While the rapid appreciation of the Jackson Hole real estate market has garnered attention in recent years, the relative expense of property in northwestern Wyoming still lags behind many urban areas as well as other Rocky Mountain Resort communities.

In a recent report issued by the consulting firm Webster Pacific, the “priciest real estate markets” in the country (based on a price-per-square-meter value for luxury neighborhoods) include…

– New York City : $34,000

– Pebble Beach, Monterey: $21,000

– Los Angeles: $14,000

– San Francisco: $14,000

– Miami: $14,000

– Palm Beach: $12,000

– The Hamptons: $11,000

– Las Vegas: $10,000

– Lake Tahoe: $10,000

– Aspen: $9100 (or roughly $845/sq.ft.)

According to Inman, the Webster Pacific report states, “The rankings also note that many of the world’s most expensive apartments are actually hotel residences, in the style of Eloise at the Plaza, which have risen in popularity in recent years.”

Using that footnote as a guide, we tried to find an apples-to-apples comparison for the Jackson Hole market. What makes this exercise tricky, however, is the unique nature of each of these high-end real estate markets.

Using Aspen, Colorado as a benchmark, we looked more closely at properties currently for sale with our neighbor to the south. The One Aspen development offers a ski-in/ski-out experience at more than $2,800/sq.ft. Anecdotally, other elite properties in Aspen have sold at closer to $4,000/sq.ft.

The Four Seasons Resort Vail offers ski-in/ski-out residences in an amenities-rich environment in Colorado’s second toniest resort community. Condos for sale at the Four Seasons Resort Vail range in price from $2,350/sq.ft. up to more than $3,000/sq.ft.

By comparison, the Four Seasons Resort and Residences Jackson Hole has been the flagship residential community when it comes to luxury real estate in northwestern Wyoming. Publicly, nothing has been for sale at the Four Seasons since 2017, but the last reported sale approached $1,600/sq.ft. Today, if something were to hit the market, the asking price might be closer to $2,100 sq.ft. (or about 25% less than Aspen’s comparable property).

Sun Valley, Idaho, has newer townhomes in the $1,000/sq.ft. range. The Thunder Spring Residences are a nine-unit development ranging from 3,353 to 5,498 sq.ft. in size. Three have sold, and another townhome is presently under contract.

In Park City, Utah, the Stein Eriksen Residences feature a slopeside location in Deer Valley. Built in 2016, the Residences vary in size from 3,700 sq.ft. to more than 5,000 sq.ft., and have fetched sale price in the $1,300 – $1,400 sq.ft. range.

Jackson Hole Sotheby’s International Realty has also compiled its 2019 Resort Report that features statistics from other markets across the Rockies. Download the report below and please contact one of our associates on all things statistical in the Jackson Hole real estate market!

 

 

 

North of Town—Views Beyond Comparison

by Ed Liebzeit, Associate Broker

Real estate north of Jackson is characterized by expansive mountain views, and offers a variety of inventory that ranges from condominiums to ranches, and everything in between—even the occasional private in-holding within Grand Teton National Park. This region continues to  offer some enticing options. Although still a bargain in some areas, it may be catching up to the rest of Jackson Hole.

Historically, the pricing of homes and land closer to the Tetons has defied logic…if you want big views, north of town is where you can get some of the best. An important factor to consider is the perceived versus actual value. Based on an average basis, and understanding that no two sales are the same, the dollar per-square-foot selling price for homes north of town is about 20% less than homes sold on the Westbank (north and south of Wilson). North of town there are currently 36 building sites listed for sale; nineteen of those are listed for less than $1 million. Compare that to the Westbank where there are only 23 building sites for sale, and of those only 3 are listing for less than $1 million.

In 2018, dollar volume of sales north of Jackson increased by 55%, which included 23 sales over $3 million compared to only 12 in 2017. The average sales price north of town jumped 51% to $2.7 million, which was the largest increase than all other areas in the region. The number of single-family home sales north of town was up 24%, while dollar volume increased by 85% compared to last year.

Lot sales north of town were lower than in the previous year. There were 30% fewer sales and 24% less volume within this category than in 2017—a trend witnessed in other areas within the region as well.

The appeal of north of town properties is multifold—stunning views; surrounding national parks and forests; proximity and access to hiking, wildlife and the best of nature right outside your door.

Golfers, hikers, bikers, and fisherman have immediate access to their pursuits with the proximity of the Jackson Hole Golf & Tennis Club; a bike path going from town all the way to Jenny Lake; the Snake and Gros Ventre Rivers, Pacific Creek, Emma Matilda Lake and much more. Live just minutes from the entrances to Grand Teton and Yellowstone National Parks while being close to the airport, town and other amenities.