Jackson Hole golf course real estate 2021

Greenside living options in Teton Pines, Snake River Sporting Club, 3 Creek Ranch, Shooting Star and Jackson Hole Golf & Tennis

The Residences at Teton Pines overlook the driving range and 18th green of this Arnold Palmer-designed golf course that began play in 1987.

Jackson Hole’s five golf courses offer a wide range of residential properties, including approximately 850 deeds from condos to townhouses to expansive single-family homes along the fairways and greens. But you wouldn’t get that impression from looking at listed properties as the 2021 golf season approaches.

As of late April, as had been the case for most of 2021, there were no publicly listed existing homes for sale in a golf community. Not one, unless you were willing to buy a home under construction or to-be-built, of which there are four in Snake River Sporting Club, which has seen incredible levels of new construction and real estate sales since reemerging from bankruptcy in 2014,

However, among the other four golf communities – Teton Pines, Jackson Hole Golf & Tennis, 3 Creek Ranch and Shooting Star – the shelf is bare. Not one other golf community home is actively listed.

The key phrase here, however, is “listed inventory” as overall unit sales and sales volume has been robust in the last year and pent-up demand is significant. Since late April 2020 there have been 59 residential golf community sales totaling approximately $250,000 million, which is about 10 percent of the overall Jackson Hole residential market.

The least-expensive golf community home in a Teton County, Wyoming, golf community was a Teton Pines 3-bed, 2,254-square-foot townhouse that closed in 2020 for $1.725 million. At the upper end, a 5-bed, 14,000-square-foot home 3 Creek Ranch home built on 3.2 acres in 2017 sold after being listed for $15.68 million.

For a quick look at the history of each course, read this overview. LINK See below for a vertical look at the current market for Jackson Hole golf community real estate.

SNAKE RIVER SPORTING CLUB

This Snake River Sporting Club home is adjacent to Martin Creek and within a wedge of the clubhouse and pro shop.

No Jackson Hole golf community had more room to grow than Snake River Sporting Club, thanks to two bankruptcies since 2006 that resulted in low consumer confidence and a plethora of undeveloped building sites when the community reemerged in 2014.

With the approval of dozens of new units that could be rented short-term coming to fruition in the last two years, combined with the recent tremendous pressure on the overall Jackson Hole real estate market, SRSC reported 19 sales in the last 12 months with four properties currently pending with a total list volume of $81 million, the most among Jackson Hole golf communities.

The average home sale was $3.488 million, with an average size of 3,812-square-feet, that was on market for an average of 236 days.

The least-expensive home sale was for a 4-bed, 2,626-square-foot Fairway Lodge built in 2019, which sold for $1.895 million. The top sale was $8.75 million for a 5-bed, 6,406-square-foot home built in 2016.

SRSC also easily led all golf courses in building site activity with 14 sales in the last 12 months and 2 pending listings and 3 active listings as of late April.

The three active listings are priced between for $1.395 million and $1.595 million for approximately .6 acres. The sales were bracketed between a 1.68-acre site that sold for $825,000 in August 2020 and a 35-acre lot priced at $3.695 million that sold in February 2021.

SHOOTING STAR

This Shooting Star Lodge with 3 beds, 3,100 square feet sold in 2019 after being listed for $5.495 million.

If Snake River Sporting Club is the up-and-coming Jackson Hole golf community, Shooting Star is the reigning champ after a 10-year run that saw the sale of 100 building sites and dozens of developer lodges and cabins. Numerous single-family home sales north of $10 million has established Shooting Star as Jackson Hole’s highest end golf community.

The rise of Shooting Star has coincided with tremendous pressure on all real estate at the base of Jackson Hole Mountain Resort in Teton Village, as LINK I wrote in 2019. http://www.jacksonholerealestatetoday.com/2019/12/teton-village-real-estate-matures/

There were 7 residential sales in Shooting Star in the last 12 months with the top sale a 6-bed, 7,899-square-foot home on 1.5 acres that was listed for $15.6 million. A cabin built in 2010 with 3 beds, 3,310 square feet was listed for $5.5 million before selling after 416 days on market. As of late April, the highest-priced pending listing in Jackson Hole was 8-bed, 7,985-square-foot home built in 2018 on 1.87 acres listed for $16.55 million.

Two Shooting Star building sites sold in 2020, including a 1.42-acre lot listed for $5.3 million and a 1.32-acre lot listed for $5.5 million.

There are currently no actively listed residential or vacant land properties in Shooting Star among the approximately 150 deeds.

3 CREEK RANCH

3 Creek Ranch is the closest golf community to Town of Jackson, located about a mile southwest of Cottonwood Park and just east of the Snake River.

3 Creek Ranch is very comparable to Shooting Star in that both golf communities are private and offer similar inventory including homogenous, architectural-committee-approved “cabins” on smaller lots and estate lots that offer a wider range of designs and styles.

3 Creek Ranch was established in 2005, so had time ahead of the Great Recession to make initial sales than did Shooting Star, which did not open its golf course and real estate office until 2009. However, both neighborhoods also endured difficult years between 2010 and 2015 during which sales lagged, values increased slowly and standing inventory languished on market. Then, beginning in 2016 and accelerating in 2017, both Shooting Star and 3 Creek Ranch saw increasing sales and steady value increases until the present.

There were 5 residential sales in 3 Creek Ranch during the last 12 months, ranging from $5.3 million for a 4-bed, 4,323-square-foot cabin built in 2006 on .59 acres to an estate home built in 2017 with 14,000+ square feet on 3+ acres that was listed for $15.6 million.

As for building sites, there was just one sale in 3 Creek Ranch in the last 12 months, a .62-acre vacant lot listed for $1.95 million after just 46 days on market.

For context, there were an average of six building sites sold per year between 2013 and 2019, with a spike of 12 sales in 2017. But like in Shooting Star, the original developer inventory is now completely extinguished and the current owners are reluctant to sell in these high-end golf communities despite strong interest from buyers.

There are currently no residential or building site properties listed within 3 Creek Ranch among the approximately 188 deeds

TETON PINES

Teton Pines expanded to include the Lodges at Teton Pines in 1997, 10 years after the first homes at this golf community on the west bank of the Snake River.

One reliable barometer as to pent-up demand for homes in a particular neighborhood is the intra-MLS emails that circulate between local Realtors. One of the most common is a “Buyer’s needs” email, which seek off-market or coming-to-market options for their “very motivated” or “ready to go” buyers.

While there may have been more sales last year in Snake River Sporting Club, and Shooting Star and 3 Creek Ranch are attracting the high-end buyers, demand for Teton Pines exceeds all local golf communities based on the above metric and my personal experience.

Why? Price point helps, as the market floor is still below $2 million for a 3-bed townhouse and in the $3 million range for the larger, freestanding “Cluster” homes that line the fairways of the Arnold Palmer-designed course that began play in 1987. Compared to price points well above $5 million for comparably sized properties in the private communities detailed above, the buyer pool for Teton Pines is much deeper.

There were 12 reported sales in Teton Pines in the last year, with the top closing a 5-bed, 6,589-square-foot home built in 2005 on less than an acre listed for $10.5 million. Close behind was a 5-bed home built in 1993 on 1.46 acres that was listed for $9.5 million.

Now 34 years after initial development, the remaining vacant lots are less than a handful, but there were two sales in the last 12 months: a Cluster home site with .62 acres that was listed for $1.8 million and a 1.77-acre estate home site listed for $3.6 million.

Of the approximately 225 deeds in Teton Pines, there are no residential or building site listings actively listed.

JACKSON HOLE GOLF & TENNIS

This 3-bed Cabin at Jackson Hole Golf & Tennis is not one of the handful of front line units that features panoramic views of the Teton Range.

Jackson Hole Golf & Tennis is the senior citizen among Jackson Hole golf communities with home construction beginning in the 1960s. But when it comes to real estate, Teton County’s most picturesque links, Golf & Tennis is a very active senior. Second only to SRSC in terms of unit sales, Golf & Tennis posted 16 residential sales and 8 building site sales.

The top residential sale was a 5-bed, 5,284-square-foot home built in 2010 on .84 acres that was listed for $5.495 million. The least-expensive closing was for a 3-bed, 2,031-square-foot “cabin” built in 2007 listed for $1.85 million, but closing a good bit higher after multiple offers.

The range for building sites in Jackson Hole Golf & Tennis was $595,000 for a .68-acre lot on the 15th fairway at the low end to a 1-acre lot on the fourth fairway that sold after being listed for $1.45 million.

There is no dominant architectural style in Jackson Hole Golf & Tennis, beyond a requirement to build on a single level in order to preserve the huge Teton views abundant in this north-of-Jackson neighborhood, resulting in a wide variety of homes from western to contemporary and from new construction to homes more than four decades old.

The community is in a resort overlay so short-term rentals are allowed. The two property types within the short-term rental overlay include the Golf Creek townhouse units, which feature 2 and 3-bed townhouses built in the 70s and are priced at approximately $1,000,000; and the 10-year-old freestanding “Cabins” located closer to the clubhouse and priced in the $2-3 million neighborhood, depending on number of bedrooms and views. Otherwise, only single-family home ownership options exist.

As of this writing, there are no residential or vacant land listings in Teton County Multiple Listing Service among the 197 deeds in Jackson Hole Golf & Tennis.

Are you interested in learning more about golf course community real estate in Jackson Hole? Please let me know if you have questions about the current market or would like to receive regular updates via email.

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