Teton Village is home of Jackson Hole Mountain Resort, a world class ski area. In recent years a new master plan was adopted by the County and Real Estate has been on the move since. In the past few years there have been many new Condominium Hotels built with both full and fractional real estate ownership. In 1999, we saw the Cody House Condominium development followed by the Teton Club Resort built to create the beginning of new inventory that was truly considered “new ski-in/ ski-out” condo rentals at the base of the resort. These were conceived at the same time as the new Gondola, which was built at the same time as these condos.
Real Estate prices in Teton Village are remaining high for the most part as most of the Village properties are in the short-term lodging overlay. The new Jackson Hole Four Seasons Condominium Hotel has set the stage for higher pricing of luxury condominiums in the valley. Jackson Hole Home and Condominium properties at Teton Village are a perfect investment opportunity for those seeking a second home with rental income.
Teton Village/Single Family Home Sub-Divisions
At present there are only 3 subdivisions in and around Teton Village. The first is original Jackson Hole Ski Corporation Filings to the south west of the Village base area. As mentioned earlier this was the series of plats with streets that lead up from the base area of the Resort. The original lots were platted on heavily forested areas for the most part. There were a few lots with some open views and only a few lots with true ski-in/ ski-out access. These ski-in houses are mostly on the north side of Esther Way and at the top of the roads on each of the other streets.
The lots are priced at around $800,000 and up if they can be found. To date, most of the lots have alrady been developed. Some of the older homes will sell between $1,200,000 and $2,500,000. Many of the homes have been added on to and remodeled extensively. About 20% or less of the homes have full time owners and most are used for Second Home Retreats and vacation Home Rentals. Rental statistics continue to climb as the ski area in Jackson Hole is popular in all four seasons. The proximity of all the homes have fairly good access to hiking, biking and skiing. Many of the owners and visitors make trail systems in the absence of very few easements that were unfortunately not originally thought out and platted. Those homes that were platted adjacent to the runs and lifts tend to be more sought after and are usually sold at a premium.
The old Village homes and home sites are now being re-developed and there are now homes in this part of Teton Village area as high as $4,500,000. They are also popular as this area is a very quiet area and very private with the large Fir and Aspen tree mix screen most lots from others. There is very little traffic above the Base area to speak of.
The Village was originally platted and created in 1964 by Paul McCollister. The original plat known as the Jackson Hole Ski Corporation First filing contained a small group of commercial lots. After the huge aerial tram was completed in 1965, a series of other subdivision filings followed giving way to the ‘Old Village” as referred to by the locals.
The New Village really came into play when the Granite Ridge Townhomes Subdivision and Moose Creek Condominiums were built following the new master plan. These up-scale luxury condominium developments flanked the north and south sides of the older Village and were also accompanied by new chair lifts to allow for excellent proximity and access to the Ski Area. After those developments we soon saw the addition of the Teton Mountain Lodge and in 2002-2003 the development of the Four Seasons Resort Hotel at the base of the mountain in the village. The Teton Mountain Lodge at teh base, was built on a few of the old vacant first filing lots of the Jackson Hole Ski Corporation and the Four Seasons was part of the new master plan on the North side of the Village near the Bridger Gondola.
The newest zoning request is the SRA development which is a 500 acre ranch adjacent to the Jackson Hole Mountain Resort owned by the Stanley Resort Family. If approved, this will allow for a new Golf Course, and over 400 free market units and much needed affordable housing units. This development if approved will completely re-shape Teton Village.