Local Ranch Drops Price By 30%

In a story in today's Jackson Hole Daily it was reported that the Puzzleface Ranch's sellers have reduced their asking price by 30%.  The 225 acre ranch is located between Jackson and Wilson on Highway 22 and has been on the market since the fall of 2006.  The original asking price was $25M but slowing market conditions have caused prices to adjust back down as less buyers enter the market.  This is in-line with price reductions we've seen on residential properties as well as buyers and sellers grapple with what "market price" will start to settle at.  For seller's who need or want to sell they are dropping their price by 20-30% off of last years highs.  We expect to see this continue until we see a stabilization in the housing market through a real government stimulus. Having said that timing market bottoms is extremely tough and for buyers prices are really becoming attractive.  In addition local banks have money to lend at good interest rates so it really is a buyers market at this point.  We are counseling buyers to make offers on properties where prices have been reduced even if the offer is lower than the reduced price.  Without an offer we can't begin a dialog or negotiate a price that is acceptable to both the buyer and seller.