The real estate market in Teton Village and Jackson Hole Wyoming has heated up once again due to the sheer lack of inventory according to local Realtors who are working diligently to satisfy the huge demand of buyers.The Realtors have never seen anything like it. I don't think we have ever seen this much property sell this fast in 20 years in the business.
'A colleague just put a property under contract the day it was listed," noted Dave Miller, a partner with Jackson Hole Real Estate & Property Management. The property sold for $800,000 more than it did 6 months earlier in the Granite Ridge area.
'People are searching for product that doesn't exist," said Paul Callens, another associate and Parnter of Jackson Hole Real Estate Company, who last month posted a record sale of a Moose Creek 3 bedroom unit once again. 'We've had an unusual amount of activity even down in Star Valley where a record sale took place last month and is set to close in April. We receive at least 10 e-mails daily inquiring about ski-in, ski-out property.
We think things have gone crazy since the economy has picked up and the Village has received new approvals to build a larger base Village area called the SRA Development. Some brokers comment that uncertainty of the stock market and the dollar's decline are also helping to fuel the current boom, as investors look for other avenues for their extra money they now have.
Folks with extra dollars are putting their money into Real Estate assets to diversify. They find they can both enjoy use of a second home and a great investment at the same time. Sales of condominiums in Teton Village Real Estate have soared and pricing of units now range from $400,000 to more than $3 million at the Ski Resort in Jackson Hole. Homes can be purchased from the 2-11 million in the Village. The new Four Seasons Resort has fueled many of these sales in recent months. All of these properties are excellent for rentals throuh the Jackson Hole Property Management Company.
Many believe the SRA approval and Development effects could be widespread throughout the resort and entire Jackson Hole community. The Jackson Hole Mountain Resort has recently made several announcements to add new chairlifts and extra gondola cars this next season to off-set the tram redevelopment efforts over the next few years.
It should prove to be an interesting winter for Jackson Hole. The skiing and Real Estate market sales have never been better!!
