Year-End Resort Report 2016

Resort Report 2016

The Resort Report 2016 provides a snapshot into year-end sales data for the unique, lifestyle-driven real estate markets of twelve resort communities throughout the Rockies and beyond.

The Resort Report is a collaboration between eleven independent Sotheby’s International Realty brokerages located in the finest ski destinations in the United States, and is your gateway to discovering the ski property of your dreams.

Year End Summary MLS | Jackson Hole Real Estate

The momentum of the third quarter of 2012 carried into the fourth quarter and December real estate activity was exceptionally strong. We had building strength of the business but the uncertainty of tax increases with the looming fiscal cliff and other state (e.g. California) tax hikes had people wanting to complete closings by the end of 2012. The result was strongly increased volume, up 152% versus December 2011. In fact, December volume was the largest volume month since 2004.

Average sales price in December jumped to $2,249,800 from $1,558,200 last year. Total transactions for the month were 75% greater than in 2011.

These strong December results completed an impressive fourth quarter with transactions up 43.7% and volume up a whopping 98% compared to last year. Transactions and volume were up in all areas of the Valley and in all categories—condos, single family homes, vacant land and commercial.

Fourth quarter strength is further shown with average sales prices up 37.8% versus 2011 and median prices of single family homes up 46.3% and condos up 30.1%.

2012 was a year of strong growth in the Jackson Hole real estate market across all fronts. Total year volume was very robust, significantly exceeding volume of the past several years including the 2008-2011 period. Overall 2012 dollar volume was up 52.1% compared to 2011 and transactions were 25% greater.

All areas in Jackson Hole experienced solid volume growth in 2012 as well as in all real estate categories. Transactions were also up in all categories and areas except Teton Village. Although volume sold in Teton Village was up 86.6%, transactions were down modestly which seems to be a reflection of lower inventory and the reduction of distressed properties.

Average sales prices climbed in 2012, up 21.6% to $1,386,600 for the entire Jackson Hole market. Several commercial sales in Teton Village contributed to this substantial increase.  However, median sale prices for residential and vacant land were only slightly changed from 2011.

Although days on market is higher by 12.7%, total inventory is down as of the end of 2012. In fact, inventory in the under $850,000 price range declined 20% versus last year and overall, there were far fewer properties available than we have seen since early 2009.

Wyoming’s Low Tax Burden

Opportunities for Wealth Preservation and Planning for Business Entities, Individuals and Trusts Having a Situs in the State of Wyoming

Christopher M. Reimer Long Reimer Winegar Beppler LLP

1. A leading trade publication, Trusts and Estates, noted Wyoming as among the best jurisdictions to locate a trust or limited liability company.
– Daniel G. Worthington & Mark Merric, Which Situs is Best?, TR. & EST., Jan. 1, 2010, updated; Jan, 2012

2. 2nd Lowest Overall Tax Burden.
 – http://www.taxfoundation.org/research/show/27181.html

3. 3rd best in the Tax Foundation’s State Business Tax Climate Index
 – http://www.taxfoundation.org/research/topic/68.html

4. 4th best tax system for small business and entrepreneurship
– Small Business & Entrepreneurship Council
http://www.sbecouncil.org/news/display.cfm?ID=4316

The Wyoming Advantage

Low state tax burden
– No individual, corporate, or trust income tax
– No gift tax
– No tax on out-of-state retirement income
– No tax on mineral ownership or intangibles
– Low property tax
– Wyoming Constitution art. 15 § 18 makes future income tax unlikely
Expansion of the Rule Against Perpetuities
Strong asset protection laws
Favorable business entity laws, including innovative LLC statutes
Modern trust laws

The Wyoming LLC Advantage

Wyoming was first state to authorize LLCs in 1978
Remains competitive with new 2010 LLC Act
Privacy: number and names of members and managers, amount and nature of capital contributions, etc.
Flexible operating agreements based on contract law
Sole charging order remedy
See Dale W. Cottam, Thomas N. Long, Scott W. Meier, Timothy O. Beppler & Whitney M. Agopian, The 2010 Wyoming Limited Liability Company Act, 11 WYO. L. REV. 49 (2011).

Advantages of Wyoming Trusts
Modified Uniform Trust Code (W.S § 4-10-101 et seq.)
Near Perpetual Trusts
Non-real property interests held in trusts opting out of Rule Against Perpetuities can last for 1,000 years outside federal transfer tax regime (W.S. § 34-1-139)
Wyoming Constitution prohibits outright repeal of Rule Against Perpetuities (Wyo. Const. art. 1, § 30)
No Tax on Income or Capital Gains
Efficient, responsive, and friendly legislature and courts

Privacy: No mandatory trust registration

Wyoming, the Tax-Friendly State

The one hundred and fifth day of the year, April 15th, also known as “Tax Day” is the annual day on which individual tax returns are due to the federal government. Not traditionally a day of celebration, for most taxpayers. However, if you live in Jackson Hole or in another part of the Equality State, you were not hit with as great of a tax burden as the remaining 49 states in the Union. There are many reasons why Jackson Hole is a desirable place to live, but come mid-April you can be even more grateful for Wyoming’s overall tax climate benefits.

Wyoming has once again been awarded the most tax-friendly state in the Union for the fiscal year of 2015. The state’s dismissal of corporate and individual income tax secured its top rank in The Tax Foundation’s State Business Tax Climate Index.

The tax benefits of buying a home in Wyoming are substantial, according to David Toran, CPA. David is the owner of Toran Accounting, a certified public accounting firm in Jackson that provides tax preparation, planning services and specializes in the tax implications of real estate transactions, investment income, and small businesses.

“We work with clients all across the country,” says Toran. “It always amazes me the amount of money clients save in taxes when they have established residency in Wyoming. There is no state income tax. No state gift tax. No inheritance or estate tax in Wyoming. Let’s take two clients—one from Wyoming and one from another state. They sell the exact same stock. Both have a gain on that stock of $100,000. Long term capital gains tax rates are as high as 13.3% in other states. One client is paying up to $13,300 in state taxes alone. The Wyoming client pays nothing! Exact same stock, but the Wyoming client is getting a much larger rate of return simply by being a Wyoming resident. Now apply that to your wages, profits on your business, selling your house, your investment income…. Think about the impact of that over the course of your lifetime. There isn’t even a tax when you leave all that to your children.”

Now that your taxes are filed (or you have hopefully filed for an extension), you can get back to enjoying the numerous other reasons you decided to live in Jackson Hole. Jackson Hole Mountain Resort might be closed for the season, but there is still plenty of snow if you are willing to earn-your-turns and hike the Glory bootpack or set the skin track in the park. The trails in Cache Creek are drying up between the brief snowstorms, so maybe take that tax return and treat yourself to a new mountain bike (or a used one at the bike swap). And remember the Teton Park Road is now open for non-motorized travel until May 1, so grab your bike, blades or board and go enjoy the natural splendors of Grand Teton Nation Park, admission to the National Parks is free this weekend in celebration of National Park Week.

While we’re still a few months off from the park being this snow-free, April can be the best time of year to travel the inner roads under your own power—completely free of cars.

Why Wyoming…? That’s Easy!

As state tax burdens continue to increase across the U.S., many taxpayers are considering establishing residency in states, like Wyoming, that have favorable tax climates.

In March, 2013 Wyoming was rated as the top tax-friendly state by Barrons Penta (Barron’s Penta offers advice for families with assets of $5M or more). Residents of Wyoming reap significant tax benefits due to its tax certainty, asset and creditor protection and state budget surplus of $1 billion.

So why else is Wyoming so special? Read on:

• According to a study by 24/7 Wall Street, Wyoming is the 2nd best run state with regards to account debt per capita, budget deficits, unemployment, and median household income

• Wyoming has very progressive estate and tax planning legislation with more to come

• Wyoming has $6.1 billion in their Mineral Trust Fund and nearly $1.3 billion in cash in their Legislative Stabilization Reserve Account

• Wyoming has a AAA credit rating, the highest possible (and better than the Federal Government)

• All Wyoming high school graduates have access to the Hathaway Scholarship, a state program that provides free college tuition to hose who qualify with both merit- and needs

• And if you need more convincing, Wyoming has the lowest beer tax at just 2 cents per gallon.

When compared to higher tax states such as California, New York, Illinois or Maryland (which recently instituted a “rain tax” estimated to cost Marylanders $300 million annually) it becomes clear why Jackson Hole, Wy is experiencing a surge of tax-motivated buyers.

Wyoming Residency… Start with the Tips Below:

A variety of individuals and resources are needed to assist individuals looking to call Jackson Hole home. Stephan Adamson of Gonnella Adamson, PC states “Demonstrating the intent to terminate residency in the old state and establish residency in Wyoming is a fact based analysis and should generally involve the following actions”.

• Maintaining a domicile (preferably one you own) in Wyoming;
• Selling your residence in the former state (or at least downsizing);
• Spending more time in Wyoming than anywhere else;
• Registering to vote (and voting) in Wyoming;
• Registering vehicles in Wyoming;
• Obtaining a Wyoming driver’s license;
• Renewing your passport to re?ect Wyoming;
• Amending estate planning documents to re?ect Wyoming residency;
• Moving ?nancial accounts to Wyoming;
• Moving situs of trusts to Wyoming;
• Engaging in social, civic, and religious organizations in Wyoming;
• Preparing and signing an af?davit of domicile;
• Making charitable donations in Wyoming (consider reducing the charitable
donations in the old state);
• Establishing relationships with a doctor, dentist, accountant, and attorney in
Wyoming; and
• Changing mailing address to Wyoming: ?nancial institutions, magazines,
memberships, clubs, and insurance.

Each state and taxpayer’s circumstances must be analyzed separately to determine the ability and method to avoid state income tax consequences from a state the taxpayer is leaving. A variety of individuals and resources are needed to assist individuals looking to call Jackson home.

Living the Jackson Hole Lifestyle

Of course there will always be people who choose Jackson Hole because it is a beautiful place to live. With its proximity to Yellowstone and Grand Teton National Parks, the surroundings are truly breathtaking. In addition, only 3% of the land in Jackson Hole can be privately owned, assuring the wildlife corridors, open spaces and western character will always remain.

Jackson Hole, WY has direct flights from 12 major cities, making it the easiest Rocky Mountain resort destination for travel. And new for 2104 – Jackson Hole Mountain Resort is named #1 ski resort in all of North America. It is bound to be an incredible year in Jackson.

Package this all together and Jackson Hole becomes nearly irresistible. The certainty, security and quality of life are compelling indeed. Just ask any resident.

We Invite You to be Part of our Summer Catalogue of Fine Properties

Listing your property this spring?

List with Jackson Hole Sotheby’s International Realty by May 20th and recieve premium placement (1/4 page or larger) in our upcoming Catalogue of Fine Propeties.

Why List with us?

Jackson Hole Sotheby’s International Realty sold twice the dollar volume of our closest competitor in the first quarter of 2013.

We have 9 sales offices in the region with 5 at Jackson Hole Mountain Resort including Four Seasons Resort Jackson Hole.

Our professionals have experience dating back to the earliest real estate developments in Jackson Hole with expertise in all price ranges assisting everyone from the first time buyer to the seasoned developer.

The Sotheby’s Realty and Auction House networks provide global listing exposure- from New York to Hong Kong.

Our 2013 marketing plan delivers over 700 million impressions worldwide withexclusive media partnerships including the New York Times and Wall Street Journal. To register for this free offer: email us or call 307-733-9009

Vogue’s Idea of A Perfect Weekend in Jackson Hole

What happens when a writer for fashion and culture magazine Vogue heads to Jackson Hole? … Quite a lot.

Among her recommendations is a stay at the Four Seasons Jackson Hole. Stop by our office across from the Westbank Grill while you’re there for a local’s take on what to do on your visit and see how it compares… For the complete article, read A Perfect Weekend in Jackson Hole (Even If You Don’t Want to Ski” by Virginia Van Zanten.

Ultimate In Elegance | Custom Mountain Estate South of Wilson

The charming mountain town of Wilson, WY offers the best of both worlds to its residents. With a thriving social scene, a picturesque main street, wonderful little restaurants and a cozy market, it is town with a true sense of community.

One of the most beautiful country lanes in Jackson Hole, Fall Creek Road, winds south of the town of Wilson along Fish Creek. This route takes you toward some of the most coveted real estate in Jackson Hole.

This time of year the wildflowers are in bloom, the sage is fragrant and the aspen trees are a lush green. Frequently, you will spot a deer or elk as you meander south on this route.

Hidden Hills is a small neighborhood about 20 minutes from the town of Wilson on the west side of the Snake River. The homes sites are tucked into the hills amid groves of mature aspen and pine trees that provide privacy as well as ever-changing scenery with the passing of one season to another. Hidden Hills borders Snake River Ranch on its north side.

The beautiful vistas include Munger Mountain and Wilson Canyon. This subdivision offers access to the Bridger-Teton National Forest and trail system for hiking, cross-country skiing and snowshoeing. Here, homeowners can feel as close to, or as far from, the action as much as they want. Teton Pines Resort and Country Club, Jackson Hole Mountain Resort and Teton Village are all just a quick drive north. Downtown Jackson and all its amenities — stores, restaurants, art galleries, movie theaters and the Center for the Arts — are a quick trip away as well.

This incredible log estate, High Tail, is nestled into the gently rolling hills in this charming neighborhood. The 7,600 sq. ft. home was designed for both privacy and entertaining guests. Here, you are greeted with nature’s finest beauty both inside and outside the home.

Carefully constructed of hand hewn lodge pole pine and moss rock, High Tail is an elegant estate that is light, airy and entirely inviting. Using the historic ranch and national park architecture as a design influence, the abundance of overhangs protects the covered patios and decks to allow for an almost seamless flow between the outside and interior of the home. Custom made large windows take advantage of the panoramic views.

The home’s layout creates a perfect balance between entertaining guests and private space. The Old-World-style entrance is formed of massive handcrafted logs and a combination of Dakota brown stone and Oakley stone. The foyer serves as the divider, with the main-level great room up a half flight of stairs to the right. Here one finds the living room with corner bar, the dining area and a well-appointed kitchen with soaring ceilings and a breakfast nook leading to a deck overlooking a flowing brook.

Across the foyer is the master wing with a reading area overlooking a waterfall. The elegant master suite is stately and open; complete with a television area, coffee and juice bar and fireplace. The walkout level is it’s own private suite that includes a rec room with fireplace, a guest suite and charming bunkroom offering plenty of room for visiting family to stretch out. The European style wine cellar is nestled 10 feet under ground creating perfect ambient air that naturally maintains the room at the perfect wine storage temperature.

This elegant log home has a distinctive feel that was captured through new and eclectic furnishings and a balance of modern and Native American art. The interior design is highlighted by the massive windows that bring nature inside with views of pine, aspen, native foliage and wildflowers. Step outside on to any of the outdoor spaces and you are instantly rewarded with the sounds and smells of nature – a babbling brook, the scent of pine and the rustle of aspen leaves in the breeze. Click here to view listing.

Transactions Up 30% in 2013 – Sales Volume Up 11% | Hot Spots to Watch in 2014

Some say it was the increased airline accessibility to Jackson Hole. Some say it was the aggressive estate and tax planning legislation by the state of Wyoming. Others say it was the friendliness of the Jackson Hole community and its refined western character. Whatever the reason Jackson Hole was red hot in 2013 and the outlook for 2014 is equally exciting.

Hot Spots to Watch

Demand for Teton Village real estate is growing, as Jackson Hole Mountain Resort becomes known as the top ski resort destination in the US. Many visitors are discovering this mountain gem for the first time – and falling in love with it. And look out for another hot area of Jackson Hole – the vibrant Town of Jackson. Living in town is becoming more and more sought after as new shops and restaurants line the boardwalks of downtown and the arts and entertainment scene continues to grow.

Town of Jackson Surges

Town of Jackson experienced a surge in 2013 as buyers snapped up 50% more condo units and over double the sales volume as reported by MLS. Competitive prices helped drive the action. In the price category of under $1.5M, sales volume in the Town of Jackson was up 72% and unit volume up 44% 2103 vs. 2012.

Likely this is not a coincidence as smart buyers are seeing “town” as a hot spot to watch. The town of Jackson wisely has set a vision for the community of careful growth and development. It makes sense for “town” to be the hub of our community, limiting the development in our scenic corridors and open spaces.

More Visitors Flock to Jackson Hole

The buzzword for Teton Village real estate is “value”. While the dollar volume for Teton Village real estate held flat in 2013, unit volume was up 21%. Buyers took advantage of value priced inventory, driving up transactions at Jackson Hole Mountain Resort. With the recent improvements and accolades received by Jackson Hole Mountain Resort, more and more visitors are discovering ski-in/ski-out real estate and demand for this product is increasing. The award winning Four Seasons Resort Jackson Hole is fully booked for all key dates this winter and luxury rentals are in high demand and becoming scarce as well.

A more people discover Jackson Hole, one can rest assured that the commitment to community will always be a priority. Our residents are passionate about ensuring a healthy environment, community and economy for current and future generations