March 21, 2018 Real Estate News

Redefining Luxury in the Heart of Teton Village

by Staff Writers

Located in the heart of Teton Village and at the base of the best skiing in North America—Hotel Terra set the standard for contemporary mountain luxury when it opened in 2008. LEED-silver certification for building construction was only the beginning for a resort property that defines itself around a strong environmental ethos and luxury-residential experience.

The combination of national, boutique ownership, coupled with a recent refresh of  common spaces in 2017, has allowed Hotel Terra to boost both occupancy and revenue. The renovations aimed to better connect the condo-hotel’s commercial and common spaces to the Teton Village core, and was accomplished through the a reorientation toward the Village Commons to better serve guests and the general public alike. Renovations included the addition of Teton Village’s only true wine bar—Bar Enoteca, as well as expansion of the ski valet for guests.

Among numerous accolades, Travel + Leisure ranked the “eco-luxury” Hotel Terra as eleventh in its “Best Hotels in the U.S” in 2015, where it garnered praise for being family-friendly, as well as for its rooftop spa, 24-hour activity concierge and overall quality of service.

Ownership offerings in the 132-room, AAA Four Diamond-rated condo-hotel range from studio units to three-bedroom suites.

While the fundamental demand for Hotel Terra units remains rooted in the Jackson Hole lifestyle, these units are appealing to second home owners because they offer worry-free property management when not in residence. Furthermore, owners have the ability to rent out their condominiums via the turn-key, in-house rental management of Noble House Hotels & Resorts.

Unit 301/303—a three bedroom, lock-off condominium at Hotel Terra offers ownership with a strong rental history.

Notable among offerings currently available within the resort is Terra 301/303, a three-bedroom condominium with expansive views of the Jackson Hole valley. Unit 301/303 generated nearly $68,000 in net rental income during 2017—for a capitalization rate of almost five percent—while still maintaining three weeks of prime owner-occupancy.

This sought-after unit offers a generous living area with a large master suite and private guest bedrooms. The versatile floor plan offers the ability to utilize the condominium  in its entirety, or to maximize use, enjoyment and rental potential via a flexible lock-off configuration.

“Owners and guests love Hotel Terra because it provides a prime location at Teton Village while offering defining amenities and services like the rooftop Chill Spa, a renowned concierge service, and the refined dining experience of Osteria,” said Bill Van Gelder, Associate Broker with Jackson Hole Sotheby’s International Realty.

[Ed. The print version of this article contained an error which has been corrected in the digital edition.]

Market Reports Available Now

Regional reports provide an overview of the current real estate markets of Jackson Hole, the West Side of the Tetons and the resort communities of the west via three unique compilations—courtesy of Jackson Hole Sotheby’s International Realty. Look for them at one of twelve sales offices throughout the region or contact a sales agent for additional information and analysis.

Teton County, WY—Year End 2017

West Side of the Tetons—Year End 2017

Resort Report | 2018

Jackson Hole Real Estate Market Report | Year End 2017

West Side of the Tetons—Year End 2017

Unit and sales volumes continue to report positive gains following the recession.  Since 2012, sales volume has jumped 134% and unit volumes are up 56%. Average sales prices have increased commensurately—up 42% in the five year period.

Residential prices continue to rise as regional demand increases for more affordable housing. Median prices increased in both the condo and single family categories during 2017 reflecting fewer available listings at the lower end of those markets. Median prices of building sites declined slightly as a result of an increase in new inventory.

[View the entire Market Report for additional sales and inventory data]

Jackson Hole Real Estate Market Report | Year End 2017

Teton County, Wyoming—Year End 2017

The number of annual sales in Teton County are currently constrained by a lack of available inventory. Limited supply and increased demand (especially on the heels of the new tax bill) are pushing individual property values upward. This lack of available inventory is particularly pronounced within Teton Village, Wilson and West of the Snake River, and the Town of Jackson.

Transactions within the Town of Jackson accounted for more than a third of all sales in Teton County in 2017. Nearly 73% of all  real estate transactions in the county during the same period occurred at sales prices below $1,500,000.

[View the entire Market Report for additional sales and inventory data]

Continue reading “Jackson Hole Real Estate Market Report | Year End 2017”

Resort Report 2018

Resort Market at a Glance

As the national residential real estate market continues to evolve, it is important to note that markets demonstrating some of the most unique performances in the nation, are those located in resort communities throughout the western United States. The Jackson Hole Sotheby’s International Realty annual Resort Report analyzes data pertinent to the various resort real estate markets located throughout the western United States, helping consumers make better real estate decisions, whether purchasing or selling a home in a resort area.

Typically found in desirable, slightly less accessible locations than national mainstream markets, resort markets tend to have a larger volume of luxury offerings to accommodate high-net-worth individuals that are drawn to these areas based on their exclusivity and proximity to world-class, year-round activities. In resort communities, seasonality, location, and employment opportunities often drive the inventory of homes down, and housing prices up. Interestingly, all of the Sotheby’s International Realty resort locations listed below, analyzed within the report, demonstrated increases in both average price and average price per square foot- a clear indicator of consumers’ continued desire for lifestyle-inspired home purchases and willingness to spend more for homes they truly desire.

When contemplating as large a financial commitment as the purchase or sale of a primary or second home in a resort area, market data can make a significant impact on making sound financial decisions. Jackson Hole Sotheby’s International Realty, and the many respected Sotheby’s International Realty affiliates that contributed to this report, remain committed to helping consumers make better real estate decisions, whether purchasing or selling a home.