Luxury Jackson Hole Wy Ranch for Sale - Polar X Ranch

An amazing Jackson Hole property will be entering the Real Estate market next week. The gentleman’s horse property known as Polar X, which has undergone a massive, two year renovation and expansion, will be listed along with 3.5 acres and a beautifully restored 8 stall horse barn replete with an Olympic riding arena.

The original home was built in 1975 on top of a small butte which overlooked the Puzzleface and Walton Ranches. Puzzleface Ranch, which is now protected by a conservation easement, affords the Polar X property a protected, northern view corridor all the way to the Tetons. Jackson developer and current owner, Ron Miller, walked the property in 2005 and was convinced that this was one of the best lots in all of Teton County. The Teton views were spectacular, the location was minutes from both Jackson and Teton Village, the property had few covenants or restrictions, and the house had a wonderful history as it was the site where Chris Van Allsburg wrote the famed children’s book Polar Express.

In early 2007, Mr. Miller set out on the daunting task of creating a home which was as spectacular as the scenery around it. Working with a local architect and design team, he focused the new construction around the majestic 40 ft roof peaks on the south side of the house. Current county restrictions only allow for 30 ft roof peaks on new homes, however, because the house was built before those regulations existed, the heights were grandfathered in. Mr. Miller thought the roof lines were integral to the grand scale and character of the property – despite the fact that it would be more costly than building a new home – and created a third spire for the master bedroom addition which subtly imitates the three peaks of the Tetons.

Expert craftsmen were used for the hand hewn log work and each piece, mostly composed of local timber and large Douglas Firs, was hand selected by the owner and then carved and shaped to perfectly fit each wall or window in the home. The log work required months of detailed finishing and give special character to each elevation of the home on both the interior and exterior walls.

The finished main home features 4 bedrooms and 4.5 baths on the top two levels and virtually a whole second house on the walk-out basement level, which include an additional master bedroom, a guest bedroom, a spacious living area, full, high end kitchen and approximately 1600 sq ft of patio area. The main master bedroom (on the walk in level) is attached to the house via a breezeway and is part of a whole new addition to the house. Above the master bedroom is a loft accessed by a spiral staircase in the corner that could serve as a studio, office, or library. Below the master bedroom wing, in a second bedroom area, sits a game room, bathroom, and wet bar.

In every nook and corner of the house, one cannot help but notice expert craftsmanship and exquisite attention to detail. From the heated travertine and antique oak floors, to the rough hewn, red slab granite counters, to the brilliant copper gas lamps out of doors, to the distinctive elk antler chandeliers, to the tasteful Victorian-western style, leather furniture, this is a property that you really must see to even believe.

Please call or email us to for more information or to schedule a showing you won’t soon forget: Andrew Ellett at andrew@jacksonholerr.com (307.690.6155) or Mark Winston at mark@jacksonholerr.com (307.699.0128)

Jackson Hole Real Estate 2009 vs. 2008 First Quarter Report

Now that the first quarter of the 2009 Jackson Hole Real Estate market is behind us, I thought readers would be interested in a brief comparison between first quarter 2009 and first quarter 2008 as it relates to property sales in Teton County, and around Jackson Hole Wyoming.

From the beginning of January to the end of March of this year, there were only 13 property sales recorded by the Jackson Hole MLS (Multiple Listing Service). This is a dramatic drop in real estate sales to 74% when compared to 2008 sales in which 49 closings occurred between January and April 2008, and an 89% drop when compared to 111 sales in that same time period in 2007.

This lackluster sales quarter, as well as several before it, has created excellent conditions for cash Buyers who are looking for motivated Sellers and bargain deals.

Please call or email us today for more details for the real estate marketplace in Jackson Hole. Andrew Ellett at andrew@jacksonholerr.com (307.690.6155) or Mark Winston at mark@jacksonholerr.com (307.699.0128).

Great Time to Buy Real Estate in Jackson Hole Wy : 2 Recent Real Estate Deals Reviewed

Last month we closed on two properties in Jackson Hole. I admit this is not a very impressive sentence, particularly if it had been written in 2006 – or any year but this one. In fact, it probably would have been considered a very average month. But on this second week of March, it actually accounted for more than 20% of the Real Estate sales in Teton County Year to Date.

I share this information only to demonstrate how much the market has slowed in the last 12 months and what a great time it is to invest in Real Estate in Jackson Hole. Last year, by the second week of March, 35 properties had closed in Teton County Year to Date and that was by no means a robust market compared to 76 closings in that same time span in 2007. That is not to say though that Jackson’s Real Estate market is all doom and gloom – if you are a Buyer. Yes, sales volume is dramatically lower and inventory has risen sharply and these factors create motivated Seller’s and very lucky Buyers.

Case in point, on March 6th we closed on a 4 bedroom, 4 bath, 2800 sq ft home with stunning Teton Views for $1,475,000. The property was being sold for $1,500,000, however, had the Buyer’s visited that home 12 months before they would have seen a $2,300,000 price tag along with a 2007 appraisal that valued the home at $2,150,000. What a difference a year makes.

An equally amazing deal was the closing of Moose Creek #22 in Teton Village for $1,479,000. This ski in/ski out town home was one of only two free standing townhomes in the exclusive Moose Creek area of Teton Village that actually has its own ski lift that goes to the base of Jackson Hole Mountain Resort. If you were to look at sold comparables for these three bedroom townhomes in 2007-2008, you would have found the range to be within $1,800,000 - $1,875,000, yet this market has created a handful of motivated Sellers willing to sell $400,000-500,000 below comps.

Finding these types of Real Estate deals is our specialty. Our team is exclusively comprised of Buyer’s Agents and our focus is on helping you find and purchase your perfect piece of Real Estate property in Jackson Hole. As Buyer’s Agents, we are your advocate and your advocate only. Please contact us today if you have questions or would like more information on some of the incredible properties now on the market at discounted prices.

Go ahead, Search our Jackson Hole MLS today and call us for a consultation.

Andrew Ellett at andrew@jacksonholerr.com (307.690.6155) or Mark Winston at mark@jacksonholerr.com (307.699.0128)

State of the Real Estate Market in Jackson Hole.

First off the downward slide began and has headed down for more than two years at this point. We have checked with others in the industry along with our own analysis here in Jackson Hole, and have found that there was no area at all for our Real Estate market in Jackson Hole that saw an increase in sales for the past year.

One of the biggest hits in sales are the single family homes for sale. This market alone experienced nearly a 50% drop in sales volume. We feel this occurred due to the overall reticent feeling of people in the economy to move their families from say Indiana, leaving there jobs and coming here. They are somewhat worried about losing their jobs let alone finding a new one here or having their company expand to this location.

Due to the reluctance of banks to lend to new buyers and even seasoned ones without perfect credit the investment market which includes Townhomes, Condominiums and such has also seen a decrease in sales which at this time seems to be a bit over 50%. Everyone wants to be optimistic about the market and what the second and third quarter of the year will look like. Unfortunately no one knows including the government. In my estimation if they had a real handle on the housing situation they would be doing two things. Not throwing huge amounts of money at banks (trillions) and if they did put a stipulation on it that they actually use the money for Real Estate Loans instead of acquiring smaller institutions and going on retreats?

The real estate market in Jackson Hole Wyoming has softened and prices have come down a bit. What we have seen is that no matter what the price of a real estate property is the buyer still would like a deal off of that, even though it may have come down hundreds of thousands in the past year. Psychology seems to always play a part when it comes down to purchasing real estate. As always we would like to hear from you and your opinion on what we have just reported.

Mark Winston and Andrew Ellett

Short Sales in Real Estate in and around Jackson Hole

When these two words "Short Sales" come up most people think about department stores selling off merchandise after or before a holiday. In our new Jackson Hole Real Estate market with volatile home financing it takes on a totally new meaning. In the new marketplace, homeowners find a nice piece of land surrounded by everything they have always dreamed about. Many of our buyers want to be located in a nice new future Resort Community which will have Golf, Swimming, Fitness, and hiking trails all around throughout the mountains around the location.

With nice choices and possibilities of having a new home in a golf community, a buyer then goes to their local banker and applies for a construction loan wrapped around the lot purchase on a short term basis. Due to their good credit the buyers may easily qualify for a loan of one million dollars to build a home on a lot. The buyers have sought advice and have been told by several different people who could be considered “experts” in the Real Estate Field that if they ever decided to they could put their home on the market and have several offers probably before the last Construction draw was taken down and make a handsome profit!!

A year later the home owners are completely focused on picking out the granite countertops, paint colors and carpets for their new dream home and list the property with a profit in it. The construction loan expires and the bank now wants to put permanent financing on the home.

However, during the building process, the new marketplace has fallen dramatically and the new appraisal shows the home is worth less than what they have into it. We in the Real Estate Industry call this “being upside down” on a property whereby more is owed on the property than the appraisal comes in for. This is what leads to the short sell whereby the bank and owner work through the reality of the situation or the bank forecloses the property.

If you have comments or questions about short sales we certainly welcome them…….we look forward to hearing from you

If you would like to see some of our Jackson Hole Featured Real Estate Listings, please feel free to visit our site and contact us.

Changes Are Afoot in Teton Village

Teton Village, Jackson Hole’s premier ski resort, is undergoing one of the largest and most exciting transformations in its 40+ year history. Teton Village’s two iconic landmarks, the Aerial Tram and the Clock Tower, will be replaced this year with a larger, faster tram and an impressive new Clock Tower and Tram dock. In addition, Teton Village is also the home of a brand new, eco-friendly, luxury hotel that opened February 2008 and is also the site of Jackson Hole’s second five star hotel set for completion in 2010.

Since Jackson Hole Mountain Resort’s beginning in 1967, no two landmarks have become more renowned than the Aerial Tram and the Clock Tower. The tram, affectionately known as the “little red box,” has given JHMR a leg up on competing ski resorts because of its unique ability to take 45 skiers at a time to the top of Rendezvous Mountain – a vertical rise of 4,139 feet - in just a matter of minutes. From Rendezvous, a myriad of trails and groomed runs can be accessed as well as phenomenal backcountry skiing. Decommissioned in the spring 2006, the “little red box” has made way for a faster, larger tram that can hold 100 skiers and make the journey to the top of Rendezvous Mountain in only 9 minutes! New developments and updates on the tram can be viewed by clicking on this link : http://www.tram-formation.com/

A familiar fixture in the Village skyline is also strangely missing. The old Clock Tower was disassembled in the fall of 2007 and JHMR has commissioned local architect John Carney to design a new, contemporary clock tower and tram loading dock that will have glass walls on three sides and an open side facing the mountain to make boarding much easier than before. The clock tower and tram loading dock are expected to be up and fully functional for the 2008-2009 winter season.

Teton Village is also home to a new eco-friendly, luxury hotel. The Hotel Terra, which opened February 2008, is located adjacent to the Teton Mountain Lodge and features seventy two rooms and suites, a spa, and a fabulous new restaurant called Osteria, which offers gourmet pizzas, pastas, and a wide selection of Italian wines. Hotel Terra has placed a strong emphasis on using new technology to conserve water and energy and to use recycled and reclaimed materials whenever possible. Almost everything, from the roof shingles to the springs in your mattress are made from eco-friendly materials with low impact to the environment. You can click here to book a reservation and find out more information Hotel Terra also features two and three bedroom luxury condos that range in size from approximately 1000 sq ft to 1500 sq feet. These units are offered as resale only and are currently priced between $1,495,000 – 2,764,000.

In other exciting news, Teton Village will be home to its second five star, five diamond hotel in 2010. The renowned Little Nell Hotel in Aspen, Colorado has chosen Jackson Hole as the site of its second location. The hotel will be managed and operated by the Terra Resort Group (Teton Mountain Lodge, Hotel Terra) and will have 45 luxury condos that can be arranged into 120 hotel rooms. This design is indicative of a new trend in the hotel industry, particularly in resort towns, that uses the capital of residence sales to offset the high cost of the hotels real estate and development.

We will continue to keep you updated on the progress in Teton Village. If you have any questions or comments, please feel free to send them to andrew@jacksonholerr.com

The Direction of Real Estate in Jackson Hole :: Part 2

Now that the numbers are in from the first two thirds of the fourth quarter we can project the direction Real Estate is heading in Jackson Hole due to credit tightening on a national basis. We will compare October and November 2006 to the same time in 2007. The first area we will examine is Teton Village, one of the premier ski areas in North America. The average sales price in the village for condominiums jumped a hefty 83% from Oct and Nov 2006 to the same period in 2007. This we conclude is due to steep demand for the properties since many are ski in ski out, others are only moments from lifts. Investors like them due to their short term rental histories. Some properties in the village sell between nine hundred and one thousand dollars a square foot. Not exactly middle America. Now let us look at the dollars closed for Oct and Nov 2007 to same months in 2006. In 2006 there was $13,515,500 closed for the two months. In 2007 the amount is $7,097,500 a decline of 47%. When considering the hefty jump in prices, one concludes the housing problems in the rest of the country are affecting this resort community. Teton Village is the busiest area for the valley in winter and very popular in the summer due to its proximity to Teton National Park and Jackson Hole Mountain Resort.

Let’s take a look at the entire Jackson area for Oct and Nov of 2006 and 2007 as reported by the Board of Realtors. We will examine new listings which came on the market and compare them to listings which closed for the same periods. In Oct and Nov 2006 there were 665 listings that came on the market. During that same period 551 deals closed. For 2007 new listings on the market were 823. Deals that closed were 294. The percentage drop for closed deals during the two periods was another 47%. Interestingly enough out of 294, 176 closed in October compared with only 118 for November. This is the lowest amount of deals which closed in any one month since before December 2005 when the data was compiled. If this trend continues which indicators suggest, December will fall to the lowest level again in years. 22% more houses were listed this year for Oct and Nov than 2006, compared to 47% less closing on homes. People are finding they need more cash to put down now to make other deals work because their credit does not go as far. Problem being less people are able to purchase for the same reason. When I last reported back in October we here in Jackson were not sure if this credit tightening was a blip or a continual reflection on the radar screen. That being said we will then check this out after our final numbers are in for the quarter. We can predict that for some, this reflection will be a cloud over many people’s heads. Once we flip the coin though, trend continuing, it could by mid 2008 turn into a buyers market that no one has ever seen! Once again we will be reviewing and analyzing the numbers as they come in. Look for our next contribution in about a month. If you have comments please send them to mark@jacksonholerr.com