2022
I S T HE MAR KET BEGIN N I N G TO SLOW ?
V O L U M E 10 | E D I T I O N 2
Responding to Context is our Modus Operandi More than two decades ago, we published the first Jackson Hole Report to provide the critical, specialized market analysis our clients need. Then as now, the Jackson Hole Report remains the definitive source on real estate in this region, regularly cited in national publications.
WELCOME TO THE 10TH ANNIVERSARY OF THE JACKSON HOLE LUXURY REPORT
Buying a home in Jackson Hole is more than a transaction. 2
For many, the decision is often an exciting lifestyle change as well. Respecting the many elements that factor into this important decision, we designed our real estate services to provide you with much more than just a property fact sheet.
The Origin of the Jackson Hole Luxury Report Post Recession, we observed the high-end segment grow in strength and subtlety. Understanding that luxury properties require special attention and analysis, we published the inaugural Jackson Hole Luxury Report ten years ago—to widespread acclaim. Catering to high-end buyers and sellers who seek a clear understanding of this elite market, the report focuses on 1,832 properties worth $5 million and above, many of which are sold privately and never appear as public listings.
Our Commitment to You Underlying our exhaustive research is a core commitment to our clients. We want to ensure their experience matches their expectations of this spectacular setting. As trusted advisors, we work with our clients throughout the process of purchasing and selling real estate, but also well beyond the closing date.
Creating Community Intrinsic to our roles as realtors is our pride of place and a connection with our clients. Getting to know the people and places who make this community so vibrant is as important as recognizing the economic factors at play in our market. From exploring market dynamics to sketching a social calendar, we are experts in all aspects of Jackson Hole, and we want to help make this valley feel like home. Please turn to us as your partner in the discovery of this special place.
Confidential Market Analysis As a courtesy to our clients, we offer a confidential market analysis of your distinctive Jackson Hole property, as well as annual valuation updates for trust and estate planning. If you own a luxury property in Jackson Hole and would be interested in a confidential market analysis, please fill out the form below or call David at (307) 690-4004 or email david@jacksonholereport.com.
JacksonHoleLuxuryReport.com
Is the Market Beginning to Slow?
The upper end of the market is reflecting the same
inventory available for the end of June. Regardless, it’s
changes we’re seeing in the under $5 million segment:
good news for Buyers as there is twice as much to choose
the number of sales and the dollar volume are both down.
from. NOTE: Currently, of the 35 overall active single-fam-
The average and median listings as well as the sale
ily home listings, only twenty-four are listed for under $10
prices, however, are still breaking records in the under $5
million. If we look at the top 10% of what homes are avail-
million segment; whereas the Luxury market is seeing a
able now, the listings sit at $18 million and above.
decline. Do not read too much into this, though, as there were only 59 sales between $5 and $100 million versus
While we normally do not focus on commercial activity in
167 sales between $600k and $5 million. With such large
this newsletter—as the activity is usually too small—we
dollar values these numbers can easily be skewed.
feel it necessary to bring to our readers’ attention the fact that 31% of the dollar volume to date in 2022 was
Both the overall number of sales and dollar volume are
commercially driven due to five motel/hotels selling. Four
down 20% and 6%, respectively. This decrease in the
of the sales occurred in the Town of Jackson and one was
number of sales comes from a multitude of issues not
in Spring Creek Resort. These sales pushed the overall
necessarily locally driven. Home mortgage interest rates
commercial dollar volume to $307 million, up 126% from
have almost doubled, inflation hit a 40-year high in June,
the first six months of 2021.
stocks suffered their worst first half of the year since 1970, and cryptocurrency took a big hit. NOTE: While the num-
Looking ahead, we are seeing a softening of demand with
ber of sales went down from 2021, the number of sales
inflation, rising interest rates, and lack of inventory in the
was almost 400% higher than the pre-pandemic levels for
lower price ranges. However, the softening is taking us
bar raised so
the first six months of the year. What’s more, the dollar vol-
from a frenzied market to one that is less so. Inventory is
ume was almost five times what we were seeing pre-pan-
increasing and prices will start to moderate into a slower
dramatically in
demic with just over $636 million in the first half of 2022.
growth curve. While inventory levels are still at historic
2020, going
Overall, properties under contract decreased 23%, yet the
have to lower their expectations if they want to close in
average list price broke another record at $12.6 million.
2022.
forward this report
NOTE: There were 14 overall properties under contract at the end of Q1 2022 and only 10 today. This slowdown
“Off-Market” sales. An Off-Market sale is a property that
will only focus on
could reflect the multitude of issues mentioned above,
was not made available to the public through MLS or
and/or the fact that the airport was closed for three
was temporarily posted to MLS and then removed before
sales above $5
months this spring.
going under contract. NOTE: Since January 1, 2022 only
million.
Available inventory at the end of June registered 50 over-
44% from 2021). The rest were considered Off-Market.
all Luxury listings. NOTE: Just three months ago, at the
Normally a Realtor is involved in these Off-Market sales,
end of Q1 2022, there were only 21 active Luxury listings
but advertising in MLS was not necessary to find a Luxury
overall. While the increase in listings is expected this time
Buyer. This also indicates an increased difficulty selling
of year, it’s still about half of the normal (pre-pandemic)
your property without placing it on the open market.
With the Luxury
lows, without more Buyers in the market, some sellers will
46% of all closed Luxury sales were reported to MLS (up
3
CONTENTS
6 Overall Luxury Market Comparing mid-year 2022 with 2021, we discovered that the overall number of Luxury Sales decreased 20% to 59 total
Competence. Exclusivity. Passion. Ensuring an Experience of the Highest Caliber
Opening the door to the life you aspire.
sales. Following suit, the overall dollar volume decreased 6% to $636 million.
At Engel & Völkers, we believe that luxury is the fullness of life that begins and ends the day in the most important place we know: home. From starter homes, to dream homes, and even cas-
11 Single Family Luxury Homes
tles, Engel & Völkers advisors help our clients discover what luxury means to them and deliver a home buying and selling experience that meets their unique needs.
Luxury homes accounted for 56% of all Luxury sales to date in 2022. All told, the number of home sales is down 34%, and the
Engel & Völkers evokes a real estate experience with the utmost competence, exclusive exper-
dollar volume decreased by 34% for a total of $290 million.
tise and passion for all that we do. Handcrafted attention to every detail and meticulous whiteglove service is what each and every one of our clients deserves.
14 Vacant Luxury Lots
It’s our standard of service that truly sets Engel & Völkers apart.
The demand for vacant Luxury lots to date in 2022 is down 46% 4
when compared to mid-year 2021. Sales totaled 7 transactions with a dollar volume of $50.5 million.
18 Luxury Condo/Townhouses Luxury Condo/Townhomes are few but not far between in Jackson Hole. All of them can be found in Teton Village except five which are in the Town of Jackson. Currently, 145 units are set at $5+ million.
22 Meet the Team Jackson Hole real estate is a treasured and valuable asset. With this investment in mind, it is vital that your relationship with your Realtor is based on an open line of communication.
“
Luke was a pleasure to work with and made the entire home buying process straightforward and uncomplicated. Locally raised and deeply familiar with the Teton County market, Luke was able to help me secure an off-market deal in a highly competitive environment with multiple bidders. Luke’s team is a huge added bonus, as they were able to assist in getting up to the complex right away to take pictures/videos of the unlisted units in which I was interested. Luke also used a very clear template to outline and keep track of all the deliverable dates and milestones during the escrow process - a fantastic resource that I greatly appreciated. Finally, Luke made it incredibly simple to close the transaction while I was out of the area and went above and beyond to help connect me with the resources I needed to make this investment property successful. I would highly recommend Luke to anyone in the WY/ID area looking to sell or buy a home! RYA N TOWN S EN D Jackson Hole / West Hollywood
JacksonHoleLuxuryReport.com
How can the Jackson Hole Luxury Report serve you? ...we track every single luxury transaction in Jackson Hole by painstakingly reviewing public records. Our data-driven reporting is the most accurate and trusted real estate news source in Jackson Hole.
“
Thank you SO much David! We know there were some tricky moments in the negotiations, but we always felt that you had our back, handled things well and were very efficient.
After perusing this publication, we hope
extensive research of listed and unlisted
you agree: the Jackson Hole Luxury
sales. By providing you with the best
Report stands in a league all its own.
advice available, we ensure that you
Other Realtors try to analyze the Jackson
have a successful and smooth real estate
Hole market from MLS statistics, however
transaction.
the MLS accounted for only 46% of the luxury sales in 2022. In contrast, we track
To keep you abreast of Jackson Hole’s
every single luxury transaction in Teton
ever-changing real estate conditions, we
County by painstakingly reviewing public
offer a suite of services including daily
records. Our data-driven reporting is the
email updates of active luxury listings,
most accurate and trusted real estate
a free confidential market analysis of a
news source in Teton County.
client’s property and annual price updates for estate and/or trust planning. If you
We use this detailed data to help you
want to list your luxury property this
– our clients. From pricing your luxury
fall, please call or email us to set up an
property to sell in this competitive market
evaluation of your property. After touring
to helping you determine the right time
your property, we will provide a custom
to buy, we share all of our analytical
marketing plan. No other Jackson Hole
insight with you. Paired with impeccable
brokerage can duplicate the dexterity of
professionalism and personal attention,
our marketing approach.
we offer you superior service matched We appreciate your frequent communication and felt like we always knew what was going on. Thanks again for handling the last-minute disbursement of items. We could never have handled that from a distance, and we know it took a lot of time and effort on your part. We hope Colby helped you out with that! It is bittersweet to be leaving the butte. It will make us happy to know that Grant will appreciate our condo and feel at home there.
only by the superior nature of the
So whether you plan to list your luxury
properties themselves.
property soon, want more detailed analysis of a specific area, or need a
The lack of published luxury sales can
professional realtor to represent you,
make pricing a luxury home stressful,
please call (307) 690-4004 or email
particularly when emotions are involved.
group@jacksonholereport.com.
When pricing your property, we reference our own knowledge base –built over decades of tracking the Jackson Hole market and neighborhoods, and working with clients and builders – as well as our
M ARY A ND JE F F Ada, MI
JacksonHoleLuxuryReport.com
5
OV E RALL MARKET
Overall Luxury Market $5 + MI LLI ON
Comparing mid-year 2022 with 2021, we
of those on the market for more than 12
discovered that the overall number of
months.
Listen to the Numbers
MLS accounted for only 46% of the overall luxury sales in 2022.
Luxury Sales decreased 20% to 59 total sales. Following suit, the overall dollar
Tracking Luxury market values becomes
volume decreased 6% to $636 million.
challenging without comparable sales.
NOTE: While Luxury Sales only made
While many properties in Jackson Hole
up 26% of the overall number of sales in
are worth more than $5 million, no two
Jackson Hole, they accounted for 63% of
are alike. For this reason, some sellers
the total dollar volume so far in 2022.
start by overpricing their homes beyond
OVERALL LUXURY SALES BY AREA
market levels and then lower the price About 80% of all sales fell between $5 and
progressively until the property reaches
$10 million.
market value. This is one reason why 24% of the Luxury listings have been on the
6
Twelve Luxury properties sold for more
market for more than 12 months. If you plan
than $10 million in 2022 (down 48%).
to sell your property soon, do not make
However, only 25% were reported to
the mistake of overpricing. Through our
the MLS; a trend that underscores the
confidential property and market analysis,
necessity of enlisting us as your Realtors
we can help you through the entire
when entering this elite market.
process.
The highest priced sale was the Amangani
Close analysis of the statistics supports
Hotel at Spring Creek Resort. The price of
the following conclusion: When compared
this private sale was not disclosed, but a
to mid-year 2021, the current overall
$65 million loan was recorded, and it was
available inventory is unchanged at 50
rumored to sell for $100 million. NOTE: At
listings. Meanwhile, the average and
the end of the year, there were 50 overall
median list prices are down 8% and 9%,
listings priced over $5 million with 24%
respectively.
Number of sales Decreased 20% to 59
JacksonHoleLuxuryReport.com
Overall dollar volume decreased 6% to $636M
Current overall inventory unchanged (50 listings)
WESTBANK
NORTH OF THE GROS VENTRE RIVER
TOWN OF JACKSON
SOUTH OF JACKSON
$161M 17 SALES
$72M 9 SALES
$192M 18 SALES
$210M 15 SALES
OVER AL L M AR KET
THE CURRENT LANDSCAPE Available inventory is unchanged, when compared to mid-year 2021, at 50 Luxury listings for sale. With an average listing price of $11.3 million and a median listing price of $7.7 million, available inventory breaks down into 32 listings priced between $5 and $10 million (64%); 12 between $10 and $20 million (24%); and six over $20 million. NOTE: Of the 50 listings, only 8 include 35+ acres.
32 LISTINGS (64%) BETWEEN $5-$10 MILLION
Of the 50 listings, only 8 include 35+ acres.
7
6 LISTINGS OVER $20 MILLION
THE MOST EXPENSIVE SALE OF 2022
Amangani Hotel In the foothills of the Grand Tetons, near the snow sports paradise of
12 LISTINGS (24%) BETWEEN $10-$20 MILLION
Jackson Hole, Amangani looks out across the mountains and Snake River Valley. Evoking the pioneering spirit of the Old West in its redwood and sandstone architecture, the all-season retreat invites guests to discover outdoor adventure and the extraordinary natural beauty of Wyoming. This was a “Private Sale.” A $65 million loan was recorded, and the hotel and property were rumored to sell for $100 million.
JacksonHoleLuxuryReport.com
OV E RALL MARKET
4
1
HOM ES
R AN CH
OVERALL LUXURY UNDER CONTRACT At mid-year, 10 properties were under contract (down 23%) with an average listing price of $12.65 million (up 45%)—a midyear record. Of the listings currently under contract, two are commercial, four are single-family homes, two single-family lots, one condo, and one ranch.
2
10 properties under contract (down 23%)
LOTS Average list price of $12.65 million (up 45%) *mid-year record
1 CON DO
THE MOST EXPENSIVE UNDER CONTRACT
Jackson Hole Ranch
8
LIST PR I C E $35 M At the foot of the Tetons and bordering Grand Teton National Park, yet only a short drive from James Beard-recognized restaurants, the 233-acre Jackson Hole Ranch is unlike any property on the Valley’s market in the last two decades. The ranch’s creeks, ponds, meadows, and ¾ of a mile of the Snake River are a sanctuary for its human owners and more than 100 species of wildlife, including elk, bald eagles, moose, and Snake River fine-spotted cutthroat trout. Each spring, elk seek out the solitude offered by the ranch’s wild lands to calve. The ranch’s owners—stewards helping to carry on the legacy of conservation in this remarkable ecosystem—can enjoy the solace and awe of being in the shadow of the Tetons yearround. Jackson Hole Ranch is like a personal national park to call your home.
JacksonHoleLuxuryReport.com
FEAT U R ED LU XU RY HOM E L IST IN G
FE AT URE D LUX URY H OME LIST ING LI ST PRI C E $5 ,75 0,000 Located in the coveted Gill Addition, this property offers an easy walk to your favorite coffee shops, restaurants, and hiking trails yet the quiet neighborhood offers a true sanctuary. The open floor plan of this 4-bedroom home is complete with wonderful entertaining spaces. You will enjoy peaceful evenings around the firepit on the patio and your morning coffee on the deck. Spread over three levels, the lower level offers a separate living space for a media room or bunk room. Other features include vaulted ceilings, gas fireplace, charming barn wood exterior, hardwood floors, and an upper-level living room which provides views of Jackson’s gorgeous landscape. Find your own personal Jackson Hole retreat in this beautiful home that is within walking distance to Town Square. DEVON VIEHM AN & N AN CY CL AN CY EN G EL & VOL KER S JACKSON HOL E M L S # 2 2 - 1 2 78
110 Moose Street JacksonHoleLuxuryReport.com
9
I NM A N G OL D E N I W I N N E R
Best Sales & Marketing of a Luxury Property for our marketing of Rare Legacy Estate View the video and property at 165Huckleberry.com
10
We are pleased to announce that our signature film of 165 Huckleberry won the Best Sales and Marketing Campaign for a Luxury Property 2019. The Inman Golden I Club is nothing less than the highest honor in luxury real estate. Since it’s launch in August, the film has had over 45,000 views. Contact us to see if your property qualifies for this marketing initiative. It isn’t always just about the price point as many unique properties in the area also a good fit.
S IN G L E FAM ILY HOM ES
Single Family Luxury Homes $ 5 + MI LLI ON
LUXURY HOMES accounted for 56% of all Luxury sales to date in 2022. All told, the number of home sales is down 34%, and the dollar volume decreased by 34% for a total of $290 million. Following suit, the average sale price decreased by 4% to $8.8 million and the median sale price decreased 19% to $6.5 million.
To date, there have been 33 home sales
homes continue to be overpriced for the
over $5 million (down 34%), of which 79%
current market, while others do not match
sold for between $5 and 10 million. NOTE:
the value of the land they occupy.
Three sold for over $15 million. This situation is constraining Buyers. For Unlike the Luxury market in 2020—where
instance, in the $10+ million segment,
homes over $5 million were saddled with
Buyers may choose from 11 homes valley
12+ months of inventory, the last two years
wide. Of those 11, eight are 10+ years old,
wiped out half of the existing inventory.
six include less than 10 acres, and only two
Based on the number of sales to date in
have water features. Further complicating
2022, there are currently less than six
the process, many Luxury homes only
months of inventory.
appeal to a specific Buyer—a precise pairing that requires substantial marketing.
Of the existing inventory, 20% has been on the market for more than a year. Some
HOT SPOTS The Westbank and North of the Gros Ventre River logged the most single-family, Luxury home sales to date in 2022, with 10 and 8, respectively. Only one of the sales sat atop parcels with 35+ acres, and only eight of the sales had some kind of water feature.
LUXURY HOMES UNDER CONTRACT There are five Luxury homes currently under contract (down 45%). All five are listed between $5 and $10 million.
Number of sales is down 34%
Dollar volume decreased by 34%
Average sale price ($8.8M) decreased by 4%
Median sale price ($6.5M) decreased by 19%
JacksonHoleLuxuryReport.com
11
S I N G LE FAM ILY HOM ES
MOST EXPENSIVE S I N G L E - F A M I LY L U X U R Y H O M E SALE IN 2021
Queens Lane, North of Town LIST PRICE : $25 M This enchanting property will captivate your soul and senses. Surround yourself with the beauty of 39.66 acres in a private park-like setting, the sound of babbling creeks and the sanctuary of watching the otters and ducks in your own private ponds. Mountain views and wildlife strolling through this tranquil landscape. This home was totally remodeled and tastefully incorporates the blending of new living spaces. A well-designed floor plan creates an inviting and comfortable gathering place. Offered with the finest furnishings for a welcoming haven for 12
family and friends.
If you are a property owner in Jackson Hole and would like a free comparative market analysis, please contact David Viehman at 307-690-4004 or david@jacksonholereport.com. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.
JacksonHoleLuxuryReport.com
S IN G L E FAM ILY HOM ES
THE CURRENT LANDSCAPE Available inventory is up 9% when compared to mid-year 2021 with only 35 Luxury homes for sale. With an average listing price of $9.7 million (down 26%), and a median listing price of $7.25 million (down 5%), the available inventory breaks down into the following: 24 between $5 and $10 million (69%); five between $10 and $15 million; five between $15 and $25 million, and one over $25 million (see most expensive home listing). NOTE: Of the 35 homes listed, only three sit on 35+ acres. Also noteworthy: 69% of the Luxury homes currently on the market are more than 15 years old.
MOST EXPENSIVE HOME LISTING AT T H I S T I M E
Eagle Southfork LIST PRI C E: $48 M
13
Situated in an incomparable location just south of Wilson, this sweeping 110-acre ranch boasts private access to both the Snake River and Fish Creek. A quintessential equestrian property which includes a 7-stall barn with tack room, guest apartment, and caretaker quarters. This expansive ranch also consists of lush, rolling meadows, paddocks, towering mature cottonwoods, and robust native riparian vegetation. Enjoy both privacy and seclusion within minutes of the amenities of Jackson. Two riparian parcels (35+ acres each) are currently undeveloped and allow for a primary and guest house on each. The existing home features an exceptional deck overlooking a private island in Fish Creek, accessible by wooden foot bridge for an ideal evening spent by the creek side. This is a legacy property for generations to come. Listed by Mercedes Huff, Sotheby’s Jackson Hole
JacksonHoleLuxuryReport.com
VACANT LOTS
Vacant Luxury Lots $5 + MI LLI ON
HOT SPOT Gros Ventre Buttes enjoyed the most Luxury lot sales by mid-year 2022 with four Luxury parcels for a total dollar value of $30.5 million.
The demand for vacant Luxury lots to date in 2022 is down 46% when compared to mid-year 2021. Sales totaled 7 transactions with a dollar volume of $50.5 million. One occurred on the Westbank; four sales occurred in the Gros Ventre Buttes; one North of Jackson; and one South of Jackson.
CURRENT LANDSCAPE Available inventory of Luxury lots is up 43% at mid-year 2022 with a total of ten single-family Luxury home sites currently listed. With
Vacant Luxury lots under contract are down 50% compared to mid-year 2021, with two lots
an average list price of $17 million (up 53%), and a median list price
under contract at an average listing price of $8.95 million. NOTE: One of the listings is 35+
of $9.75 million (no change), available inventory breaks down into
acres.
the following: five lots listed between $5 and $10 million, two listed between $10 and $20 million, and three over $20 million.
NOTE: Current Luxury home inventory is up 9% with only eight homes built in the last 10 years. Only three of the 35 Luxury homes currently listed sit on 35+ acres. 14
Of the ten listings, four offer 35+ acres.
MOST EXPENSIVE LOT SALE
Bar BC Ranch Parcel 8 LIST PRICE : $ 9.5 M I LLI ON Bar BC Ranch parcel 8 is a 35.5-acre parcel within a 850+acre ranch in Spring Gulch. The Ranch borders both the Snake and Gros Ventre rivers and is one of the few gated communities in the Valley. Enjoy direct Teton views from this premier lot in the highly desirable and gated Bar BC Ranch. It is an ideal building location with easy access from the ranch entrance, stunning views to the north and south, and Sleeping Indian to the east. Walk the ranch trail to the Snake and Gros Ventre Rivers to fish or just relax. Listed by Ed Liebzeit, Sotheby’s Jackson Hole
JacksonHoleLuxuryReport.com
SIG N IFICAN T SAL E
SIGNIFICA NT SA LE LI STED F OR $15 ,75 0,000 Located in one of Jackson’s most desirable and exclusive neighborhoods, this stunning 37-acre property offers a picturesque log home and guest cabin on one parcel, and blank canvas on the other. Steps from worldclass fly fishing on the Snake River while immersed in a pristine forest with moose and deer as neighbors, you will feel uniquely ensconced in the beauty of Jackson Hole. Offering a total of 5,000 square feet of living space you’ll enjoy stunning views of Rendezvous Mountain and the entire Teton Range. The home is built in a style that effortlessly balances the rustic charm of a cabin with its grandiose surroundings. Bear Island is a perfect seasonal refuge or year-round residence with a three-car garage to cache gear for a mountain lifestyle. L IST ED BY AN N E FIS H EN G EL & VOL KER S JACKSON HOL E
Quintessential Jackson Hole Sanctuary JacksonHoleLuxuryReport.com JacksonHoleLuxuryReport.com
15
C ONDO S/TOWNHOMES
Luxury Condo/Townhomes $5 + MI LLI ON LUXURY CONDO/TOWNHOMES are few but not far between in Jackson Hole. All of them can be found in Teton Village except five which are in the Town of Jackson. Currently, 145 units are set at $5+ million and qualify for the Jackson Hole Luxury Report.
CURRENT LANDSCAPE MLS shows five Luxury units listed—two in Teton Village and three in the Town of Jackson. They range in size from 2,200 to 6,075 sq. ft., and prices range from $5.25 to $7.695 million. The
The definition of “Luxury” condo/townhomes in Jackson Hole is $5+ million. The
70
current breakdown is as follows: 38 units
38
Four Seasons Hotel
18
Snake River Lodge & Spa; four in Crystal
the three in the Town of Jackson are in the new Art District West
21
Granite Ridge Lodges
5
Town of Jackson
4
Crystal Springs Lodge
3
Timbers of Granite Ridge
2
Snake River Lodge & Spa
1
Cabin at Granite Ridge
1
Tram Towers
and four allow short-term rentals. Please contact us for a complete list of available Luxury townhouses.
Ridge; one Cabin at Granite Ridge; 70 units in Shooting Star (Lodges or Cabins); two in
two in Teton Village are in the Timbers of Granite Ridge. Two of project and the third one is in Eastridge. Only one is furnished
in the Four Seasons Hotel; all 21 Granite Ridge Lodges; three Timbers of Granite
Shooting Star (Lodges or Cabins)
Springs Lodge; one in the Tram Towers, and five in the Town of Jackson. At mid-year 2022, the number of Luxury condo/townhome sales were up 50% from 2021, as there were six sales over $5 million in the first six months of 2022. Of the six sales, five were in Teton Village and one was in the Town of Jackson.
There are currently five
Jackson Hole Report Podcast
Luxury units listed.
JacksonHoleLuxuryReport.com
Tune into our Podcast at jhreport.com for a current, and more in-depth conversation about the current real estate market.
CON DOS /TOW N HOM ES
MOST EXPENSIVE LUXURY CONDO/TOWHOME SALE REPORTED TO MLS
Timbers at Granite Ridge
MOST EXPENSIVE LUXURY CONDO/ TOWHOME LISTING Paying homage to the old and the new, this timeless timberframe home features the convenience of Town living while still providing a private retreat from its elevated perch overlooking
Frontline, Timbers at Granite Ridge townhome with direct views of the legendary
the Grand Teton. Completed in 2016, the 5-bedroom, 6.5-bath
Jackson Hole Mountain Resort and the Gros Ventre Mountain range. This end-unit
floor plan affords more than 6,000 sq. ft. of finely appointed
residence offers close proximity to skiing/snowboarding, Grand Teton National
living space on three levels. A vaulted great room, highlighted
Park, hiking/mountain biking trails, and all the amenities of the Village Core. The
by towering glazing and Douglas Fir timber elements, creates a
main level has an open floor plan with cathedral ceilings; chef’s kitchen with
light and airy place to gather with family and friends. Two wood-
professional grade appliances and a large island perfect for entertaining; cozy
burning and two gas fireplaces provide ambiance in the colder
wood burning fireplace; outdoor deck adjacent to the living room; and large picture
months, while radiant in-floor heat warms the home year-round.
windows that frame the views of the Jackson Hole Mountain Resort. The primary
Intimate decks and patios offer more than 1,000 sq. ft. of outdoor
suite is located on the top floor with a vaulted ceiling, private deck, freestanding
living space. Few homes in the town boast this combination of
bathtub, double vanities, and steam shower.
views, privacy, and craftsmanship.
Sold for $6.4 million.
Listed for $7,695,000 Listed by Brett McPeak, Sotheby’s Jackson Hole
JacksonHoleLuxuryReport.com
19
S E L LER S ERVICES
LIST WITH US
For the Seller
20
Our extensive market knowledge will help you to price your property in this ever-changing market, and our marketing expertise will ensure that you sell your property in a timely manner for the highest possible price. Respecting the unique characteristics of each and every property, we believe that every listing requires a different marketing strategy. We will develop a customized plan for you; market updates, showings, open houses and revised marketing plans are scheduled according to your desired frequency. We are skillful negotiators and will work to make the entire process, from start to finish, as streamlined as possible. We will live up to your high expectations.
We will provide you with the most accurate, in-depth data in the Jackson Hole market, helping to value your listing accurately. Armed with analysis, we will then price your property according to your needs.
We know about operating costs and can advise potential buyers accordingly. Your property will be featured on the Engel & Völkers website, which attracts many brokerage prospects.
We know the market better than anyone else because our extensive database tracks every real estate transaction in Jackson Hole. Only 46% of sales went through the local MLS in the first half of 2022. When pricing your property, you cannot rely on only 1/2 of the data.
We will conduct open houses to expose your property to other local realtors, one of the most valuable ways to show off your property and find a buyer.
We will expose your home to our extensive list of former and current buyers.
We will market your property through the Teton County Multiple Listing Service (MLS), exposing your listing to over 755 agents in the region who can help us find a buyer.
We always use a professional photographer and will be on site for the shoot to ensure that every room is shot at the best angle. Drone photography for aerial photos are available as well. We are truly connected to the Engel & Volkers network of over 16,000 advisors and 900 shops in over 37 countries on five continents, including all divisions of E&V such as E&V Aviation, E&V Yachting, and the E&V Polo School, to ensure the property is marketed to the longstanding clientele of our 40+ year-old brokerage.
We will create a personal website for your listing: For all listings above $5 million, and for those special listings under $5 million, we will build a custom website highlighting all of your property’s special features. The listing’s website address will be included in all advertising to make sure luxury buyers can find it. We will produce an in-house, color brochure for your property and make it available in our brokerage, on the web, on your yard sign, and to every prospective buyer who previews your property.
The property will be on “Shop TV” which is the same channel of rotating properties played on displays at each E&V shop in the United States and Canada.
We will advertise your property in the Jackson Hole News & Guide and the Jackson Hole Daily, by far the most widely distributed print media in Jackson Hole and the entire region.
Our Signature Films capture the imagination of buyers around the world allowing them to experience the unique lifestyle and distinctive features of your property.
We hire a professional copywriter to help us with content for brochures, ads, and the property website.
Visit 165Huckleberry.com to view an example.
Your property will have the most extensive online presence offered.
We do more to ensure your property is sold for the highest price in a professional and timely manner. As part of a brokerage driven to provide excellent service to our clients and customers, we welcome the opportunity to add you to our long list of successful relationships.
NEW! Engel & Völkers Signature Film
We know what is valued in property and will advise you accordingly. JacksonHoleLuxuryReport.com
BU YER SERVICES
BUY WITH US
For the Buyer When you’re in the market for a property or new home in Jackson Hole, it is imperative that you work with a qualified and experienced real estate professional.
We are skilled negotiators with a deep
you all available properties, irrespective
understanding of the business and the
of their listing brokerage. As your repre-
market. David and Devon have lived in
sentative, we provide you with dedicated,
the Tetons for three decades and Luke
knowledgeable and responsible support.
is a Jackson Hole Native. We have the
We deploy our unique market experience,
“
knowledge and experience of being “lo-
knowledge of the inventory and skills
cals”, not to mention the strong personal
to ensure a successful outcome. Our
and professional relationships we have
passion for the valley real estate market
developed with vendors, contractors and
is rooted in our knowledge of the Teton
government contacts throughout the re-
region itself. We offer local insights on the
gion. Our reputation for integrity and pro-
area, the unique lifestyle and the special
fessionalism is based upon the relation-
needs of living in this World Heritage Site.
Obviously, we could not have done this without you and your generous support when confronting with sellers whom I considered to be inflexible and difficult to deal with. I took a moment to reflect today, and I count that this is the 29th residential real estate transaction that I personally have done. These deals spanned the Washington, D.C. area, Delaware and California. Therefore, I think it’s fair to say I know a good and bad broker from one another. In all these deals, I never dealt with a broker who could hold a candle to you. You remained calm, reasonable, efficient, informative and always took the extra step to get whatever we needed done. These actions included finding two builders who committed to an early Spring start for us, getting surveyors moving on short notice to flag the set-backs, and providing recommendations for who to use for various tasks. When the title company or property manager strayed a bit off course you always were there to provide a gentle correction.
ships we have built on trust and longevity, relationships that are crucial elements in
Our team views the services we provide
collaborating on successful transactions.
as a complement to the incredible envi-
Our strong network in the valley gives us
ronment and community we have been
the competitive advantage over other real
fortunate to be members of for decades.
estate professionals in the area.
If you are just beginning your exploration of Jackson Hole, please turn to us for
Finding a seasoned professional is only
information on local real estate prices,
the beginning. As a buyer, you must rely
schools, economics, recreational opportu-
on your agent to give you the most accu-
nities, and personal lifestyle.
rate, up-to-date market information available. We take the approach of showing
BILL A ND SU SAN RE YN E R Santa Barbara, CA
JacksonHoleLuxuryReport.com
21
A B O UT US
22
David Viehman
Devon Viehman
Luke Smith
Josie Daniel
Associate Broker
Associate Broker
Associate Broker / Licensed in WY & ID
Sales Associate
David Viehman understands that real estate is about relationships – the ties forged between people and place. He has devoted his life to sharing the valley he loves so dearly with people keen to plant roots in Jackson Hole. A Florida native, David moved to Jackson over three decades ago with his wife Donna and daughter Devon. Having begun his real estate career in 1982, David dove into the Teton real estate world, and quickly discovered the valley presented a distinct market worthy of analysis. Twenty-six years ago, he published the first Jackson Hole Report, a quarterly newsletter tracking sales and listings. Now considered the definitive source on valley real estate trends, the Jackson Hole Report has been cited in national publications including The Robb Report, The Wall Street Journal, New York Times, US NEWS, Chicago Tribune, Washington Post, Los Angeles Times, San Francisco Chronicle, and NPR. To this day, David’s singular approach to the local market melds detailed analytics with personal attention. Knowing the valley as well as he does allows him to deftly find and feature properties for his clients, particularly when it comes to the luxury market.
Growing up in Jackson Hole, Devon Viehman embraced the cowgirl lifestyle with a drive and determination that foreshadowed her career to come. Beyond the rodeo arena, Devon has built a name for herself as topproducer among valley Realtors. She has garnered industry accolades throughout her sixteen-year career: In 2011, Realtor Magazine featured her as one of its Realtors to watch on “The 30 Under 30” national list. She served as the youngest-ever President of the Teton Board of Realtors in 2012 and was named Realtor of the Year by the Wyoming Association of Realtors the following year. Committed to development, Devon was elected as the Wyoming Association of Realtors 2018 President and serves on committees for the National Association of Realtors. Every quarter, she co-authors the Jackson Hole Report with her dad, David and husband, Luke. She is currently a Teton County Planning Commissioner and is committed to seeing Jackson Hole grow in a smart, sustainable way. Her professional accomplishments are matched by the fulfillment she feels as a mother to her 13-year-old son.
Raised in Jackson Hole, Luke was introduced to the myriad of outdoor pursuits Jackson Hole has to offer at an early age. From camping, mountain biking, hiking, river floating and fishing in the summers to skiing, ice hockey and snowmobiling in the winters, Luke has lived the Jackson lifestyle since a very young age. The abundance of activities and fun that the Jackson Area has to offer is what brought Luke home after college.
Josie moved to Jackson Hole 18 years ago after spending a single summer being mesmerized by the stunning beauty of this small Western town. She grew up in Lookout Mountain, Georgia with a deep love of home, family, community, and lasting relationships. After graduating from the Baylor School in Chattanooga, Tennessee, Josie went on to the University of Georgia where she studied Studio Art. Her art education led to a lasting interest in design of interior spaces, particularly of homes.
307 690 4004 david@jacksonholereport.com
307 690 0621 devon@jacksonholereport.com
JacksonHoleLuxuryReport.com
A graduate of Colorado State University, Luke is a successful small business owner in Jackson and brings his down-to-earth practices to real estate. Luke understands that lasting relationships are the foundation for a successful relationship with his clients. He has been here for decades and will be here for decades to come. An 11-year veteran of the Moose Hockey team, Luke still enjoys participating in Jackson Youth Hockey as a coach and continuing the tradition his father started decades ago. He is an avid fly fisherman and enjoys sharing a day on the river with friends and clients; letting them experience the river. 307 699 5921 luke@jacksonholereport.com
After settling in Jackson, her western home and heart were made whole with the addition of her children, Gaines and Susannah. Motherhood is, without a doubt, her proudest achievement, she says. Raising her children in Jackson Hole is a continuous joy that naturally evolved into a strong desire to match others with the perfect home for their families. Perhaps the most important thing to know about her is that she does not simply talk about buying a home and investing here. As a homeowner, mother, resident, and member of the community, she is fully invested and is proud to call Jackson Hole her home. 307 699 4889 josie@jacksonholereport.com
W HY W YOM IN G
Wyoming does not charge state tax on personal or corporate income. And its sales tax, property tax and inheritance
THERE ARE MANY REASONS TO LOVE WYOMING...
tax are among the lowest in the U.S. In particular, property taxes are based on assessed value. The Teton County rate
Why Wyoming For a decade running, Wyoming has ranked #1 for business-friendly taxation on Tax Foundation’s annual State Business Tax Climate Index.
is 1.2% of the property’s assessed value while the Town of Jackson rate is 0.8%. In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years by establishing a dynasty trust. As a result, multiple generations can make use of and enjoy the property without having to pay estate taxes or worse, having to sell the property in order
23
23
to pay the taxes. No state income tax No corporate tax No estate tax No capital gains tax No trust tax
No state gift tax: a Wyoming property owner can gift that real estate to their heirs without paying a state gift tax. No tax on out-of-state retirement income. Second-homeowners may have retirement income from another state; Wyoming doesn’t tax retirement income
Low sales tax
earned beyond its borders.
Low property tax
No excise sales taxes. A tank of gas or
Low inheritance tax
state tax.
bag of groceries are not burdened by
No intangible taxes: Wyoming does not tax financial assets like stocks and bonds. No tax on the sale of real estate. No tax on mineral ownership.
JacksonHoleLuxuryReport.com
E &V
Live your luxury. 24
Escape the everyday … with the luxury of the great outdoors. Live Your Wyoming Dream Engel & Völkers . . Jackson Hole Star Valley Sublette . Dubois . Teton Valley . Swan Valley
jacksonhole.evrealestate.com | starvalley.evrealestate.com | sublette.evrealestate.com
Photo Features Real Estate Advisor Jo Gathercole JacksonHoleLuxuryReport.com
EN G EL & VÖL KER S
Extensive · Domestic · Global · Exposure
N
ot all properties are created equal, yet Engel & Völkers values every home our advisors represent and will dedicate
the expertise, time, and unmatched marketing resources we possess to help you sell your property to the right buyer at the right price. Our Extensive Domestic & Global Exposure (EDGE) platform provides unprecedented reach to get your property in front of qualified consumers, whether they are next door, in The Americas or abroad, because they deserve to see it, and
25
you deserve to sell it. Working with an Engel & Völkers advisor gives you the EDGE that allows each home listing extensive online exposure in major markets where a potential buyer for your property may exist, with today’s savvy consumers and international clientele. But we don’t stop there ...
E
ngel & Völkers provides luxury services to each of its clients worldwide. With a global network of more than 16,000 real
estate professionals in over 37 countries, we not only reach millions of targeted consumers, but we collaborate with our fellow Engel & Völkers advisors to strategically handpick and refer buyers for the specific properties they seek ... like yours.
JacksonHoleLuxuryReport.com
Significant Sales Here are some of our significant sales over the last 30 years that we have been involved with either on the listing, selling or both sides. Will you be one of our significant sales in 2022?
HUCKLEBERRY ESTATE Rare Legacy Estate Offering on Six Lots at Jackson Hole Golf & Tennis. List price $15.5 million
SPRING CREEK EQUESTRIAN CENTER World Class Equestrian Facility in the heart of Jackson Hole. List price $20 million (2002 sale)
PACIFIC CREEK IN-HOLDING Custom log home with two parcels on Pacific Creek, totaling 8.8 acres. List Price $8.5 million
ELLEN CREEK Luxury Living in Teton Village at this ski retreat. List price $12.5 million
VOGEL HILL RANCH #10 35-acre parcel with elevated views of the valley and Tetons. List price $8.5 million
3 CREEK CABIN Custom Cabin on the golf course. List price $4.35 million
ON SNAKE RIVER 215 acres north of Jackson, on Snake River (first sale ever). List price $5 million
FAIRWAYS ESTATE AT JACKSON HOLE Stunning 8,000 sq. ft. home on three acres with big Teton views. List price $6.25 million
26
JacksonHoleLuxuryReport.com
S IG N IFICAN T SAL ES
RIVER SPRINGS A luxury three lot subdivision on the Snake River. List price $7.2 million
FAIRWAYS ESTATES LOT 37 Exquisite home with panoramic Teton and Sleeping Indian views. List price $5.95 million
FAIRWAYS ESTATES LOT 8 Warren Adler’s, author of War of the Roses, personal residence. List price $6.5 million
27
4/B RANCH The historic 4/B guest ranch (85 acre Ranch + a 35
GILL ADDITION Landmark sale in the most desirable location in town on
GRANITE RIDGE HOME LOT 7 Luxury Ski Home located directly on the slopes at Teton
acre parcel). List price $14.95 million
the National Elk Refuge. List price $4.8 million
Village. List price $11.9 million
3 CREEK CABIN
GRANITE RIDGE LODGE #10 Luxury Ski townhome located directly on the slopes at Teton Village. List price $4.2 million
TUCKER RANCH Custom log home in Tucker Ranch. List price $10 million
Custom Cabin on the golf course. List price $4.35 million
JacksonHoleLuxuryReport.com
174 North King provides stable, Affordable housing for 41 people in our community. On average, King Street homeowners have served Teton County for over 14 years, cumulatively giving back over 10,000 volunteer hours. From the lowest cost unit to the highest cost unit, the condos at King Street were priced to be affordable to households earning between $51,278 (63% AMI) and $99,397 (86% AMI). The Town’s contribution to this project includes land and $1.25m, in exchange, they were provided with five housing options for Town employees. The Community Housing Trust leveraged the Town’s contribution with private philanthropy ($1.1m) and the sale of four Employer Option Agreements ($1.1m), which allowed employers to secure affordable housing on behalf of their employees. This pilot
Downtown Jackson just got a little more Affordable Community Housing Trust celebrates completion of 24 Affordable homes
program allowed the CHT to raise meaningful capital required to support construction of the Affordable homes, while minimizing the burden on donors and taxpayers. Of the newest homeowners, Anne Cresswell, Executive Director, says “They are our teachers, managers, fire fighters, first responders, physical therapists, counselors, guides, and carpenters, all of whom make our community great. Each have given so much to our town and it is an honor to give back to them a place to call home.” Of the opportunity to purchase a home at King Street, Leslie and David Gomez said, “It has had a profound and measurable impact on our family and on our quality of life.”
COM M U N IT Y HOU S IN G FU N D
The Gomez’s have worked for the Forest Service for over 23 years. David is the National Helicopter Program Manager on behalf of the National Forest Service, and Leslie is the North Zone Fire Prevention
“They are our teachers,
Specialist for the Bridger Teton, Blackrock and
managers, fire fighters,
Jackson Ranger districts. In their spare time, David
first responders, physical
serves on the Teton Helitack Crew and Leslie is a USFS Smoke Jumper. Prior to having stable housing
therapists, counselors, guides,
in Jackson, the Gomez family commuted from Driggs
and carpenters, all of whom
to their jobs in Jackson—jobs that often require
make our community great.
overtime and significant travel.
Each have given so much to our town and it is an honor to give back to them a place to call home.” 29
Anne Cresswell Executive Director, Jackson Hole Community Housing Trust
“Now that we live in the community where we work, is it clear the incredible toll it took on our family to commute to work and school every day. Living here gives us peace of mind that we’re all in the same area versus being over the hill which was incredibly stressful. To have the opportunity to work and live
To support the essential work of the Community Housing Trust, donate today at HousingTrustJH.org
in Jackson is a blessing. To have the priceless time back in our day means more family time, more time enjoying this beautiful place, close to friends, enjoying this community.” JacksonHoleLuxuryReport.com
We hope the Jackson Hole Luxury Report gave you a snapshot of the trends unique to our local luxury market. To further discuss our research or to receive a digital copy, please contact us at (307) 690-4004 or david@ jacksonholereport.com. You also can write to us at: P.O. Box 2431, Jackson, WY 83001, Attn: David Viehman. * All statistics quoted in the Jackson Hole Luxury Report have been supplied by sources that have been deemed reliable but are not guaranteed. * All statistics are based on sales in 2022 compared to 2021. * If your property is currently listed, this is not meant as a solicitation.
JACKSON HOLE LUXURY REPORT GLOSSARY Median sale price: the price of a property that falls in the exact middle of the price scale, as in there are the same number of sales above and below it. Average sale price: the total combined dollar volume divided by the number of sales. Market value: the value of property in terms of what it can be sold for on the open market; current value.
30
Overall: All luxury sales in Teton County combined – homes, lots, condos, commercial and ranch. © Copyright 2013-2022 by David E. Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.
2 7 T H A N N I V E RSA RY DAVID VIEHMAN
JacksonHoleLuxuryReport.com
DEVON VIEHMAN
LUKE SMITH
JOSIE DANIEL
PO Box 2431, 70 S. King Street | Jackson, WY 83001
Our mission. Our Group offers guidance and outstanding market knowledge to successfully navigate you through the Jackson Hole luxury real estate market. Give us your list of must haves, we’ll listen to your vision and bring it to life. Our Group is passionate about matching our clients with homes that reflect their lifestyles. Our team-approach philosophy ensures your needs are important to each and every member of our organization. We value the opportunity to serve all your real estate needs.
JacksonHoleLuxuryReport.com | 307.690.4004
