Short sales and potential foreclosures continue to play a significant role in the Jackson Hole real estate market. Yesterday’s Jackson Hole News&Guide continued its coverage of the impending foreclosure of the iconic Jackson Drug building on Town Square.
In short, the stone building constructed in 1937, which has 2,940 square feet of retail space, 2,600 square feet of storage and a 4-bed, 2,940-square-foot residential space, is on the market for $5.4 million, has been recently appraised at $3.8 million and is scheduled to be auctioned Tuesday with an opening bid of $2.76 million.
Read the article for the details, and my previous posts (here, here and here) on this building and Teton County foreclosures.
What will happen? Only time will tell, but if recent history is any indication it will either sell prior to Tuesday, have the foreclosure date postponed, or no bidder will show to make a commitment beyond what is owed to Bank of America. In 2009, all 30 auctions resulted in properties reverting to lender at the conclusion of the redemption period, or are still awaiting the expiration of the redemption period. However, with an appraised value a full $1 million north of the auction price …
Yesterday Jackson Hole Title & Escrow released its most recent update of Teton County foreclosures, compiled from the Teton County Sheriff’s Office. Highlights include:
- The big news is on Tuesday a building site in Owl Creek subdivision became the first property to sell at auction to a private party in recent history. The opening bid was $400,907 with the successful bid coming in at an even $500,000.
- Also on Tuesday a High Teton Condominium (East Jackson) did not get an offer higher than the opening bid of $435,000, with Sheriff’s Deed to lender pending expiration of the redemption period.
- There are 10 foreclosures scheduled between now and Feb. 11, 2010. After Jackson Drug, the next highest opening bid is $788,538 for a Love Ridge condominium.
- There were no new foreclosures scheduled in the previous week.
