Jackson Hole Blog & News

Jackson Hole is always an intriguing study to me.  I have been here twenty years and I have followed the Jackson Hole real estate market closely most of that time.     I initially was looking into just buying a home, later I looked at it from the perspective of a small time speculator/ investor.  I then started working with larger scale developers(by Jackson Hole standards)  and conservation buyers.   Now, I look at it from the perspective of my clients best interest, which in turn and in the long run  is my best interest.    We have seen a few moratoriums passed,  we have seen large parcels attempt to be annexed into the town (the Porter / Herford Ranch ) and   one constant is that small opposition groups tend to swing a large hammer and have quite successfully halted larger scale subdivisions.      Therefore the inventory has remained tight and low.   These constraints have done a great job of assisting the increase of property values here especially when considering the decline of most other markets in the country.    It is important to note that I don’t really take sides on these issues because I am in the business of helping people buy or sell real estate.   If I  was to weigh in with my opinion. I believe it could at best be considered hypocritical at worst self-serving.       I place great value on our scenic, recreational and wildlife resources and the less the area gets developed the more room these environmental will have and the more expensive it will be.

Here is a simple worksheet and map put together by the Town of Jackson .

http://www.jacksontetonplan.com/blog/2008/04/charrette-meeting-town-focus

Here is the link to Teton County comprehensive plan (draft)

http://www.jacksontetonplan.com/blog/2008/04/public-meeting-2

It lays out what the Town is trying to plan and will play a huge role in how Jackson Hole is developed.    It tries to dictate where the  Residential/Mixed-Use Focus Areas,   Town Core Area, Gateways,  and  Local Corridors are and are going to be.

I would love to here comments and opinion on what  people think the effect of the new Comprehensive plan will be.

Please email me .

Take Care,

Rick

Jackson Hole Real Estate does it again - With over 20 million in sales last week one would wonder when and if the recession is going to hit here. The top sale was the Moose Creek ranch at $9,750,000. Well below the asking price of $11,865,000. Though all of the other sales were more in line with what has been our average sales price at 96% of asking price. Average Days on market was 162/

The new Teton County comprehensive plan has been quite the buzz since the controversial Serr Thos - Teton Meadows development got halted due to an emergency moratorium. What does that mean to the Jackson Hole real estate market? It means that it will continue to be heavily constricted, especially in the near term. The county did just release a new draft plan that does increase the density in areas south of town including the Teton Meadows area. It would give that project an estimated 280 homesites versus the 500+ asked for in the last Teton Meadows plan. The new plan has also set limits on areas in the town, such as the town square, which it attempts to keep consistent with its current height limit - consisting of buildings with a two story height limit.

We have seen sale prices continue to go up, not following the National Trend in any manner. Our inventories continue to be low and things are selling. Why? I believe that people cherish places that will remain less changed. Change is inevitable but in Jackson Hole it is very limited. Most of the town projects being done now involve first tearing down an older developement or house to then rebuilding with new. The Teton Meadows project represents one of a possible four major developments that could come down the stream in Jackson. For arguments sake - lets say at a maximum we gain 1000 home sites over the next 10 years - the market will easily absorb those if we look at past records. I think that that is a very high estimate and unlikely. Beside those new developments there is nothing else left. None of these projects will happen easily and without fight from local groups.

Another great reason for Jackson Hole real estate price remaining stable and increasing is because of Wyoming’s beneficial tax structure. It remains to be one of the tax friendliest states in the union.

I think the above reasons represent wonderful excuses to live and buy a home in Jackson Hole. But, the real reason is that this place is special on a global scale. There is clean air, plentiful clean water, gorgeous vistas, inspiring wildlife, great recreational oprtunities, a striving economy, and great people. What more do you really want from a mountain town.