Low inventory coupled with strong demand for higher-end condos and single-family homes at the base of Jackson Hole Mountain Resort has characterized the Teton Village real estate market in the last year with quick sales in Four Seasons in Jackson Hole, Shooting Star, Hotel Terra, Granite Ridge and Crystal Springs.
For example:
- A 3-bed furnished private residence in Four Seasons listed for $3.05 million sold in October, less than 40 days after hitting the market.
- Shooting Star – a golf, skiing and residential neighborhood featuring a Tom Fazio golf course, winter ski barn with lockers and year-round workout facilities and restaurant – has almost completely presold its next phase of single-family cabins (priced between $4 million and $5 million) and Lodge townhouses (priced at about $3 million), even though the first units will not be completed until next summer.
- Two of the best-located Hotel Terra units will sell this quarter. Under contract is a 3-bed in Phase 2 that looks out over the Teton Village core, Aerial Tram and Mangy Moose listed at $1.495 million. Also listed at $1.495 million was the penthouse condo in Phase 1 with the same orientation and dead-on views of the ski area, which closed in April.
- A rarely listed Granite Ridge 2-bed cabin priced at $2.295 million was quickly snatched up, going under contract within about a week of listing and closing in September.
Four Seasons in Jackson Hole properties are among the most coveted in the Teton Village core.
However, despite strong demand sales in the last 12 months slowed to 33 units and approximately $54 million in sales volume, compared with the previous 12-month period when there were 50 sales for approximately $102 million.
The numbers may be a bit misleading, however, as several large ticket items sold in the preceding year, and many of this year’s contracts are either being conducted outside of Teton County Multiple Listing Service or will not close until next year.
Another factor slowing the current Teton Village real estate market is a depleted inventory, with almost no active listings in popular properties such as Crystal Springs, Four Seasons in Jackson Hole, Granite Ridge and Shooting Star.
Fortunately, a handful of new listings and opportunities have become available recently. Three premium condos in Teton Mountain Lodge hit the market in the last month, including:
- A 3-bed, 4-bath, 2,394-square-foot penthouse condo encompassing the entire north end of Teton Mountain Lodge with panoramic views, listed for $2.52 million.
- Two units in the newer spa edition (2007), a 2-bed listed at $1.35 million and a 3-bed priced at $1.75 million.
Hotel Terra is a ski-in/ski-out “condotel” property just steps from the Aerial Tram.
As of the week before Thanksgiving, there are 43 active full-ownership residential properties in Teton Village. Listing prices range from $270,000 for a 1-bed, 558-square-foot condo in Snake River Lodge & Spa to $11.25 million for a single-family home in Shooting Star with 6 beds and more than 6,000 square feet.
Additional highlights among currently listed properties include:
- The second-highest priced listing in Teton Village, at $4.595 million, is a 4-bed, 5,367-square-foot home on .7 acres.
- Three 3-bed Timbers at Granite Ridge townhouses with attached 2-car garages, with two priced at $3.2 million and a third priced at $2.9 million.
- Two Tram Tower Townhouses (located just below the first tower on the Aerial Tram, hence the name). The 3-bed unit is listed at $1.895 million and the 4-bed, 3,600-square-foot with an attached 2-car garage is listed for $2.3 million.
- The least-expensive 2-bed unit in Teton Village is a 757-square-foot Gros Ventre condo built in 1972 and priced at $448,000.
Please let me know if you have any questions about the listings above or would like a more comprehensive look at properties in Teton Village. Call or email me for a personalized market analysis, or to set up a weekly look at new listings and a monthly newsletter available only to subscribers. Also ask me about properties for sale coming to market or not listed in MLS.
If you are in Teton Village this winter, find me at the Hotel Terra or Teton Mountain Lodge sales desks, where I am the agent on duty several days a week. Contact me ahead of time for my schedule, or stop by and ask for me. I am expert on these premium condo-tel properties and would love to help you get to know the Teton Village real estate market.
Also please like my Facebook page, Teton Realty Today, and follow me on Twitter @TetonRealtyToda for regular updates on the Jackson Hole real estate market as well as fresh photos and links to local and regional news stories of interest.
