Westbank Condominiums Simplify Ownership

Aspens and Racquet Club units epitomize current market offerings.

by Staff Writers

Condominiums at the Aspens and the Jackson Hole Racquet Club remain a consistent fixture in the area’s real estate market. Their convenient access to the dining and amenities of the Westbank Center, and central location between Wilson and Teton Village makes these units highly-desirable  for both residences and income-producing rental properties alike.

Quick summer access to Grand Teton National Park is available via the less-traveled Granite Canyon Entrance Station on the Moose-Wilson Road, as are the renown multi-season activities and dining of Teton Village. The neighboring Teton Pines Country Club offers golf and racquet sports in the summer, and is home to the Teton Pines Nordic Center for groomed classic and skate skiing during the winter months.

Unit 7-1-2 in Jackson Hole Racquet Club’s Alpine Fir building is truly unique among condominiums in the Wilson area. Originally intended as two individual one-bedroom condos, the units were combined during construction to create a distinctive two-bedroom, two-bathroom ground floor residence. The condo underwent a complete, contemporary renovation in 2021 that provided both an aesthetic update as well as structural enhancements that include new exterior doors and windows, insulation and soundproofing.

The condominium’s floor plan comprises 1,572 square feet with an open and bright combined kitchen and living area that opens to the patio via dual sliding doors. Dark stained posts, beams, doors and trim provide a visual counterpoint to the unit’s bright white walls, kitchen cabinets and countertops. Efficient updates like cove heating, and a built-in office nook help to further maximize the available space. 

In addition to the two traditional bedrooms, the residence’s versatile accommodations extend to include a bunk room with convenient under-bed storage, and a custom-upholstered day bed in the living room.

The spacious, single-level condo is offered to the market tastefully furnished. Its resort zoning allows for true flexibility of ownership as short-term rentals are permitted.

The Strawberry building is the newest construction among the Aspens condominiums, having been completed in 2010. Unit 39-2-4 is a three-bedroom, two-bath residence of 1,138 square feet. The end unit features numerous postmodern design elements. A curved metal staircase and angular fireplace accent the unit’s living room. Geometric relief features adorn the tall, pitched ceiling and curves and angles are reflected through interior design elements of this Berry Patch condo.

Also located within the Racquet Club, Hollyhock 20-1-1 is a one-bedroom, one-bathroom ground floor end unit located just north of the Aspens Market. The updated, fully-furnished unit is 735 square feet and benefits from a strong rental history—making it ideally suited for a first-time homebuyer or a rental property in Jackson Hole.

White-painted wood paneled ceilings reflect window light from the condo’s generous windows throughout the interior. Natural wood accents, a central stone fireplace and hardwood floors provide a rustic warmth to this quintessential Jackson Hole ski condo.

Teton County, Idaho — Q2 2022

Despite a continued shortage of inventory in the Teton County, Idaho and Alta, Wyoming areas, the Teton Valley real estate market managed to post a 12.8% year-over-year gain in dollar volume for the first six months of 2022 (or $277.3M in sales this year vs. $245.7M through Q2 2021).

While transactions were down 24.2% for the same period of time (or 598 sales for 2021 vs. 453 for the first half of 2022), buyers have a slightly more choices heading into the summer of 2022 with listings up 16.6% as of July 1st. Despite a jump in mortgage interest rates and other external factors beyond Eastern Idaho, activity remains high in Victor, Driggs and Alta, Wyoming.

This uptick in activity is particularly noteworthy in the upper price brackets. For properties listed between $500,000 and $1M, transactions and dollar volume are up 34.1% and 34.5%, respectively, compared to the first six months of 2021. In that same vein, sales in the greater than $1M bracket are up 20.8% on the year-to-date and the complementing dollar volume from those sales has grown 44%. It’s interesting to note this upper-end of the Teton Valley market has accounted for fewer than 15% of the total sales thus far in 2022, but the dollar volume generated from these sales is responsible for nearly half of the total dollar volume in the region (or $134.3M of the $277.3M in sales volume through the end of June).

It seems with escalating prices in Teton County, Wyoming, buyers continue to seek value on the quiet side of the Tetons.  

Continue reading “Teton Valley Real Estate Market Report | Q2 2022”

Teton County, Wyoming — Q2 2022

To call the last couple years of the Jackson Hole real estate marketing “interesting” would be a gross understatement.

Trepidation during the early days of Covid was quickly displaced by the frenetic pace that endured for the next two years as droves of visitors and part-time residents sought refuge in northwestern Wyoming. With historically low mortgage interest rates and the uncertainty of a global pandemic, a higher-than-normal percentage of visitors and locals purchased real estate in and around Teton County.

Today—as interest rates climb upward and as equity markets correct—the summer Jackson Hole real estate market appears to have two major forces shaping the remainder of 2022: the inventory of property available for sale is slowly creeping upward for the first time in two years (at the moment, the 92 homes for sale in Teton County represent a 20% increase over the same period last year), and the number of sales is seeing a decline from the record-setting stats of 2020 and 2021.

But even with the dip in overall transactions, individual property prices continue to set new high water marks. This is particularly evident in the upper end of the Jackson Hole market (that is, listings priced in excess of $5M) where the 26 closings in 2022 generated more than $200M in sales volume (or 45.8% of the YTD Teton County total).

The spring and early summer closure of the Jackson Hole Airport limited the number of visitors in the region and led many intent sellers to delay officially listing their property until the reopening (potentially influencing the 54% decrease in sales for May and June year-over-year). With non-stop flights from 18 cities back in service the Jackson Hole region stands poised for another busy summer season.

Continue reading “Jackson Hole Real Estate Market Report | Q2 2022”