Top 10 Tax Benefits of Wyoming Residency

There are numerous reasons why those who live in Jackson Hole have chosen to have their primary residences here. Some of those reasons are emotional, such as the sheer beauty of the natural surroundings and the overall quality of life. Other reasons are more practical in scope and include Wyoming’s overall tax-climate benefits when compared to all other states.

For years, Bloomberg has rated Wyoming as the most tax-friendly state in the United States. The Tax Foundation has ranked Wyoming as number one in its 2021 State Business Tax Climate Index—a ranking benefitting primarily from the state’s absence of both corporate and individual income taxes, as well as a low sales tax rate.

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Hansen Recognized for Volunteerism and Real Estate Service

The month of March saw Jackson Hole Sotheby’s International Realty sales agent Marybeth Hansen recognized for both her professional and volunteer accomplishments.

Hansen, who has served on the Teton County Fair Board for the last decade, was selected as Teton County Volunteer Board Member of the Year. Her nomination came at the culmination of her term as Fair Board Chair for 2020—her second term in the role during her tenure on the board.

Teton County Volunteer Board Member of the Year award recipient Marybeth Hansen, with her daughter at the Teton County Fair in 2020.

Professionally, Hansen made a podium finish once again last week in the annual “Best of Jackson Hole” rankings, earning gold within The Best Real Estate Agent category. A perennial favorite within the public-sourced ranking, Marybeth previously earned silver in 2020, gold the year prior in 2019, silver once again in 2018, and bronze in 2016.

When asked what sets Marybeth apart Brett McPeak speculated, “maybe it goes back to her days of slinging margaritas at Mary Piglets, but Marybeth is one of the most selfless people I’ve ever had the pleasure to know. She lives to serve!”

March 17, 2021 Real Estate News

Ski Properties at Jackson Hole’s Teton Village

Lifestyle and access define resort properties in every season.

by Staff Writers

February was the third-snowiest month ever recorded at the resort, with a seemingly-endless low pressure system delivering a reported 172” of snow in Rendezvous Bowl by month’s end. The value and reprieve that skiing and outdoor recreation afford has been highlighted as a need amidst a tumultuous year, as masked skiers and snowboarders flock to the resort each morning. No location in the valley gets you closer to the slopes and amenities of Jackson Hole quite like Teton Village.

3730 W Curtis Drive provides an ideal mountain retreat of approximately 5,800 square feet within Teton Village’s residential core.

Those seeking an ideal mountain retreat need look no further than 3730 W. Curtis Drive in the heart of the resort’s residential core. The home of nearly 5,820 square feet sits on a .60 acre lot midway up the quiet Curtis Drive, whose cul-de-sac and treed lots help to ensure a private setting despite their effortless proximity to the resort’s key amenities. A timber frame and flat stone stack design lends a timeless appeal to this mountain home.

Designed by Berlin Architects and built in 2006, this residence takes advantage of a split-level configuration to center primary living spaces of the home amidst the second floor’s open floor plan and vaulted ceilings. Floor-to-ceiling windows flood the living and dining spaces with natural light and offer living room views to the mountains above filtered through the flanking forest. A generous porch extends from the kitchen and dining room to wrap around the back of the home, opening additional space for seasonal entertaining and relaxation.

Each of the residence’s five bedrooms feature suites—with a primary suite on the main floor, and a secondary suite providing convenience and versatility to the ground level floor plan.

The home’s lower level centers around an ease of everyday living with a recreation room complimented by its own gas fireplace and wet bar. A bank of built-in lockers, a separate laundry room and generous mud room shelving extends from the three-car garage entrance to efficiently manage the transition from mountainside to home. An adjoining ground-level back porch offers a discrete location for a hot tub soak.

For those seeking the ultimate in convenience—Teton Village’s celebrated “condotel” properties offer a flexible and hassle-free model of ownership and access, and benefit from high-demand rental programs. The Teton Mountain Lodge & Spa, operated by Nobel House Hotels & Resorts, was recognized by Condé Nast’s Readers’ Choice Awards as the second-highest ranked resort property in Jackson Hole.

“Condotel” properties in Teton Village, like the acclaimed Teton Mountain Lodge & Spa, offer convenient ownership and amenity-rich offerings for year-round enjoyment. Penthouse unit #421 provides two bedrooms and three bathrooms with flex space.

The sought-after property currently offers a limited number of units available including a studio condominium, and a one-bedroom unit, and a bi-level penthouse. Teton Mountain Lodge owners enjoy access to the resort’s acclaimed four-star hotel amenities that compose of The Spur restaurant, Spa Terre, a complete fitness center, indoor and outdoor pools, and five hot tubs—including an expansive rooftop hot tub. Concierge, front desk, and on-site property management further compliment the property’s convenient services.

In a year that has redefined what “home” means for us all, the lifestyle component has gained a renewed importance. Teton Village properties provide the ultimate balance of access and amenities for your year-round adventures in Jackson Hole.

2021 Resort Report Now Available

It’s been a big month for Jackson Hole Mountain Resort. The resort’s iconic freeride competition, Kings & Queens of Corbet’s, took flight into the legendary in-bounds couloir, and is now available to be streamed via Red Bull TV. If keeping your skis firmly on snow is more your style—we can all celebrate the February snowfalls that have pushed the resort’s tallies firmly over the 400″ threshold for the year already.
 
The old trope that “all real estate is local” was turned on its head in 2020 as waves of new lifestyle-oriented buyers began “turning seasonal markets into year-round destinations.” According to the 2021 Luxury Outlook report from Sotheby’s International Realty, “perhaps nowhere is this trend more apparent than in the surge of deals across America’s Rocky Mountains,” where buyers are “settling in for the long term in ski-resort towns and scenic retreats….”
 
Curious how the Jackson Hole real estate market stacks up to other ski resort markets across the west? The collaborative, annual Resort Report from Sotheby’s International Realty affiliates provides a snapshot into the current market environments around the nation’s top ski resorts.

February 10, 2021 Real Estate News

Jackson Hole & Teton Valley See Record Sales

Regional demand surged in second half of 2020.

by Staff Writers

2020 offered no shortage of surprises throughout the course of a tumultuous year. The Jackson Hole real estate market essentially ground to a halt in the second quarter as the region settled into isolation orders, and the world grappled with both the early stages of the pandemic and attempted to anticipate its effects.

The third quarter of 2020 saw the rapid rebound of a months-dormant market that continued to amplify through year’s end. Demand was driven largely by a new sense of urgency among buyers seeking to transition from the nation’s populous urban centers to areas of the country benefitting from lower density, open spaces, and recreation-based lifestyles in what were otherwise previously considered to be seasonal markets.

020 sales volumes for luxury properties in Jackson Hole, like the recently listed private retreat in Gros Ventre North at 1750 N Blacktail Road, roughly equated to the total sales volume for the entire market the year prior.

The hastened cultural acceptance of remote work and education served as an additional catalyst towards historically vacation-oriented markets, and provided opportunities for prospective buyers to flood the nation’s resort communities in advance of what may have otherwise necessitated awaiting retirement.

According to the Sotheby’s International Realty 2021 Luxury Outlook report, which examines high-end residential markets across the globe, “…buyers are turning seasonal markets into year-round destinations, driving million-dollar home sales in secondary and tertiary cities, and setting price records….” The report continues, “…wealthy buyers are settling in for the long term in ski-resort towns and scenic retreats,” and predicts that the surge “will remain a driving force for the next year, if not longer.”

Persistent inventory constraints continue to limit the Jackson Hole market despite its otherwise-robust year of activity, as listings that had previously sat idle saw renewed interest, and desirable new listings gave way to a rise in multiple-offer situations.

In the town of Jackson, transactions declined by seven percent—the only primary geographic area in the region to tally a decline—attributed largely to the lack of inventory. Continued demand allowed Jackson proper to still post a forty-seven percent increase in sales volume for the year, despite the decrease in transactions.

Also seeing a decline in activity for the year were properties listed below $850,000. This segment of the market saw a thirteen percent decline in sales volume and a nearly twenty-four percent decline in units as appreciating property values and low inventory restricted entry to the region.

The Jackson Hole market saw an increase of more than one hundred percent in total sales volume transacted within the Teton Board of Realtors MLS—increasing from $927,754,910 in 2019 to $1,887,951,360 by the end of 2020. Fourth quarter sales alone accounted for $722 million of this total sales volume.

Property sales within the luxury segment of the market, $5 million and more, accounted for a substantial amount of volume—with $873,481,048 worth of sales recorded by the MLS. This segment’s 2020 sales nearly equated to the entirety of sales volume posted by Teton County, Wyoming the year prior and was further bolstered by a substantial number of off-market sales not reported within the data set. Estimates by leading brokerages indicate that could account for as much as an additional $500 million in unreported annual volume.

In Teton Valley, Idaho, sales volume grew  by more than ninety-three percent year-over-year, with a corresponding increase in units sold of nearly eighty-nine percent. Within this market, sales volume for 2020 totaled $351,735,472. The accompanying reduction in available inventory and increased demand helped to drive average sales prices within the single-family category up thirty-one percent.

2477 Middle Teton Road provides unobstructed Teton views and close proximity to Driggs and Grand Targhee Resort.

The west side of the Tetons, with more available privately-held land than its neighboring valley, saw profound increases in the sale of building sites. Transactions within this sector saw more units sold in the fourth quarter of 2020 than in all of 2019.

Buyers in Eastern Idaho were heavily focused within the greater-Victor area, which made up nearly half of all Teton Valley area transactions. Sales volume in this part of the valley during 2020 nearly equalled the entire Teton Valley market’s totals for 2019.

While transactions in Teton Valley were heavily-weighted to properties below $500,000 (approximately eighty percent of all sales), the luxury segment (properties $1M or more) saw a volume increase of 189% from the year prior.

For the complete picture of regional real estate trends from the last year and beyond, Jackson Hole Sotheby’s International Realty offers clients the Jackson Hole Real Estate Market Report, or the Teton Valley Real Estate Market Report.

January 13, 2021 Real Estate News

Jackson Hole Ski Residences at Teton Village

Slopeside access and amenities define a community.

by Staff Writers

The Jackson Hole Mountain Resort has long been the epitome of a western ski resort—renown for its terrain, snowfall and iconic aerial tram. Inseparable from this legacy, the residential communities within Teton Village provide unrivaled access, and  epitomize the Jackson Hole ski property offerings within the real estate market.

3600 McCollister Drive offers four bedrooms, and three-and-a-half baths across more than fifty-five hundred square feet in the residential neighborhood within Teton Village.

3600 McCollister Drive features a combination of flat stone and refined wood finishes alongside timeless rustic detailing to create a mountainside ski home comprising more than fifty-five hundred square feet. The home is set on .84 treed and landscaped, gently-sloping acres for a private setting while benefitting from the renown access to  the multi-season adventure and amenities of Teton Village. A split-entry and a well-conceived floor plan optimize this four-bedroom home for sophisticated mountain living.

Exposed trusses accent and support natural wood panelled cathedral ceilings throughout the primary living spaces of the home. An open floor plan unites the living room with its flat stone fireplace to the expansive kitchen and adjacent dining room create inviting, warm spaces within a highly-flexible living space.

The generous kitchen, a centerpiece of the home, is defined by a small pony wall and features substantial counter space across two large islands with an accompanying breakfast bar. Rich, natural wood tone cabinets and appliance cladding unify the space with complimentary tongue-and-groove panels and solid wood trim. French doors open from the kitchen and extend the living and entertaining options to a second story porch and the private back yard beyond.

The ground floor level opens into a media room for every day living, accented with stunning built-in cabinetry and a separate dry bar with a wine refrigerator. A stone-clad, gas fireplace further echoes the upstairs living and provides a casual elegance.

Following a full day on the neighboring slopes, relax and unwind in the privacy of the home’s sauna or its outdoor hot tub. A fully-supported base camp for days when you choose to stay in, 3600 McCollister features its own private gym with rubberized flooring. A game room provides additional opportunity for  escape and entertainment alike.

The room’s large, masonry fireplace and accompanying archways adorn the center of the home’s light-filled, two-story great room at 3745 W. Curtis Drive.

3745 W. Curtis Drive, meticulously renovated in the summer of 2020 provides six bedrooms in a ski home that encompasses more than eighty-five hundred square feet across its three furnished levels.

A two-story wall of windows across the second and third stories illuminates the home’s great room with its paneled, cathedral ceilings. The room’s large, masonry fireplace and accompanying archways adorn the center of the home’s great room.

A chef’s kitchen in contemporary neutral hues features an oversized central island, professional appliances and is complimented by the adjacent, multi-season barbecue room. A gas fireplace and wet bar transform the kitchen into a space equally suited to entertaining and daily preparation.

A generous master suite features high ceilings, and includes its own private sitting area with fireplace. Two en-suite bathrooms each provide a walk-in closet and a luxurious soaking tub and steam shower, respectively.

The ground floor features a state-of-the-art theater and media room with custom, stadium-style leather recliners for a private box-inspired viewing experience. An adjacent game room provides for additional entertainment. A spa-inspired bathroom offers both a steam shower and sauna, while a covered jacuzzi provides another level of relaxation.

The third floor provides a lofted office with built-in cabinetry above the master suite. A second game room, and a whimsical bunk room with a cabin-inspired play room ensures that the smallest residents and guests have their own private alcove within the home.

3745 W Curtis Drive provides room to roam at the base of the ski resort.

3745 W. Curtis Drive features its own elevator for ease of access, and the home is serviced by house-wide vacuum and humidifier. A ground-floor mud room provides the ideal location between the entry and garage for drying ski boots overnight.

If access to world-class skiing and multi-season adventure weren’t enough, residences within Teton Village also benefit from the ability to be rented short-term for the ultimate flexibility in ownership. Fine dining, nightlife and guest amenities abound just moments away, making Teton Village’s residences the ideal setting for your Jackson Hole ski home.

December 23, 2020 Real Estate News

The Glenwood—Luxury in the heart of Jackson

Townhome development brings urban style and convenience to town.

by Staff Writers

The Glenwood represents the first significant, new residential construction in the heart of downtown Jackson in more than a decade. The luxury condominium development takes its name from the prominent location it occupies at the corner of Glenwood and Gill, filling a literal void in the Jackson Hole real estate market.

The Glenwood’s luxury townhomes feature architectural design by Northworks in collaboration with interior design by Jen Mei of Thousand Design.

The project’s location, colloquially referred to as “Jackson’s Hole” by some, sat vacant since 2008 when prior development plans halted. Now renewed—with a transfer of ownership, new plans and construction underway—The Glenwood will feature seventeen contemporary mountain townhome residences, comprising three different floor plans, just a block and a half from Jackson’s iconic town square.

“The Glenwood was created to fit a need in the Jackson Hole real estate market,” says Bill Van Gelder, Associate Broker with Jackson Hole Sotheby’s International Realty, who represents the project. “As the town of Jackson’s real estate market has matured over the past few years, buyers have been seeking a property that offers an ease of ownership, the highest levels of craftsmanship and a location that offers direct access to all the amenities Jackson Hole offers. The Glenwood delivers all of these requirements, and more.”

The Glenwood is defined by this convenience and ease of ownership. Its townhome ownership model is inherently maintenance-free; a sub-grade parking structure mitigates both on-street parking issues and seasonal challenges; optional elevators ensure accessibility and convenience.

The luxury condominium development takes its name from the prominent location it occupies at the corner of Glenwood and Gill.

Despite its central location, the development benefits from being a block removed from both of town’s primary thoroughfares for a quieter residential existence within the heart of Jackson.  A central outdoor courtyard provides convenient street-level access to each of the walk-up units.

Inside, expansive floor plans range from 2,979-3,165 square feet across three stories. Each unit features spaces crafted for entertaining, and three bedrooms for when you’re ready to escape it all. Additional, exterior living space is afforded to each unit via private roof-top decks designed to take advantage of views to the surrounding buttes, Snow King and the Cache Creek area. Ground floor layouts feature generous, twelve-foot ceilings with floor-to-ceiling windows and illuminate stunning, two-story great rooms. Wide plank wood floors unify the entirety of the main floor living spaces.

Roof-top decks provide each townhome with private outdoor living space and elevated views of the surrounding buttes.

While Jackson’s vibrant culinary scene is centered only a few minute’s walk in any direction from the Glenwood, each unit is ideally suited to a create a refined, in-home dining and entertaining experience. Clean, contemporary, and highly-functional Poliform kitchens systems combine with  standard-setting Wolf and Sub-Zero appliances to enhance the home chef’s experience regardless of the occasion.

Spa-inspired master suites feature Dornbracht fixtures, luxurious soaking tubs, and well-appointed showers.

The design team of Bear Development and architectural firm Northworks combine with interior design by Jen Mei of Thousand Design to create the definitive contemporary mountain home in The Glenwood. Shaw Construction has been selected to serve as general contractor for the project and provide their expertise from an expansive portfolio of local projects. The Glenwood  redefines the experience of luxury mountain living in Jackson Hole.

Two-story great rooms with floor-to-ceiling windows serve as the centerpiece of The Glenwood’s luxury contemporary townhomes.

Winter Catalog of Fine Properties Now Available

 

Just released—the winter edition of our Catalog of Fine Properties features more than one hundred pages of properties in Jackson, Wilson, Teton Valley Idaho, Star Valley and elsewhere in the region. We invite you to explore the catalog digitally, to pick one up at one of our ten local sales office, or to request a mailed copy.
2020 proved to be an incredibly dynamic market for Jackson Hole area real estate. When navigating this rapidly-changing environment, there has never been a better time to work with a trusted real estate professional and guide. We’re here to help you through every step of your journey.

If you’ve narrowed your real estate search to Teton Valley, take a look through our dedicated West Side of the Tetons brochure. The latest offerings from Victor, Driggs and Tetonia, Idaho are featured alongside Alta, Wyoming and other communities on the western slope of the Tetons.

Jackson Hole Real Estate Market Report | Q3 2020

Teton County, Wyoming — Q3 2020

In early summer when local restaurants and other businesses cautiously re-opened, no one could have predicted what was in store for the regional real estate market.

In all of 2019, and according to the Teton Board of Realtors MLS data, the valley saw $922M in sales volume on 514 sales (or an average overall sale price of about $1.8M). As of the end of September this year, the Teton County market now finds itself in new territory.

By the end of Q3, Jackson Hole sold volume posted nearly $1.15B (and with an average transaction price of more than $2.7M). By Labor Day this year, the Jackson Hole market had already eclipsed the 2019 annual total. In addition, more than $600M in listings are currently under contract, which means the final total for 2020 sales volume could approach $1.8B in sales (or nearly double the 2019 numbers).

Continue reading “Jackson Hole Real Estate Market Report | Q3 2020”

September 2, 2020 Real Estate News

Elevated Views from atop East Gros Ventre Butte

Hilltop privacy and panoramic views combine with a close proximity to the town of Jackson.

by Staff Writers

The gently sloping flanks of East Gros Ventre Butte mark a central position within the Jackson Hole valley. The butte is home to several small neighborhoods, as well as to some of the valley’s most illustrious hotel and resort properties—both of which are sited to take full advantage of panoramic Teton and valley views, and elevated privacy.

The Ridge at Spring Creek Ranch is a small, eleven lot neighborhood tiered atop the crest of the butte. Among the highest of the home sites, 2330 N Harvest Dance Road’s contemporary design creates a gently cascading floor plan,  while a visually arresting profile echoes the slope of the ridge.

Discreetly tucked atop the ridge of Spring Creek Ranch, 2330 N Harvest Dance Road captures unrivaled views of the Teton and Gros Ventre mountain ranges.

The home takes advantage of living roofs sod of native grasses and wildflowers to further balance and blend in to its more-than-five-acre lot and the adjacent hillside. An exterior palette composed of warm tones, bright grasses, concrete and stainless steel visually anchors the home within its surroundings via a sensitivity to surrounding elements of wood, stone, sage and water.

The five-bedroom home, designed by Ward Blake Architects and comprising more than seventy-two hundred square feet, utilizes expansive walls of glass to showcase the Grand Teton on through to the southern Teton Range. The bends and pools of Flat Creek to the east and Spring Creek to the west are reflected geometrically within the exterior water feature that winds along the home and its several patios to settle into a series small reflecting pools.

The nearby Spring Creek Ranch resort and Amangani provide neighboring dining and amenities, while Jackson’s iconic town square is less than five miles drive. Ease of access is ensured via the nearby Jackson Hole Airport, only twelve miles away.

Peaceful Aman Villa, situated within the Homes at Amangani, captures the vision of renowned architect and Aman collaborator Ed Tuttle from its perch on the western edge of the butte.

Peaceful Aman Villa features five thousand square feet of patios and exterior hardscaping, and truly remarkable views.

The ten thousand foot, six-bedroom contemporary residence with floor-to-ceiling glass walls is wrapped in an additional five thousand square feet of patios and hardscaping. The end result is a home whose boundaries to the adjacent lands are obscured, and whose sight lines are uninterrupted from within all of its primary living spaces. A patio-level spa with a gently cascading water feature, terraced stone walls and an exterior fireplace enhance the multi-season outdoor living opportunities of this refined Amangani home.

The sparsely-developed northwestern slope of East Gros Ventre Butte is accessed via Riva Ridge Road, which winds gently uphill from Spring Gulch and culminates at the stunning, 117-acre Riva Ridge Retreat.

A nearly fourteen thousand square foot log and stone estate, Riva Ridge Retreat features five bedrooms, but comes alive via its extensive entertaining spaces. A large chef’s kitchen features commercial grade appliances and a pizza oven to cater to family and friends alike. The home’s lower level includes a combined indoor/outdoor spa and jetted pool, a movie theater and an extensive wine cellar and tasting room—among other entertaining spaces. An expansive office and library is equally suited to productivity or relaxation in a more contemplative space.

Riva Ridge Retreat graces the northern slope of East Gros Ventre Butte.

A separate, four-bedroom guest home of nearly four thousand square feet ensures that family and guests are able to enjoy all of the property’s offerings from the comfort of private quarters. An annex off the main home is ideally suited as a caretaker’s quarters.

This magnificent property is partially bordered by lands protected for conservation by the Jackson Hole Land Trust and the National Elk Refuge, and is frequented by deer, elk, moose and the occasional bear. Dramatic views of the entire Teton Range are enjoyed beyond a private, trout-stocked pond.

East Gros Ventre Butte’s position between the National Elk Refuge and the Spring Gulch ranching corridor combines to create ideal year-round habitat and wintering grounds for migratory game animals. The butte’s dedicated open space, coupled with numerous large-parcel holdings protected by conservation easements further enhance the feeling of privacy in this truly unique Jackson Hole location.