Jackson Hole Sotheby's International Realty

HEAT OF SUMMER REAL ESTATE SALES HIT 101
Buyer demand keeps supply low

by Brian Siegfried, Associate Broker

Almost as fast as Jackson Hole Realtors placed “For Sale” signs on area properties this summer, the offers started flying. There were 106 closed contracts in the months of July and August for a total sales volume of more than $135 million, according to Teton County Multiple Listing Service….

---

LIFETIME AWARD FOR SPACKMAN
Teton Board of Realtors bestows Lifetime Achievement Award

by Staff Writers

Sotheby’s own Dave Spackman received the Teton County Board of Realtor’s Lifetime Achievement Award Thursday, August 28, 2014 at their annual member luncheon at Teton Pines. Dave is only the third member to have been honored with the award in the Board’s history….

---

THE TETON DIABLO RANCH – SPECTACULAR SETTING
At the foothills of the Wind Rivers

by John Pierce, Associate Broker

The Teton Diablo Ranch is a lush oasis lying in the foothills of the spectacular and rugged Wind River Mountain Range near the town of Pinedale. Almost virtually surrounded by federal lands that comprise the expansive Bridger- Teton National Forest and Bridger Wilderness area, this magnificent working ranch/retreat enjoys a private end of the road setting with excellent year round access….

Jackson Hole Sotheby’s International Realty has appointed Donna Clinton as the new Chief Operating Officer. Donna has been a licensed Realtor in Wyoming since 1995 and Idaho since 1997. She has been the Responsible Broker for Jackson Hole Sotheby’s International Realty since 2011.

Donna is a member of the National Associate of Realtors, the Wyoming Association of Realtors, and the Teton Board of Realtors. She served as President of the Teton Board of Realtors from 2001 to 2003 and was the TBOR Realtor of the Year in 2002. Donna also served as the Public Policy Chair for the Wyoming Association of Realtors and is currently serving her second term on the Board of the Multiple Listing Service.

As the leading brokerage in Teton County, WY, Jackson Hole Sotheby’s International Realty is pleased have Donna Clinton as the newly appointed Chief Operating Officer. In Teton County, WY, the brokerage outsells all other brokerages combined and has the largest and most experienced team of agents. The agents are local experts and Sotheby’s has a global reach – a powerful combination that will only continue to grow with Donna Clinton leading the charge.

LUXURIOUS ESTATE – JACKSON HOLE, WY
This estate is a beautiful expression of the Jackson Hole lifestyle.

Set on 13.43 beautifully landscaped acres with commanding views of the Tetons, this custom built log home is replete with the amenities a discerning buyer has come to expect. From the spectacular grounds to the infinite attention to detail inside, the property exudes quality….

 

The second quarter of 2014 continued the trend of the first quarter with sales off 2013 levels but still strong compared to the early post recession years. In looking at all MLS transactions in Jackson Hole, both transactions and volume are lower. After several years of robust growth and increases in both unit sales and volume, we have seen a different trend for the 2^nd quarter of 2014 with unit sales and volume down 25.8% and 20.6%, respectively. Total first half 2014 unit sales are down 13.7% and volume down 13.8%. This is the first time in many years that we have seen unit sales and volume changes being so closely aligned.

Average sales prices increased 7.1% in the 2^nd quarter bringing the 2014 year to date average up equal to that of 2013.

While the market is off slightly Jackson Hole Sotheby’s International Realty is growing despite the challenging times. Consistent with what we have done for so many years, Jackson Hole Sotheby’s International Realty is building market share. Although the overall market is down 20+%, we are down only 10%, much better than the overall market (and our competition). We are continuing to strengthen our strong  #1 market position in Jackson Hole.

It seems to be a theme in many markets today that listings are down and that is consistent with what we are seeing in Jackson Hole.  What we are also seeing is that new listings are generally selling faster and days on market are considerably less than what we have seen the past few years. In fact, days on market for sales in the 2^nd quarter dropped anywhere from 14 to 53 percent depending on area.

When looking at areas of Jackson Hole or types of property, here are a few additional important facts —

– Between the 2^nd quarter of 2014 and that same time last year, the median sales price for a single family home increased an astonishing 46% to $1,150,000, and 13% for condos/townhomes to $418,000.
– The average sales price increased most significantly in the Town of Jackson area.
– Unit sales for condos/townhomes increased more than any other property type, about 8% year over year.

We have seen the Town of Jackson lead the market in the Valley for the past couple of years but the lack of inventory has slowed that trend. However, interest in town living appears strong with building permits issued in the first half of the year up significantly. The number of permits increased by 62% and the value of those permits is more than 200% higher than permits issued in 2013.

Looking forward, we expect continued strong demand for both primary and second homes in our area. The appeal of Jackson Hole brings those looking for a good quality of life to our Valley. In addition, Wyoming’s continued favored tax status becomes a strong attraction to those looking for tax benefits on both current and estate income (no income tax, personal or corporate, low sales tax, low property tax, and no estate tax). These are important factors for many people when it comes to their business and state residency for the longer term.

Teton Canyon Ranch Auction

The Teton Canyon Ranch auction, with no reserve, has been postponed to July 30^th. The current list price is $16 million. Please visit Concierge Auctions to follow auction updates and more information.

Winter Flights

Start planning your trip to Jackson Hole now with the updated winter flight schedule, including more flight options and better connection times.

BUILD YOUR LEGACY ON A BEDROCK OF ICONIC AMERICANA
140 acres of pristine land in Wyoming could be yours at the strike of a gavel

If you yearn for a country getaway where you can fill your lungs with crisp mountain air, unburden yourself of past accomplishments and fully immerse in the breathtaking beauty of the outdoors, then Teton Canyon Ranch is the place for you….

---

NEW OFFERINGS AT SHOOTING STAR

For Shooting Star, the first six months of 2014 was a time of continued growth in real estate sales, membership activity, landscaping, and new construction. Five more home sites were sold, thirty-one new families joined the Club, and over four hundred trees were planted at the north end of the property….

New listings since January 1^st, 2014 have experienced a 10% gain when compared to 2013. However, overall inventory is down from the highs of the recession period. This indicates a good opportunity for sellers to consider placing their properties on the market. At the same time, prices are up only moderately, keeping the market appealing to buyers.

The local market is seeing new listings in all property types, but a particularly strong surge in vacant land. The vacant land listings leading this trend are located in the areas of West of the Snake, North of Jackson, and South of Jackson. Teton Village and the Town of Jackson remain relatively unchanged for vacant land over last year.

New listings in the single family home and condo / townhome sectors are both tight, driving prices upward as the average days on market continue to decline.  For single family homes and condos / townhomes, the Town of Jackson has only 19 and 21 new listings, respectively. The West of Snake area saw a slight increase in new single family home listings compared to 2013, as opposed to condos / townhomes, where inventory remains scarce.

When assessing by area, both Teton Village and the Town of Jackson remain unchanged in newly listed properties compared to last year. West of the Snake and North of Jackson have both increased in new listings, with 17 and 13 more new units than 2013.

To explore all of our listings, including new ones, please view our

2014 Summer / Fall Catalogue of Fine Properties.

Upcoming Events:

Sunday, June 29th – Jackson Hole Centennial Picnic, a free community even from 4-7 pm at Miller Park.

Thursday, July 10th – Teton Canyon Ranch, a 140 acre parcel in Alta, WY will be auctioned by Concierge Auctions. To view a video and more information regarding this auction, please visit Concierge Auctions.

           

Si Matthies – Wealth Manager Wells Fargo Bank

When exploring a move to Jackson Hole there is much to consider: the beauty of Grand Teton National Park, the proximity of Jackson to some of the best fly fishing in world, endless hiking and biking trails, the cultural opportunities found in our galleries, concert halls and museums and the abundant wildlife throughout Teton County.

Another aspect that future residents should carefully consider is the tax climate found in Wyoming. Wyoming is a very attractive state in which to establish residence because of its lack of income tax (state income tax is constitutionally prohibited), its attractive trust laws (Wyoming allows 1000 year trusts) and no estate or gift taxes at the state level.

These are often convincing factors and the tax savings can mitigate the cost of a move and the establishment of domicile in Jackson Hole in short order.  Done right, these factors also allow new residents to enjoy their lives here in Jackson while knowing that they’ll be passing along more of their estate to loved ones generations down the line.

States, in an effort to raise receipts; have become much more aggressive taxing estates, inheritances and gifts.  According to a recent article in the Wall Street Journal, 19 states, representing 30%+ of the U.S. population, tax estates of those who die or inheritances passed from an estate to an individual.  Most of those states have an exemption amount (that which can pass untaxed) much lower than the current federal exemption of $5.25MM.  Only two states (Delaware and Hawaii) mirrors the federal exemption.

So, Wyoming has it all…beautiful scenery, recreational opportunities, a thriving cultural scene and a very advantageous tax regimen.  All of these are good reasons to consider Wyoming your new home.

But what about leaving your former domicile?  States are paying much greater attention to how you depart. If done incorrectly, you may find yourself owing taxes in a state that you thought that you had left.  The courts are littered with cases of states chasing their former residents for taxes owed.
Here are some tips on how to depart:

– Purchase a one-way ticket to Jackson, Wyoming. Keep a copy of all travel receipts and records including additional luggage receipts for at least 2 years.

– Ship all furniture, household items, personal effects, furnishings and any tangible or intangible owned property to Wyoming.  That includes cleaning and vacating all storage facilities.

– Use a standard form letter to close all financial accounts including checking, savings, brokerage, money management, credit cards, ATM cards, safe deposit boxes, revolving credit arrangements and any other financial relationships that may represent a relationship within the former state.

– If you own property in the former state and are claiming homestead status, re-characterize to standard property tax rates.

– Surrender your driver’s license.

– Send letters of resignation to all fraternal organizations, religious organizations, non-profit boards of directors, athletic clubs and country clubs.

– Send a form letter to doctors, dentist, optometrist, psychologist and psychiatrist terminating your professional relationship and advising that you are leaving the state and where you’ll be residing.

– Send similar notification to lawyers, accountants, business managers, CPAs and service providers such as domestic help, grounds keepers and schools.

– Complete a change of address form at the post office.

– Terminate your telephone listing.

– Dispose of any cemetery plot or crypt.

– Finally, document all your movement in and out of state. Phone records, credit card records and airplane tickets should be retained for a minimum of three years. These records can be very help at heading off a court date with the state tax commissioner.

Some of this may seem extreme, but many states have become very aggressive chasing former residents, claiming that, based on remaining connections to the state, they have not changed their domicile.

I guess when I moved to Jackson Hole over 15 years ago, I thought the “only” skiing was downhill skiing, and that the other type of skiing was for old people. After all, cross-country skiing predated alpine skiing by about 4,000 years. In my eyes, there was no benefit to cross-country skiing. Quite frankly, when I saw Nordic skiers around the valley, they moved at the pace of a gray haired snail. No thanks!

Until….one day. In the words of Gru from Despicable Me, “LIGHTBULB!” All of this time, I had been trudging through massive amounts of snow, soaking my winter boots to the core, and only making it about 25 yards when I could have been gracefully (and more importantly, quickly) gliding around on skis. So, that winter I decided I was going to try Nordic skiing, and I went out to buy my first pair of cross-country skis. Keep in mind, the only Nordic skiing I had done was on the 90’s most famous calorie burner, the NordicTrack. When I visited Skinny Skis, Jackson’s local house of Nordic gurus, I was like a deer in headlights. However, their experts convinced me that the newer, wider backcountry cross-country ski was the way to go. A wider ski was developed for breaking trail on ungroomed snow. I didn’t care about that, but I was thrilled about the fact that I wouldn’t have to balance my weight and maintain an upright position on a pair of toothpicks. And so, my love for cross-country skiing began.

As an official cross-country skier, I explored the entire Jackson Hole area and discovered so many new trails and routes. I found the downhill to be most exhilarating although I had my fair share of yard sales – a term used to describe losing your gear in a crash. As I skied on groomed trails, I noticed sleek, swift skiers flying past me on what looked like narrow cross-country skis, but their form was completely new to me. What they were doing looked exciting and fast. I did my research only to find this was a quickly growing sport called skate skiing. Cross-country skiing is essentially the gateway activity to skate skiing. I was in! I bought my first pair of skate skis after renting only once. Skate skiing was intense and allowed me to eat more as the fat on my body melted away. Sign me up. The greatest benefit of skate skiing is that you can quickly cover a lot more ground than you can on classic (cross-country) skis. However, the downside is that you have to find groomed tracks unless you’re hardcore. Skate skiing opened eyes to a whole new world in Jackson Hole.

Jackson Hole offers so many fabulous options for both classic and skate skiing. My first and most favorite adventures have been in Grand Teton National Park. The scenery is pristine and the views are out of this world. The whole experience fills up my soul. If you’re looking for an outing where you are surrounded by the beauty of nature, Grand Teton National Park is your place. The skiing options are endless. From parking lot at the Bradley and Taggart trailhead, you can strap on skis and get outside. Fun, semi-challenging cross-country ski excursions include gliding around the Bradley-Taggart loop or touring through the snow-covered forest to Jenny Lake. Both of these routes offer undulating terrain with an “off piste” experience not to be missed. But, don’t forget to pack a lunch. The workout equivalent to the NordicTrack times four and you’ll definitely want to nosh on something under the Tetons. Bring your camera, too. These views need to be documented.

Over the past few years, Grand Teton National Park has groomed the snow covering the main road through the park. Here, you can easily classic ski in the machine made tracks to Jenny Lake, or you can skate smoothly toward Signal Mountain. This track is fabulous for the novice. It is relatively flat with a few curves and always excellently groomed. The surroundings are like those from a fairytale. Perfect.

If you’re looking for something out of the ordinary, try heading through Kelly toward Antelope Flats Road. Instead of turning left on this road, you will drive straight and the road ends in a parking lot. From there, you are able to enjoy the more groomed Nordic trails in the eastern portion of Grand Teton National Park. This trail is for the beginner unless you decide to venture up the hill toward Shadow Mountain. Shadow Mountain is a mountain, after all, so the uphill is grueling, but the downhill is sweet. On both of these groomed trails in the park, dogs are allowed on leashes. I have harnessed mine and let them pull me up the hill toward Shadow.

The Moose-Wilson Road, accessed through Teton Village, is also a wonderful classic ski outing in Grand Teton Park. Park your car at Granite Canyon trailhead and choose your path: head to the west toward Granite Canyon or follow the snow-covered road north toward Death Canyon. It is always an option to break your own trail and head east toward the Snake River. The river levy is a delightful place to ski where you can enjoy views of the Sleeping Indian.

There are two great phenomenons to enjoy in Grand Teton National Park: crust cruising in the springtime and full moon skiing (get your head out of the gutter) in the winter. Spring days are warm and the nights are cold. Snow begins to melt creating a wet layer on top that freezes at night making the layer hard and glassy. If you get out of bed early enough to enjoy this rarity, it can be a cardiovascular push and spiritual awakening. It’s best for skate skier, but classic skiers can enjoy cruising, too. The frozen flats and open spaces are the best places to ski, but you can go just about anywhere in the park. The second most awesome thing to do in Grand Teton National Park is Nordic ski when a full and bright moon lights the way. There are only a few occurrences during the winter, so don’t miss out. Remember to take your headlamp. The nights are bright, but there are still obstacles along the way that might not be very visible at night. Moonlight skiing is ideal for a romantic adventure with your honey, so pack a bottle some snacks and a bottle of vino. Two thumbs up.

There are so are many other great Nordic options in Grand Teton National Park. You can not find a more beautiful spot to perfect your glide or just learn the sport.

1^st Quarter Recap

Teton Village saw a gain of 31.3% in unit sales, and an astonishing 82.4% surge in dollar volume. The average sales price for this area was 39% higher than the 1^st quarter of 2013 with an increase of about $455,600. These properties spent 27.2% less time on the market than the previous year. After another record breaking ski season at Jackson Hole Mountain Resort, the Teton Village area now leads the local real estate market in its upward trend. View all of our unique Teton Village listings now, including Shooting Star – a luxury golf course development located at the foothills of the ski area.

West of the Snake River, which includes areas such as Teton Pines, Crescent H, and John Dodge, also experienced an increase in both unit sales and sales volume. Unit sales were up 53.3% and dollar volume grew 5.6%.

Current inventory levels have pushed the number of single family home sales downward, however, the median sold price is up over 20%, to about $980,000. Condos and townhomes saw a nearly 20% gain in both dollar volume and unit sales. Both commercial and farm/ranch properties were also increasing during the first quarter of 2014 compared to the previous year.

The Town of Jackson’s average sales price was up 3.7% from the 1^st quarter of last year. Fewer properties were available, which is reflected in the average days on market dropping nearly 26%.

South of Town experienced an increase in both dollar volume and unit sales, whereas the North of Town area had a slight decline in both of those segments.

Landslide Update

Although very serious and causing hardship for homeowners and businesses in the immediate area, the landslide is limited to the area on West Broadway between Sidewinders and Walgreens. For the past two weeks, noticeable land deterioration has occurred, causing the exposed face of a pre-existing land cut to further recede. This slide has damaged the Walgreens parking lot significantly, made one home inhabitable, and has endangered three others. Town officials and geological experts are working on creative solutions to help mitigate the landslide located near Walgreens at the corner of Scott Lane and Broadway. Please visit the Town of Jackson’s website for a live video stream and up to date information.

Looking Forward

Spring has officially arrived in Jackson Hole. With sunny skies and warm temperatures, here are just a few local events to put on your calendar.

– 2^nd Annual Tie One On Fundraiser, hosted by Jackson Hole Trout Unlimited on May 10^th, doors open at 6:00pm.
– The Elk Antler Auction, supporting the Jackson Boy Scouts – May 17^th
– The 26th Annual Rotary Wine Fest will take place at the Snow King Events Center on Friday, May 23^rd.
– Old West Days, a favorite among locals and visitors, is a weekend long event taking place from May 24^th – 26^th.

With spring comes the anticipation of fly fishing season around Jackson Hole. According to University of Wyoming’s Water Resource Data System, this winter’s snowpack has a water content that is 139% of average. This means healthier rivers and a watershed that will produce hungry trout throughout the coming fall. Surrounded by a myriad of Blue Ribbon waters, Jackson Hole is ideally located for your next fishing adventure. The rivers and streams surrounding the greater Teton ecosystem provide anglers a chance at hooking the Snake River Fine-Spotted Cutthroat Trout, rainbows, browns, or for the more adventurous, brookies or golden trout.

Looking for a fly fishing property near Jackson Hole? Here are a few treasured properties we recommend, each with their own world class fishing access. For more options near the small spring-fed creeks or flowing rivers, please view our listings, or call (307) 733-9009.

For more information on fly fishing Jackson Hole or finding the local’s hidden spots, view the Jackson Hole Fly Fishing Report.