December 20th. The 30 million dollar project is a huge asset to Teton Village and the real estate surrounding it. The other big project is the Shooting Star golf course which is well under way. Houses are begining to spring up on what has been a monumentous project.

Jackson Hole Ski resort opening

Mon, 24 Nov 2008 14:28:47 -0800

Jackson Hole Mountain Resort set to open Novemebr 29th, 2008. The earliest opening ever. The big question is will it happen? Upper mountain snow is good from skier report on Teton pass. the temps are allowing them to make snow on AV (Apre Vous) . So the answer is - we will see.

Jackson Hole Things to do -The spud closes for the season.

Mon, 24 Nov 2008 14:18:47 -0800

The Spud drive-inn has offically closed for the season. But let's not forget next season. To get to the Spud- Take Hwy 22 west from Jackson to Wilson then over Teton Pass into Victor, Idaho. Continue on the same road until you see "Old Murphy" pictured above and of course the screen. When you are there, don't forget grab a burger and fries. It is like stepping back into the 50's and the food is great. It was ranked as the best drive by Entertainment tonight. It is also registered in the National Register of Historic Places.

The movie are usually current releases. The peopl are great and it makes for a classic experience.

Jackson Hole Real Estate - Market report - November 25th, 2008

Mon, 24 Nov 2008 13:31:49 -0800

Jackson Hole continues to see a major slow down in sales. Price reductions are abundant. The continuation of the stock market decline and weakness in the national and global economies have continued to put downward pressure on pricing. Many sellers of Jackson Hole properties have not become realistic in pricing. It is what I would call denial. My advice to sellers is do not sell now unless you have too. If you have to sell now, price your real estate way below what everybody else has similar things priced at. If you are looking to buy into the Jackson Hole real estate market, the time is starting to get good. There have been a few exceptional values in our market. One thing to remember is you are buying into Jackson Hole. One of the most pristine enivirons in the world. Home to the lower 48's largest untouched wilnerness. It is home to the headwaters of the Snake River making it a good bet on longterm water supply. The schools are excellent. Crime is low. Cultural activities are unrivaled in a town of this size. etc.. etc.

Jackson Hole Real Estate - what is really going on here? Jackson Hole Real Estate Market Report

Mon, 20 Oct 2008 13:55:28 -0700

The Jackson Hole Real Estate Market had been defying gravity for the last couple of years, that is, until this spring. Last year, while the nations real estate market suffered one of the most dramatic declines since the 80's. We in the jackson hole real estate business enjoyed double digit price appreciation. That party is over for now. In combination with the credit squeeze and the fall of the stock market we have seen recent sales come to a halt. I am sure that most real estate brokers in our area will cringe when they read this but I am not writing this to appease them or to talk someone into buying something from me, under the guise that it is going to keep going up. Though I do believe in the "long term" it will. I think people want to know the true story. My thought is, we are going to see a "correction", to what level is any ones guess. For the market to truly go down would be a remarkable feat if you go from the prior four year time period as our values are up 144% over that time. Now if a property was bought last year it might have been bought at the very top of the market so there is a down side. There are a few shining lights in our area. One, the inventory increase has subsided likely because many of the Jackson hole property owners realize that now is not a great time to sell and they have the financial ability to wait it out. Two, the high end of the market has held steady. Three, we have been seeing sales in the very high end of the market (10 million + ) which by the way, skews our numbers. Here are the numbers for the Jackson Hole Valley comparing 365 days starting in October 2006-2007 compared to 365 days over the same dates ending in October 2007-2008. Total number of listings is up +19% to 1,116 Listings from 941 the year prior. Total number of sales down - 42% to 278 sold from 478 sold in 2006-2007, Total Sales dollar volume down -27% to $456,359,749 from $627,169,240. The median sales price was UP to $947,500 from $749,500 an increase of +26% . The average sales price was up +25% TO $1,641,582 FROM $1,312,070 . Summation: Prices are still high and we did see another major increase average and median sales prices. This is due to the large percentage of sales being very high-end. In the lower end of the market (Below 1.5 million) the market has slowed to a trickle. The next six months is going to be very telling as to the real condition of our real estate market in Jackson Hole.

Jackson Hole Real Estate Market report for August 2008 by Rick Armstrong

Sat, 16 Aug 2008 16:34:41 -0700

This report is specifically based on Jackson Hole Real Estate encompassing Jackson, Wilson, Teton Village, Jackson Hole Mountain Resort, Moran and surrounding Teton County real estate. I make every attempt to make my reports unbiased and accurate and I do not "cherry pick" only the results I think are favorable or non favorable. This is a simple market report - if you are interested in a more detailed analysis please email me at www.realestatejackson.com Inventories: Teton Village Real Estate Listings - Total active is down _21%, New Listings down -33%, Under contract down - 60%, Number sold down -60%, sold volume down -69%, average sales price down -24%, median sales price is up + 25%, Sold price percent of list price is - 4% Town of Jackson Real Estate Listings - Total active is up + 33%, New Listings up + 47%, Under contract down - 29%, Number sold down -18%, sold volume down -2%, average sales price up +20%, median sales price is up + 29%, Sold price percent of list price is - 2% Total Active is up +33%, Teton County Wy Real Estate (The Jackson Hole Valley) - Total active is up +1% New Listings up +18 %, Under contract down - 40%, Number sold down -34%, sold volume down -28%, average sales price up + 9%, median sales price is up + 12%, Sold price percent of list price is down - 4% Summary, The low end market in Jackson Hole Real Estate (below $1.5mill) has seen impact from the financial lending crunch. Banks are holding people to more stringent lending policies (As they should). This has created an action reaction effect that dominoes upward - meaning the $300k condo buyer is having a hard time getting finances, the 300k condo seller can't sell and can't move up into the next range above, and this continues into each market above. This does not seem to be effecting the high end market, as the 4million and above buyers are still there and likely have greater access to funding sources. Our inventory is currently rising especially in the area of Jackson, sales have dwindled downward and prices have just started dropping. We should be headed towards a buyer market.

Jackson Hole Real Estate - Buyers market is here.

Tue, 12 Aug 2008 15:37:01 -0700

My last post eluded to the fact that buyers are having to become more realistic in there pricing. It has now become am reality here in Teton County Wyoming. We have seen 113 price reductions in the last 45 days and I consider this to be the start. The best values (and the market segment most effected) are going to be found in our lower end range or below 1.5 million. Or high end market has slowed some but continues to froge ahead with steady sales, though lower than the last few years. We are constantly watching the market for value. If you want to be added to our ubdates go to our website and log in.

If you want more info give us a call.

Have a great day,

Rick Armstrong Owner/ Broker www.realestatejackson.com and www.rarejh.com

and www.rarejacksonholerealestate.com

Jackson Hole Real Estate sees a trend towards a buyers market

Thu, 31 Jul 2008 12:12:47 -0700

Finally, we are seeing an easing of prices here in Jackson Hole. After multiple years of double digit appreciation we are seeing a rise in inventory and multiple price reductions. What is happening? Short answer: Reality has set in. People have been asking prices based on speculative 20% increases from the prior year and also basing prices of sold properties in cases where the buyers paid to much.

It is great to see us heading towards a buyers market again. This is not entirely bad news for sellers if they are asking a reasonable price for the property they own. If a seller has owned a property for more than two years they should be able to sell the property and make a good profit and offer a good opportunity for the buyer.

Jackson Hole real estate should always be a good investment in the long term. Why? because it is very limited in supply and it is a very unique place. I have traveled all over tthe world and have seen many beautiful places and Jackson Hole stands high amongst the best of the best. When you add the wildlife, cultural atributes, water supply, tax structure and quality of the schools together it becomes very hard to compare to anywhere on a global scale.

If you would like more info or access to my detailed market analysis please email or call me.

Cheers and live well,

Rick Armstrong www.realestatejackson.com and www.rarejh.com

and www.rarejacksonholerealestate.com

Four Season Resort Condo Just Listed by us.

Wed, 16 Jul 2008 12:28:03 -0700

FOUR SEASONS JACKSON HOLE _ TETON VILLAGE

Four Seasons Jackson Hole - 3 bedroom 3 Bath Ski in Ski Out Condo at Teton Village Just listed by Alan Luther one of our Brokers. This property has been ranked as one of "the top resort hotels in the world" by Travel and Liesure. There is not an amenity missed. With the upcoming Shoooting Star Resort and the new tram this property offers great value for the person who wants the finest of the finest. $3,150,000

Jackson Hole Real Estate New Listing in Rafter J

Tue, 15 Jul 2008 11:31:01 -0700

This was just lsited by one of our agents Jim Kandolin -

3 Bed room 3 Bath single family home located in rafter J.

Square footage : 1502 Square ft on .25 acre lot. In excellent condition - asking price $815,000

Jackson Hole Real Estate showing signs of softening in some areas.

Tue, 15 Jul 2008 11:19:05 -0700

One of my biggest goals as a broker and owning a brokerage is keeping my friends and clients informed on what the market is doing. I don't provide fluff. I stick to statistics and knowledge. I consider the use of my time a valuable resource and the more I know the better my clients will do. Hopefully, people will come to trust what we do - following the credo that "we work for our clients not for ourselves" . Now that I have the disclaimer out of the way.

If anybody would like to find out more about what i am talking about please email me at rick@rarejh.com or go to my blog at www.rarejh.com

Cheers,

Rick Armstrong Owner Proker of RARE Properties - Real Estate of Jackson Hole

Rick Armstrong

Jackson Hole Real Estate Closings in June of 2008

Sun, 06 Jul 2008 11:20:35 -0700

Sold Price Type Beds Bth Acres Asking Date Closed Closed at Days on Market

$835,000 50 ABSAROKA DRIVE Jackson, WY 83001 Closed / Residential	Residential	3	3	0.19	860,000	06/27/2008	835,000	Cash	71
$1 475 E BROADWAY B-3 Jackson, WY 83001 Closed /	Residential	3	2	0	499,000	06/16/2008	1	Conv	160
$1,560,000 597 Cache Creek Drive Jackson, WY 83001 Closed /	Residential	4	4	0.17	1,595,000	06/30/2008	1,560,000	Cash	336
$935,000 1895 W Collar Drive Jackson, WY 83001 Closed /	Residential	3	3	0.33	975,000	06/03/2008	935,000	Conv	242
$2,850,000 360 E GILL AVE Jackson, WY 83001 Closed /	Residential	4	3	0.42	3,150,000	06/05/2008	2,850,000	Cash	111
$355,000 755 E HANSEN ST. 201 Jackson, WY 83001 Closed /	Residential	1	1	0	366,000	05/22/2008	355,000	Conv	105
$1 9625 S Highway 89 Jackson, WY 83001 Closed /	Residential	3	2	2.8	1,575,000	06/05/2008	1	Conv	308
$ 520 S Indian Springs Dr Jackson Jackson, WY 83001 Closed /	Residential	5	7	5.85	11,500,000	05/15/2008		Cash	626
$875,000 526 E KELLY Jackson, WY 83001 Closed /	Residential	4	4	0	885,000	06/30/2008	875,000	Cash	119
$1,495,000 630 LAKOTA LANE Jackson, WY 83001 Closed /	Residential	3	3	0.51	1,575,000	06/16/2008	1,495,000	Conv	133
$5,000,000 6670 N Lower Cascade Drive Jackson, WY 83002 Closed /	Residential	4	3	4.07	5,495,000	06/26/2008	5,000,000	Conv	1,094
$545,000 635 S MILLWARD ST C Jackson, WY 83001 Closed /	Residential	2	2	0	553,000	07/01/2008	545,000	Conv	40
$682,500 650 S MILLWARD ST Jackson, WY 83001 Closed /	Residential	3	2	0.03	675,000	06/30/2008	682,500	Cash	52
$372,000 750 POWDERHORN LANE L-3 Jackson, WY 83001 Closed /	Residential	2	1	0	380,000	06/18/2008	372,000	Cash	65
$725,000 3049 RANGE VIEW DR Jackson, WY 83001 Closed /	Residential	3	2	0.17	739,500	05/30/2008	725,000	Cash	73
$700,000 142 REDMOND ST Jackson, WY 83001 Closed /	Residential	3	4	0	728,000	06/26/2008	700,000	Cash	140
$1,175,000 720 E Sagebrush Drive Jackson, WY 83001 Closed /	Residential	3	2	0.98	1,275,000	05/02/2008	1,175,000	Conv	361
$685,000 470 E SAGEBRUSH DRIVE MORAN D Jackson, WY 83001 Closed /	Residential	3	3	0	699,000	06/06/2008	685,000	Conv	129
$1,575,000 686 E Simpson Avenue Jackson, WY 83001 Closed	Residential	3	4	0.17	1,675,000	06/09/2008	1,575,000	Conv	278
$650,000 950 SIMON LN Jackson, WY 83001 Closed /	Residential	4	2	0.12	669,000	06/01/2008	650,000	Cash	32
$475,000 980 SIMON LN #17 Jackson, WY 83001 Closed /	Residential	2	1	0	499,000	06/25/2008	475,000	Conv	36
$810,000 710 E SIMPSON AVE Jackson, WY 83001 Closed /	Residential	2	1	0.15	849,000	06/16/2008	810,000	Cash	39
$690,000 353 E SNOW KING AVE Jackson, WY 83001 Closed /	Residential	3	3	0	710,000	07/02/2008	690,000	Conv	51
$2,275,000 3275 W TEAL ROAD Jackson, WY 83001 Closed /	Residential	4	3	1.47	2,500,000	07/01/2008	2,275,000	Conv	148
$632,000 3355 S TENSLEEP DR 29 Jackson, WY 83001 Closed /	Residential	2	2	0	645,000	07/01/2008	632,000	Conv	161
$2,400,000 570 W. SPIRIT DANCE ROAD I-23 Jackson, WY 83001 Closed /	Residential	3	4	0	2,400,000	06/30/2008	2,400,000	Other	46

Jackson Hole Real Estate Video Market update

Tue, 24 Jun 2008 10:06:59 -0700

We have been working for almost one year to bring our clients the best video blog upadate on the web. This is meant to be an informative tour of Jackson Hole Properties. It will be updated weekly. cheeck it out at www.rarejh.com - I can show other brokers and agents how this is done in trade for qualified links.

Cheers,

Rick Armstrong

Jackson Hole Market Report Summary January through March 2008

Fri, 21 Mar 2008 11:34:10 -0700

A quick summary of the Jackson Hole real estate market with a simple year over year comparison.

Between January 1st 2007 and March 21st 2007 there were 135 properties for sale in the Jackson Hole Valley.

The lowest priced unit was $295,000 Ponderosa Condo, 712 square ft not remodeled (sold for 281,000)

The Highest priced property was 100 Acres at the base of Teton Village for $37,500,000 with 3 structures (listing canceled)

Between January 1st 2008 and March 21st 2008 there were 142 properties for sale.

The Lowest priced unit is 1 br, 624 sq ft for $331,000

The highest priced $32,000,000 Owl Creek on 106 Acres 7346 sq ft house 6br 7.5 bths

Currently there are 19 properties pended. The most expensive being a 4.250,000 Willowbrook home (Under contract by one of my agents here at RARE Properties)

This time last year there were 23 properties pended.

If you want more information please feel free to contact me directly at 307-733-8726 or email me from my webs

<a href="http://www.realestatejackson.com/"> www.realestatejackson.com</a>

This year to date - A Jackson Hole Real Estate report

Mon, 11 Feb 2008 15:58:19 -0800

So far in 2007 we have seen 60 closings in the Jackson Hole area. This includes Wilson, Teton Village, and the Town of Jackson real estate offerings.

Closings of interest:

Hotel Terra in Teton Village has it's - first flip: A small 3bedroon unit closed at $2,150 Hitting $1400 a square foot.

A four-plex came on the market at $1.6 and was quickly snapped up.

Also a Teton Village four seasons Penthouse went under contract with an asking price at $4.8.

Inventory is up 3% from 2007 this time.

If you want a more detailed summary give us a call at 307-733-8726.

Cheers,

Rick Armstrong

Jackson Hole Real Estate at it's best - Why we are holding steady.

Mon, 04 Feb 2008 11:03:26 -0800

Jackson Hole just returned another record sales year with a tally of over $1.5 billion in gross sales. Prices are up over 25% in a year that the entire market across the nation saw a majority of declines with a few bright spots. Jackson seems to be almost binding bright. Why?

It seems to me that Jackson Hole has been found. People realize that when you drive into Jackson you see a majority of the land is undeveloped. In fact 98% of our land is permanently protected and cannot be developed. We are a vitual island surrounded by vistas, wildlife, and cultural experiences arguably unmatched in the U.S. We have seen a major renovation within the developed areas. Our median home price has continued to sky rocket. The next question is will this continue? Though the markets might indicate otherwise I think that we are in for another up year on the sales price and a down on the number of properties sold and possibly an increase in inventory though we have no huge additional supplies coming on the market soon. I wouldn't expect us to see another 25% increase in sales price I expect it to be a more modest gain. Only Time will tell.

As always checks us out at www.realestatejackson.com

Why is Jackson Hole Special? A fully Biased review.

Fri, 18 Jan 2008 23:12:46 -0800

Jackson Hole - Isn't that the little cowboy town in Wyoming? Well - Yeah , I guess it is. We are still that little mountain town in the north west corner of Wyoming . But Jackson has become a lot more than that, I have been here for almost twenty years and I have been witness to a major change from the rubber hatchet and curio stop into what I like to call a "countrypolitan" ( I think I coined that term: ) oasis. What does that mean? Well Jackson still has retained that small town feel where everybody tends to know everybody and you don't really have to lock things to keep them safe. What makes it so different is Jackson Holes cultural experiences. We have the new 30+ million dollar Center for the Arts, the Nation Museum of Wildlife art, the Grand Teton Music festival, and a plethora of gallery offerings. We have 45+ restaurants with a culinary range from Billy's Burgers to the Four Seasons. The public schools are outstanding, though we do have two private schools if you feel you want the experience they offer.

All of this in a town with a year round population hovering at around 9,800 people. I haven't even gone into the real asset of Teton county- the outdoors. We'll save that for another blog.

http://www.realestatejackson.com

Here is another one of my commercial listings in Alpine Wyoming.

Thu, 17 Jan 2008 11:17:18 -0800

This property has huge development potential. It is 11 acres with an older hotel, a trailer park, and a commercial business. This property has three active wells and four highway accesses.

Alpine is an amazingly beautiful place.

Click to view listing(s)

You can always view our properties at www.realestatejackson.com

If you ever have a question about Jackson Hole dont hesitate calling or emailing us.

So what is for sale in Jackson Hole? Here is one of my listings.

Thu, 17 Jan 2008 10:59:15 -0800

With all of this writitng on my blog - I thought I should give you a look at one of my listings. This is a ski in / ski out condo located at the base of Jackson Hole Mountain resort in Teton Village. The views are amazing and I don't plan on it staying around much longer.

Click to view listing(s)

Our prices per square foot in Teton Village range from $890 per square ft for the older buildings to almost $1900 per square for the top of the top.

Jackson Hole Bank Robbery - Kind -of !

Thu, 17 Jan 2008 06:58:25 -0800

Two nights ago I received a call from a dear friend of mine who is a great local business woman that owns a wonderful hotel in the town of Jackson. Her concern was mine - that we are losing one of our long standing institutions - The Jackson State Bank to a national chain - Wells Fargo. And my concern lies in the thought that the big corporate chain might not have the true understanding of our market that is required to get things done. - It will be interesting to see how it pans out in the future.