Jackson Hole Luxury Report | Vol 12, Edition 1 by Jackson Hole Report

��3 Raising the Luxury Market Price Point, Again!

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F E AT U R E D L I S T I N G 2 7 4 5 TRADE R ROAD LIST PRICE : $ 1 2 , 2 50,0 0 0 Perched high above the valley floor, this property boasts some of the most breathtaking views in all of Jackson Hole,

including the Grand Teton, the Sleeping Indian, and the Snake River Valley. One of the most awe-inspiring properties in Jackson Hole, this residence, spread across an expansive 4,268 square feet, boasts four bedrooms, three and a half baths, unparalleled vistas, seclusion, and tranquility. Recently remodeled with meticulous attention to detail, the kitchen and primary bathroom showcase the exquisite craftsmanship of Boffi, a renowned Italian luxury brand. Featuring dual stoves and hand selected countertops, the kitchen effortlessly combines style and functionality. Listed by The Viehman Group (307) 690-0621 group@jacksonholereport.com LEARN MORE AT 2745TRADER.COM

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Contents

OVERALL LUXURY MARKET While comparing 2023 with 2022, we discovered that the overall number of Luxury sales decreased 22% to 40 total sales.

SINGLE FAMILY LUXURY HOMES Luxury homes accounted for 63% of all Luxury sales to date in 2023. All told, the number of home sales was up 25%.

VACANT LUXURY LOTS The demand for vacant Luxury lots to date in 2023 was down 59% when compared to 2022.

LUXURY CONDO/TOWNHOUSES Luxury condos/townhomes are few but not far between in Jackson Hole, and all but 16 are located in Teton Village.

FOR THE SELLER/BUYER Our extensive market knowledge will help you to price or buy your property in this ever-changing market.

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.

SIGNIFICANT SALES Some of our significant sales over the last 30 years that we have been involved with either on the listing, selling or both sides.

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Welcome Greetings from Jackson Hole, Buying a home in Jackson Hole is more than a transaction—it’s a lifestyle move. With the variety of considerations that go into that decision, you need more than what’s included on a property fact sheet. This report expands on the standard analytical format to include reflections on cultural currents in our valley based on our significant tenure in the Tetons. More than two decades ago, we published the first Jackson Hole Report to fill the valley void of specialized market analysis. Today, that report remains the definitive source for Jackson Hole real estate, regularly cited in national publications. Since the recession, we’ve seen the high-end segment grow in strength and subtlety, and we published the inaugural Jackson Hole Luxury Report 11 years ago to give special attention and analysis to this elite market segment. This year’s report focuses on the 2,381 properties worth $5 million and above.

Underlying our exhaustive research is our commitment to clients. We want your experience to live up to your expectations of this spectacular setting. With that in mind, this Luxury Report includes not only the in-depth statistics you’ve come to rely on, but also insight on various aspects of real estate ownership. As trusted advisors, we work with clients beyond purchasing and selling. Whether you need advice on a remodel or want to know what your property is currently worth, we love hearing from you long after the closing date. Intrinsic to our roles as REALTORS® is our pride of place—a connection we share 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. You’ll see that pride of landscape—both cultural and natural—in spotlights for upcoming arts and culture season and insights from local entrepreneurs. From exploring market dynamics to sketching a social calendar, we are experts in all aspects of Jackson Hole, and we want to make this valley your home too. We hope you’ll turn to us as your partner in this discovery of place.

Devon Viehman, Editor

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F E ATUR E D L I ST I N G : 2 745 T RA DER ROA D

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12TH A N N I V E RSA RY O F TH E JAC KSO N H O LE LUXU RY R E P O RT

RAISING THE LUXURY MARKET PRICE POINT, AGAIN!

What is considered “Luxury” in a given real estate market? The top 10% of a given market is one gauge used nationally. When we started the Luxury Report in 2012, the top 10% overall market hovered around $2 million. By 2016, the top 10% overall market hovered around $3.5 million. By 2021, it hovered around $8.45 million, and by the end of 2023 it reached $10 million. Digging deeper into what pushed the Luxury market to $10 million, Luxury home sales accounted for 82% of the 34 overall Luxury sales over $1 0 million in 2023. Of the 171 homes that sold, the top 10% started at $12 million. Currently, of the 64 active single-family home listings, the top 10% starts at $21.5 million. With the Luxury bar raised so dramatically for homes in 2023, going forward this report will only focus on home sales and listings above $10 million.

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What does a Luxury home look like in today’s market? When looking at the 384 Luxury homes currently built, we find the average size is 6,900 sq. ft., with at least four bedrooms on six acres. We also find 23% are in a gated community, 54% have some kind of live water, 67% have a guest house, and 39% are in a community with resort amenities. When zeroing in on townhome/condo and/or singlefamily vacant lot sales, the Luxury market still hovers just over $5 million for each. For this reason, we will continue to report on townhomes/condo and singlefamily vacant lot sales and listings over $5 million. The graph below reflects the history of the top 10% of overall sales. If you would like to know more about sales under $5 million, please read our Jackson Hole Report at jacksonholereport.com

TOP 10% OF OVERALL SALES 8

$10.9M

$8.45M

$6.5M

$4.6M

$4.4M

$4M $2.75M $3.2M

$2.1M $2M

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$3.5M

$1.875M

$8.75M

This report focuses on 384 Luxury homes worth $10+ million, 163 Luxury townhome/condos worth $5+ million and 321 single-family vacant lots worth $5+ million for a total of 868 Luxury properties. Looking ahead, we expect a slight increase in demand due to the lack of inventory in the Luxury market. While townhome/condo inventory is up slightly, single-family home and vacant lot inventory are decreasing. Inventory levels are still at historic lows, and more Buyers are entering our market. Meanwhile, the single-family home median listing price is up 25% from the end of 2022 to $17.495 million.

“Off-Market” sales. An Off-Market sale is a property that was not made available to the public through MLS or was temporarily posted to MLS and then removed before going under contract. NOTE: In 2023, only 35% of all closed Luxury sales were reported to MLS. The rest were considered Off-Market. Normally, a Realtor is involved in these Off-Market sales. With the lack of Luxury inventory, advertising in MLS was not necessary to find a Luxury Buyer. If you would like to sign up for our emailed semiannual digital JH Luxury Report, visit our website at jacksonholereport.com.

Prefer to listen? Tune into our Podcast at jhreport.com for a current and more in-depth conversation about the real estate market. Be sure and listen to our various other podcasts that cover an array of subjects including Buyer and Seller tips, home inspections, visiting with a local mortgage broker, etc.

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OVER ALL LUXURY MARKET

LISTEN TO THE NUMBERS

MLS accounted for only 35% of the Luxury sales in 2023.

$ 5 + MI LL ION

Comparing year-end 2023 with 2022, we discovered that the overall number of Luxury sales decreased 22% to 40 total sales. Following

market levels, and then they lower the price progressively until the property reaches market value. This is one reason why 46% of the overall

suit, the overall dollar volume decreased 11% to $522 million. NOTE: While Luxury sales only made up 12% of the overall number of sales in Jackson Hole, they accounted for 61% of the total dollar volume in 2023.

Luxury listings have been on the market for more than 12 months. If you plan to sell your property soon, do not make the mistake of overpricing it. Through our confidential property and market analysis, we can help you through the entire process.

Of the total Luxury sales, 78% were over $10 million. In 2023, four Luxury properties sold for more than $20 million (no change from 2022). However, only 35% were reported to the MLS; a trend that underscores the necessity of enlisting us when entering this elite market. The highest priced sale was Eagle South Fork Ranch, located South of Wilson. It was listed for $48,000,000. NOTE: At the end of the year, there were 17 single-family listings priced over $10 million with 41% of those on the market for more than 12 months. The challenge with tracking Luxury market values is the lack of comparable sales. While many properties in Jackson Hole are worth more than $5 million, no two are alike. For this reason, many Sellers start by overpricing their homes beyond

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Close analysis of the statistics supports the following conclusion: When compared to year-end 2022, the current overall available inventory is up 5% to 41 listings. Following suit, the average listing price increased 38% to a record-breaking $14.15 million. Overall Luxury Sales by Area Westbank

$286M

21 SALES

$48.5M 3 SALES

North of the Gros Ventre River

$63.5M 5 SALES $48.5M 3 SALES

Gros Ventre Buttes

Town of Jackson $96M 7 SALES

South of Jackson

The Current Landscape Available inventory is up 5% when compared to year-end 2022 at 41 Luxury listings for sale. With an average listing price of $14.15 million (up 38%) and a median listing price of $11.4 million (down 12%), available inventory breaks down into 19 listings priced between $5 and $10 million (46%); 13 between $10 and $20 million (32%); and nine over $20 million. NOTE: Of the 41 listings, only nine are 35+ acres.

Number of luxury sales decreased 22% to 40

Overall dollar volume decreased 11% to $522M

Under Contract At year’s end, five properties were under contract (up 25%) with an average listing price of $20.59 million (up 251%) and median listing price of $8.95 million (up 66%). Of the listings currently under contract, three are vacant lots, one is a singlefamily home, and one is a 118-acre ranch.

Current overall inventory increased 5% (41 listings)

Median list price decreased 12% to $11.4M

OVERALL

OV ER A LL M ARKE T

19 LISTINGS (46%) BETWEEN $5-$10 MILLION

13 LISTINGS (32%) BETWEEN $10-$20 MILLION

9 LISTINGS OVER $20 MILLION

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EAG L E SO UTHFO RK RA N CH

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Most Expensive Sale in 2023 L ISTE D BY ME RCE DE S HUFF | SO LD BY CO LLIN VAUG H N L IST PRICE : $ 4 8,0 0 0,0 0 0 Situated in an incomparable location just south of Wilson, the Eagle Southfork Ranch consists of 110-acres (16 deeded lots) and 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 consists of lush, rolling meadows, paddocks, towering mature cottonwoods, and robust native riparian vegetation. 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 Fish Creek. Listed at $48 million, the sale price was not disclosed to MLS.

Most Expensive Under Contract L ISTE D BY CLAYTO N ANDRE WS L IST PRICE : $ 2 2 ,0 0 0,0 0 0 Nestled in an aspen grove, the reclaimed timber and stone contemporary home is located on one of the premier lots in Lake Creek Ranch, with Teton views, end of the road privacy, a private trail system, live water, and Lake Creek flowing in the backyard. Mature aspen trees, pristine landscaping, three connected ponds, beautiful trails and bridges make for a truly serene and private setting with spectacular views on this 4.11 acre property.

SINGLE FAMILY

LUXURY HOMES

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SINGLE-FAMILY LUXURY HOMES accounted for 63% of all Luxury sales in 2023. All told, the number of home sales was up 25%, and the dollar volume—$345 million—was on par with 2022. Following suit, the average sale price decreased by 19% to $13.9 million. Last year ended with 25 home sales priced over $10 million (up 25%), of which 68% sold for between $10 and 15 million. NOTE: In 2023, eight homes sold for over $15 million. Only one sold for over $20 million.

2023 Luxury Home Market Inventory Level

Of the existing inventory, 41% has been on the market for over a year. Some homes continue to be overpriced for the current market while others do not match the value of the land they occupy. This situation constricts Buyers. For instance, Buyers may choose from 17 homes valley-wide. Of those, 14 are 10+ years old, ten include fewer than five acres, and only four have live water. Further complicating the process, many Luxury homes only appeal to a specific Buyer, and a precise pairing requires substantial marketing.

We recently surveyed general contractors in Jackson Hole to determine the average cost to build a Luxury home. What we found was they start around $2,000 per sq. ft. and can go as high as $3,000 per sq. ft.

The Most Expensive Single-Family Luxury Home Sale in 2023 LIST E D BY A NDRE W CO RNISH & TO DD LAMPA LIST P R IC E : $ 2 7,0 0 0,0 0 0 The Lammers Fish Creek Estate consists of nearly 90 acres of prime fishing land and an over 11,000 SF log residence. Designed by Berlin Architects and built by Weber Construction, one of the premier log home builders in Jackson Hole, the home features full-scribed interior wood chinking and log diameters of up to 16 inches. The home includes five spacious bedroom suites, 10 wood-burning fireplaces, floor-to-ceiling windows, a chef’s kitchen with Sub-Zero and Thermador appliances, and multiple seating areas indoors and outdoors. The location is an angler’s paradise offering fishing on the Snake River, Fish Creek, and Spring Creek No. 3, all accessible by wooden footbridges. Views of the Teton Range complete this exceptional property. Listed for $27 million. NOTE: The only Luxury home currently under contract is listed for $22 million.

LAMMER S F I S H C RE E K E STAT E JacksonHoleLuxuryReport.com

S I N G LE FA MILY LUX URY H O M E S

HOT SPOT

The Westbank logged the most single-family Luxury home sales in 2023 with 11 sales. Two of those sat atop parcels with 35+ acres.

The Current Landscape

Available inventory is down 15% when compared to year-end 2022, with 17 luxury homes for sale. Once again, the average listing price of $18.7 million (up 7%) and a median listing price of $17.5 million (up 25%) are both record breaking. The available inventory breaks down into the following: seven between $10 and $15 million; nine between $15 and $25 million; and one over $25 million (see most expensive home listing). NOTE: Of the 17 homes listed, none sit on 35+ acres. Also noteworthy: 76% of the Luxury homes currently on the market are more than 15 years old.

Most Expensive Listing Lake Creek Ranch # 7–North of Wilson LISTE D BY ME RCE DE S HUFF LIST PRICE : $ 3 7, 50 0,0 0 0 Set along the crystal waters of Lake Creek sits an estate of unequivocal quality and scale. A backdrop of the southern Teton Range sets the stage for this almost 10,000 sq. ft masterpiece, shaped by its idyllic ponds, lawns, and streams. Becoming an owner in Lake Creek Ranch affords the exclusive privileges of on-site horse-back riding, private Snake River access and out-the-door trout fishing; all just a mere five minutes from the base of world-class skiing and the entrance to Grand Teton National Park. List price L A K E CRE EK R ANCH #7

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$37.5 million

VACANT

LUXURY LOTS $5+ million

The demand for vacant Luxury lots in 2023 decreased 59% when compared to year-end 2022 with a total of seven transactions with a dollar volume of $83 million. Five sales occurred on the Westbank; one in the Gros Ventre Buttes; and one North of Jackson.

HOT SPOT The Westbank with five Luxury lot sales each in 2023.

Vacant Luxury lots under contract – There are three Luxury lots currently under contract for a combined dollar volume of $22.9 million.

The Current Landscape

Most Expensive Lot Sale VO G E L HILL RANCH LOT 8

Available inventory of Luxury lots is down 8% at the end of 2023 with a total of 12 single-family Luxury home sites currently listed. With an average list price of $9.8 million (down 23%) and a median list price of $6.95 million, available inventory breaks down into the following: eight lots listed between $5 and $10 million, three listed between $10 and $20 million, and one listed at more than $20 million. Of the 12 listings, five offer 35+ acres.

LIST PRICE : $ 1 2 ,0 0 0,0 0 0 Soaring panoramic Teton Views from Ranch 8 Vogel Hill, the highest ranch site of the eight parcels. A hilltop sanctuary set on the top of the historic Wyoming homestead. Custom designed home plans by Mitch Blake are included. Gated access, a stunning western clubhouse on a trout pond with Spring Creek access. Views encompass the entire Teton range and look north across the Jackson Hole Valley. Listed for $12 million.

JacksonHoleLuxuryReport.com LA K E C RE E K RA NC H

LUXURY CONDOS &

TOWNHOMES

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LUXURY CONDO/TOWNHOMES are few but not far between in Jackson Hole, and all but 16 are located in Teton Village. Currently, 163 units qualify for the Jackson Hole Luxury Report with values of $5+ million. The breakdown is as follows: 38 units in the Four Seasons Hotel; all 21 Granite Ridge Lodges; two Granite Ridge Cabins; one Granite Ridge Homestead; three in the Timbers at Granite Ridge; 75 units in Shooting Star (Lodges or Cabins); two in Snake River Lodge & Spa; five in Crystal Springs Lodge; three in the Tram Towers; one in Timber Ridge; one in Hotel Terra; and 16 in the Town of Jackson. In 2023, the number of Luxury condo/townhome sales was down 53% from 2022 with a total of seven sales, but the dollar volume increased 54% to $48 million. Of the seven sales, one was in Crystal Springs Lodge, two in Timbers of Granite Ridge, one in Shooting Star, and three in the Town of Jackson.

The Current Landscape MLS shows nine Luxury units listed: five in Teton Village and four in the Town of Jackson. They range in size from 1,584 to 6,702 sq. ft. and prices range from $5.195 to $7.95 million. All five Teton Village listings are being offered furnished, whereas the four in the Town of Jackson are not furnished. Please contact us for a complete list of available Luxury townhouses.

Most Expensive Condo/Townhome Sale Reported to MLS Cabins at Shooting Star 11 L I ST E D & S O LD BY J O H N R E S O R OF TCCG L I ST PR IC E : $ 1 2 , 5 00,000 | M LS # 23 - 1 2 7 5 Set within Shooting Star, a private ski and golf community in Teton Village, this rustic yet elegant Cabin offers luxurious comforts and amenities with easy access to endless outdoor recreating. West Cabin 11 has an ideal location within Shooting Star nestled steps away from the Clubhouse and Tom Fazio golf course. This Cabin has privacy, beautiful mountain views, and overlooks a stream that empties into the lake on the 9th hole. Refreshed and refurnished in 2020, West Cabin 11 features timeless mountain charm with its reclaimed barnwood siding, Montana moss rock stone, and custom finishes. The open concept kitchen/dining/living area allows for easy entertaining and comfortable living. This home is being offered with all its beautiful furnishings. Sold for $12,500,000.

Most Expensive Condo/Townhome Listing Granite Ridge Homestead L I ST E D BY M ER C E DE S H U F F S OT HE BY’ S O F JACK SO N HO LE L I ST PR IC E : $ 7, 9 5 0,000 | M LS # 2 3 - 1 2 7 5 A rare opportunity to own a highly sought after, large, ski-in/out Granite Ridge Homestead located steps from the base of Jackson Hole Mountain Resort and Four Seasons Resort. Nestled into its forested surroundings, this 4-bedroom, 4.5-bathroom residence showcases a gourmet kitchen and a grand living room with a stone fireplace as its cozy focal point. French doors open to a large, beautiful slate deck with an in-ground hot tub—the ideal place to dine or decompress. With the ability to accommodate two large vehicles and additional space for your mountain essentials, the garage is another key feature of the home. Resort zoned for short-term vacation rentals, the property is being sold completely furnished for a luxurious and seamless transition. Listed at $7,950,000.

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D ISCOV ER TH E PROCESS

Make Your Home-Building Dream a Reality with New West Building Company Meet the Upper Cache Creek residence, where architecture meets nature’s grandeur. This impressive home, spanning 5,558 square feet, was designed by the renowned Farmer Payne Architects and brought to life by the New West Building Company (NWBC). The home beautifully blends modern luxury with Western design, seamlessly integrating the natural elements of the surrounding environment. Influenced by the stunning Elk Refuge and the breathtaking Grand Tetons, this property’s design is a harmonious blend of wood, stone, and steel. Thoughtfully positioned picturesque windows frame the captivating scenery, enhancing the overall aesthetic. After a day of outdoor exploration, this property provides a serene retreat, offering more than just a home. It presents an immersive experience of both luxury and natural beauty. Imagine entering your perfect home, where every room seamlessly transitions to the next, creating a space that reflects your refined taste. Every detail, from the tiles to the countertops and hardware, has been carefully selected and customized to showcase the home’s stunning architectural lines. Nestled in the spectacular setting of Jackson, Wyoming, your dream home awaits your arrival. Collaborate closely with master architects, innovative interior designers, and dependable builders to strike the perfect balance between style and functionality. Entrust the expertise of The Viehman Group to navigate a path toward building your dream home by helping you find the ideal piece of land.

While exploring the Town of Jackson and its surrounding areas, note the elements that captivate your senses. Share these inspirations with your architect and interior designer to translate your vision into a breathtaking reality. Imagine waking up daily to see expansive scenic vistas from the comfort of your dream home. Your architect will conceptualize this dream home and collaborate with New West Building Company to ensure flawless execution. The NWBC team will ensure your future home’s aesthetic preferences align perfectly with its functional requirements. Our mission is to make your home-building experience as rewarding as breathing in the fresh mountain air.

We understand that building a new home is a significant undertaking. That’s why NWBC offers a streamlined management process that provides security throughout your project. We excel in transparency, attention to detail, craftsmanship, and fostering trust between our clients, architects, and subcontractors. By working together, we will create a sanctuary that will withstand the elements for years to come, where you can build lasting memories that will span generations. newwestbc.com

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F E AT U R E D L I S T I N G 23

2 52 0 TRADE R ROAD LIST PRICE : $ 1 1 , 4 95,0 0 0 Master the art of mountain living in this contemporary home with a rustic feel nestled in 5.5 acres of aspen and conifer groves where peace and relaxation are natural side effects of immersion with the Wyoming landscapes. Owners will stay cozy all winter long in this 5-bedroom, 4 full and 2 half bathrooms, 4,815 square-foot “work of art”, with in-floor radiant heating and charming wood burning fireplaces. Covered patios on both the East and West sides provide stunning views and venues for entertaining or relaxing with a morning cup of coffee. Rediscover the definition of “ease” with a fully furnished interior designed to pay homage to the Mountain West while maintaining a chic, signature style. Listed by The Viehman Group (307) 690-0621 group@jacksonholereport.com LEARN MORE AT 2520TRADER.COM

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LIST WITH US

For the Seller

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 the market better than anyone else because our extensive database tracks every real estate transaction in Jackson Hole. Only 35% of sales went through the local MLS in 2022. When pricing your property, you cannot rely on only half of the data.

We will expose your home to our extensive list of former and current Buyers. 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. 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.

ENGEL & VÖLKERS SIGNATURE FILM Our Signature Films capture the imagination of buyers around the world allowing them to experience the unique lifestyle and distinctive features of your property. Visit 165Huckleberry.com to view an example.

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We hire a professional copywriter to help us with content for brochures, ads, and the property website. Your property will have the most extensive online presence offered. We know what is valued in property and will advise you accordingly. 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 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 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 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. 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. 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.

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.

I had come to know David and Devon as professionals recognized in the community for their integrity, with whom I‘d always be comfortable in my dealings. And, with their understanding of the market, and transaction records, I believed them to be the most knowledgeable individuals in the Valley in terms of transaction histories and current property values. My spouse and I were able to engage David and Devon as our brokers. Our transaction requirements were complicated. There were tax issues and multiple choices and difficult negotiations. David’s advice on property values and negotiating timing and strategy was “spot on”. David’s recognized integrity allowed him to achieve results that would have otherwise not been available. My spouse and I closed on our two targeted Spring Creek Ranch property acquisitions on February 27, 2018. David represented us at the closing. — CLAY COO K & JUD I TH TA BLE R

We are skilled negotiators with a deep understanding of the business and the market. David and Devon have lived in the Tetons for three decades and Luke is a Jackson Hole Native. We have the knowledge and experience of being “locals”, not to mention the strong personal and professional relationships we have developed with vendors, contractors and government contacts throughout the region. Our reputation for integrity and professionalism is based upon the relationships we have built on trust and longevity, relationships that are crucial elements in collaborating on successful transactions. Our strong network in the valley gives us the competitive advantage over other real estate professionals in the area. Finding a seasoned professional is only the beginning. As a Buyer, you must rely on your agent to give you the most accurate, up-todate market information available. We take the approach of showing you all available properties,

irrespective of their listing brokerage. As your representative, we provide you with dedicated, knowledgeable and responsible support. We deploy our unique market experience, knowledge of the inventory and skills to ensure a successful outcome. Our passion for the valley real estate market is rooted in our knowledge of the Teton region itself. We offer local insights on the area, the unique lifestyle and the special needs of living in this World Heritage Site.

Our team views the services we provide as a complement to the incredible environment and community we have been fortunate to be members of for decades. If you are just beginning your exploration of Jackson Hole, please turn to us for information on local real estate prices, schools, economics, recreational opportunities, and personal lifestyle.

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ABOUT US

Meet the Team DAV I D V I E H M A N | Associate Broker 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, U.S. 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.

307 690 4004 david@jacksonholereport.com

D E VO N V I E H M A N | Associate Broker 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 top-producer 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 teenage son. 307 690 0621 devon@jacksonholereport.com

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LU K E S M ITH | Associate Broker/Licensed in WY & ID 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. 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 member of the Board of Directors, continuing a tradition his father started nearly 3 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

Devon Viehman is an E&V Private Office Advisor Private Office Advisors are among the most competent and connected real estate professionals in the world. Beyond achieving the highest levels of client satisfaction, trust, and success, these market leaders are respected by colleagues and competitors alike. They are passionate about Engel & Völkers and true standard bearers for our global brand.

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This spring the Community Housing Trust will break ground on 20 Affordable townhomes in East Jackson.

Jackson’s Disappearing Workforce For so many, Jackson Wyoming is synonymous with iconic mountain ranges, the antler arches, The Cowboy Bar, world-renowned skiing, and our beloved wildlife. And yet, everything we love about Jackson is either protected by or made possible by people.

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A consequential imbalance between supply and demand, however, has made it nearly impossible for our local workforce to afford a home. For a household earning median income in 2023, purchasing a median-priced townhome required a $1.1M downpayment. Affordable housing not only provides stability for the people we rely on every day, it supports and strengthens everything we care about in our community. Every sector in Teton County struggles to provide services—big and small—because truly affordable housing for our workforce is in such short supply. Since 1992, the Jackson Hole Community Housing Trust has been building homes for people who make valuable contributions to our community but cannot afford to live here.

Community Housing Trust Applicant Spotlights

Mara is a nurse at Teton Outpatient Services and St. John’s Urgent Care; her husband is a physical therapist. Despite two healthcare incomes, they’ve been priced out of Jackson and the surrounding areas. The stress of the housing market transcends their personal lives and is felt acutely at work: “We keep losing nurses which impacts the rest of the staff who are still here, and there’s a trickledown effect on patients, like longer wait times for care. We get used to working more with less –the workload has not decreased, if anything, it’s gone up and that’s in addition to the normal increases we see seasonally.”

Brian is a 25-year resident, father, and year-round mountain guide. “Last summer, there was uncertainty around my housing which was extremely stressful, especially thinking about moving far away -- a scary thought as a father. For me, securing an affordable home for my daughter and me would lift an incredible amount of stress off my shoulders.

In addition to valuing critical service providers, my hope is that our community values other vital members who have lived here for a long time and are recognized for their contributions. If you have taken an avalanche course or hired a mountain guide, ask yourself: what value do you place on the people who are with you, teaching you and keeping you safe?”

C OM IN G S OON! This spring the Community Housing Trust will break ground on 20 affordable townhomes in East Jackson. To deliver housing that is truly affordable, we leverage generous private philanthropy and partnerships with many of our community’s essential employers. To learn more about the Jackson Hole Community Housing Trust and how you can make an impact, visit www.housingtrustjh.org. Conserving Community in Teton County by developing essential, Affordable housing.

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THERE ARE MANY REASONS TO

Wyoming does not charge state tax on personal or corporate

LOVE WYOMING...

income. And its sales tax, property tax and inheritance tax are

Why Wyoming

based on assessed value. The Teton County rate is 1.2% of the

among the lowest in the U.S. In particular, property taxes are property’s assessed value while the Town of Jackson rate is 0.8%.

For a decade running, Wyoming has ranked #1 for business-friendly taxation on Tax

In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years by establishing a dynasty

Foundation’s annual State Business Tax

trust. As a result, multiple generations can make use of and

Climate Index.

enjoy the property without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. No state gift tax: a Wyoming property owner can gift that real

No state income tax

estate to their heirs without paying a state gift tax.

No corporate tax

No tax on out-of-state retirement income. Second-homeowners

No estate tax

doesn’t tax retirement income earned beyond its borders.

No capital gains tax No trust tax

may have retirement income from another state; Wyoming

No excise sales taxes. A tank of gas or bag of groceries are not burdened by state tax.

Low sales tax Low property tax

No intangible taxes: Wyoming does not tax financial assets like stocks and bonds.

Low inheritance tax No tax on the sale of real estate. No tax on mineral ownership.

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Global Recognition. Jackson Hole Expertise. At Engel & Völkers Jackson Hole, our real estate advisors are known for their unmatched level of local neighborhood knowledge paired with extensive global resources and personal connections, to provide an exclusive experience tailored to each of our client's unique needs. We dedicate our time, expertise and passion to help you follow your dream, home. Jackson Hole . Star Valley . Sublette . Dubois . Teton Valley . Swan Valley . Eastern Idaho jacksonhole.evrealestate.com | starvalley.evrealestate.com | sublette.evrealestate.com

E N G E L & VÖ L K E R S JAC KS O N H O L E 70 S. KING STREET | JACKSON | WY | 83001 +1 307-201-8800 jacksonhole@evrealestate.com ©2024 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.

Significant Sales

HUCKLEBERRY ESTATE Rare Legacy Estate on Six Lots at Jackson Hole Golf & Tennis. List price $15.5M

SPRING CREEK EQUESTRIAN CENTER World Class Equestrian Facility in the heart of Jackson Hole. List price $20M (2002 sale)

ELLEN CREEK Luxury Living in Teton Village at this ski retreat. List price $12.5M

FAIRWAYS ESTATE AT JACKSON HOLE Stunning 8,000 sq. ft. home on three acres with big Teton views. List price $6.25M

ON SNAKE RIVER 215 acres north of Jackson, on Snake River (first sale ever). List price $5M

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PACIFIC CREEK IN-HOLDING Custom log home with two parcels on Pacific Creek, totaling 8.8 acres. List Price $8.5M

3 CREEK CABIN Custom Cabin on the golf course. List price $4.3M

VOGEL HILL RANCH #10 35-acre parcel with elevated views of the valley and Tetons. List price $8.5M

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.

FAIRWAYS ESTATES LOT 37 Exquisite home with panoramic Teton and Sleeping Indian views. List price $5.95M

FAIRWAYS ESTATES LOT 8 Warren Adler’s, author of War of the Roses, personal residence. List price $6.5M

GRANITE RIDGE LODGE #10 Luxury Ski townhome located directly on the slopes at Teton Village. List price $4.2M

4/B RANCH The historic 4/B guest ranch (85 acre Ranch + a 35 acre parcel). List price $14.95M

TUCKER RANCH Custom log home in Tucker Ranch. List price $10M

GILL ADDITION Landmark sale in the most desirable location in town on the National Elk Refuge. List price $4.8M

GRANITE RIDGE HOME LOT 7 Luxury Ski Home located directly on the slopes at Teton Village. List price $11.9M

RIVER SPRINGS A luxury three lot subdivision on the Snake River. List price $7.2M

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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) 690-0621 or devon@jacksonholereport.com. You also can write to us at: P.O. Box 2431, Jackson, WY 83001, Attn: Devon 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 2023 compared to 2022. * If your property is currently listed, this is not meant as a solicitation.

JACKSON HOLE LUXURY REPORT GLOSSARY MLS: A multiple listing service (MLS) is a database established by cooperating real estate brokers

to provide data about properties for sale. An MLS allows brokers to see one another’s listings of properties for sale with the goal of connecting homebuyers to sellers. 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. Overall: All luxury sales in Teton County combined – homes, lots, condos, commercial and ranch.

29TH AN N IVERSARY DAVID VIEHMAN

DEVON VIEHMAN

LUKE SMITH

© Copyright 2013-2024 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.

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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.

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