Teton Village, Four Seasons leading JH sales

After a few slow years, is real estate at the base of Jackson Hole Mountain Resort about to blow up? Sales in Teton Village in the past week and during the last 12 months have contributed significantly to the slow but steady rebound of the Jackson Hole real estate market.

Teton Village is already where it’s at, even though it is still three weeks until they power up the lifts at Jackson Hole Mountain Resort and the season’s first big snowfall remains beyond the western horizon.

This week’s Teton County Multiple Listing Service Hotsheet reports four Teton Village properties under contract and one closing. Two of the pending contracts are in Four Seasons in Jackson Hole, leaving just three active listings in this premier condo-tel.

Hotel Terra also saw some welcome activity, closing a 1-bed, 728-square-foot unit and pending a similar sized unit that has been on the market for more than 1,000 days. A price reduction on a 3-bed, 1,005-square-foot, lock-off unit to $649,000 may represent the next best deal going in this core Teton Village development.

Bolstering the recent sales activity is an internal Jackson Hole Sotheby’s report that notes a 78 percent year over year increase in unit sales in Teton Village to 50 during the first three quarters of 2011. Sales volume, however, dropped 4.3 percent to $43.4 million, reflecting that most sales were for lower-end condos and distressed properties. To wit, the fourth pending Teton Village property reported in the last week was for a 2-bed, 700-square-foot condo built in 1972 and listed for $279,000.

Teton Village sales during the first three quarters of 2011 show a significant increase in unit sales year over year while sales volume was flat.

Taking a look at the current Teton Village inventory (excluding fractional properties), there are 69 active listings. Highlights include:

  • The least-expensive condo is a 757-square-foot, 2-bed unit listed at $274,500 after 129 days on market.
  • Also listed for less than $300,000 is a 441-square-foot studio in Teton Mountain Lodge, one of eight active listings in this 10-year-old development.
  • The high end of the market in Teton Village is a 23,250-square-foot, 7-bed home listed at $29.5 million. Also notable is a more than 13,000 square foot, ski-in/ski-out home listed for $16.5 million in Granite Ridge.
  • Two Shooting Star cabin resales are listed in the $5 million range. Developer units also are available, but are not in MLS. Contact me for details on this premier neighborhood and additional inventory information.

    What recession? Sales in Four Seasons in Jackson Hole remained strong in recent years. There are currently just three active listings in this development after two units went under contract in the last week.
  • A 5-bed Granite Ridge Lodge listed for $3.7 million that is as close to the slopes as any ski-in/ski-out property in Teton Village.
  • Two Granite Ridge Cabins not on the slopes but about a two-minute walk away listed at $1.695 million and $1.624 million. There is nothing like these 2-bed, freestanding units and once they hit the market often sell relatively quickly.

Which properties do I think represent the best value? Contact me to discuss the Teton Village market or for a more personalized look at Jackson Hole real estate.

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